# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0001193125-26-244837
**Filing Date:** 2026-5
**Character Count:** 3642292
**Document Hash:** f0937f0390b22da1b0fe0e8ca5356240
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-244837.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001193125-26-244837

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261034286

**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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 R-6 (a) | 131996 | 3557293 |
| Total Investment Companies (cost $3,254,687) | Total Investment Companies (cost $3,254,687) | 3557293 |
| **Total Investments 100.0% (cost $3,254,687)** | **Total Investments 100.0% (cost $3,254,687)** | **3557293** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1162)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3556131** |

---

(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 R-6 | 53126 | 505229 |
| Total Investment Companies (cost $508,754) | Total Investment Companies (cost $508,754) | 505229 |
| **Total Investments 100.0% (cost $508,754)** | **Total Investments 100.0% (cost $508,754)** | **505229** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (156) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **505073** |

---

---

| | | |
|:---|:---|:---|
| **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 R-6 (a) | 38715 | 567562 |
| Total Investment Companies (cost $449,857) | Total Investment Companies (cost $449,857) | 567562 |
| **Total Investments 100.0% (cost $449,857)** | **Total Investments 100.0% (cost $449,857)** | **567562** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (215) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **567347** |

---

(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 R-6 (a) | 29895 | 299545 |
| Total Investment Companies (cost $346,017) | Total Investment Companies (cost $346,017) | 299545 |
| **Total Investments 100.0% (cost $346,017)** | **Total Investments 100.0% (cost $346,017)** | **299545** |
| **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%** | **299433** |

---

(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 R-6 (a) | 29514 | 1108547 |
| Total Investment Companies (cost $1,046,294) | Total Investment Companies (cost $1,046,294) | 1108547 |
| **Total Investments 100.0% (cost $1,046,294)** | **Total Investments 100.0% (cost $1,046,294)** | **1108547** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (407) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1108140** |

---

(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 R-6 (a) | 28868 | 580829 |
| Total Investment Companies (cost $604,564) | Total Investment Companies (cost $604,564) | 580829 |
| **Total Investments 100.0% (cost $604,564)** | **Total Investments 100.0% (cost $604,564)** | **580829** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (201) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **580628** |

---

(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 R-6 (a) | 61734 | 7956304 |
| Total Investment Companies (cost $6,365,711) | Total Investment Companies (cost $6,365,711) | 7956304 |
| **Total Investments 100.0% (cost $6,365,711)** | **Total Investments 100.0% (cost $6,365,711)** | **7956304** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(2232)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **7954072** |

---

(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 R-6 (a) | 180597 | 11724383 |
| Total Investment Companies (cost $9,548,522) | Total Investment Companies (cost $9,548,522) | 11724383 |
| **Total Investments 100.0% (cost $9,548,522)** | **Total Investments 100.0% (cost $9,548,522)** | **11724383** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(4209)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **11720174** |

---

(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 R-6 (a) | 63530 | 1403375 |
| Total Investment Companies (cost $1,252,573) | Total Investment Companies (cost $1,252,573) | 1403375 |
| **Total Investments 100.0% (cost $1,252,573)** | **Total Investments 100.0% (cost $1,252,573)** | **1403375** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (549) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1402826** |

---

(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 R-6 (a) | 44957 | 1438609 |
| Total Investment Companies (cost $1,150,988) | Total Investment Companies (cost $1,150,988) | 1438609 |
| **Total Investments 100.0% (cost $1,150,988)** | **Total Investments 100.0% (cost $1,150,988)** | **1438609** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (617) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1437992** |

---

(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 R-6 (a) | 229181 | 4038176 |
| Total Investment Companies (cost $3,201,129) | Total Investment Companies (cost $3,201,129) | 4038176 |
| **Total Investments 100.0% (cost $3,201,129)** | **Total Investments 100.0% (cost $3,201,129)** | **4038176** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1589)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4036587** |

---

(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 (97.8%) (a) | 100844 | 1009449 |
| Total Investment Companies (cost $997,857) | Total Investment Companies (cost $997,857) | 1009449 |
| **Total Investments 100.0% (cost $997,857)** | **Total Investments 100.0% (cost $997,857)** | **1009449** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (215) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1009234** |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

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

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 (99.6%) (a) | 86011 | 1014930 |
| Total Investment Companies (cost $877,536) | Total Investment Companies (cost $877,536) | 1014930 |
| **Total Investments 100.0% (cost $877,536)** | **Total Investments 100.0% (cost $877,536)** | **1014930** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (284) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1014646** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 (99.4%) (a) | 236594 | 2950321 |
| Total Investment Companies (cost $2,428,727) | Total Investment Companies (cost $2,428,727) | 2950321 |
| **Total Investments 100.0% (cost $2,428,727)** | **Total Investments 100.0% (cost $2,428,727)** | **2950321** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (474) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2949847** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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) | 245725 | 3246021 |
| Total Investment Companies (cost $2,474,370) | Total Investment Companies (cost $2,474,370) | 3246021 |
| **Total Investments 100.0% (cost $2,474,370)** | **Total Investments 100.0% (cost $2,474,370)** | **3246021** |
| **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%** | **3245427** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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) | 196544 | 2384077 |
| Total Investment Companies (cost $1,966,097) | Total Investment Companies (cost $1,966,097) | 2384077 |
| **Total Investments 100.0% (cost $1,966,097)** | **Total Investments 100.0% (cost $1,966,097)** | **2384077** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (445) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2383632** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 56.5%** | **Domestic Equity 56.5%** | **Domestic Equity 56.5%** |
| JNL Multi-Manager Mid Cap Fund - Class I (7.5%) (a) | 3977 | 79942 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (1.8%) (a) | 874 | 38979 |
| JNL Multi-Manager Small Cap Value Fund - Class I (2.5%) (a) | 1861 | 42112 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (11.8%) (a) | 8723 | 166620 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.6%) (a) | 258 | 19228 |
| JNL/JPMorgan U.S. Value Fund - Class I (1.1%) (a) | 657 | 14350 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.6%) (a) | 585 | 33785 |
|  | **Shares** | **Value ($)** |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I (33.4%) (a) | 2148 | 23995 |
| JNL/Morningstar Wide Moat Index Fund - Class I (3.6%) (a) | 2639 | 26280 |
| JNL/Newton Equity Income Fund - Class I (2.4%) (a) | 2354 | 98745 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (7.2%) (a) | 6118 | 64913 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.6%) (a) | 547 | 53956 |
| JNL/T. Rowe Price Value Fund - Class I (2.1%) (a) | 2513 | 88501 |
| JNL/WMC Equity Income Fund - Class I (3.1%) (a) | 1221 | 28310 |
|  |  | 779716 |
| **International Equity 21.9%** | **International Equity 21.9%** | **International Equity 21.9%** |
| JNL Multi-Manager International Small Cap Fund - Class I (11.8%) (a) | 5669 | 81122 |
| JNL/Causeway International Value Select Fund - Class I (4.4%) (a) | 4850 | 114899 |
| JNL/WCM Focused International Equity Fund - Class I (5.0%) (a) | 6479 | 106251 |
|  |  | 302272 |
| **Emerging Markets Equity 9.7%** | **Emerging Markets Equity 9.7%** | **Emerging Markets Equity 9.7%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (7.3%) (a) | 9199 | 101746 |
| JNL/GQG Emerging Markets Equity Fund - Class I (4.4%) (a) | 1894 | 32617 |
|  |  | 134363 |
| **Global Equity 5.7%** | **Global Equity 5.7%** | **Global Equity 5.7%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (10.0%) (a) | 4297 | 78593 |
| **Alternative 3.2%** | **Alternative 3.2%** | **Alternative 3.2%** |
| Jackson Real Assets Fund - Class I (4.3%) (a) | 1425 | 15746 |
| JNL Multi-Manager Alternative Fund - Class I (3.0%) (a) | 2025 | 28535 |
|  |  | 44281 |
| **Domestic Fixed Income 3.0%** | **Domestic Fixed Income 3.0%** | **Domestic Fixed Income 3.0%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (1.6%) (a) | 2705 | 41113 |
| Total Investment Companies (cost $1,160,070) | Total Investment Companies (cost $1,160,070) | 1380338 |
| **Total Investments 100.0% (cost $1,160,070)** | **Total Investments 100.0% (cost $1,160,070)** | **1380338** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (314) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1380024** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 59.8%** | **Domestic Fixed Income 59.8%** | **Domestic Fixed Income 59.8%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.2%) (a) | 3686 | 56026 |
| JNL/DoubleLine Total Return Fund - Class I (3.6%) (a) | 5211 | 61851 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (3.6%) (a) | 3948 | 53462 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (2.4%) (a) | 1624 | 16495 |
| JNL/PIMCO Income Fund - Class I (2.3%) (a) | 3315 | 43929 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.4%) (a) | 808 | 10905 |
| JNL/PIMCO Real Return Fund - Class I (1.5%) (a) | 1282 | 16413 |
| JNL/PPM America High Yield Bond Fund - Class I (0.5%) (a) | 319 | 6857 |
| JNL/PPM America Investment Grade Credit Fund - Class I (1.5%) (a) | 244 | 2730 |
| JNL/PPM America Total Return Fund - Class I (3.9%) (a) | 3614 | 50674 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (3.3%) (a) | 604 | 8171 |
|  |  | 327513 |
| **Alternative 12.8%** | **Alternative 12.8%** | **Alternative 12.8%** |
| Jackson Credit Opportunities Fund - Class I (5.0%) (a) | 2752 | 29194 |
| Jackson Real Assets Fund - Class I (3.6%) (a) | 1182 | 13058 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL Multi-Manager Alternative Fund - Class I (3.0%) (a) | 1984 | 27956 |
| | | 70208 |
| **Domestic Equity 9.8%** | **Domestic Equity 9.8%** | **Domestic Equity 9.8%** |
| JNL Multi-Manager Mid Cap Fund - Class I (0.9%) (a) | 452 | 9092 |
| JNL Multi-Manager Small Cap Value Fund - Class I (0.3%) (a) | 242 | 5468 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (1.6%) (a) | 1177 | 22476 |
| JNL/Newton Equity Income Fund - Class I (0.2%) (a) | 171 | 7181 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.0%) (a) | 37 | 3669 |
| JNL/WMC Equity Income Fund - Class I (0.6%) (a) | 240 | 5574 |
|  |  | 53460 |
| **Domestic Balanced 5.8%** | **Domestic Balanced 5.8%** | **Domestic Balanced 5.8%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (0.2%) (a) | 1038 | 31778 |
| **Emerging Markets Fixed Income 5.0%** | **Emerging Markets Fixed Income 5.0%** | **Emerging Markets Fixed Income 5.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (8.2%) (a) | 2061 | 27208 |
| **International Equity 3.7%** | **International Equity 3.7%** | **International Equity 3.7%** |
| JNL/Causeway International Value Select Fund - Class I (0.4%) (a) | 463 | 10961 |
| JNL/WCM Focused International Equity Fund - Class I (0.4%) (a) | 575 | 9436 |
|  |  | 20397 |
| **Emerging Markets Equity 3.1%** | **Emerging Markets Equity 3.1%** | **Emerging Markets Equity 3.1%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (1.2%) (a) | 1548 | 17124 |
| Total Investment Companies (cost $501,374) | Total Investment Companies (cost $501,374) | 547688 |
| **Total Investments 100.0% (cost $501,374)** | **Total Investments 100.0% (cost $501,374)** | **547688** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (133) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **547555** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 47.5%** | **Domestic Equity 47.5%** | **Domestic Equity 47.5%** |
| JNL Multi-Manager Mid Cap Fund - Class I (11.3%) (a) | 5982 | 120233 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.9%) (a) | 1383 | 61710 |
| JNL Multi-Manager Small Cap Value Fund - Class I (3.9%) (a) | 2947 | 66694 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (19.6%) (a) | 14466 | 276300 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.3%) (a) | 576 | 43006 |
| JNL/JPMorgan U.S. Value Fund - Class I (1.5%) (a) | 938 | 20491 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.6%) (a) | 666 | 38454 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I (45.4%) (a) | 2920 | 32619 |
| JNL/Morningstar Wide Moat Index Fund - Class I (6.9%) (a) | 5013 | 49926 |
| JNL/Newton Equity Income Fund - Class I (3.8%) (a) | 3647 | 152979 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (12.3%) (a) | 10480 | 111189 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.1%) (a) | 927 | 91435 |
| JNL/T. Rowe Price Value Fund - Class I (3.1%) (a) | 3782 | 133212 |
| JNL/WMC Equity Income Fund - Class I (5.9%) (a) | 2320 | 53800 |
|  |  | 1252048 |
| **International Equity 19.0%** | **International Equity 19.0%** | **International Equity 19.0%** |
| JNL Multi-Manager International Small Cap Fund - Class I (16.4%) (a) | 7839 | 112178 |
| JNL/Causeway International Value Select Fund - Class I (7.9%) (a) | 8717 | 206500 |
| JNL/WCM Focused International Equity Fund - Class I (8.6%) (a) | 11107 | 182158 |
|  |  | 500836 |
|  | **Shares** | **Value ($)** |
| **Domestic Fixed Income 11.0%** | **Domestic Fixed Income 11.0%** | **Domestic Fixed Income 11.0%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (3.3%) (a) | 5669 | 86171 |
| JNL/DoubleLine Total Return Fund - Class I (5.4%) (a) | 7867 | 93385 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (4.0%) (a) | 4419 | 59834 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (2.9%) (a) | 1987 | 20190 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.7%) (a) | 975 | 13158 |
| JNL/PPM America High Yield Bond Fund - Class I (1.3%) (a) | 865 | 18615 |
|  |  | 291353 |
| **Alternative 9.0%** | **Alternative 9.0%** | **Alternative 9.0%** |
| Jackson Credit Opportunities Fund - Class I (15.9%) (a) | 8679 | 92091 |
| Jackson Real Assets Fund - Class I (13.4%) (a) | 4400 | 48620 |
| JNL Multi-Manager Alternative Fund - Class I (10.3%) (a) | 6823 | 96131 |
|  |  | 236842 |
| **Emerging Markets Equity 8.4%** | **Emerging Markets Equity 8.4%** | **Emerging Markets Equity 8.4%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (11.9%) (a) | 14986 | 165741 |
| JNL/GQG Emerging Markets Equity Fund - Class I (7.4%) (a) | 3201 | 55118 |
|  |  | 220859 |
| **Global Equity 4.1%** | **Global Equity 4.1%** | **Global Equity 4.1%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (13.8%) (a) | 5964 | 109084 |
| **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 (8.0%) (a) | 2012 | 26554 |
| Total Investment Companies (cost $2,276,969) | Total Investment Companies (cost $2,276,969) | 2637576 |
| **Total Investments 100.0% (cost $2,276,969)** | **Total Investments 100.0% (cost $2,276,969)** | **2637576** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (658) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2636918** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **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 40.3%** | **Domestic Fixed Income 40.3%** | **Domestic Fixed Income 40.3%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.4%) (a) | 7584 | 115281 |
| JNL/DoubleLine Total Return Fund - Class I (7.2%) (a) | 10526 | 124939 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (8.0%) (a) | 8868 | 120078 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (7.7%) (a) | 5265 | 53495 |
| JNL/PIMCO Income Fund - Class I (5.4%) (a) | 7699 | 102008 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (3.4%) (a) | 1964 | 26510 |
| JNL/PIMCO Real Return Fund - Class I (2.4%) (a) | 2080 | 26624 |
| JNL/PPM America High Yield Bond Fund - Class I (1.2%) (a) | 829 | 17832 |
| JNL/PPM America Total Return Fund - Class I (7.8%) (a) | 7295 | 102276 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (10.8%) (a) | 1960 | 26515 |
|  |  | 715558 |
| **Domestic Equity 21.0%** | **Domestic Equity 21.0%** | **Domestic Equity 21.0%** |
| JNL Multi-Manager Mid Cap Fund - Class I (4.7%) (a) | 2524 | 50740 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.8%) (a) | 367 | 16386 |
| JNL Multi-Manager Small Cap Value Fund - Class I (1.0%) (a) | 790 | 17882 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (8.6%) (a) | 6371 | 121694 |
| JNL/Morningstar Wide Moat Index Fund - Class I (2.9%) (a) | 2095 | 20863 |
| JNL/Newton Equity Income Fund - Class I (1.4%) (a) | 1330 | 55795 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.2%) (a) | 158 | 15538 |
| JNL/T. Rowe Price Value Fund - Class I (0.9%) (a) | 1065 | 37523 |
| JNL/WMC Equity Income Fund - Class I (4.1%) (a) | 1602 | 37151 |
| | | 373572 |
| **Alternative 12.9%** | **Alternative 12.9%** | **Alternative 12.9%** |
| Jackson Credit Opportunities Fund - Class I (16.8%) (a) | 9137 | 96938 |
| Jackson Real Assets Fund - Class I (12.1%) (a) | 3997 | 44169 |
| JNL Multi-Manager Alternative Fund - Class I (9.4%) (a) | 6263 | 88252 |
|  |  | 229359 |
| **International Equity 9.5%** | **International Equity 9.5%** | **International Equity 9.5%** |
| JNL Multi-Manager International Small Cap Fund - Class I (3.4%) (a) | 1638 | 23433 |
| JNL/Causeway International Value Select Fund - Class I (2.9%) (a) | 3172 | 75138 |
| JNL/WCM Focused International Equity Fund - Class I (3.3%) (a) | 4261 | 69874 |
|  |  | 168445 |
| **Domestic Balanced 5.5%** | **Domestic Balanced 5.5%** | **Domestic Balanced 5.5%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (0.7%) (a) | 3215 | 98427 |
| **Emerging Markets Equity 4.2%** | **Emerging Markets Equity 4.2%** | **Emerging Markets Equity 4.2%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (4.0%) (a) | 5003 | 55335 |
| JNL/GQG Emerging Markets Equity Fund - Class I (2.5%) (a) | 1090 | 18775 |
|  |  | 74110 |
| **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 (21.2%) (a) | 5351 | 70635 |
| **Global Equity 2.6%** | **Global Equity 2.6%** | **Global Equity 2.6%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (5.9%) (a) | 2527 | 46220 |
| Total Investment Companies (cost $1,558,721) | Total Investment Companies (cost $1,558,721) | 1776326 |
| **Total Investments 100.0% (cost $1,558,721)** | **Total Investments 100.0% (cost $1,558,721)** | **1776326** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (543) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1775783** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 36.0%** | **Domestic Equity 36.0%** | **Domestic Equity 36.0%** |
| JNL Multi-Manager Mid Cap Fund - Class I (11.4%) (a) | 6080 | 122210 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.1%) (a) | 997 | 44492 |
| JNL Multi-Manager Small Cap Value Fund - Class I (2.8%) (a) | 2137 | 48349 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (20.8%) (a) | 15368 | 293535 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.1%) (a) | 501 | 37415 |
| JNL/JPMorgan U.S. Value Fund - Class I (1.2%) (a) | 753 | 16461 |
| JNL/Morningstar Wide Moat Index Fund - Class I (7.3%) (a) | 5295 | 52741 |
| JNL/Newton Equity Income Fund - Class I (3.5%) (a) | 3404 | 142779 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (14.8%) (a) | 12644 | 134153 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.1%) (a) | 938 | 92579 |
| JNL/T. Rowe Price Value Fund - Class I (2.4%) (a) | 2886 | 101628 |
| JNL/WMC Equity Income Fund - Class I (7.1%) (a) | 2803 | 64993 |
|  |  | 1151335 |
| **Domestic Fixed Income 26.7%** | **Domestic Fixed Income 26.7%** | **Domestic Fixed Income 26.7%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (5.9%) (a) | 10090 | 153363 |
| JNL/DoubleLine Total Return Fund - Class I (9.7%) (a) | 14250 | 169146 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (11.3%) (a) | 12452 | 168602 |
|  | **Shares** | **Value ($)** |
| JNL/Lord Abbett Short Duration Income Fund - Class I (12.8%) (a) | 8715 | 88548 |
| JNL/PIMCO Income Fund - Class I (4.7%) (a) | 6645 | 88051 |
| JNL/PIMCO Real Return Fund - Class I (4.3%) (a) | 3757 | 48086 |
| JNL/PPM America High Yield Bond Fund - Class I (1.1%) (a) | 746 | 16053 |
| JNL/PPM America Total Return Fund - Class I (7.9%) (a) | 7437 | 104268 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (6.5%) (a) | 1179 | 15947 |
|  |  | 852064 |
| **International Equity 13.5%** | **International Equity 13.5%** | **International Equity 13.5%** |
| JNL Multi-Manager International Small Cap Fund - Class I (9.9%) (a) | 4735 | 67755 |
| JNL/Causeway International Value Select Fund - Class I (7.3%) (a) | 8061 | 190961 |
| JNL/WCM Focused International Equity Fund - Class I (8.2%) (a) | 10598 | 173803 |
|  |  | 432519 |
| **Alternative 12.3%** | **Alternative 12.3%** | **Alternative 12.3%** |
| Jackson Credit Opportunities Fund - Class I (26.3%) (a) | 14326 | 152000 |
| Jackson Real Assets Fund - Class I (22.4%) (a) | 7380 | 81547 |
| JNL Multi-Manager Alternative Fund - Class I (16.9%) (a) | 11258 | 158622 |
|  |  | 392169 |
| **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (9.6%) (a) | 12128 | 134138 |
| JNL/GQG Emerging Markets Equity Fund - Class I (5.5%) (a) | 2407 | 41455 |
|  |  | 175593 |
| **Global Equity 3.5%** | **Global Equity 3.5%** | **Global Equity 3.5%** |
| JNL/Loomis Sayles Global Growth Fund - Class I (14.1%) (a) | 6096 | 111497 |
| **Emerging Markets Fixed Income 2.5%** | **Emerging Markets Fixed Income 2.5%** | **Emerging Markets Fixed Income 2.5%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (24.0%) (a) | 6038 | 79699 |
| Total Investment Companies (cost $2,784,617) | Total Investment Companies (cost $2,784,617) | 3194876 |
| **Total Investments 100.0% (cost $2,784,617)** | **Total Investments 100.0% (cost $2,784,617)** | **3194876** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (848) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3194028** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 62.1%** | **Domestic Equity 62.1%** | **Domestic Equity 62.1%** |
| JNL Multi-Manager Mid Cap Fund - Class I (5.7%) (a) | 3053 | 61365 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.6%) (a) | 1238 | 55244 |
| JNL Multi-Manager Small Cap Value Fund - Class I (3.5%) (a) | 2638 | 59699 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (7.5%) (a) | 5554 | 106074 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (2.7%) (a) | 1073 | 105402 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (9.7%) (a) | 4064 | 115471 |
| JNL/Invesco Diversified Dividend Fund - Class I (11.9%) (a) | 4903 | 95751 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.1%) (a) | 491 | 36665 |
| JNL/JPMorgan U.S. Value Fund - Class I (4.6%) (a) | 2784 | 60834 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.5%) (a) | 499 | 28797 |
| JNL/MFS Mid Cap Value Fund - Class I (1.8%) (a) | 1536 | 35212 |
| JNL/Newton Equity Income Fund - Class I (2.4%) (a) | 2345 | 98366 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (5.1%) (a) | 4377 | 46443 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.3%) (a) | 1121 | 110623 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/T. Rowe Price Value Fund - Class I (3.5%) (a) | 4303 | 151538 |
| JNL/WMC Value Fund - Class I (4.3%) (a) | 935 | 39733 |
| | | 1207217 |
| **International Equity 21.7%** | **International Equity 21.7%** | **International Equity 21.7%** |
| JNL/Causeway International Value Select Fund - Class I (6.1%) (a) | 6678 | 158206 |
| JNL/Lazard International Quality Growth Fund - Class I (17.1%) (a) | 4441 | 59815 |
| JNL/WCM Focused International Equity Fund - Class I (5.5%) (a) | 7142 | 117130 |
| JNL/William Blair International Leaders Fund - Class I (8.7%) (a) | 5984 | 86175 |
|  |  | 421326 |
| **Emerging Markets Equity 5.8%** | **Emerging Markets Equity 5.8%** | **Emerging Markets Equity 5.8%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (5.2%) (a) | 6512 | 72025 |
| JNL/GQG Emerging Markets Equity Fund - Class I (5.5%) (a) | 2377 | 40932 |
|  |  | 112957 |
| **Alternative 5.2%** | **Alternative 5.2%** | **Alternative 5.2%** |
| Jackson Credit Opportunities Fund - Class I (5.4%) (a) | 2928 | 31067 |
| Jackson Real Assets Fund - Class I (6.6%) (a) | 2188 | 24178 |
| JNL Multi-Manager Alternative Fund - Class I (4.9%) (a) | 3268 | 46041 |
|  |  | 101286 |
| **Domestic Fixed Income 5.2%** | **Domestic Fixed Income 5.2%** | **Domestic Fixed Income 5.2%** |
| JNL/DoubleLine Total Return Fund - Class I (2.4%) (a) | 3438 | 40804 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (1.3%) (a) | 734 | 9913 |
| JNL/PPM America Investment Grade Credit Fund - Class I (5.5%) (a) | 878 | 9820 |
| JNL/PPM America Total Return Fund - Class I (3.1%) (a) | 2898 | 40632 |
|  |  | 101169 |
| Total Investment Companies (cost $1,526,200) | Total Investment Companies (cost $1,526,200) | 1943955 |
| **Total Investments 100.0% (cost $1,526,200)** | **Total Investments 100.0% (cost $1,526,200)** | **1943955** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (458) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1943497** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 67.7%** | **Domestic Fixed Income 67.7%** | **Domestic Fixed Income 67.7%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.1%) (a) | 3550 | 53954 |
| JNL/DoubleLine Total Return Fund - Class I (3.3%) (a) | 4827 | 57291 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (3.2%) (a) | 3560 | 48204 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (4.1%) (a) | 3493 | 52739 |
| JNL/PIMCO Income Fund - Class I (2.2%) (a) | 3166 | 41943 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (3.5%) (a) | 1991 | 26884 |
| JNL/PIMCO Real Return Fund - Class I (2.7%) (a) | 2346 | 30022 |
| JNL/PPM America High Yield Bond Fund - Class I (1.4%) (a) | 978 | 21040 |
| JNL/PPM America Investment Grade Credit Fund - Class I (11.7%) (a) | 1872 | 20950 |
| JNL/PPM America Total Return Fund - Class I (4.1%) (a) | 3858 | 54092 |
|  |  | 407119 |
| **Domestic Equity 13.9%** | **Domestic Equity 13.9%** | **Domestic Equity 13.9%** |
| JNL Multi-Manager Mid Cap Fund - Class I (0.8%) (a) | 427 | 8590 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.2%) (a) | 94 | 4187 |
| JNL Multi-Manager Small Cap Value Fund - Class I (0.3%) (a) | 197 | 4467 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (0.6%) (a) | 479 | 9156 |
|  | **Shares** | **Value ($)** |
| JNL/ClearBridge Large Cap Growth Fund - Class I (0.7%) (a) | 285 | 8107 |
| JNL/Invesco Diversified Dividend Fund - Class I (0.9%) (a) | 360 | 7033 |
| JNL/JPMorgan U.S. Value Fund - Class I (0.2%) (a) | 141 | 3080 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.1%) (a) | 111 | 6400 |
| JNL/Newton Equity Income Fund - Class I (0.2%) (a) | 173 | 7240 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (0.9%) (a) | 788 | 8360 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.1%) (a) | 79 | 7750 |
| JNL/T. Rowe Price Value Fund - Class I (0.2%) (a) | 252 | 8887 |
|  |  | 83257 |
| **Alternative 8.5%** | **Alternative 8.5%** | **Alternative 8.5%** |
| Jackson Credit Opportunities Fund - Class I (2.3%) (a) | 1276 | 13535 |
| Jackson Real Assets Fund - Class I (2.8%) (a) | 922 | 10193 |
| JNL Multi-Manager Alternative Fund - Class I (2.9%) (a) | 1955 | 27552 |
|  |  | 51280 |
| **International Equity 4.5%** | **International Equity 4.5%** | **International Equity 4.5%** |
| JNL/Causeway International Value Select Fund - Class I (0.4%) (a) | 443 | 10505 |
| JNL/Lazard International Quality Growth Fund - Class I (0.8%) (a) | 204 | 2748 |
| JNL/WCM Focused International Equity Fund - Class I (0.3%) (a) | 450 | 7381 |
| JNL/William Blair International Leaders Fund - Class I (0.6%) (a) | 428 | 6161 |
|  |  | 26795 |
| **Global Fixed Income 4.2%** | **Global Fixed Income 4.2%** | **Global Fixed Income 4.2%** |
| JNL/Neuberger Berman Strategic Income Fund - Class I (2.4%) (a) | 1787 | 25482 |
| **Emerging Markets Equity 1.2%** | **Emerging Markets Equity 1.2%** | **Emerging Markets Equity 1.2%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (0.5%) (a) | 675 | 7460 |
| Total Investment Companies (cost $540,117) | Total Investment Companies (cost $540,117) | 601393 |
| **Total Investments 100.0% (cost $540,117)** | **Total Investments 100.0% (cost $540,117)** | **601393** |
| **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%** | **601183** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 55.0%** | **Domestic Equity 55.0%** | **Domestic Equity 55.0%** |
| JNL Multi-Manager Mid Cap Fund - Class I (10.0%) (a) | 5299 | 106513 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (4.3%) (a) | 2033 | 90675 |
| JNL Multi-Manager Small Cap Value Fund - Class I (5.8%) (a) | 4350 | 98437 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (11.6%) (a) | 8572 | 163729 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (4.6%) (a) | 1848 | 181567 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (15.4%) (a) | 6455 | 183394 |
| JNL/Invesco Diversified Dividend Fund - Class I (18.8%) (a) | 7765 | 151644 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.8%) (a) | 808 | 60309 |
| JNL/JPMorgan U.S. Value Fund - Class I (7.2%) (a) | 4371 | 95503 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.7%) (a) | 778 | 44933 |
| JNL/MFS Mid Cap Value Fund - Class I (3.0%) (a) | 2473 | 56688 |
| JNL/Newton Equity Income Fund - Class I (3.8%) (a) | 3704 | 155403 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (8.7%) (a) | 7403 | 78546 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (2.3%) (a) | 1938 | 191174 |
| JNL/T. Rowe Price Value Fund - Class I (6.6%) (a) | 8104 | 285408 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/WMC Value Fund - Class I (7.9%) (a) | 1711 | 72702 |
| | | 2016625 |
| **International Equity 19.4%** | **International Equity 19.4%** | **International Equity 19.4%** |
| JNL/Causeway International Value Select Fund - Class I (10.0%) (a) | 11015 | 260957 |
| JNL/Lazard International Quality Growth Fund - Class I (24.5%) (a) | 6355 | 85607 |
| JNL/WCM Focused International Equity Fund - Class I (9.1%) (a) | 11762 | 192902 |
| JNL/William Blair International Leaders Fund - Class I (17.3%) (a) | 11952 | 172109 |
|  |  | 711575 |
| **Domestic Fixed Income 15.3%** | **Domestic Fixed Income 15.3%** | **Domestic Fixed Income 15.3%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.3%) (a) | 7326 | 111348 |
| JNL/DoubleLine Total Return Fund - Class I (8.7%) (a) | 12778 | 151673 |
| JNL/PIMCO Income Fund - Class I (3.9%) (a) | 5604 | 74253 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (6.0%) (a) | 3429 | 46292 |
| JNL/PPM America Investment Grade Credit Fund - Class I (20.7%) (a) | 3321 | 37161 |
| JNL/PPM America Total Return Fund - Class I (10.6%) (a) | 9949 | 139478 |
|  |  | 560205 |
| **Alternative 5.3%** | **Alternative 5.3%** | **Alternative 5.3%** |
| Jackson Credit Opportunities Fund - Class I (10.2%) (a) | 5564 | 59029 |
| Jackson Real Assets Fund - Class I (12.6%) (a) | 4146 | 45818 |
| JNL Multi-Manager Alternative Fund - Class I (9.4%) (a) | 6273 | 88389 |
|  |  | 193236 |
| **Emerging Markets Equity 5.0%** | **Emerging Markets Equity 5.0%** | **Emerging Markets Equity 5.0%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (9.0%) (a) | 11373 | 125786 |
| JNL/GQG Emerging Markets Equity Fund - Class I (7.7%) (a) | 3351 | 57712 |
|  |  | 183498 |
| Total Investment Companies (cost $2,899,592) | Total Investment Companies (cost $2,899,592) | 3665139 |
| **Total Investments 100.0% (cost $2,899,592)** | **Total Investments 100.0% (cost $2,899,592)** | **3665139** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (923) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3664216** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 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 50.3%** | **Domestic Fixed Income 50.3%** | **Domestic Fixed Income 50.3%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.1%) (a) | 6971 | 105957 |
| JNL/DoubleLine Total Return Fund - Class I (7.0%) (a) | 10268 | 121882 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (6.1%) (a) | 6725 | 91058 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (7.1%) (a) | 6039 | 91194 |
| JNL/PIMCO Income Fund - Class I (4.0%) (a) | 5713 | 75700 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (7.8%) (a) | 4464 | 60265 |
| JNL/PIMCO Real Return Fund - Class I (4.1%) (a) | 3550 | 45445 |
| JNL/PPM America High Yield Bond Fund - Class I (2.5%) (a) | 1763 | 37916 |
| JNL/PPM America Investment Grade Credit Fund - Class I (12.6%) (a) | 2017 | 22571 |
| JNL/PPM America Total Return Fund - Class I (8.1%) (a) | 7575 | 106204 |
|  |  | 758192 |
| **Domestic Equity 27.2%** | **Domestic Equity 27.2%** | **Domestic Equity 27.2%** |
| JNL Multi-Manager Mid Cap Fund - Class I (2.0%) (a) | 1078 | 21668 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.9%) (a) | 433 | 19317 |
| JNL Multi-Manager Small Cap Value Fund - Class I (1.2%) (a) | 929 | 21018 |
|  | **Shares** | **Value ($)** |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (2.7%) (a) | 2016 | 38496 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (0.6%) (a) | 239 | 23506 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (2.2%) (a) | 944 | 26808 |
| JNL/Invesco Diversified Dividend Fund - Class I (4.3%) (a) | 1777 | 34696 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.3%) (a) | 141 | 10510 |
| JNL/JPMorgan U.S. Value Fund - Class I (0.6%) (a) | 355 | 7755 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.5%) (a) | 571 | 32961 |
| JNL/MFS Mid Cap Value Fund - Class I (0.6%) (a) | 503 | 11529 |
| JNL/Newton Equity Income Fund - Class I (0.8%) (a) | 754 | 31650 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (2.7%) (a) | 2331 | 24731 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (0.5%) (a) | 395 | 39017 |
| JNL/T. Rowe Price Value Fund - Class I (1.1%) (a) | 1364 | 48035 |
| JNL/WMC Value Fund - Class I (2.1%) (a) | 450 | 19128 |
|  |  | 410825 |
| **International Equity 9.5%** | **International Equity 9.5%** | **International Equity 9.5%** |
| JNL/Causeway International Value Select Fund - Class I (2.2%) (a) | 2391 | 56641 |
| JNL/Lazard International Quality Growth Fund - Class I (3.0%) (a) | 765 | 10303 |
| JNL/WCM Focused International Equity Fund - Class I (1.6%) (a) | 2070 | 33952 |
| JNL/William Blair International Leaders Fund - Class I (4.3%) (a) | 2950 | 42475 |
|  |  | 143371 |
| **Alternative 7.4%** | **Alternative 7.4%** | **Alternative 7.4%** |
| Jackson Credit Opportunities Fund - Class I (5.7%) (a) | 3112 | 33018 |
| Jackson Real Assets Fund - Class I (6.9%) (a) | 2261 | 24985 |
| JNL Multi-Manager Alternative Fund - Class I (5.8%) (a) | 3830 | 53959 |
|  |  | 111962 |
| **Global Fixed Income 3.0%** | **Global Fixed Income 3.0%** | **Global Fixed Income 3.0%** |
| JNL/Neuberger Berman Strategic Income Fund - Class I (4.2%) (a) | 3180 | 45348 |
| **Emerging Markets Equity 2.6%** | **Emerging Markets Equity 2.6%** | **Emerging Markets Equity 2.6%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (2.0%) (a) | 2490 | 27541 |
| JNL/GQG Emerging Markets Equity Fund - Class I (1.6%) (a) | 681 | 11732 |
|  |  | 39273 |
| Total Investment Companies (cost $1,283,630) | Total Investment Companies (cost $1,283,630) | 1508971 |
| **Total Investments 100.0% (cost $1,283,630)** | **Total Investments 100.0% (cost $1,283,630)** | **1508971** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (458) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1508513** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 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 41.0%** | **Domestic Equity 41.0%** | **Domestic Equity 41.0%** |
| JNL Multi-Manager Mid Cap Fund - Class I (7.2%) (a) | 3842 | 77217 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (3.0%) (a) | 1417 | 63193 |
| JNL Multi-Manager Small Cap Value Fund - Class I (4.0%) (a) | 3020 | 68341 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (8.0%) (a) | 5885 | 112395 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (1.9%) (a) | 767 | 75363 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (11.5%) (a) | 4826 | 137110 |
| JNL/Invesco Diversified Dividend Fund - Class I (12.9%) (a) | 5315 | 103810 |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.2%) (a) | 528 | 39410 |
| JNL/JPMorgan U.S. Value Fund - Class I (5.9%) (a) | 3590 | 78438 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/Mellon Nasdaq 100 Index Fund - Class I (0.8%) (a) | 853 | 49245 |
| JNL/MFS Mid Cap Value Fund - Class I (2.1%) (a) | 1730 | 39660 |
| JNL/Newton Equity Income Fund - Class I (2.2%) (a) | 2108 | 88419 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I (6.1%) (a) | 5248 | 55683 |
| JNL/T. Rowe Price Growth Stock Fund - Class I (1.8%) (a) | 1549 | 152794 |
| JNL/T. Rowe Price Value Fund - Class I (4.4%) (a) | 5356 | 188630 |
| JNL/WMC Value Fund - Class I (5.6%) (a) | 1209 | 51379 |
| | | 1381087 |
| **Domestic Fixed Income 33.4%** | **Domestic Fixed Income 33.4%** | **Domestic Fixed Income 33.4%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (5.9%) (a) | 10058 | 152885 |
| JNL/DoubleLine Total Return Fund - Class I (11.3%) (a) | 16570 | 196683 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (8.6%) (a) | 9492 | 128523 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (12.7%) (a) | 10739 | 162164 |
| JNL/PIMCO Income Fund - Class I (5.4%) (a) | 7689 | 101879 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (12.1%) (a) | 6891 | 93034 |
| JNL/PPM America High Yield Bond Fund - Class I (3.4%) (a) | 2379 | 51173 |
| JNL/PPM America Investment Grade Credit Fund - Class I (37.8%) (a) | 6060 | 67816 |
| JNL/PPM America Total Return Fund - Class I (12.9%) (a) | 12146 | 170291 |
|  |  | 1124448 |
| **International Equity 14.5%** | **International Equity 14.5%** | **International Equity 14.5%** |
| JNL/Causeway International Value Select Fund - Class I (6.5%) (a) | 7165 | 169737 |
| JNL/Lazard International Quality Growth Fund - Class I (17.9%) (a) | 4635 | 62435 |
| JNL/WCM Focused International Equity Fund - Class I (6.3%) (a) | 8167 | 133937 |
| JNL/William Blair International Leaders Fund - Class I (12.2%) (a) | 8430 | 121391 |
|  |  | 487500 |
| **Alternative 7.4%** | **Alternative 7.4%** | **Alternative 7.4%** |
| Jackson Credit Opportunities Fund - Class I (12.4%) (a) | 6751 | 71628 |
| Jackson Real Assets Fund - Class I (15.3%) (a) | 5042 | 55711 |
| JNL Multi-Manager Alternative Fund - Class I (12.9%) (a) | 8613 | 121351 |
|  |  | 248690 |
| **Emerging Markets Equity 3.7%** | **Emerging Markets Equity 3.7%** | **Emerging Markets Equity 3.7%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (5.7%) (a) | 7176 | 79371 |
| JNL/GQG Emerging Markets Equity Fund - Class I (5.9%) (a) | 2555 | 44005 |
|  |  | 123376 |
| Total Investment Companies (cost $2,739,951) | Total Investment Companies (cost $2,739,951) | 3365101 |
| **Total Investments 100.0% (cost $2,739,951)** | **Total Investments 100.0% (cost $2,739,951)** | **3365101** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (927) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3364174** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2026 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 44.0%** | **Domestic Equity 44.0%** | **Domestic Equity 44.0%** |
| American Funds American Mutual Fund - Class 1 | 5269 | 308220 |
| American Funds Insurance Series - Growth Fund - Class R-6 | 3193 | 411545 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class R-6 | 8165 | 514120 |
| American Funds Investment Company of America Fund - Class 1 | 9702 | 576522 |
|  |  | 1810407 |
| **International Equity 17.6%** | **International Equity 17.6%** | **International Equity 17.6%** |
| American Funds EuroPacific Growth Fund - Class 1 | 6169 | 363132 |
|  | **Shares** | **Value ($)** |
| American Funds International Growth and Income Fund - Class 1 | 8036 | 362975 |
|  |  | 726107 |
| **Domestic Fixed Income 16.5%** | **Domestic Fixed Income 16.5%** | **Domestic Fixed Income 16.5%** |
| American Funds American High-Income Trust - Class R-6 | 11533 | 112682 |
| American Funds Inflation Linked Bond Fund - Class 1 | 2173 | 20553 |
| American Funds Insurance Series - The Bond Fund of America - Class R-6 | 28124 | 267461 |
| American Funds Mortgage Fund - Class 1 | 15138 | 133971 |
| American Funds Strategic Bond Fund - Class 1 | 15710 | 144214 |
|  |  | 678881 |
| **Global Equity 11.9%** | **Global Equity 11.9%** | **Global Equity 11.9%** |
| American Funds Insurance Series - Global Growth Fund - Class R-6 | 9791 | 367761 |
| American Funds SMALLCAP World Fund - Class 1 | 1624 | 122737 |
|  |  | 490498 |
| **Emerging Markets Equity 8.5%** | **Emerging Markets Equity 8.5%** | **Emerging Markets Equity 8.5%** |
| American Funds Developing World Growth & Income Fund - Class R-6 | 4414 | 61839 |
| American Funds New World Fund - Class 1 | 3135 | 287747 |
|  |  | 349586 |
| **Emerging Markets Fixed Income 1.5%** | **Emerging Markets Fixed Income 1.5%** | **Emerging Markets Fixed Income 1.5%** |
| American Funds Emerging Markets Bond Fund - Class 1 | 7698 | 61200 |
| Total Investment Companies (cost $3,736,580) | Total Investment Companies (cost $3,736,580) | 4116679 |
| **Total Investments 100.0% (cost $3,736,580)** | **Total Investments 100.0% (cost $3,736,580)** | **4116679** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (561) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4116118** |

---

---

| | | |
|:---|:---|:---|
| **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 52.7%** | **Domestic Fixed Income 52.7%** | **Domestic Fixed Income 52.7%** |
| American Funds American High-Income Trust - Class R-6 | 553 | 5399 |
| American Funds Inflation Linked Bond Fund - Class 1 | 123 | 1160 |
| American Funds Insurance Series - The Bond Fund of America - Class R-6 | 1954 | 18578 |
| American Funds Mortgage Fund - Class 1 | 876 | 7754 |
| American Funds Strategic Bond Fund - Class 1 | 866 | 7945 |
|  |  | 40836 |
| **Domestic Equity 22.7%** | **Domestic Equity 22.7%** | **Domestic Equity 22.7%** |
| American Funds American Mutual Fund - Class 1 | 53 | 3094 |
| American Funds Insurance Series - Growth Fund - Class R-6 | 30 | 3875 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class R-6 | 83 | 5225 |
| American Funds Investment Company of America Fund - Class 1 | 91 | 5427 |
|  |  | 17621 |
| **International Equity 9.1%** | **International Equity 9.1%** | **International Equity 9.1%** |
| American Funds EuroPacific Growth Fund - Class 1 | 60 | 3517 |
| American Funds International Growth and Income Fund - Class 1 | 78 | 3514 |
|  |  | 7031 |
| **Global Equity 7.0%** | **Global Equity 7.0%** | **Global Equity 7.0%** |
| American Funds Insurance Series - Global Growth Fund - Class R-6 | 102 | 3850 |
| American Funds SMALLCAP World Fund - Class 1 | 20 | 1547 |
|  |  | 5397 |
| **Emerging Markets Equity 4.5%** | **Emerging Markets Equity 4.5%** | **Emerging Markets Equity 4.5%** |
| American Funds Developing World Growth & Income Fund - Class R-6 | 55 | 777 |
| American Funds New World Fund - Class 1 | 29 | 2707 |
|  |  | 3484 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** |
| American Funds Emerging Markets Bond Fund - Class 1 | 386 | 3068 |
| Total Investment Companies (cost $78,360) | Total Investment Companies (cost $78,360) | 77437 |
| **Total Investments 100.0% (cost $78,360)** | **Total Investments 100.0% (cost $78,360)** | **77437** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **27** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **77464** |

---

---

| | | |
|:---|:---|:---|
| **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 35.0%** | **Domestic Equity 35.0%** | **Domestic Equity 35.0%** |
| American Funds American Mutual Fund - Class 1 | 2514 | 147082 |
| American Funds Insurance Series - Growth Fund - Class R-6 | 1370 | 176559 |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class R-6 | 3740 | 235472 |
| American Funds Investment Company of America Fund - Class 1 | 4465 | 265293 |
|  |  | 824406 |
| **Domestic Fixed Income 34.3%** | **Domestic Fixed Income 34.3%** | **Domestic Fixed Income 34.3%** |
| American Funds American High-Income Trust - Class R-6 | 12002 | 117259 |
| American Funds Inflation Linked Bond Fund - Class 1 | 3730 | 35283 |
| American Funds Insurance Series - The Bond Fund of America - Class R-6 | 35901 | 341422 |
| American Funds Mortgage Fund - Class 1 | 17323 | 153311 |
| American Funds Strategic Bond Fund - Class 1 | 17337 | 159155 |
|  |  | 806430 |
| **International Equity 13.1%** | **International Equity 13.1%** | **International Equity 13.1%** |
| American Funds EuroPacific Growth Fund - Class 1 | 2622 | 154346 |
| American Funds International Growth and Income Fund - Class 1 | 3416 | 154284 |
|  |  | 308630 |
| **Global Equity 8.9%** | **Global Equity 8.9%** | **Global Equity 8.9%** |
| American Funds Insurance Series - Global Growth Fund - Class R-6 | 4359 | 163728 |
| American Funds SMALLCAP World Fund - Class 1 | 618 | 46675 |
|  |  | 210403 |
| **Emerging Markets Equity 6.0%** | **Emerging Markets Equity 6.0%** | **Emerging Markets Equity 6.0%** |
| American Funds Developing World Growth & Income Fund - Class R-6 | 1685 | 23606 |
| American Funds New World Fund - Class 1 | 1279 | 117452 |
|  |  | 141058 |
| **Emerging Markets Fixed Income 2.7%** | **Emerging Markets Fixed Income 2.7%** | **Emerging Markets Fixed Income 2.7%** |
| American Funds Emerging Markets Bond Fund - Class 1 | 8072 | 64172 |
| Total Investment Companies (cost $2,254,804) | Total Investment Companies (cost $2,254,804) | 2355099 |
| **Total Investments 100.0% (cost $2,254,804)** | **Total Investments 100.0% (cost $2,254,804)** | **2355099** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **154** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2355253** |

---

---

| | | |
|:---|:---|:---|
| **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 48.2%** | **Domestic Equity 48.2%** | **Domestic Equity 48.2%** |
| Capital Group Dividend Value ETF | 523 | 22239 |
| iShares Core Dividend Growth ETF (a) | 328 | 23008 |
| iShares Core S&P 500 ETF | 30 | 19901 |
| iShares Core S&P Mid-Cap ETF | 445 | 30015 |
| iShares Core S&P U.S. Growth ETF | 62 | 9618 |
| iShares Select U.S. REIT ETF | 141 | 8751 |
| iShares U.S. Aerospace & Defense ETF | 23 | 4983 |
| JPMorgan Active Growth ETF (a) | 218 | 18439 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (a) | 314 | 20935 |
| T. Rowe Price Capital Appreciation Equity ETF (a) | 801 | 28490 |
| VanEck Morningstar Wide Moat ETF | 100 | 9699 |
|  |  | 196078 |
| **International Equity 18.8%** | **International Equity 18.8%** | **International Equity 18.8%** |
| First Trust WCM International Equity ETF (a) | 1392 | 23342 |
|  | **Shares** | **Value ($)** |
| iShares Core MSCI EAFE ETF | 316 | 28593 |
| Lazard International Dynamic Equity ETF (a) | 771 | 24471 |
|  |  | 76406 |
| **Domestic Fixed Income 17.3%** | **Domestic Fixed Income 17.3%** | **Domestic Fixed Income 17.3%** |
| ALPS/SMITH Core Plus Bond ETF | 695 | 17906 |
| DoubleLine Mortgage ETF | 149 | 7381 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 296 | 12538 |
| iShares 0-5 Year TIPS Bond ETF (a) | 21 | 2142 |
| iShares Core U.S. Aggregate Bond ETF | 234 | 23207 |
| iShares MBS ETF | 78 | 7396 |
|  |  | 70570 |
| **Emerging Markets Equity 9.3%** | **Emerging Markets Equity 9.3%** | **Emerging Markets Equity 9.3%** |
| Capital Group New Geography Equity ETF | 529 | 16690 |
| iShares Core MSCI Emerging Markets ETF | 300 | 20940 |
|  |  | 37630 |
| **Global Equity 3.2%** | **Global Equity 3.2%** | **Global Equity 3.2%** |
| FPA Global Equity ETF | 355 | 12889 |
| **Alternative 2.2%** | **Alternative 2.2%** | **Alternative 2.2%** |
| iShares Global Infrastructure ETF | 132 | 8875 |
| **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** |
| iShares JP Morgan USD Emerging Markets Bond ETF (a) | 44 | 4141 |
| Total Investment Companies (cost $366,797) | Total Investment Companies (cost $366,797) | 406589 |
| **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** |
| **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (b) (c) | 8658 | 8658 |
| Total Short Term Investments (cost $8,658) | Total Short Term Investments (cost $8,658) | 8658 |
| **Total Investments 102.1% (cost $375,455)** | **Total Investments 102.1% (cost $375,455)** | **415247** |
| **Other Assets and Liabilities, Net (2.1)%** | **Other Assets and Liabilities, Net (2.1)%** | **(8559)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **406688** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** | **JNL Moderate ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 52.0%** | **Domestic Fixed Income 52.0%** | **Domestic Fixed Income 52.0%** |
| ALPS/SMITH Core Plus Bond ETF (a) | 701 | 18056 |
| DoubleLine Mortgage ETF | 283 | 13983 |
| iShares 0-5 Year High Yield Corporate Bond ETF (a) | 382 | 16181 |
| iShares 0-5 Year TIPS Bond ETF (a) | 34 | 3558 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | 338 | 17985 |
| iShares Core U.S. Aggregate Bond ETF | 353 | 35003 |
| iShares MBS ETF | 148 | 14016 |
|  |  | 118782 |
| **Domestic Equity 26.4%** | **Domestic Equity 26.4%** | **Domestic Equity 26.4%** |
| Capital Group Dividend Value ETF | 131 | 5588 |
| iShares Core Dividend Growth ETF (a) | 82 | 5782 |
| iShares Core S&P 500 ETF | 14 | 8804 |
| iShares Core S&P Mid-Cap ETF | 119 | 8012 |
| iShares Core S&P U.S. Growth ETF | 21 | 3195 |
| iShares Select U.S. REIT ETF | 78 | 4842 |
| iShares U.S. Aerospace & Defense ETF | 8 | 1654 |
| JPMorgan Active Growth ETF | 57 | 4834 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (a) | 87 | 5794 |
| T. Rowe Price Capital Appreciation Equity ETF | 226 | 8040 |
| VanEck Morningstar Wide Moat ETF | 39 | 3752 |
|  |  | 60297 |
| **International Equity 10.0%** | **International Equity 10.0%** | **International Equity 10.0%** |
| First Trust WCM International Equity ETF | 436 | 7315 |
| iShares Core MSCI EAFE ETF | 87 | 7905 |
| Lazard International Dynamic Equity ETF | 242 | 7668 |
|  |  | 22888 |
| **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** | **Emerging Markets Equity 5.5%** |
| Capital Group New Geography Equity ETF (a) | 189 | 5970 |
| iShares Core MSCI Emerging Markets ETF | 95 | 6616 |
|  |  | 12586 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** |
| iShares JP Morgan USD Emerging Markets Bond ETF (a) | 97 | 9151 |
| **Alternative 2.1%** | **Alternative 2.1%** | **Alternative 2.1%** |
| iShares Global Infrastructure ETF | 73 | 4907 |
| Total Investment Companies (cost $219,840) | Total Investment Companies (cost $219,840) | 228611 |
| **SHORT TERM INVESTMENTS 4.2%** | **SHORT TERM INVESTMENTS 4.2%** | **SHORT TERM INVESTMENTS 4.2%** |
| **Securities Lending Collateral 4.2%** | **Securities Lending Collateral 4.2%** | **Securities Lending Collateral 4.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (b) (c) | 9712 | 9712 |
| Total Short Term Investments (cost $9,712) | Total Short Term Investments (cost $9,712) | 9712 |
| **Total Investments 104.2% (cost $229,552)** | **Total Investments 104.2% (cost $229,552)** | **238323** |
| **Other Assets and Liabilities, Net (4.2)%** | **Other Assets and Liabilities, Net (4.2)%** | **(9680)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **228643** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** | **JNL Moderate Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 99.9%** | **INVESTMENT COMPANIES 99.9%** | **INVESTMENT COMPANIES 99.9%** |
| **Domestic Equity 36.7%** | **Domestic Equity 36.7%** | **Domestic Equity 36.7%** |
| Capital Group Dividend Value ETF (a) | 328 | 13960 |
| iShares Core Dividend Growth ETF (a) | 206 | 14443 |
| iShares Core S&P 500 ETF | 26 | 17177 |
| iShares Core S&P Mid-Cap ETF | 264 | 17865 |
| iShares Core S&P U.S. Growth ETF | 43 | 6643 |
| iShares Select U.S. REIT ETF | 122 | 7562 |
| iShares U.S. Aerospace & Defense ETF | 16 | 3436 |
| JPMorgan Active Growth ETF (a) | 129 | 10891 |
| JPMorgan Small & Mid Cap Enhanced Equity ETF (a) | 162 | 10844 |
| T. Rowe Price Capital Appreciation Equity ETF | 572 | 20349 |
| VanEck Morningstar Wide Moat ETF | 69 | 6697 |
|  |  | 129867 |
| **Domestic Fixed Income 35.2%** | **Domestic Fixed Income 35.2%** | **Domestic Fixed Income 35.2%** |
| ALPS/SMITH Core Plus Bond ETF | 812 | 20910 |
| DoubleLine Mortgage ETF | 295 | 14549 |
| iShares 0-5 Year High Yield Corporate Bond ETF | 469 | 19844 |
| iShares 0-5 Year TIPS Bond ETF (a) | 54 | 5550 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF (a) | 238 | 12678 |
| iShares Core U.S. Aggregate Bond ETF | 367 | 36423 |
| iShares MBS ETF | 154 | 14585 |
|  |  | 124539 |
| **International Equity 14.2%** | **International Equity 14.2%** | **International Equity 14.2%** |
| First Trust WCM International Equity ETF (a) | 901 | 15112 |
| iShares Core MSCI EAFE ETF | 214 | 19390 |
| Lazard International Dynamic Equity ETF | 499 | 15842 |
|  |  | 50344 |
| **Emerging Markets Equity 7.0%** | **Emerging Markets Equity 7.0%** | **Emerging Markets Equity 7.0%** |
| Capital Group New Geography Equity ETF (a) | 322 | 10169 |
| iShares Core MSCI Emerging Markets ETF | 210 | 14631 |
|  |  | 24800 |
| **Emerging Markets Fixed Income 2.8%** | **Emerging Markets Fixed Income 2.8%** | **Emerging Markets Fixed Income 2.8%** |
| iShares JP Morgan USD Emerging Markets Bond ETF | 105 | 9823 |
| **Alternative 2.1%** | **Alternative 2.1%** | **Alternative 2.1%** |
| iShares Global Infrastructure ETF | 114 | 7649 |
| **Global Equity 1.9%** | **Global Equity 1.9%** | **Global Equity 1.9%** |
| FPA Global Equity ETF | 189 | 6847 |
| Total Investment Companies (cost $328,800) | Total Investment Companies (cost $328,800) | 353869 |
| **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** |
| **Securities Lending Collateral 2.6%** | **Securities Lending Collateral 2.6%** | **Securities Lending Collateral 2.6%** |
| JNL Government Money Market Fund - Class SL, 3.63% (b) (c) | 9173 | 9173 |
|  | **Shares** | **Value ($)** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 3.53% (b) (c) | 288 | 288 |
| Total Short Term Investments (cost $9,461) | Total Short Term Investments (cost $9,461) | 9461 |
| **Total Investments 102.6% (cost $338,261)** | **Total Investments 102.6% (cost $338,261)** | **363330** |
| **Other Assets and Liabilities, Net (2.6)%** | **Other Assets and Liabilities, Net (2.6)%** | **(9325)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **354005** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **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 54.7%** | **Domestic Equity 54.7%** | **Domestic Equity 54.7%** |
| Vanguard Dividend Appreciation ETF (a) | 521 | 112063 |
| Vanguard Growth ETF | 358 | 156145 |
| Vanguard Mid-Cap ETF | 602 | 172943 |
| Vanguard Real Estate ETF (a) | 948 | 84107 |
| Vanguard Small-Cap ETF (a) | 505 | 132224 |
| Vanguard Total Stock Market ETF | 866 | 277747 |
| Vanguard Value ETF | 883 | 173189 |
|  |  | 1108418 |
| **International Equity 19.2%** | **International Equity 19.2%** | **International Equity 19.2%** |
| Vanguard FTSE All-World ex-US Small-Cap Index ETF | 545 | 79446 |
| Vanguard FTSE Developed Markets ETF | 3895 | 249615 |
| Vanguard International Dividend Appreciation ETF (a) | 686 | 60679 |
|  |  | 389740 |
| **Domestic Fixed Income 14.0%** | **Domestic Fixed Income 14.0%** | **Domestic Fixed Income 14.0%** |
| Vanguard Core Bond ETF (a) | 1180 | 91333 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 291 | 24096 |
| Vanguard Intermediate-Term Treasury ETF | 531 | 31643 |
| Vanguard Mortgage-Backed Securities ETF | 1885 | 88508 |
| Vanguard Short-Term Corporate Bond ETF (a) | 478 | 37866 |
| Vanguard Short-Term Inflation-Protected Securities ETF (a) | 213 | 10651 |
|  |  | 284097 |
| **Emerging Markets Equity 8.5%** | **Emerging Markets Equity 8.5%** | **Emerging Markets Equity 8.5%** |
| Vanguard FTSE Emerging Markets ETF | 3209 | 173418 |
| **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** |
| Vanguard Emerging Markets Government Bond ETF (a) | 627 | 41212 |
| **Global Fixed Income 1.6%** | **Global Fixed Income 1.6%** | **Global Fixed Income 1.6%** |
| Vanguard Total International Bond ETF (a) | 657 | 31578 |
| Total Investment Companies (cost $1,756,227) | Total Investment Companies (cost $1,756,227) | 2028463 |
| **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, 3.63% (b) (c) | 62126 | 62126 |
| Total Short Term Investments (cost $62,126) | Total Short Term Investments (cost $62,126) | 62126 |
| **Total Investments 103.1% (cost $1,818,353)** | **Total Investments 103.1% (cost $1,818,353)** | **2090589** |
| **Other Assets and Liabilities, Net (3.1)%** | **Other Assets and Liabilities, Net (3.1)%** | **(62454)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2028135** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 46.0%** | **Domestic Fixed Income 46.0%** | **Domestic Fixed Income 46.0%** |
| Vanguard Core Bond ETF | 1062 | 82180 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 256 | 21162 |
| Vanguard Intermediate-Term Treasury ETF | 478 | 28489 |
| Vanguard Mortgage-Backed Securities ETF (a) | 1695 | 79592 |
| Vanguard Short-Term Corporate Bond ETF (a) | 430 | 34062 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| Vanguard Short-Term Inflation-Protected Securities ETF (a) | 202 | 10082 |
| | | 255567 |
| **Domestic Equity 29.3%** | **Domestic Equity 29.3%** | **Domestic Equity 29.3%** |
| Vanguard Dividend Appreciation ETF (a) | 77 | 16505 |
| Vanguard Growth ETF | 50 | 21718 |
| Vanguard Mid-Cap ETF | 77 | 21973 |
| Vanguard Real Estate ETF (a) | 128 | 11359 |
| Vanguard Small-Cap ETF | 61 | 15928 |
| Vanguard Total Stock Market ETF | 160 | 51392 |
| Vanguard Value ETF | 123 | 24088 |
|  |  | 162963 |
| **International Equity 10.2%** | **International Equity 10.2%** | **International Equity 10.2%** |
| Vanguard FTSE All-World ex-US Small-Cap Index ETF | 64 | 9385 |
| Vanguard FTSE Developed Markets ETF | 570 | 36557 |
| Vanguard International Dividend Appreciation ETF (a) | 123 | 10913 |
|  |  | 56855 |
| **Global Fixed Income 5.1%** | **Global Fixed Income 5.1%** | **Global Fixed Income 5.1%** |
| Vanguard Total International Bond ETF (a) | 590 | 28342 |
| **Emerging Markets Fixed Income 5.0%** | **Emerging Markets Fixed Income 5.0%** | **Emerging Markets Fixed Income 5.0%** |
| Vanguard Emerging Markets Government Bond ETF (a) | 423 | 27775 |
| **Emerging Markets Equity 4.4%** | **Emerging Markets Equity 4.4%** | **Emerging Markets Equity 4.4%** |
| Vanguard FTSE Emerging Markets ETF | 455 | 24614 |
| Total Investment Companies (cost $514,621) | Total Investment Companies (cost $514,621) | 556116 |
| **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, 3.63% (b) (c) | 17417 | 17417 |
| Total Short Term Investments (cost $17,417) | Total Short Term Investments (cost $17,417) | 17417 |
| **Total Investments 103.1% (cost $532,038)** | **Total Investments 103.1% (cost $532,038)** | **573533** |
| **Other Assets and Liabilities, Net (3.1)%** | **Other Assets and Liabilities, Net (3.1)%** | **(17309)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **556224** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **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 42.9%** | **Domestic Equity 42.9%** | **Domestic Equity 42.9%** |
| Vanguard Dividend Appreciation ETF (a) | 178 | 38191 |
| Vanguard Growth ETF | 137 | 59861 |
| Vanguard Mid-Cap ETF | 199 | 57201 |
| Vanguard Real Estate ETF (a) | 334 | 29591 |
| Vanguard Small-Cap ETF (a) | 182 | 47659 |
| Vanguard Total Stock Market ETF | 348 | 111550 |
| Vanguard Value ETF | 338 | 66395 |
|  |  | 410448 |
| **Domestic Fixed Income 29.6%** | **Domestic Fixed Income 29.6%** | **Domestic Fixed Income 29.6%** |
| Vanguard Core Bond ETF | 1157 | 89555 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 266 | 22041 |
| Vanguard Intermediate-Term Treasury ETF | 524 | 31179 |
| Vanguard Mortgage-Backed Securities ETF | 1840 | 86378 |
| Vanguard Short-Term Corporate Bond ETF (a) | 466 | 36976 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 350 | 17498 |
|  |  | 283627 |
| **International Equity 13.9%** | **International Equity 13.9%** | **International Equity 13.9%** |
| Vanguard FTSE All-World ex-US Small-Cap Index ETF (a) | 192 | 27924 |
| Vanguard FTSE Developed Markets ETF | 1341 | 85930 |
| Vanguard International Dividend Appreciation ETF | 214 | 18940 |
|  |  | 132794 |
| **Emerging Markets Equity 6.3%** | **Emerging Markets Equity 6.3%** | **Emerging Markets Equity 6.3%** |
| Vanguard FTSE Emerging Markets ETF | 1117 | 60362 |
| **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** | **Emerging Markets Fixed Income 4.0%** |
| Vanguard Emerging Markets Government Bond ETF (a) | 588 | 38601 |
| **Global Fixed Income 3.3%** | **Global Fixed Income 3.3%** | **Global Fixed Income 3.3%** |
| Vanguard Total International Bond ETF (a) | 665 | 31978 |
| Total Investment Companies (cost $857,677) | Total Investment Companies (cost $857,677) | 957810 |
| **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, 3.63% (b) (c) | 61862 | 61862 |
| Total Short Term Investments (cost $61,862) | Total Short Term Investments (cost $61,862) | 61862 |
| **Total Investments 106.5% (cost $919,539)** | **Total Investments 106.5% (cost $919,539)** | **1019672** |
| **Other Assets and Liabilities, Net (6.5)%** | **Other Assets and Liabilities, Net (6.5)%** | **(61995)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **957677** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026, 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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 R-6 | 3655694 | 25357 | 50039 |  | 7445 | (81164) | 3557293 | 100.0 |
|  | **3655694** | **25357** | **50039** | **—** | **7445** | **(81164)** | **3557293** | 100.0 |
| **JNL/American Funds Capital Income Builder Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital Income Builder Fund - Class R-6 | 560365 | 14276 | 13513 | 3203 | 3974 | 2460 | 567562 | 100.0 |
|  | **560365** | **14276** | **13513** | **3203** | **3974** | **2460** | **567562** | 100.0 |
| **JNL/American Funds Capital World Bond Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital World Bond Fund - Class R-6 | 310926 | 4289 | 9647 |  | (1031) | (4992) | 299545 | 100.0 |
|  | **310926** | **4289** | **9647** | **—** | **(1031)** | **(4992)** | **299545** | 100.0 |
| **JNL/American Funds Global Growth Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Growth Fund - Class R-6 | 1132237 | 34407 | 21167 |  | 5511 | (42441) | 1108547 | 100.0 |
|  | **1132237** | **34407** | **21167** | **—** | **5511** | **(42441)** | **1108547** | 100.0 |
| **JNL/American Funds Global Small Capitalization Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Small Capitalization Fund - Class R-6 | 601939 | 1199 | 17365 |  | (4854) | (90) | 580829 | 100.0 |
|  | **601939** | **1199** | **17365** | **—** | **(4854)** | **(90)** | **580829** | 100.0 |
| **JNL/American Funds Growth Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth Fund - Class R-6 | 8786114 | 65196 | 140745 |  | 59932 | (814193) | 7956304 | 100.0 |
|  | **8786114** | **65196** | **140745** | **—** | **59932** | **(814193)** | **7956304** | 100.0 |
| **JNL/American Funds Growth-Income Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth-Income Fund - Class R-6 | 12556598 | 6163 | 331871 |  | 130495 | (637002) | 11724383 | 100.0 |
|  | **12556598** | **6163** | **331871** | **—** | **130495** | **(637002)** | **11724383** | 100.0 |
| **JNL/American Funds International Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - International Fund - Class R-6 | 1451987 | 22917 | 57219 |  | 9785 | (24095) | 1403375 | 100.0 |
|  | **1451987** | **22917** | **57219** | **—** | **9785** | **(24095)** | **1403375** | 100.0 |
| **JNL/American Funds New World Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - New World Fund - Class R-6 | 1500659 | 17821 | 60018 |  | 23702 | (43555) | 1438609 | 100.0 |
|  | **1500659** | **17821** | **60018** | **—** | **23702** | **(43555)** | **1438609** | 100.0 |
| **JNL/American Funds Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class R-6 | 4268888 | 16016 | 119516 |  | 33832 | (161044) | 4038176 | 100.0 |
|  | **4268888** | **16016** | **119516** | **—** | **33832** | **(161044)** | **4038176** | 100.0 |
| **JNL/Mellon Bond Index Fund** |  |  |  |  |  |  |  |  |
| JNL Bond Index Fund - Class I | 1027887 | 6740 | 25219 |  | 95 | (54) | 1009449 | 100.0 |
|  | **1027887** | **6740** | **25219** | **—** | **95** | **(54)** | **1009449** | 100.0 |
| **JNL/Mellon Emerging Markets Index Fund** |  |  |  |  |  |  |  |  |
| JNL Emerging Markets Index Fund - Class I | 927102 | 138479 | 65571 |  | 12162 | 2758 | 1014930 | 100.0 |
|  | **927102** | **138479** | **65571** | **—** | **12162** | **2758** | **1014930** | 100.0 |
| **JNL/Mellon International Index Fund** |  |  |  |  |  |  |  |  |
| JNL International Index Fund - Class I | 3073406 | 19543 | 170889 |  | 37854 | (9593) | 2950321 | 100.0 |
|  | **3073406** | **19543** | **170889** | **—** | **37854** | **(9593)** | **2950321** | 100.0 |
| **JNL/Mellon S&P 400 MidCap Index Fund** |  |  |  |  |  |  |  |  |
| JNL Mid Cap Index Fund - Class I | 3242262 | 57105 | 135415 |  | 36846 | 45223 | 3246021 | 100.0 |
|  | **3242262** | **57105** | **135415** | **—** | **36846** | **45223** | **3246021** | 100.0 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2350272 | 31764 | 80915 |  | 15739 | 67217 | 2384077 | 100.0 |
|  | **2350272** | **31764** | **80915** | **—** | **15739** | **67217** | **2384077** | 100.0 |
| **JNL Aggressive Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Real Assets Fund - Class I | 15404 |  |  |  |  | 342 | 15746 | 1.1 |
| JNL Multi-Manager Alternative Fund - Class I | 29304 |  |  |  |  | (769) | 28535 | 2.1 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 102550 | 539 | 3939 |  | 1369 | 1227 | 101746 | 7.4 |
| JNL Multi-Manager International Small Cap Fund - Class I | 80507 | 423 | 3092 |  | 934 | 2350 | 81122 | 5.9 |
| JNL Multi-Manager Mid Cap Fund - Class I | 86814 | 462 | 3376 |  | 1389 | (5347) | 79942 | 5.8 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 42716 | 231 | 1686 |  | 523 | (2805) | 38979 | 2.8 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 43475 | 231 | 1686 |  | 690 | (598) | 42112 | 3.1 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 171551 | 904 | 6606 |  | 3243 | (2472) | 166620 | 12.1 |
| JNL/Causeway International Value Select Fund - Class I | 124040 | 635 | 4642 |  | 1962 | (7096) | 114899 | 8.3 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 42809 | 231 | 1686 |  | 200 | (441) | 41113 | 3.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 32791 | 173 | 1265 |  | 281 | 637 | 32617 | 2.4 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 21139 | 116 | 846 |  | (2) | (1179) | 19228 | 1.4 |
| JNL/JPMorgan U.S. Value Fund - Class I | 14721 | 77 | 562 |  | 180 | (66) | 14350 | 1.0 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 93695 | 500 | 3655 |  | 1003 | (12950) | 78593 | 5.7 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I | 37128 | 193 | 1408 |  | 22 | (2150) | 33785 | 2.4 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 25521 | 134 | 982 |  | 137 | (815) | 23995 | 1.7 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 29122 | 154 | 1125 |  | (241) | (1630) | 26280 | 1.9 |
| JNL/Newton Equity Income Fund - Class I | 99261 | 519 | 3796 |  | 1066 | 1695 | 98745 | 7.2 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 72213 | 384 | 2809 |  | 302 | (5177) | 64913 | 4.7 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 63565 | 346 | 2530 |  | 1021 | (8446) | 53956 | 3.9 |
| JNL/T. Rowe Price Value Fund - Class I | 87571 | 462 | 3376 |  | 1665 | 2179 | 88501 | 6.4 |
| JNL/WCM Focused International Equity Fund - Class I | 111929 | 596 | 4358 |  | 761 | (2677) | 106251 | 7.7 |
| JNL/WMC Equity Income Fund - Class I | 29020 | 154 | 1124 |  | 408 | (148) | 28310 | 2.0 |
|  | **1456846** | **7464** | **54549** | **—** | **16913** | **(46336)** | **1380338** | 100.0 |
| **JNL Conservative Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 29414 |  |  |  |  | (220) | 29194 | 5.3 |
| Jackson Real Assets Fund - Class I | 12775 |  |  |  |  | 283 | 13058 | 2.4 |
| JNL Multi-Manager Alternative Fund - Class I | 28710 |  |  |  |  | (754) | 27956 | 5.1 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 17486 | 191 | 1000 |  | 181 | 266 | 17124 | 3.1 |
| JNL Multi-Manager Mid Cap Fund - Class I | 10017 | 112 | 585 |  | 39 | (491) | 9092 | 1.7 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 5726 | 64 | 334 |  | 83 | (71) | 5468 | 1.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 23444 | 254 | 1331 |  | 360 | (251) | 22476 | 4.1 |
| JNL/Causeway International Value Select Fund - Class I | 11987 | 127 | 667 |  | 97 | (583) | 10961 | 2.0 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 59120 | 652 | 3417 |  | 145 | (474) | 56026 | 10.2 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 28759 | 318 | 1666 |  | 223 | (426) | 27208 | 5.0 |
| JNL/DoubleLine Total Return Fund - Class I | 64822 | 715 | 3747 |  | 117 | (56) | 61851 | 11.3 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 56083 | 620 | 3248 |  | 563 | (556) | 53462 | 9.8 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 17286 | 191 | 1000 |  | 4 | 14 | 16495 | 3.0 |
| JNL/Newton Equity Income Fund - Class I | 7314 | 79 | 416 |  | 58 | 146 | 7181 | 1.3 |
| JNL/PIMCO Income Fund - Class I | 46448 | 509 | 2667 |  | 666 | (1027) | 43929 | 8.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 11532 | 127 | 666 |  | 9 | (97) | 10905 | 2.0 |
| JNL/PIMCO Real Return Fund - Class I | 17232 | 191 | 1000 |  | 98 | (108) | 16413 | 3.0 |
| JNL/PPM America High Yield Bond Fund - Class I | 7209 | 79 | 416 |  | 18 | (33) | 6857 | 1.2 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 2873 | 32 | 167 |  | 19 | (27) | 2730 | 0.5 |
| JNL/PPM America Total Return Fund - Class I | 53160 | 588 | 3082 |  | 74 | (66) | 50674 | 9.3 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 34699 | 382 | 2001 |  | 802 | (2104) | 31778 | 5.8 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 4379 | 48 | 250 |  | (3) | (505) | 3669 | 0.7 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 8623 | 96 | 501 |  | 66 | (113) | 8171 | 1.5 |
| JNL/WCM Focused International Equity Fund - Class I | 10074 | 112 | 585 |  | 54 | (219) | 9436 | 1.7 |
| JNL/WMC Equity Income Fund - Class I | 5793 | 64 | 335 |  | 10 | 42 | 5574 | 1.0 |
|  | **574965** | **5551** | **29081** | **—** | **3683** | **(7430)** | **547688** | 100.0 |
| **JNL Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 92785 |  |  |  |  | (694) | 92091 | 3.5 |
| Jackson Real Assets Fund - Class I | 47564 |  |  |  |  | 1056 | 48620 | 1.8 |
| JNL Multi-Manager Alternative Fund - Class I | 98724 |  |  |  |  | (2593) | 96131 | 3.6 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 169208 | 2 | 7836 |  | 424 | 3943 | 165741 | 6.3 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 International Small Cap Fund - Class I | 112760 | 1 | 5228 |  | 878 | 3767 | 112178 | 4.3 |
| JNL Multi-Manager Mid Cap Fund - Class I | 132359 | 2 | 6205 |  | 2424 | (8347) | 120233 | 4.6 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 68556 | 1 | 3263 |  | 424 | (4008) | 61710 | 2.3 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 69760 | 1 | 3263 |  | 2041 | (1845) | 66694 | 2.5 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 288263 | 3 | 13384 |  | 6565 | (5147) | 276300 | 10.5 |
| JNL/Causeway International Value Select Fund - Class I | 225395 | 3 | 9789 |  | 3381 | (12490) | 206500 | 7.8 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 90908 | 1 | 4239 |  | 761 | (1260) | 86171 | 3.3 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 28060 |  | 1310 |  | 234 | (430) | 26554 | 1.0 |
| JNL/DoubleLine Total Return Fund - Class I | 97853 | 1 | 4572 |  | 458 | (355) | 93385 | 3.5 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 62760 | 1 | 2941 |  | 363 | (349) | 59834 | 2.3 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 56136 | 1 | 2608 |  | 753 | 836 | 55118 | 2.1 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 47933 | 1 | 2287 |  | (1) | (2640) | 43006 | 1.6 |
| JNL/JPMorgan U.S. Value Fund - Class I | 21293 |  | 977 |  | 311 | (136) | 20491 | 0.8 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 131966 | 2 | 6204 |  | 2101 | (18781) | 109084 | 4.1 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 21144 |  | 976 |  | 9 | 13 | 20190 | 0.8 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I | 42835 |  | 1952 |  | 30 | (2459) | 38454 | 1.5 |
| JNL/Morningstar SMID Moat Focus Index Fund - Class I | 35162 |  | 1631 |  | 231 | (1143) | 32619 | 1.2 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 56078 | 1 | 2608 |  | (398) | (3147) | 49926 | 1.9 |
| JNL/Newton Equity Income Fund - Class I | 155781 | 2 | 7181 |  | 2018 | 2359 | 152979 | 5.8 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 13917 |  | 655 |  | 89 | (193) | 13158 | 0.5 |
| JNL/PPM America High Yield Bond Fund - Class I | 19572 |  | 917 |  | 40 | (80) | 18615 | 0.7 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 125435 | 2 | 5872 |  | 635 | (9011) | 111189 | 4.2 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 109323 | 1 | 5228 |  | 2158 | (14819) | 91435 | 3.5 |
| JNL/T. Rowe Price Value Fund - Class I | 133517 | 2 | 6204 |  | 3743 | 2154 | 133212 | 5.1 |
| JNL/WCM Focused International Equity Fund - Class I | 194447 | 2 | 9145 |  | (438) | (2708) | 182158 | 6.9 |
| JNL/WMC Equity Income Fund - Class I | 55886 | 1 | 2609 |  | 948 | (426) | 53800 | 2.0 |
|  | **2805380** | **31** | **119084** | **—** | **30182** | **(78933)** | **2637576** | 100.0 |
| **JNL Moderate Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 97669 |  |  |  |  | (731) | 96938 | 5.5 |
| Jackson Real Assets Fund - Class I | 43210 |  |  |  |  | 959 | 44169 | 2.5 |
| JNL Multi-Manager Alternative Fund - Class I | 90632 |  |  |  |  | (2380) | 88252 | 5.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 55988 | 156 | 2238 |  | (80) | 1509 | 55335 | 3.1 |
| JNL Multi-Manager International Small Cap Fund - Class I | 23343 | 65 | 934 |  | (48) | 1007 | 23433 | 1.3 |
| JNL Multi-Manager Mid Cap Fund - Class I | 55331 | 156 | 2238 |  | 1018 | (3527) | 50740 | 2.9 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 18036 | 52 | 744 |  | 22 | (980) | 16386 | 0.9 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 18529 | 52 | 743 |  | 278 | (234) | 17882 | 1.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 125782 | 351 | 5044 |  | 1900 | (1295) | 121694 | 6.8 |
| JNL/Causeway International Value Select Fund - Class I | 81421 | 221 | 3172 |  | 1056 | (4388) | 75138 | 4.2 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 120459 | 338 | 4849 |  | 421 | (1088) | 115281 | 6.5 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 73936 | 208 | 2983 |  | 735 | (1261) | 70635 | 4.0 |
| JNL/DoubleLine Total Return Fund - Class I | 129659 | 364 | 5222 |  | 322 | (184) | 124939 | 7.0 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 124730 | 351 | 5032 |  | 938 | (909) | 120078 | 6.8 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 18933 | 52 | 744 |  | 241 | 293 | 18775 | 1.1 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 55360 | 156 | 2238 |  | 554 | (7612) | 46220 | 2.6 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 55518 | 156 | 2238 |  | 11 | 48 | 53495 | 3.0 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 23216 | 65 | 933 |  | (199) | (1286) | 20863 | 1.2 |
| JNL/Newton Equity Income Fund - Class I | 56298 | 156 | 2238 |  | 327 | 1252 | 55795 | 3.1 |
| JNL/PIMCO Income Fund - Class I | 106827 | 299 | 4288 |  | 1076 | (1906) | 102008 | 5.7 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 27759 | 78 | 1116 |  | 96 | (307) | 26510 | 1.5 |
| JNL/PIMCO Real Return Fund - Class I | 27677 | 78 | 1117 |  | 159 | (173) | 26624 | 1.5 |
| JNL/PPM America High Yield Bond Fund - Class I | 18563 | 52 | 744 |  | 32 | (71) | 17832 | 1.0 |
| JNL/PPM America Total Return Fund - Class I | 106241 | 299 | 4287 |  | 285 | (262) | 102276 | 5.8 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 106439 | 299 | 4286 |  | 2075 | (6100) | 98427 | 5.5 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 18375 | 52 | 745 |  | (12) | (2132) | 15538 | 0.9 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 27706 | 78 | 1116 |  | 316 | (469) | 26515 | 1.5 |
| JNL/T. Rowe Price Value Fund - Class I | 37266 | 104 | 1494 |  | 292 | 1355 | 37523 | 2.1 |
| JNL/WCM Focused International Equity Fund - Class I | 73893 | 208 | 2982 |  | (986) | (259) | 69874 | 3.9 |
| JNL/WMC Equity Income Fund - Class I | 38191 | 104 | 1494 |  | 545 | (195) | 37151 | 2.1 |
|  | **1856987** | **4550** | **65259** | **—** | **11374** | **(31326)** | **1776326** | 100.0 |
| **JNL Moderate Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 153146 |  |  |  |  | (1146) | 152000 | 4.8 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 79776 |  |  |  |  | 1771 | 81547 | 2.5 |
| JNL Multi-Manager Alternative Fund - Class I | 162899 |  |  |  |  | (4277) | 158622 | 5.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 137461 | 4 | 6909 |  | 2409 | 1173 | 134138 | 4.2 |
| JNL Multi-Manager International Small Cap Fund - Class I | 68378 | 2 | 3462 |  | 1411 | 1426 | 67755 | 2.1 |
| JNL Multi-Manager Mid Cap Fund - Class I | 135174 | 4 | 6908 |  | 3122 | (9182) | 122210 | 3.8 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 49686 | 2 | 2593 |  | 357 | (2960) | 44492 | 1.4 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 50796 | 2 | 2593 |  | 1208 | (1064) | 48349 | 1.5 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 307503 | 9 | 15557 |  | 7647 | (6067) | 293535 | 9.2 |
| JNL/Causeway International Value Select Fund - Class I | 209748 | 6 | 10371 |  | 4429 | (12851) | 190961 | 6.0 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 162450 | 5 | 8205 |  | 630 | (1517) | 153363 | 4.8 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 84603 | 3 | 4316 |  | 773 | (1364) | 79699 | 2.5 |
| JNL/DoubleLine Total Return Fund - Class I | 178018 | 5 | 9075 |  | 922 | (724) | 169146 | 5.3 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 177621 | 5 | 9075 |  | 1691 | (1640) | 168602 | 5.3 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 42408 | 1 | 2165 |  | 901 | 310 | 41455 | 1.3 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 41895 | 1 | 2166 |  | (123) | (2192) | 37415 | 1.2 |
| JNL/JPMorgan U.S. Value Fund - Class I | 17188 |  | 868 |  | 300 | (159) | 16461 | 0.5 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 135597 | 4 | 6909 |  | 1830 | (19025) | 111497 | 3.5 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 93172 | 3 | 4728 |  | 23 | 78 | 88548 | 2.8 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 59524 | 2 | 3020 |  | (359) | (3406) | 52741 | 1.6 |
| JNL/Newton Equity Income Fund - Class I | 146009 | 4 | 7351 |  | 2070 | 2047 | 142779 | 4.5 |
| JNL/PIMCO Income Fund - Class I | 93522 | 3 | 4759 |  | 1045 | (1760) | 88051 | 2.7 |
| JNL/PIMCO Real Return Fund - Class I | 50701 | 2 | 2594 |  | 602 | (625) | 48086 | 1.5 |
| JNL/PPM America High Yield Bond Fund - Class I | 16957 |  | 868 |  | 37 | (73) | 16053 | 0.5 |
| JNL/PPM America Total Return Fund - Class I | 109848 | 3 | 5613 |  | 886 | (856) | 104268 | 3.3 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 152098 | 5 | 7779 |  | 795 | (10966) | 134153 | 4.2 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 111090 | 3 | 5613 |  | 3008 | (15909) | 92579 | 2.9 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 16908 |  | 869 |  | 132 | (224) | 15947 | 0.5 |
| JNL/T. Rowe Price Value Fund - Class I | 102269 | 3 | 5185 |  | 3164 | 1377 | 101628 | 3.2 |
| JNL/WCM Focused International Equity Fund - Class I | 186296 | 6 | 9503 |  | 1961 | (4957) | 173803 | 5.4 |
| JNL/WMC Equity Income Fund - Class I | 67812 | 2 | 3462 |  | 1259 | (618) | 64993 | 2.0 |
|  | **3400553** | **89** | **152516** | **—** | **42130** | **(95380)** | **3194876** | 100.0 |
| **JNL/JPMorgan Managed Aggressive Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 31301 |  |  |  |  | (234) | 31067 | 1.6 |
| Jackson Real Assets Fund - Class I | 23653 |  |  |  |  | 525 | 24178 | 1.2 |
| JNL Multi-Manager Alternative Fund - Class I | 47282 |  |  |  |  | (1241) | 46041 | 2.4 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 73244 | 26 | 3122 |  | 313 | 1564 | 72025 | 3.7 |
| JNL Multi-Manager Mid Cap Fund - Class I | 67272 | 24 | 2903 |  | 487 | (3515) | 61365 | 3.2 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 61124 | 22 | 2681 |  | 1167 | (4388) | 55244 | 2.8 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 62197 | 22 | 2681 |  | 1571 | (1410) | 59699 | 3.1 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 94326 | 14962 | 3966 |  | 773 | (21) | 106074 | 5.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 122240 | 45 | 5364 |  | 3503 | (15022) | 105402 | 5.4 |
| JNL/Causeway International Value Select Fund - Class I | 172291 | 60 | 7146 |  | 2732 | (9731) | 158206 | 8.1 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 133388 | 49 | 5805 |  | 2919 | (15080) | 115471 | 5.9 |
| JNL/DoubleLine Total Return Fund - Class I | 42528 | 15 | 1782 |  | 241 | (198) | 40804 | 2.1 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 41535 | 15 | 1791 |  | 307 | 866 | 40932 | 2.1 |
| JNL/Invesco Diversified Dividend Fund - Class I | 99443 | 36 | 4243 |  | 1944 | (1429) | 95751 | 4.9 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 40696 | 15 | 1790 |  | 461 | (2717) | 36665 | 1.9 |
| JNL/JPMorgan U.S. Value Fund - Class I | 62985 | 22 | 2681 |  | 1421 | (913) | 60834 | 3.1 |
| JNL/Lazard International Quality Growth Fund - Class I | 68835 | 24 | 2902 |  | 298 | (6440) | 59815 | 3.1 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I | 31944 | 11 | 1341 |  | 20 | (1837) | 28797 | 1.5 |
| JNL/MFS Mid Cap Value Fund - Class I | 36313 | 13 | 1562 |  | 92 | 356 | 35212 | 1.8 |
| JNL/Newton Equity Income Fund - Class I | 99779 | 36 | 4243 |  | 1636 | 1158 | 98366 | 5.1 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 10438 | 4 | 451 |  | 51 | (129) | 9913 | 0.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 10299 | 4 | 451 |  | 51 | (83) | 9820 | 0.5 |
| JNL/PPM America Total Return Fund - Class I | 42391 | 15 | 1782 |  | 234 | (226) | 40632 | 2.1 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 52153 | 19 | 2232 |  | 240 | (3737) | 46443 | 2.4 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 131674 | 49 | 5805 |  | 3375 | (18670) | 110623 | 5.7 |
| JNL/T. Rowe Price Value Fund - Class I | 151283 | 54 | 6476 |  | 3719 | 2958 | 151538 | 7.8 |
| JNL/WCM Focused International Equity Fund - Class I | 124498 | 45 | 5363 |  | 134 | (2184) | 117130 | 6.0 |
| JNL/William Blair International Leaders Fund - Class I | 89857 | 32 | 3793 |  | 23 | 56 | 86175 | 4.4 |
| JNL/WMC Value Fund - Class I | 57395 | 21 | 17437 |  | 7299 | (7545) | 39733 | 2.1 |
|  | **2082364** | **15640** | **99793** | **—** | **35011** | **(89267)** | **1943955** | 100.0 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/JPMorgan Managed Conservative Fund** | | | | | | | | |
| Jackson Credit Opportunities Fund - Class I | 13637 |  |  |  |  | (102) | 13535 | 2.3 |
| Jackson Real Assets Fund - Class I | 9972 |  |  |  |  | 221 | 10193 | 1.7 |
| JNL Multi-Manager Alternative Fund - Class I | 28295 |  |  |  |  | (743) | 27552 | 4.6 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 7691 | 11 | 443 |  | (21) | 222 | 7460 | 1.2 |
| JNL Multi-Manager Mid Cap Fund - Class I | 9553 | 14 | 556 |  | 249 | (670) | 8590 | 1.4 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 4701 | 7 | 280 |  | 73 | (314) | 4187 | 0.7 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 4723 | 7 | 280 |  | 39 | (22) | 4467 | 0.7 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 9647 | 14 | 556 |  | 109 | (58) | 9156 | 1.5 |
| JNL/Causeway International Value Select Fund - Class I | 11594 | 17 | 648 |  | 145 | (603) | 10505 | 1.7 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 9507 | 14 | 555 |  | 178 | (1037) | 8107 | 1.3 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 57512 | 86 | 3336 |  | 168 | (476) | 53954 | 9.0 |
| JNL/DoubleLine Total Return Fund - Class I | 60658 | 91 | 3526 |  | 112 | (44) | 57291 | 9.5 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 51078 | 77 | 2968 |  | 252 | (235) | 48204 | 8.0 |
| JNL/Invesco Diversified Dividend Fund - Class I | 7406 | 11 | 426 |  | 217 | (175) | 7033 | 1.2 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 55811 | 84 | 3245 |  | 201 | (112) | 52739 | 8.8 |
| JNL/JPMorgan U.S. Value Fund - Class I | 3232 | 5 | 185 |  | 22 | 6 | 3080 | 0.5 |
| JNL/Lazard International Quality Growth Fund - Class I | 3210 | 5 | 184 |  | 13 | (296) | 2748 | 0.5 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I | 7204 | 11 | 409 |  | 6 | (412) | 6400 | 1.1 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 27170 | 41 | 1576 |  | 322 | (475) | 25482 | 4.2 |
| JNL/Newton Equity Income Fund - Class I | 7445 | 11 | 426 |  | 74 | 136 | 7240 | 1.2 |
| JNL/PIMCO Income Fund - Class I | 44809 | 67 | 2596 |  | 532 | (869) | 41943 | 7.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 28721 | 43 | 1668 |  | 60 | (272) | 26884 | 4.5 |
| JNL/PIMCO Real Return Fund - Class I | 31840 | 48 | 1853 |  | 431 | (444) | 30022 | 5.0 |
| JNL/PPM America High Yield Bond Fund - Class I | 22347 | 33 | 1296 |  | 114 | (158) | 21040 | 3.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 22282 | 33 | 1296 |  | 147 | (216) | 20950 | 3.5 |
| JNL/PPM America Total Return Fund - Class I | 57324 | 86 | 3336 |  | 92 | (74) | 54092 | 9.0 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 9532 | 14 | 556 |  | 61 | (691) | 8360 | 1.4 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 9369 | 14 | 556 |  | 243 | (1320) | 7750 | 1.3 |
| JNL/T. Rowe Price Value Fund - Class I | 8993 | 13 | 518 |  | 269 | 130 | 8887 | 1.5 |
| JNL/WCM Focused International Equity Fund - Class I | 7956 | 12 | 463 |  | 30 | (154) | 7381 | 1.2 |
| JNL/William Blair International Leaders Fund - Class I | 6512 | 10 | 373 |  | 78 | (66) | 6161 | 1.0 |
|  | **639731** | **879** | **34110** | **—** | **4216** | **(9323)** | **601393** | 100.0 |
| **JNL/JPMorgan Managed Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 59474 |  |  |  |  | (445) | 59029 | 1.6 |
| Jackson Real Assets Fund - Class I | 44821 |  |  |  |  | 997 | 45818 | 1.3 |
| JNL Multi-Manager Alternative Fund - Class I | 90773 |  |  |  |  | (2384) | 88389 | 2.4 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 128750 |  | 6312 |  | 1169 | 2179 | 125786 | 3.4 |
| JNL Multi-Manager Mid Cap Fund - Class I | 117610 |  | 5832 |  | 968 | (6233) | 106513 | 2.9 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 101055 |  | 5093 |  | 2210 | (7497) | 90675 | 2.5 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 103256 |  | 5112 |  | 2994 | (2701) | 98437 | 2.7 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 148885 | 20882 | 7207 |  | 1411 | (242) | 163729 | 4.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 212164 |  | 10685 |  | 3570 | (23482) | 181567 | 5.0 |
| JNL/Causeway International Value Select Fund - Class I | 286043 |  | 13602 |  | 4431 | (15915) | 260957 | 7.1 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 213473 |  | 10685 |  | 5442 | (24836) | 183394 | 5.0 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 117823 |  | 5832 |  | 503 | (1146) | 111348 | 3.0 |
| JNL/DoubleLine Total Return Fund - Class I | 159270 |  | 7769 |  | 722 | (550) | 151673 | 4.1 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 58949 |  | 2916 |  | 1077 | 602 | 57712 | 1.6 |
| JNL/Invesco Diversified Dividend Fund - Class I | 158558 |  | 7769 |  | 3291 | (2436) | 151644 | 4.1 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 67425 |  | 3396 |  | 1181 | (4901) | 60309 | 1.7 |
| JNL/JPMorgan U.S. Value Fund - Class I | 99535 |  | 4854 |  | 2739 | (1917) | 95503 | 2.6 |
| JNL/Lazard International Quality Growth Fund - Class I | 99228 |  | 4800 |  | 479 | (9300) | 85607 | 2.3 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I | 50211 |  | 2436 |  | 34 | (2876) | 44933 | 1.2 |
| JNL/MFS Mid Cap Value Fund - Class I | 58864 |  | 2916 |  | 175 | 565 | 56688 | 1.6 |
| JNL/Newton Equity Income Fund - Class I | 158705 |  | 7769 |  | 2970 | 1497 | 155403 | 4.2 |
| JNL/PIMCO Income Fund - Class I | 78749 |  | 3894 |  | 32 | (634) | 74253 | 2.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 49096 |  | 2436 |  | 275 | (643) | 46292 | 1.3 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 39225 |  | 1938 |  | 219 | (345) | 37161 | 1.0 |
| JNL/PPM America Total Return Fund - Class I | 146730 |  | 7290 |  | 297 | (259) | 139478 | 3.8 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 88852 |  | 4374 |  | 463 | (6395) | 78546 | 2.1 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 229395 |  | 11663 |  | 7179 | (33737) | 191174 | 5.2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL/T. Rowe Price Value Fund - Class I | 286787 |  | 14080 |  | 7370 | 5331 | 285408 | 7.8 |
| JNL/WCM Focused International Equity Fund - Class I | 206416 |  | 10206 |  | (3364) | 56 | 192902 | 5.3 |
| JNL/William Blair International Leaders Fund - Class I | 180625 |  | 8748 |  | 63 | 169 | 172109 | 4.7 |
| JNL/WMC Value Fund - Class I | 98833 |  | 25817 |  | 13764 | (14078) | 72702 | 2.0 |
|  | **3939580** | **20882** | **205431** | **—** | **61664** | **(151556)** | **3665139** | 100.0 |
| **JNL/JPMorgan Managed Moderate Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 33266 |  |  |  |  | (248) | 33018 | 2.2 |
| Jackson Real Assets Fund - Class I | 24443 |  |  |  |  | 542 | 24985 | 1.7 |
| JNL Multi-Manager Alternative Fund - Class I | 55415 |  |  |  |  | (1456) | 53959 | 3.6 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 28132 | 1 | 1315 |  | 412 | 311 | 27541 | 1.8 |
| JNL Multi-Manager Mid Cap Fund - Class I | 23867 | 1 | 1126 |  | 185 | (1259) | 21668 | 1.4 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 21474 | 1 | 1028 |  | 445 | (1575) | 19317 | 1.3 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 21996 | 1 | 1036 |  | 244 | (187) | 21018 | 1.4 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 40180 | 2 | 1882 |  | 363 | (167) | 38496 | 2.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 27399 | 1 | 1314 |  | 437 | (3017) | 23506 | 1.6 |
| JNL/Causeway International Value Select Fund - Class I | 61975 | 3 | 2819 |  | 682 | (3200) | 56641 | 3.8 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 31146 | 2 | 1504 |  | 752 | (3588) | 26808 | 1.8 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 111837 | 6 | 5268 |  | 381 | (999) | 105957 | 7.0 |
| JNL/DoubleLine Total Return Fund - Class I | 127760 | 6 | 6016 |  | 241 | (109) | 121882 | 8.1 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 95545 | 5 | 4512 |  | 375 | (355) | 91058 | 6.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 11960 | 1 | 567 |  | 84 | 254 | 11732 | 0.8 |
| JNL/Invesco Diversified Dividend Fund - Class I | 36199 | 2 | 1694 |  | 733 | (544) | 34696 | 2.3 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 11725 | 1 | 568 |  | 92 | (740) | 10510 | 0.7 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 95560 | 5 | 4513 |  | 275 | (133) | 91194 | 6.0 |
| JNL/JPMorgan U.S. Value Fund - Class I | 8067 |  | 377 |  | 43 | 22 | 7755 | 0.5 |
| JNL/Lazard International Quality Growth Fund - Class I | 11932 | 1 | 568 |  | (61) | (1001) | 10303 | 0.7 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I | 36740 | 2 | 1693 |  | 20 | (2108) | 32961 | 2.2 |
| JNL/MFS Mid Cap Value Fund - Class I | 11948 | 1 | 567 |  | 32 | 115 | 11529 | 0.8 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 47883 | 2 | 2259 |  | 459 | (737) | 45348 | 3.0 |
| JNL/Newton Equity Income Fund - Class I | 32250 | 2 | 1504 |  | 255 | 647 | 31650 | 2.1 |
| JNL/PIMCO Income Fund - Class I | 80065 | 4 | 3749 |  | 778 | (1398) | 75700 | 5.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 63753 | 3 | 3008 |  | 102 | (585) | 60265 | 4.0 |
| JNL/PIMCO Real Return Fund - Class I | 47727 | 2 | 2259 |  | 517 | (542) | 45445 | 3.0 |
| JNL/PPM America High Yield Bond Fund - Class I | 39879 | 2 | 1882 |  | 164 | (247) | 37916 | 2.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 23774 | 1 | 1126 |  | 126 | (204) | 22571 | 1.5 |
| JNL/PPM America Total Return Fund - Class I | 111443 | 6 | 5268 |  | 483 | (460) | 106204 | 7.0 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 27915 | 1 | 1314 |  | 136 | (2007) | 24731 | 1.6 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 46694 | 2 | 2260 |  | 1389 | (6808) | 39017 | 2.6 |
| JNL/T. Rowe Price Value Fund - Class I | 48167 | 2 | 2260 |  | 1337 | 789 | 48035 | 3.2 |
| JNL/WCM Focused International Equity Fund - Class I | 36238 | 2 | 1692 |  | 314 | (910) | 33952 | 2.2 |
| JNL/William Blair International Leaders Fund - Class I | 44501 | 2 | 2070 |  | 333 | (291) | 42475 | 2.8 |
| JNL/WMC Value Fund - Class I | 20050 | 1 | 937 |  | 462 | (448) | 19128 | 1.3 |
|  | **1598905** | **74** | **69955** | **—** | **12590** | **(32643)** | **1508971** | 100.0 |
| **JNL/JPMorgan Managed Moderate Growth Fund** |  |  |  |  |  |  |  |  |
| Jackson Credit Opportunities Fund - Class I | 72168 |  |  |  |  | (540) | 71628 | 2.1 |
| Jackson Real Assets Fund - Class I | 54501 |  |  |  |  | 1210 | 55711 | 1.7 |
| JNL Multi-Manager Alternative Fund - Class I | 124623 |  |  |  |  | (3272) | 121351 | 3.6 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 81009 |  | 3713 |  | 875 | 1200 | 79371 | 2.4 |
| JNL Multi-Manager Mid Cap Fund - Class I | 84918 |  | 3881 |  | 644 | (4464) | 77217 | 2.3 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 70180 |  | 3298 |  | 1498 | (5187) | 63193 | 1.9 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 71454 |  | 3298 |  | 1534 | (1349) | 68341 | 2.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I | 99155 | 16896 | 4472 |  | 865 | (49) | 112395 | 3.3 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 87744 |  | 4127 |  | 1379 | (9633) | 75363 | 2.2 |
| JNL/Causeway International Value Select Fund - Class I | 185527 |  | 8254 |  | 2924 | (10460) | 169737 | 5.0 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 159011 |  | 7425 |  | 3720 | (18196) | 137110 | 4.1 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 161201 |  | 7426 |  | 480 | (1370) | 152885 | 4.5 |
| JNL/DoubleLine Total Return Fund - Class I | 205952 |  | 9481 |  | 380 | (168) | 196683 | 5.9 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 134677 |  | 6182 |  | 521 | (493) | 128523 | 3.8 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 44800 |  | 2056 |  | 303 | 958 | 44005 | 1.3 |
| JNL/Invesco Diversified Dividend Fund - Class I | 108204 |  | 4955 |  | 2098 | (1537) | 103810 | 3.1 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 43893 |  | 2057 |  | 1213 | (3639) | 39410 | 1.2 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 169751 |  | 7839 |  | 514 | (262) | 162164 | 4.8 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/JPMorgan U.S. Value Fund - Class I | 81495 |  | 3713 |  | 1910 | (1254) | 78438 | 2.3 |
| JNL/Lazard International Quality Growth Fund - Class I | 72133 |  | 3269 |  | (608) | (5821) | 62435 | 1.9 |
| JNL/Mellon Nasdaq 100 Index Fund - Class I | 54830 |  | 2469 |  | 32 | (3148) | 49245 | 1.5 |
| JNL/MFS Mid Cap Value Fund - Class I | 41056 |  | 1902 |  | 109 | 397 | 39660 | 1.2 |
| JNL/Newton Equity Income Fund - Class I | 90027 |  | 4126 |  | 1605 | 913 | 88419 | 2.6 |
| JNL/PIMCO Income Fund - Class I | 107667 |  | 4956 |  | 1014 | (1846) | 101879 | 3.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 98321 |  | 4541 |  | 203 | (949) | 93034 | 2.8 |
| JNL/PPM America High Yield Bond Fund - Class I | 53755 |  | 2470 |  | 781 | (893) | 51173 | 1.5 |
| JNL/PPM America Investment Grade Credit Fund - Class I | 71347 |  | 3299 |  | 370 | (602) | 67816 | 2.0 |
| JNL/PPM America Total Return Fund - Class I | 178508 |  | 8253 |  | 788 | (752) | 170291 | 5.1 |
| JNL/T. Rowe Price Capital Appreciation Equity Fund - Class I | 62771 |  | 2884 |  | 304 | (4508) | 55683 | 1.7 |
| JNL/T. Rowe Price Growth Stock Fund - Class I | 182651 |  | 8668 |  | 5335 | (26524) | 152794 | 4.5 |
| JNL/T. Rowe Price Value Fund - Class I | 188968 |  | 8668 |  | 4970 | 3360 | 188630 | 5.6 |
| JNL/WCM Focused International Equity Fund - Class I | 142878 |  | 6597 |  | (1142) | (1202) | 133937 | 4.0 |
| JNL/William Blair International Leaders Fund - Class I | 127046 |  | 5768 |  | 1503 | (1390) | 121391 | 3.6 |
| JNL/WMC Value Fund - Class I | 71916 |  | 20263 |  | 10603 | (10877) | 51379 | 1.5 |
|  | **3584137** | **16896** | **170310** | **—** | **46725** | **(112347)** | **3365101** | 100.0 |
| **JNL/American Funds Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - American Funds Mortgage Fund - Class 1 | 17230 |  | 17066 |  | (109) | (55) |  |  |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 78497 | 249 | 78345 |  | (3762) | 3361 |  |  |
|  | **95727** | **249** | **95411** | **—** | **(3871)** | **3306** | **—** | **—** |
| **JNL/American Funds Moderate Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 94627 | 356 | 94509 |  | (3568) | 3094 |  |  |
|  | **94627** | **356** | **94509** | **—** | **(3568)** | **3094** | **—** | **—** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I |  | 7800 | 7800 | 3 |  |  |  |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 25383 | 194339 | 211064 | 171 |  |  | 8658 | 2.1 |
|  | 25383 | 202139 | 218864 | 174 |  |  | 8658 | 2.1 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 99 | 9507 | 9606 | 2 |  |  |  |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 15845 | 176227 | 182360 | 105 |  |  | 9712 | 4.2 |
|  | 15944 | 185734 | 191966 | 107 |  |  | 9712 | 4.2 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 114 | 6816 | 6642 | 2 |  |  | 288 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate Growth ETF Allocation Fund — Investments in Affiliates (continued)** | **JNL Moderate Growth ETF Allocation 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, 3.63% - Class SL | 24816 | 214388 | 230031 | 195 |  |  | 9173 | 2.6 |
|  | 24930 | 221204 | 236673 | 197 |  |  | 9461 | 2.7 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 1276 | 14094 | 15370 | 4 |  |  |  |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 79268 | 493054 | 510196 | 743 |  |  | 62126 | 3.1 |
|  | 80544 | 507148 | 525566 | 747 |  |  | 62126 | 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, 3.53% - Class I | 232 | 9682 | 9914 | 2 |  |  |  |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 43951 | 319907 | 346441 | 447 |  |  | 17417 | 3.1 |
|  | 44183 | 329589 | 356355 | 449 |  |  | 17417 | 3.1 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 1558 | 11408 | 12966 | 3 |  |  |  |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 25219 | 470877 | 434234 | 500 |  |  | 61862 | 6.5 |
|  | 26777 | 482285 | 447200 | 503 |  |  | 61862 | 6.5 |

---

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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 72.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 72.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 72.5%** |
| **U.S. Treasury Note 35.7%** | **U.S. Treasury Note 35.7%** | **U.S. Treasury Note 35.7%** |
| Treasury, United States Department of |  |  |
| 4.50%, 04/15/27 - 11/15/33 | 11740 | 11896 |
| 0.50%, 04/30/27 - 10/31/27 | 6555 | 6268 |
| 2.75%, 04/30/27 - 08/15/32 | 11660 | 11196 |
| 2.38%, 05/15/27 - 03/31/29 | 5385 | 5212 |
| 2.63%, 05/31/27 - 07/31/29 | 6860 | 6670 |
| 3.88%, 05/31/27 - 08/15/34 | 42790 | 42522 |
| 4.63%, 06/15/27 - 02/15/35 | 15275 | 15616 |
| 3.75%, 06/30/27 - 02/28/33 | 21110 | 20880 |
| 4.38%, 07/15/27 - 05/15/34 | 13905 | 14074 |
| 2.25%, 08/15/27 - 11/15/27 | 3425 | 3348 |
| 3.13%, 08/31/27 - 11/15/28 | 5625 | 5539 |
| 3.63%, 08/31/27 - 09/30/31 | 26895 | 26617 |
| 3.38%, 09/15/27 - 05/15/33 | 12640 | 12421 |
| 0.38%, 09/30/27 | 3210 | 3049 |
| 3.50%, 09/30/27 - 02/15/33 | 30340 | 29995 |
| 4.13%, 09/30/27 - 02/15/36 | 24740 | 24806 |
| 0.63%, 11/30/27 - 08/15/30 | 9100 | 8026 |
| 4.00%, 12/15/27 - 11/15/35 | 31575 | 31463 |
| 4.25%, 01/15/28 - 08/15/35 | 25965 | 26123 |
| 0.75%, 01/31/28 | 1310 | 1239 |
| 1.13%, 02/29/28 - 02/15/31 | 10285 | 9388 |
| 1.25%, 03/31/28 - 08/15/31 | 6495 | 6004 |
| 2.88%, 05/15/28 - 05/15/32 | 8732 | 8348 |
| 1.00%, 07/31/28 | 1835 | 1721 |
| 1.38%, 10/31/28 - 12/31/28 | 7710 | 7238 |
| 4.88%, 10/31/28 - 10/31/30 | 2525 | 2602 |
| 1.75%, 01/31/29 - 11/15/29 | 4185 | 3897 |
| 3.25%, 06/30/29 | 410 | 403 |
| 1.63%, 08/15/29 - 05/15/31 | 5860 | 5274 |
| 1.50%, 02/15/30 | 3925 | 3592 |
| 0.88%, 11/15/30 | 4905 | 4275 |
| 3.50%, 02/28/31 (a) | 3100 | 3040 |
| 1.88%, 02/15/32 | 6455 | 5724 |
|  |  | 368466 |
| **Mortgage-Backed Securities 23.9%** | **Mortgage-Backed Securities 23.9%** | **Mortgage-Backed Securities 23.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 05/01/26 - 04/01/53 | 4269 | 4091 |
| 3.50%, 07/01/26 - 05/01/52 | 4523 | 4232 |
| 3.00%, 01/01/27 - 04/01/52 | 5317 | 4842 |
| 2.50%, 08/01/27 - 05/01/52 | 11908 | 10247 |
| 6.50%, 07/01/28 - 12/01/53 | 628 | 651 |
| 5.50%, 11/01/28 - 12/01/55 | 7815 | 7888 |
| 2.00%, 01/01/29 - 03/01/52 | 21083 | 17525 |
| 6.00%, 02/01/29 - 01/01/55 | 3126 | 3201 |
| 5.00%, 06/01/30 - 02/01/56 | 4481 | 4449 |
| 4.50%, 08/01/30 - 07/01/53 | 2724 | 2661 |
| 1.50%, 02/01/36 - 03/01/52 | 5119 | 4222 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.50%, 05/01/26 - 12/01/55 | 2993 | 2934 |
| 4.00%, 06/01/26 - 09/01/52 | 6298 | 6050 |
| 3.50%, 08/01/26 - 06/01/52 | 8342 | 7803 |
| 3.00%, 11/01/26 - 03/01/52 | 14231 | 12877 |
| 2.50%, 03/01/27 - 05/01/52 | 22777 | 19494 |
| 2.00%, 09/01/28 - 06/01/52 | 31301 | 25931 |
| 5.00%, 09/01/29 - 12/01/55 | 6282 | 6238 |
| 6.00%, 11/01/31 - 10/01/55 | 5324 | 5472 |
| 5.50%, 01/01/32 - 04/01/55 | 6863 | 6947 |
| 6.50%, 07/01/32 - 12/01/38 | 79 | 84 |
| 1.50%, 09/01/35 - 09/01/51 | 6244 | 5231 |
| 7.00%, 12/01/35 - 06/01/55 | 501 | 526 |
| TBA, 3.00%, 04/15/41 (b) | 25 | 24 |
| TBA, 3.50%, 04/15/41 (b) | 225 | 216 |
| TBA, 4.00%, 04/15/41 (b) | 375 | 366 |
| TBA, 4.50%, 04/15/41 - 04/15/56 (b) | 3075 | 2981 |
| TBA, 5.00%, 04/15/41 - 04/15/56 (b) | 3700 | 3662 |
| TBA, 5.50%, 04/15/41 - 04/15/56 (b) | 3675 | 3697 |
| TBA, 6.00%, 04/15/41 - 04/15/56 (b) | 6900 | 7033 |
| TBA, 6.50%, 04/15/56 (b) | 5325 | 5507 |
| TBA, 7.00%, 04/15/56 - 05/15/56 (b) | 800 | 841 |
| Government National Mortgage Association |  |  |
| 4.50%, 04/20/26 - 12/20/54 | 1813 | 1783 |
| 3.50%, 05/15/26 - 07/20/50 | 6148 | 5781 |
| 3.00%, 01/20/27 - 09/20/50 | 7009 | 6349 |
| 2.50%, 08/20/27 - 01/20/51 | 3355 | 2904 |
| 8.50%, 06/15/30 |  |  |
| 6.00%, 05/15/32 - 12/20/40 | 26 | 26 |
| 5.00%, 03/15/33 - 01/20/55 | 1081 | 1088 |
| 5.50%, 08/15/33 - 08/20/55 | 1721 | 1733 |
| 6.50%, 07/15/38 | 3 | 3 |
| 4.00%, 06/15/39 - 10/20/49 | 2786 | 2673 |
| 2.00%, 11/20/50 - 01/20/51 | 1453 | 1198 |
| TBA, 2.00%, 04/15/56 (b) | 1300 | 1071 |
| TBA, 4.00%, 04/15/56 (b) | 1000 | 936 |
| TBA, 4.50%, 04/15/56 (b) | 2775 | 2676 |
| TBA, 5.00%, 04/15/56 (b) | 6025 | 5962 |
| TBA, 5.50%, 04/15/56 (b) | 4375 | 4399 |
| TBA, 6.00%, 04/15/56 (b) | 4200 | 4269 |
| TBA, 6.50%, 04/15/56 (b) | 1450 | 1507 |
| TBA, 7.00%, 04/15/56 (b) | 325 | 335 |
| Government National Mortgage Association II |  |  |
| 2.00%, 03/20/51 - 05/20/52 | 6914 | 5701 |
| 2.50%, 04/20/51 - 07/20/52 | 6857 | 5890 |
| 3.00%, 11/20/51 - 06/20/52 | 390 | 349 |
| 3.50%, 04/20/52 - 09/20/52 | 132 | 122 |
| 4.50%, 07/20/52 - 05/20/53 | 475 | 462 |
| 4.00%, 09/20/52 | 305 | 288 |
| 5.50%, 07/20/53 - 05/20/54 | 1506 | 1524 |
| 5.00%, 08/20/53 | 325 | 324 |
|  |  | 247276 |
| **U.S. Treasury Bond 9.7%** | **U.S. Treasury Bond 9.7%** | **U.S. Treasury Bond 9.7%** |
| Treasury, United States Department of |  |  |
| 6.25%, 05/15/30 | 2650 | 2879 |
| 5.38%, 02/15/31 | 85 | 90 |
| 4.50%, 02/15/36 - 11/15/54 | 5580 | 5431 |
| 4.25%, 05/15/39 - 08/15/54 | 5825 | 5286 |
| 4.38%, 11/15/39 - 08/15/43 | 1695 | 1629 |
| 1.13%, 05/15/40 - 08/15/40 | 5830 | 3657 |
| 3.88%, 08/15/40 - 05/15/43 | 1275 | 1136 |
| 1.38%, 11/15/40 - 08/15/50 | 6596 | 3624 |
| 1.88%, 02/15/41 - 11/15/51 | 6670 | 3984 |
| 4.75%, 02/15/41 - 02/15/56 | 12050 | 11819 |
| 2.25%, 05/15/41 - 02/15/52 | 7445 | 4767 |
| 1.75%, 08/15/41 | 730 | 488 |
| 3.75%, 08/15/41 - 11/15/43 | 905 | 786 |
| 3.13%, 11/15/41 - 05/15/48 | 5713 | 4463 |
| 2.38%, 02/15/42 - 05/15/51 | 7400 | 4922 |
| 3.00%, 05/15/42 - 08/15/52 | 5613 | 4148 |
| 3.25%, 05/15/42 | 2450 | 2021 |
| 2.75%, 08/15/42 - 11/15/47 | 2954 | 2180 |
| 3.38%, 08/15/42 - 05/15/44 | 4577 | 3767 |
| 2.88%, 05/15/43 - 05/15/52 | 4792 | 3491 |
| 3.63%, 08/15/43 - 05/15/53 | 10436 | 8578 |
| 4.63%, 05/15/44 - 11/15/55 | 8175 | 7833 |
| 4.13%, 08/15/44 - 08/15/53 | 3420 | 3018 |
| 5.00%, 05/15/45 | 555 | 562 |
| 4.88%, 08/15/45 | 550 | 548 |
| 2.50%, 02/15/46 - 05/15/46 | 4670 | 3213 |
| 2.00%, 02/15/50 - 08/15/51 | 5574 | 3217 |
| 1.25%, 05/15/50 | 1497 | 710 |
| 1.63%, 11/15/50 | 2460 | 1283 |
| 4.00%, 11/15/52 | 880 | 756 |
|  |  | 100286 |
| **Sovereign 1.3%** | **Sovereign 1.3%** | **Sovereign 1.3%** |
| Aktiebolaget Svensk Exportkredit |  |  |
| 4.13%, 06/14/28 | 300 | 301 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.55%, 03/14/37 | 250 | 270 |
| 5.88%, 08/08/54 | 200 | 192 |
| Export Development Canada |  |  |
| 4.75%, 06/05/34 | 400 | 413 |
| Export-Import Bank of Korea, The |  |  |
| 3.88%, 01/13/31 | 200 | 197 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.38%, 01/13/36 | 200 | 195 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 4.38%, 10/27/27 | 127 | 127 |
| 4.13%, 11/20/45 | 200 | 170 |
| 5.10%, 06/18/50 | 100 | 91 |
| 4.98%, 04/20/55 | 100 | 88 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.75%, 01/11/28 | 400 | 395 |
| 5.00%, 05/07/29 - 04/27/51 | 500 | 435 |
| 8.30%, 08/15/31 | 300 | 348 |
| 4.75%, 04/27/32 - 03/08/44 | 856 | 732 |
| 5.63%, 09/22/35 | 200 | 193 |
| 6.13%, 02/09/38 | 200 | 195 |
| 4.60%, 01/23/46 | 250 | 191 |
| 6.40%, 05/07/54 | 200 | 187 |
| 5.75%, 10/12/10 | 400 | 326 |
| Gouvernement de la Province de Quebec |  |  |
| 3.63%, 04/13/28 | 300 | 298 |
| Government of the Province of British Columbia |  |  |
| 4.80%, 06/11/35 | 200 | 203 |
| Government of The Republic of Korea |  |  |
| 3.63%, 02/12/29 | 200 | 198 |
| Government of the Republic of Panama |  |  |
| 6.40%, 02/14/35 | 200 | 208 |
| 6.70%, 01/26/36 | 400 | 421 |
| 5.66%, 02/23/38 | 300 | 293 |
| Korea Development Bank |  |  |
| 3.75%, 01/28/29 | 200 | 198 |
| Ministry of Defence State of Israel |  |  |
| 2.75%, 07/03/30 | 400 | 366 |
| 3.38%, 01/15/50 | 200 | 129 |
| 4.50%, 04/03/20 (a) | 300 | 212 |
| Ontario, Government of |  |  |
| 4.85%, 06/11/35 | 200 | 204 |
| Presidencia de la Republica de Chile |  |  |
| 3.24%, 02/06/28 | 400 | 392 |
| 3.25%, 09/21/71 | 600 | 371 |
| Republic of Indonesia, The Government of, The |  |  |
| 2.85%, 02/14/30 | 600 | 557 |
| 4.30%, 04/16/31 | 300 | 292 |
| 5.35%, 02/11/49 | 200 | 188 |
| Sandor-Palota |  |  |
| 7.63%, 03/29/41 | 250 | 282 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 5.38%, 06/15/33 | 200 | 209 |
| The Philippines, Government of |  |  |
| 9.50%, 02/02/30 | 400 | 468 |
| 1.65%, 06/10/31 | 300 | 257 |
| 6.38%, 01/15/32 | 500 | 536 |
| 5.25%, 05/14/34 | 200 | 200 |
| 3.70%, 03/01/41 | 300 | 240 |
| 5.95%, 10/13/47 | 200 | 202 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 11/16/27 - 03/18/54 | 435 | 430 |
| 4.88%, 02/12/30 | 200 | 204 |
| 5.75%, 11/16/32 | 300 | 315 |
| 5.13%, 09/18/34 | 115 | 115 |
| | | 13034 |
| **Commercial Mortgage-Backed Securities 0.7%** | **Commercial Mortgage-Backed Securities 0.7%** | **Commercial Mortgage-Backed Securities 0.7%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K082, REMIC, 3.92%, 09/25/28 (c) | 750 | 745 |
| Series A2-K087, REMIC, 3.77%, 12/25/28 | 484 | 479 |
| Series A2-K092, REMIC, 3.30%, 04/25/29 | 400 | 390 |
| Series A1-K099, REMIC, 2.26%, 06/25/29 | 228 | 220 |
| Series A1-K106, REMIC, 1.78%, 10/25/29 | 224 | 214 |
| Series A2-K103, REMIC, 2.65%, 11/25/29 | 300 | 285 |
| Series A2-K117, REMIC, 1.41%, 08/25/30 | 500 | 445 |
| Series A2-K126, REMIC, 2.07%, 01/25/31 | 400 | 364 |
| Series AM-K138, REMIC, 1.89%, 01/25/32 | 300 | 260 |
| Series A2-K761, REMIC, 4.40%, 06/25/32 (c) | 100 | 100 |
| Series K-A2-157, REMIC, 4.20%, 05/25/33 | 150 | 148 |
| Series K-A2-1516, REMIC, 1.72%, 05/25/35 | 750 | 591 |
| Series K-A2-171, REMIC, 4.40%, 06/25/35 (c) | 75 | 73 |
| Series K-A2-173, REMIC, 4.60%, 09/25/35 (c) | 150 | 149 |
| Series K-A2-1521, REMIC, 2.18%, 08/25/36 | 750 | 600 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2018-A2-M1, REMIC, 2.99%, 12/25/27 (c) | 294 | 289 |
| Series 2018-A2-M14, REMIC, 3.58%, 08/25/28 (c) | 454 | 448 |
| Series 2019-A2-M5, REMIC, 3.27%, 02/25/29 | 264 | 258 |
| Series 2019-A2-M12, REMIC, 2.89%, 06/25/29 | 477 | 460 |
| Series 2020-A2-M1, REMIC, 2.44%, 10/25/29 | 200 | 189 |
| Series 2020-A2-M8, REMIC, 1.82%, 02/25/30 | 271 | 249 |
| Series 2020-A2-M14, REMIC, 1.78%, 05/25/30 | 298 | 272 |
| Series 2022-A2-M1, REMIC, 1.67%, 10/25/31 (c) | 300 | 261 |
|  |  | 7489 |
| **Municipal 0.6%** | **Municipal 0.6%** | **Municipal 0.6%** |
| Bay Area Toll Authority |  |  |
| 6.26%, 04/01/49 | 200 | 209 |
| California, State of |  |  |
| 3.50%, 04/01/28 | 80 | 79 |
| 6.00%, 03/01/33 | 100 | 108 |
| 7.55%, 04/01/39 | 300 | 356 |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 176 | 197 |
| City of Atlanta |  |  |
| 2.26%, 11/01/35 | 400 | 337 |
| Connecticut, State of |  |  |
| 5.85%, 03/15/32 | 125 | 133 |
| County of Cook |  |  |
| 6.23%, 11/15/34 | 100 | 106 |
| Dallas Convention Center Hotel Development Corporation |  |  |
| 7.09%, 01/01/42 | 195 | 216 |
| Dallas County Hospital District |  |  |
| 5.62%, 08/15/44 | 300 | 294 |
| Dallas Independent School District |  |  |
| 6.45%, 02/15/35 | 300 | 306 |
| Florida Department of Management Services |  |  |
| 1.71%, 07/01/27 | 300 | 292 |
| Maryland Economic Development Corporation |  |  |
| 5.43%, 05/31/56 | 200 | 194 |
| Massachusetts, Commonwealth of |  |  |
| 4.91%, 05/01/29 | 300 | 305 |
| Municipal Electric Authority of Georgia |  |  |
| 7.06%, 04/01/57 | 184 | 203 |
| New Jersey Economic Development Authority |  |  |
| 7.43%, 02/15/29 | 148 | 155 |
| New Jersey Turnpike Authority |  |  |
| 7.10%, 01/01/41 | 250 | 288 |
| New York City Municipal Water Finance Authority |  |  |
| 6.01%, 06/15/42 | 235 | 242 |
| New York, City of |  |  |
| 5.83%, 10/01/53 | 200 | 203 |
| Pennsylvania Turnpike Commission |  |  |
| 5.51%, 12/01/45 | 300 | 297 |
| Port Authority of New York And New Jersey, The |  |  |
| 6.04%, 12/01/29 | 200 | 214 |
| Rector & Visitors of The University of Virginia |  |  |
| 2.26%, 09/01/50 | 300 | 171 |
| San Diego County Water Authority |  |  |
| 6.14%, 05/01/49 | 260 | 264 |
| State of Illinois |  |  |
| 7.35%, 07/01/35 | 286 | 307 |
| Texas A&M University |  |  |
| 3.66%, 07/01/47 | 100 | 82 |
| Texas, State of |  |  |
| 5.52%, 04/01/39 | 187 | 192 |
| Transportation, Texas Department of |  |  |
| 5.18%, 04/01/30 | 400 | 407 |
| University of Pittsburgh-Of The Commonwealth System of Higher Education |  |  |
| 3.56%, 09/15/19 | 300 | 185 |
|  |  | 6342 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **U.S. Government Agency Obligations 0.6%** | **U.S. Government Agency Obligations 0.6%** | **U.S. Government Agency Obligations 0.6%** |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.75%, 05/06/27 (d) | 175 | 177 |
| 1.10%, 08/10/29 (d) | 500 | 456 |
| 1.23%, 09/10/29 (d) | 500 | 456 |
| 1.65%, 07/23/35 (d) | 225 | 176 |
| Federal Home Loan Bank of Topeka |  |  |
| 4.75%, 04/09/27 (a) (d) | 800 | 808 |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.75%, 09/15/29 - 03/15/31 (d) | 930 | 1020 |
| 6.25%, 07/15/32 (d) | 205 | 229 |
| Federal National Mortgage Association, Inc. |  |  |
| 7.25%, 05/15/30 (d) | 540 | 609 |
| 6.63%, 11/15/30 (d) | 331 | 368 |
| FHLBanks Office of Finance |  |  |
| 3.25%, 11/16/28 (d) | 550 | 542 |
| 5.50%, 07/15/36 (d) | 400 | 435 |
| Tennessee Valley Authority |  |  |
| 5.25%, 09/15/39 (a) (d) | 200 | 210 |
| 5.38%, 04/01/56 (d) | 300 | 301 |
|  |  | 5787 |
| Total Government And Agency Obligations (cost $790,726) | Total Government And Agency Obligations (cost $790,726) | 748680 |
| **CORPORATE BONDS AND NOTES 25.8%** | **CORPORATE BONDS AND NOTES 25.8%** | **CORPORATE BONDS AND NOTES 25.8%** |
| **Financials 8.9%** | **Financials 8.9%** | **Financials 8.9%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.88%, 01/23/28 | 300 | 297 |
| 4.13%, 02/28/29 | 300 | 296 |
| Ally Financial Inc. |  |  |
| 6.99%, 06/13/29 | 200 | 208 |
| 6.85%, 01/03/30 | 200 | 209 |
| American Express Company |  |  |
| 3.30%, 05/03/27 | 300 | 298 |
| 4.73%, 04/25/29 | 300 | 302 |
| 4.35%, 07/20/29 | 400 | 400 |
| 4.46%, 02/10/32 | 200 | 198 |
| 4.05%, 12/03/42 | 200 | 167 |
| American Honda Finance Corporation |  |  |
| 4.55%, 07/09/27 | 400 | 400 |
| 5.65%, 11/15/28 | 50 | 51 |
| 5.05%, 07/10/31 | 400 | 401 |
| American International Group, Inc. |  |  |
| 4.75%, 04/01/48 | 60 | 52 |
| 4.38%, 06/30/50 (a) | 350 | 283 |
| Ameriprise Financial, Inc. |  |  |
| 5.15%, 05/15/33 | 100 | 102 |
| Aon Corporation |  |  |
| 3.75%, 05/02/29 | 300 | 294 |
| 2.80%, 05/15/30 | 350 | 327 |
| Apollo Global Management, Inc. |  |  |
| 5.15%, 08/12/35 | 300 | 290 |
| 6.00%, 12/15/54 | 100 | 93 |
| Arch Capital Group (U.S.) Inc. |  |  |
| 5.14%, 11/01/43 | 150 | 139 |
| Ares Capital Corporation |  |  |
| 5.25%, 04/12/31 | 300 | 291 |
| Arthur J. Gallagher & Co. |  |  |
| 4.60%, 12/15/27 | 200 | 201 |
| 3.50%, 05/20/51 | 45 | 31 |
| Asian Development Bank |  |  |
| 2.38%, 08/10/27 | 300 | 294 |
| 4.38%, 01/14/28 (a) | 300 | 303 |
| 2.75%, 01/19/28 | 400 | 393 |
| 6.38%, 10/01/28 | 210 | 221 |
| 1.88%, 01/24/30 | 200 | 186 |
| 4.00%, 01/12/33 | 300 | 297 |
| Asian Infrastructure Investment Bank |  |  |
| 4.25%, 03/13/34 | 300 | 300 |
| 4.50%, 05/21/35 | 200 | 203 |
| Assured Guaranty US Holdings Inc. |  |  |
| 6.13%, 09/15/28 | 300 | 310 |
| Athene Holding Ltd. |  |  |
| 3.95%, 05/25/51 | 300 | 203 |
| Australia and New Zealand Banking Group Limited |  |  |
| 4.62%, 12/16/29 | 400 | 405 |
| Banco De Desarrollo Para America Latina |  |  |
| 4.13%, 01/07/28 | 400 | 400 |
| Banco Santander, S.A. |  |  |
| 3.80%, 02/23/28 | 200 | 198 |
| 5.54%, 03/14/30 | 200 | 205 |
| 4.55%, 11/06/30 | 400 | 395 |
| Bank of America Corporation |  |  |
| 3.59%, 07/21/28 | 350 | 346 |
| 4.98%, 01/24/29 | 90 | 91 |
| 3.97%, 03/05/29 | 150 | 149 |
| 4.27%, 07/23/29 | 170 | 169 |
| 3.19%, 07/23/30 | 300 | 288 |
| 2.88%, 10/22/30 (a) | 400 | 378 |
| 5.16%, 01/24/31 | 100 | 102 |
| 2.50%, 02/13/31 | 185 | 172 |
| 2.59%, 04/29/31 | 250 | 231 |
| 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 | 268 |
| 2.97%, 02/04/33 - 07/21/52 | 500 | 399 |
| 5.87%, 09/15/34 | 250 | 262 |
| 5.51%, 01/24/36 | 130 | 132 |
| 5.74%, 02/12/36 | 300 | 305 |
| 5.46%, 05/09/36 | 200 | 204 |
| 5.05%, 02/06/37 | 200 | 197 |
| 3.85%, 03/08/37 | 200 | 186 |
| 4.24%, 04/24/38 | 120 | 109 |
| 4.44%, 01/20/48 | 120 | 101 |
| 3.95%, 01/23/49 | 75 | 58 |
| 4.33%, 03/15/50 | 300 | 244 |
| 2.83%, 10/24/51 | 200 | 123 |
| 3.48%, 03/13/52 | 55 | 38 |
| Bank of Montreal |  |  |
| 4.70%, 09/14/27 | 100 | 101 |
| 4.06%, 09/22/28 | 200 | 199 |
| Banque Developpt Conseil Europe 9 |  |  |
| 3.63%, 05/08/28 | 200 | 199 |
| 4.50%, 01/15/30 | 200 | 204 |
| Barclays PLC |  |  |
| 4.84%, 05/09/28 | 300 | 300 |
| 4.48%, 11/11/29 | 200 | 199 |
| 2.89%, 11/24/32 | 200 | 179 |
| 6.22%, 05/09/34 | 300 | 315 |
| 5.86%, 08/11/46 | 300 | 296 |
| 6.04%, 03/12/55 | 200 | 205 |
| Barings BDC, Inc. |  |  |
| 7.00%, 02/15/29 | 300 | 302 |
| Berkshire Hathaway Finance Corporation |  |  |
| 4.30%, 05/15/43 | 200 | 176 |
| 4.20%, 08/15/48 | 135 | 110 |
| 2.85%, 10/15/50 | 200 | 126 |
| BGC Group, Inc. |  |  |
| 6.15%, 04/02/30 | 400 | 407 |
| BlackRock Finance, Inc. |  |  |
| 2.40%, 04/30/30 | 200 | 186 |
| Blackstone Private Credit Fund |  |  |
| 5.60%, 11/22/29 | 200 | 194 |
| Blackstone Secured Lending Fund |  |  |
| 5.88%, 11/15/27 | 300 | 301 |
| 5.35%, 04/13/28 | 300 | 298 |
| Blue Owl Credit Income Corp. |  |  |
| 7.95%, 06/13/28 | 200 | 205 |
| 6.60%, 09/15/29 | 300 | 300 |
| Brookfield Capital Finance LLC |  |  |
| 6.09%, 06/14/33 | 200 | 209 |
| Brookfield Financial, Inc. |  |  |
| 3.90%, 01/25/28 (a) | 150 | 148 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 300 | 301 |
| Canadian Imperial Bank of Commerce |  |  |
| 4.28%, 01/29/30 | 400 | 397 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Capital One Financial Corporation |  |  |
| 6.38%, 06/08/34 | 400 | 422 |
| 5.20%, 09/11/36 | 200 | 194 |
| 5.40%, 01/30/37 | 200 | 196 |
| Carlyle Secured Lending, Inc. |  |  |
| 6.75%, 02/18/30 | 300 | 298 |
| Caterpillar Financial Services Corporation |  |  |
| 5.00%, 05/14/27 | 300 | 303 |
| 4.60%, 11/15/27 | 300 | 303 |
| Charles Schwab Corporation, The |  |  |
| 1.65%, 03/11/31 | 300 | 262 |
| 6.14%, 08/24/34 | 200 | 213 |
| Chubb Ina Holdings LLC |  |  |
| 1.38%, 09/15/30 | 400 | 350 |
| 4.35%, 11/03/45 | 150 | 126 |
| Cincinnati Financial Corporation |  |  |
| 6.13%, 11/01/34 | 100 | 105 |
| Citigroup Inc. |  |  |
| 4.64%, 05/07/28 | 200 | 200 |
| 3.67%, 07/24/28 | 450 | 446 |
| 4.13%, 07/25/28 | 250 | 248 |
| 4.08%, 04/23/29 | 115 | 114 |
| 6.63%, 06/15/32 | 300 | 326 |
| 3.06%, 01/25/33 | 300 | 272 |
| 3.79%, 03/17/33 | 200 | 188 |
| 6.27%, 11/17/33 | 300 | 321 |
| 5.59%, 11/19/34 | 300 | 304 |
| 5.83%, 02/13/35 | 95 | 96 |
| 5.33%, 03/27/36 | 300 | 301 |
| 5.88%, 01/30/42 | 489 | 499 |
| 4.75%, 05/18/46 | 200 | 169 |
| 4.28%, 04/24/48 | 60 | 49 |
| 4.65%, 07/23/48 | 140 | 119 |
| Citizens Financial Group, Inc. |  |  |
| 2.64%, 09/30/32 | 300 | 256 |
| Commonwealth Bank of Australia |  |  |
| 4.42%, 03/14/28 | 250 | 252 |
| Cooperatieve Rabobank U.A. |  |  |
| 3.96%, 10/17/28 | 300 | 299 |
| Corebridge Financial, Inc. |  |  |
| 3.90%, 04/05/32 | 200 | 188 |
| 4.40%, 04/05/52 | 200 | 155 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 3.73%, 01/14/32 | 400 | 370 |
| 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 | 306 |
| 5.00%, 04/20/48 | 68 | 59 |
| European Bank for Reconstruction and Development |  |  |
| 4.25%, 03/13/34 | 300 | 300 |
| European Investment Bank |  |  |
| 3.88%, 03/15/28 | 210 | 210 |
| 4.75%, 06/15/29 | 400 | 411 |
| 4.38%, 10/10/31 | 300 | 305 |
| 4.25%, 08/16/32 | 400 | 403 |
| 4.13%, 02/13/34 | 500 | 498 |
| 4.25%, 02/08/36 (a) | 400 | 397 |
| Fairfax Financial Holdings Limited |  |  |
| 6.35%, 03/22/54 | 200 | 202 |
| Fidelity National Information Services, Inc. |  |  |
| 4.55%, 03/10/29 | 200 | 199 |
| Fifth Third Bancorp |  |  |
| 8.25%, 03/01/38 | 300 | 362 |
| First Citizens BancShares, Inc. |  |  |
| 5.23%, 03/12/31 | 200 | 199 |
| Fiserv, Inc. |  |  |
| 3.50%, 07/01/29 | 190 | 182 |
| 4.75%, 03/15/30 | 150 | 149 |
| 4.55%, 02/15/31 | 200 | 196 |
| 4.40%, 07/01/49 | 100 | 76 |
| Ford Motor Credit Company LLC |  |  |
| 5.85%, 05/17/27 | 300 | 302 |
| 4.00%, 11/13/30 | 300 | 280 |
| 5.42%, 04/09/31 | 300 | 295 |
| General Motors Financial Company, Inc. |  |  |
| 2.40%, 04/10/28 | 300 | 288 |
| 5.80%, 01/07/29 | 300 | 309 |
| 2.35%, 01/08/31 | 400 | 357 |
| 2.70%, 06/10/31 | 400 | 359 |
| 5.45%, 09/06/34 | 300 | 298 |
| Global Payments Inc. |  |  |
| 5.40%, 03/15/33 | 200 | 195 |
| 5.55%, 11/15/35 | 300 | 289 |
| Goldman Sachs BDC, Inc. |  |  |
| 5.10%, 01/28/29 | 300 | 292 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.94%, 04/23/28 | 300 | 301 |
| 3.81%, 04/23/29 | 150 | 148 |
| 4.15%, 10/21/29 | 200 | 198 |
| 5.21%, 01/28/31 | 100 | 102 |
| 4.37%, 10/21/31 | 300 | 294 |
| 2.62%, 04/22/32 | 205 | 184 |
| 2.38%, 07/21/32 | 200 | 177 |
| 2.65%, 10/21/32 | 160 | 142 |
| 3.10%, 02/24/33 | 300 | 271 |
| 5.02%, 10/23/35 | 300 | 294 |
| 5.54%, 01/28/36 | 110 | 112 |
| 5.07%, 01/21/37 | 155 | 152 |
| 6.75%, 10/01/37 | 350 | 379 |
| 4.41%, 04/23/39 | 90 | 81 |
| 3.21%, 04/22/42 | 125 | 93 |
| 4.75%, 10/21/45 | 230 | 199 |
| 5.56%, 11/19/45 | 300 | 288 |
| 5.54%, 01/21/47 | 200 | 191 |
| 5.73%, 01/28/56 | 110 | 107 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28 (e) | 400 | 395 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.15%, 01/15/31 | 200 | 204 |
| Hartford Insurance Group, Inc., The |  |  |
| 6.10%, 10/01/41 | 75 | 79 |
| HSBC Holdings PLC |  |  |
| 5.60%, 05/17/28 | 300 | 303 |
| 5.21%, 08/11/28 | 300 | 302 |
| 2.21%, 08/17/29 | 400 | 379 |
| 3.97%, 05/22/30 | 300 | 294 |
| 5.40%, 08/11/33 | 500 | 508 |
| 6.25%, 03/09/34 | 200 | 212 |
| 6.55%, 06/20/34 | 200 | 210 |
| 7.40%, 11/13/34 | 250 | 276 |
| 5.13%, 11/06/36 | 400 | 392 |
| Huntington Bancshares Incorporated |  |  |
| 6.21%, 08/21/29 | 300 | 311 |
| Huntington National Bank, The |  |  |
| 4.87%, 04/12/28 | 300 | 301 |
| ING Groep N.V. |  |  |
| 4.25%, 03/28/33 | 200 | 193 |
| 5.53%, 03/25/36 (a) | 300 | 304 |
| Inter-American Development Bank |  |  |
| 4.00%, 01/12/28 | 300 | 301 |
| 4.50%, 02/15/30 | 200 | 204 |
| 3.75%, 06/14/30 | 200 | 198 |
| 1.13%, 01/13/31 | 300 | 263 |
| 3.50%, 04/12/33 | 95 | 91 |
| 4.38%, 07/16/35 - 01/24/44 | 600 | 594 |
| Inter-American Investment Corporation |  |  |
| 4.25%, 02/14/29 | 400 | 404 |
| Intercontinental Exchange, Inc. |  |  |
| 2.10%, 06/15/30 | 400 | 364 |
| 4.60%, 03/15/33 | 250 | 248 |
| 4.25%, 09/21/48 | 75 | 60 |
| 3.00%, 09/15/60 | 85 | 49 |
| International Bank for Reconstruction and Development |  |  |
| 3.13%, 06/15/27 | 400 | 397 |
| 2.50%, 11/22/27 - 03/29/32 | 1300 | 1255 |
| 1.38%, 04/20/28 | 300 | 286 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.50%, 06/26/28 - 04/10/31 | 500 | 507 |
| 3.50%, 07/12/28 | 205 | 204 |
| 3.88%, 02/14/30 | 210 | 210 |
| 4.00%, 01/10/31 | 500 | 501 |
| 1.25%, 02/10/31 | 195 | 172 |
| 4.63%, 01/15/32 | 220 | 227 |
| 4.75%, 11/14/33 | 200 | 207 |
| Japan Bank For International Cooperation |  |  |
| 2.00%, 10/17/29 | 400 | 372 |
| Jefferies Group LLC |  |  |
| 4.15%, 01/23/30 | 150 | 145 |
| John Deere Capital Corporation |  |  |
| 3.45%, 03/07/29 | 115 | 113 |
| 1.45%, 01/15/31 | 200 | 176 |
| 4.40%, 09/08/31 | 300 | 300 |
| JPMorgan Chase & Co. |  |  |
| 8.00%, 04/29/27 | 200 | 208 |
| 3.54%, 05/01/28 | 300 | 297 |
| 2.18%, 06/01/28 | 500 | 487 |
| 4.85%, 07/25/28 | 150 | 151 |
| 3.51%, 01/23/29 | 200 | 197 |
| 4.92%, 01/24/29 | 100 | 101 |
| 4.01%, 04/23/29 | 150 | 149 |
| 4.20%, 07/23/29 | 640 | 637 |
| 2.74%, 10/15/30 | 220 | 207 |
| 5.14%, 01/24/31 | 90 | 92 |
| 2.52%, 04/22/31 | 405 | 375 |
| 2.96%, 05/13/31 | 350 | 327 |
| 1.76%, 11/19/31 | 85 | 75 |
| 2.58%, 04/22/32 | 200 | 181 |
| 2.96%, 01/25/33 | 300 | 273 |
| 4.91%, 07/25/33 | 200 | 201 |
| 5.72%, 09/14/33 | 100 | 104 |
| 5.35%, 06/01/34 | 500 | 510 |
| 5.34%, 01/23/35 | 250 | 254 |
| 5.77%, 04/22/35 | 115 | 120 |
| 5.29%, 07/22/35 | 200 | 202 |
| 5.50%, 01/24/36 | 100 | 102 |
| 4.85%, 02/01/44 | 300 | 276 |
| 3.96%, 11/15/48 | 200 | 155 |
| 3.90%, 01/23/49 | 105 | 81 |
| 3.11%, 04/22/51 | 370 | 243 |
| 3.33%, 04/22/52 | 195 | 133 |
| KfW |  |  |
| 3.75%, 02/15/28 | 300 | 300 |
| 4.13%, 07/15/33 | 700 | 699 |
| 0.00%, 06/29/37 (f) | 774 | 473 |
| Landwirtschaftliche Rentenbank |  |  |
| 2.50%, 11/15/27 | 400 | 391 |
| 3.88%, 06/14/28 | 200 | 200 |
| Lazard Group LLC |  |  |
| 4.38%, 03/11/29 | 300 | 297 |
| Lloyds Banking Group PLC |  |  |
| 4.82%, 06/13/29 | 300 | 302 |
| 5.67%, 02/10/47 | 200 | 194 |
| 4.34%, 01/09/48 | 250 | 202 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 300 | 301 |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 | 300 | 303 |
| Markel Group Inc. |  |  |
| 4.15%, 09/17/50 | 300 | 224 |
| 6.00%, 05/16/54 | 200 | 194 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.15%, 03/15/34 | 250 | 253 |
| 4.90%, 03/15/49 | 65 | 57 |
| 5.45%, 03/15/53 | 100 | 94 |
| MasterCard Incorporated |  |  |
| 4.85%, 03/09/33 | 100 | 101 |
| 3.85%, 03/26/50 (a) | 300 | 228 |
| MetLife, Inc. |  |  |
| 5.70%, 06/15/35 | 100 | 105 |
| 6.40%, 12/15/36 | 100 | 102 |
| 5.25%, 01/15/54 | 300 | 275 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.02%, 07/20/28 | 300 | 302 |
| 5.35%, 09/13/28 | 300 | 304 |
| 4.32%, 04/19/33 | 300 | 290 |
| 5.41%, 04/19/34 (a) | 200 | 205 |
| 5.19%, 09/12/36 | 200 | 199 |
| Mizuho Financial Group, Inc. |  |  |
| 4.02%, 03/05/28 | 500 | 498 |
| 2.20%, 07/10/31 | 200 | 180 |
| 5.42%, 05/13/36 | 200 | 203 |
| Moody's Corporation |  |  |
| 2.00%, 08/19/31 (a) | 400 | 353 |
| Morgan Stanley |  |  |
| 5.12%, 02/01/29 | 300 | 303 |
| 4.13%, 10/18/29 | 300 | 297 |
| 4.24%, 01/09/30 | 300 | 297 |
| 2.70%, 01/22/31 | 435 | 404 |
| 2.24%, 07/21/32 | 200 | 175 |
| 2.51%, 10/20/32 | 130 | 115 |
| 2.94%, 01/21/33 | 600 | 540 |
| 4.89%, 07/20/33 | 500 | 498 |
| 6.34%, 10/18/33 | 130 | 139 |
| 5.47%, 01/18/35 | 250 | 254 |
| 5.66%, 04/17/36 | 300 | 307 |
| 4.89%, 10/22/36 | 300 | 290 |
| 5.07%, 01/30/37 | 200 | 196 |
| 5.94%, 02/07/39 | 250 | 256 |
| 3.22%, 04/22/42 | 110 | 83 |
| 4.38%, 01/22/47 | 200 | 165 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.47%, 07/06/28 | 300 | 300 |
| 4.20%, 11/17/28 | 400 | 399 |
| 4.73%, 07/18/31 | 300 | 299 |
| Nasdaq, Inc. |  |  |
| 1.65%, 01/15/31 (g) | 300 | 264 |
| 2.50%, 12/21/40 (g) | 100 | 70 |
| National Australia Bank Limited |  |  |
| 3.85%, 12/13/28 | 300 | 297 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 4.75%, 02/07/28 | 200 | 202 |
| 5.15%, 06/15/29 | 200 | 204 |
| NatWest Group PLC |  |  |
| 5.81%, 09/13/29 | 200 | 206 |
| Nomura Holdings, Inc. |  |  |
| 5.59%, 07/02/27 | 300 | 304 |
| 5.78%, 07/03/34 | 300 | 309 |
| Oesterreichische Kontrollbank Aktiengesellschaft |  |  |
| 3.75%, 01/15/31 | 500 | 495 |
| ORIX Corporation |  |  |
| 3.70%, 07/18/27 | 200 | 198 |
| PACCAR Financial Corp. |  |  |
| 4.60%, 01/10/28 | 250 | 253 |
| 4.00%, 08/08/28 | 200 | 200 |
| PayPal Holdings, Inc. |  |  |
| 2.85%, 10/01/29 | 100 | 95 |
| 3.25%, 06/01/50 | 200 | 129 |
| Principal Financial Group, Inc. |  |  |
| 5.38%, 03/15/33 | 200 | 204 |
| 5.50%, 03/15/53 | 100 | 93 |
| Progressive Corporation, The |  |  |
| 4.35%, 04/25/44 | 200 | 169 |
| 4.13%, 04/15/47 | 50 | 40 |
| Prudential Financial, Inc. |  |  |
| 3.91%, 12/07/47 | 313 | 236 |
| 3.70%, 03/13/51 | 150 | 107 |
| Royal Bank of Canada |  |  |
| 3.63%, 05/04/27 (a) | 300 | 298 |
| 4.52%, 10/18/28 | 400 | 401 |
| 3.88%, 05/04/32 | 300 | 289 |
| 5.00%, 02/01/33 | 150 | 152 |
| S&P Global Inc. |  |  |
| 4.75%, 08/01/28 | 100 | 101 |
| 2.90%, 03/01/32 (a) | 200 | 183 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Santander Holdings USA, Inc. |  |  |
| 6.50%, 03/09/29 | 200 | 206 |
| 5.47%, 03/20/29 | 300 | 304 |
| Southstate Corporation |  |  |
| 7.00%, 06/13/35 | 200 | 209 |
| State Street Corporation |  |  |
| 4.53%, 02/20/29 | 200 | 201 |
| 4.68%, 10/22/32 | 500 | 500 |
| 5.16%, 05/18/34 | 300 | 304 |
| 3.03%, 11/01/34 | 230 | 217 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.52%, 01/13/28 | 300 | 306 |
| 3.54%, 01/17/28 | 200 | 197 |
| 3.04%, 07/16/29 | 300 | 286 |
| 5.56%, 07/09/34 | 300 | 308 |
| 5.80%, 07/08/46 | 200 | 194 |
| Synchrony Bank |  |  |
| 5.63%, 08/23/27 (h) | 400 | 404 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.45%, 04/23/29 | 200 | 195 |
| 4.81%, 10/21/32 | 400 | 399 |
| 5.68%, 01/22/35 | 250 | 257 |
| 5.37%, 07/21/36 | 300 | 302 |
| Toronto-Dominion Bank, The |  |  |
| 4.11%, 10/13/28 | 250 | 249 |
| 4.41%, 01/13/31 | 300 | 298 |
| 3.20%, 03/10/32 | 200 | 184 |
| 4.93%, 10/15/35 | 300 | 295 |
| Toyota Motor Credit Corporation |  |  |
| 4.05%, 09/05/28 | 200 | 199 |
| 2.15%, 02/13/30 | 500 | 460 |
| 1.65%, 01/10/31 | 100 | 88 |
| 4.70%, 01/12/33 | 100 | 100 |
| Travelers Companies, Inc., The |  |  |
| 6.38%, 03/15/33 | 200 | 222 |
| 4.00%, 05/30/47 | 100 | 78 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 400 | 425 |
| 5.71%, 01/24/35 | 250 | 258 |
| U.S. Bancorp |  |  |
| 4.65%, 02/01/29 | 500 | 502 |
| 1.38%, 07/22/30 | 100 | 88 |
| 5.42%, 02/12/36 (a) | 200 | 204 |
| UBS Group AG |  |  |
| 4.88%, 05/15/45 | 350 | 311 |
| Unum Group |  |  |
| 4.50%, 12/15/49 | 300 | 236 |
| Visa Inc. |  |  |
| 4.10%, 02/12/31 | 200 | 200 |
| 1.10%, 02/15/31 | 300 | 260 |
| 2.70%, 04/15/40 (a) | 200 | 151 |
| 3.65%, 09/15/47 | 45 | 34 |
| Wells Fargo & Company |  |  |
| 3.58%, 05/22/28 | 250 | 248 |
| 4.15%, 01/24/29 | 130 | 129 |
| 4.08%, 09/15/29 | 200 | 198 |
| 2.57%, 02/11/31 | 360 | 333 |
| 5.15%, 04/23/31 | 300 | 305 |
| 4.90%, 07/25/33 | 400 | 398 |
| 5.50%, 01/23/35 | 250 | 255 |
| 4.96%, 01/23/37 | 200 | 195 |
| 3.07%, 04/30/41 | 150 | 112 |
| 5.61%, 01/15/44 | 350 | 336 |
| 4.90%, 11/17/45 | 250 | 216 |
| 4.75%, 12/07/46 | 200 | 169 |
| 5.43%, 01/23/47 | 300 | 284 |
| 4.61%, 04/25/53 | 250 | 207 |
| Westpac Banking Corporation |  |  |
| 5.54%, 11/17/28 | 200 | 207 |
| 4.11%, 07/24/34 (i) | 250 | 244 |
| 5.62%, 11/20/35 (i) | 300 | 303 |
| 3.02%, 11/18/36 | 85 | 76 |
| 4.42%, 07/24/39 (i) | 50 | 45 |
| Willis North America Inc. |  |  |
| 3.88%, 09/15/49 | 300 | 217 |
| | | 91901 |
| **Health Care 2.6%** | **Health Care 2.6%** | **Health Care 2.6%** |
| Abbott Laboratories |  |  |
| 1.40%, 06/30/30 | 100 | 89 |
| 6.00%, 04/01/39 | 100 | 108 |
| 4.75%, 04/15/43 | 200 | 184 |
| AbbVie Inc. |  |  |
| 4.65%, 03/15/28 (a) | 200 | 202 |
| 4.25%, 11/14/28 | 100 | 100 |
| 3.20%, 11/21/29 | 350 | 337 |
| 4.05%, 11/21/39 | 400 | 351 |
| 4.45%, 05/14/46 | 140 | 120 |
| 4.88%, 11/14/48 | 100 | 90 |
| 5.40%, 03/15/54 | 300 | 287 |
| Aetna Inc. |  |  |
| 6.63%, 06/15/36 | 150 | 162 |
| Amgen Inc. |  |  |
| 2.45%, 02/21/30 | 80 | 74 |
| 5.25%, 03/02/30 | 400 | 411 |
| 2.30%, 02/25/31 | 350 | 316 |
| 3.15%, 02/21/40 | 265 | 206 |
| 3.38%, 02/21/50 | 265 | 187 |
| 4.66%, 06/15/51 | 408 | 343 |
| 3.00%, 01/15/52 | 200 | 129 |
| 5.65%, 02/19/56 | 200 | 194 |
| AstraZeneca Finance LLC |  |  |
| 4.90%, 03/03/30 | 200 | 204 |
| 5.00%, 02/26/34 | 250 | 254 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | 80 | 71 |
| 4.38%, 11/16/45 - 08/17/48 | 130 | 112 |
| Baxalta Incorporated |  |  |
| 5.25%, 06/23/45 | 60 | 56 |
| Baxter International Inc. |  |  |
| 2.54%, 02/01/32 | 100 | 84 |
| Becton, Dickinson and Company |  |  |
| 3.70%, 06/06/27 | 300 | 298 |
| Biogen Inc. |  |  |
| 6.45%, 05/15/55 | 200 | 208 |
| Bristol-Myers Squibb Company |  |  |
| 1.45%, 11/13/30 | 90 | 79 |
| 2.95%, 03/15/32 | 85 | 78 |
| 4.13%, 06/15/39 | 100 | 89 |
| 3.55%, 03/15/42 | 60 | 47 |
| 4.35%, 11/15/47 | 70 | 58 |
| 4.55%, 02/20/48 | 70 | 59 |
| 4.25%, 10/26/49 | 190 | 153 |
| 2.55%, 11/13/50 | 85 | 50 |
| 5.55%, 02/22/54 | 135 | 130 |
| Cardinal Health, Inc. |  |  |
| 3.41%, 06/15/27 | 200 | 198 |
| 5.00%, 11/15/29 | 300 | 304 |
| Cencora, Inc. |  |  |
| 5.15%, 02/15/35 | 200 | 201 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 365 | 340 |
| 2.63%, 08/01/31 | 305 | 255 |
| Cigna Group, The |  |  |
| 4.38%, 10/15/28 | 210 | 210 |
| 4.88%, 09/15/32 | 500 | 501 |
| 4.80%, 08/15/38 | 320 | 301 |
| 3.88%, 10/15/47 | 60 | 45 |
| 4.90%, 12/15/48 | 160 | 139 |
| CommonSpirit Health |  |  |
| 4.35%, 09/01/30 | 300 | 296 |
| 5.58%, 09/01/45 | 250 | 240 |
| Cottage Health |  |  |
| 3.30%, 11/01/49 | 300 | 207 |
| CVS Health Corporation |  |  |
| 4.30%, 03/25/28 | 300 | 299 |
| 5.40%, 06/01/29 | 300 | 307 |
| 3.25%, 08/15/29 | 300 | 288 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 1.75%, 08/21/30 | 95 | 84 |
| 6.00%, 06/01/44 | 300 | 295 |
| 5.13%, 07/20/45 | 200 | 176 |
| 5.05%, 03/25/48 | 470 | 403 |
| Elevance Health, Inc. |  |  |
| 2.25%, 05/15/30 | 350 | 319 |
| 4.38%, 12/01/47 | 80 | 64 |
| 3.60%, 03/15/51 | 70 | 49 |
| Eli Lilly and Company |  |  |
| 4.55%, 02/12/28 | 200 | 202 |
| 3.38%, 03/15/29 | 250 | 245 |
| 4.90%, 02/12/32 | 200 | 204 |
| 4.70%, 02/09/34 | 250 | 250 |
| 2.50%, 09/15/60 | 300 | 159 |
| 5.60%, 02/12/65 | 200 | 196 |
| GE HealthCare Technologies Inc. |  |  |
| 5.65%, 11/15/27 | 130 | 133 |
| 4.80%, 08/14/29 | 150 | 151 |
| 5.91%, 11/22/32 | 100 | 106 |
| Gilead Sciences, Inc. |  |  |
| 1.65%, 10/01/30 | 400 | 356 |
| 2.60%, 10/01/40 | 100 | 72 |
| 4.15%, 03/01/47 | 150 | 121 |
| 5.60%, 11/15/64 | 150 | 145 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | 120 | 119 |
| HCA Inc. |  |  |
| 4.13%, 06/15/29 | 100 | 98 |
| 5.45%, 09/15/34 | 200 | 202 |
| 5.13%, 06/15/39 | 50 | 47 |
| 5.50%, 06/15/47 | 300 | 276 |
| 5.25%, 06/15/49 | 100 | 88 |
| 5.90%, 06/01/53 | 200 | 191 |
| 6.20%, 03/01/55 | 200 | 199 |
| 5.70%, 11/15/55 | 300 | 279 |
| Hoag Memorial Hospital Presbyterian |  |  |
| 3.80%, 07/15/52 | 200 | 153 |
| Humana Inc. |  |  |
| 5.38%, 04/15/31 | 200 | 202 |
| 5.95%, 03/15/34 | 250 | 255 |
| 5.75%, 04/15/54 | 200 | 181 |
| Johnson & Johnson |  |  |
| 4.80%, 06/01/29 | 300 | 307 |
| 4.70%, 03/01/30 | 200 | 205 |
| 3.63%, 03/03/37 | 100 | 90 |
| 5.95%, 08/15/37 | 250 | 275 |
| 3.50%, 01/15/48 | 50 | 38 |
| 2.45%, 09/01/60 | 200 | 107 |
| McKesson Corporation |  |  |
| 5.10%, 07/15/33 | 200 | 204 |
| MedStar Health, Inc. |  |  |
| 3.63%, 08/15/49 | 200 | 144 |
| Medtronic Global Holdings S.C.A. |  |  |
| 4.50%, 03/30/33 | 100 | 99 |
| Medtronic, Inc. |  |  |
| 4.63%, 03/15/45 | 284 | 255 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52 | 150 | 122 |
| 4.20%, 07/01/55 | 250 | 201 |
| Merck & Co., Inc. |  |  |
| 3.85%, 09/15/27 | 500 | 499 |
| 3.90%, 03/07/39 | 50 | 44 |
| 2.35%, 06/24/40 | 55 | 39 |
| 4.00%, 03/07/49 | 80 | 63 |
| 2.45%, 06/24/50 | 70 | 41 |
| 5.70%, 09/15/55 | 500 | 497 |
| 5.15%, 05/17/63 | 100 | 90 |
| Mylan II B.V. |  |  |
| 5.25%, 06/15/46 | 85 | 68 |
| New York and Presbyterian Hospital, The |  |  |
| 4.06%, 08/01/56 | 150 | 117 |
| Northwell Health, Inc. |  |  |
| 3.98%, 11/01/46 | 300 | 233 |
| Novartis Capital Corporation |  |  |
| 3.90%, 11/05/28 | 400 | 398 |
| 2.20%, 08/14/30 | 95 | 87 |
| 4.40%, 05/06/44 | 200 | 176 |
| 2.75%, 08/14/50 | 65 | 41 |
| Pfizer Inc. |  |  |
| 6.60%, 12/01/28 (j) | 50 | 53 |
| 4.20%, 09/15/48 | 50 | 40 |
| 4.00%, 03/15/49 | 65 | 51 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.65%, 05/19/30 | 300 | 303 |
| 5.30%, 05/19/53 | 400 | 372 |
| 5.34%, 05/19/63 | 300 | 273 |
| Providence St. Joseph Health |  |  |
| 3.74%, 10/01/47 | 350 | 261 |
| Smith & Nephew PLC |  |  |
| 5.40%, 03/20/34 | 200 | 203 |
| Stryker Corporation |  |  |
| 4.85%, 12/08/28 | 200 | 203 |
| 4.10%, 04/01/43 (a) | 200 | 166 |
| Thermo Fisher Scientific Inc. |  |  |
| 4.47%, 10/07/32 | 300 | 297 |
| 4.89%, 10/07/37 | 300 | 296 |
| 5.30%, 02/01/44 | 200 | 193 |
| Trinity Health Group, Ltd. |  |  |
| 4.13%, 12/01/45 | 250 | 206 |
| UnitedHealth Group Incorporated |  |  |
| 5.25%, 02/15/28 | 200 | 203 |
| 3.88%, 12/15/28 | 200 | 198 |
| 4.25%, 01/15/29 - 06/15/48 | 180 | 164 |
| 5.30%, 02/15/30 | 200 | 206 |
| 4.90%, 04/15/31 | 200 | 203 |
| 2.30%, 05/15/31 | 80 | 72 |
| 4.95%, 01/15/32 | 400 | 404 |
| 4.20%, 05/15/32 - 01/15/47 | 400 | 364 |
| 5.35%, 02/15/33 | 200 | 205 |
| 5.80%, 03/15/36 | 150 | 157 |
| 3.50%, 08/15/39 | 250 | 203 |
| 3.05%, 05/15/41 | 80 | 59 |
| 3.75%, 10/15/47 | 60 | 44 |
| 4.45%, 12/15/48 | 60 | 49 |
| 5.88%, 02/15/53 | 100 | 99 |
| 6.05%, 02/15/63 | 100 | 100 |
| Viatris Inc. |  |  |
| 2.70%, 06/22/30 | 90 | 82 |
| 3.85%, 06/22/40 | 80 | 61 |
| 4.00%, 06/22/50 | 110 | 72 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 (a) | 250 | 265 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | 200 | 182 |
| 5.60%, 11/16/32 | 200 | 210 |
| | | 27030 |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| AEP Texas Inc. |  |  |
| 3.45%, 01/15/50 | 10 | 7 |
| AEP Transmission Company, LLC |  |  |
| 5.40%, 03/15/53 | 100 | 94 |
| Alabama Power Company |  |  |
| 6.00%, 03/01/39 | 250 | 265 |
| 3.70%, 12/01/47 | 200 | 148 |
| 3.13%, 07/15/51 | 200 | 129 |
| Ameren Corporation |  |  |
| 5.00%, 01/15/29 | 200 | 203 |
| American Water Capital Corp. |  |  |
| 5.15%, 03/01/34 | 250 | 254 |
| 3.75%, 09/01/47 | 100 | 74 |
| Appalachian Power Company |  |  |
| 5.65%, 04/01/34 | 200 | 206 |
| Arizona Public Service Company |  |  |
| 4.50%, 04/01/42 | 100 | 86 |
| Atmos Energy Corporation |  |  |
| 1.50%, 01/15/31 | 300 | 262 |
| 5.90%, 11/15/33 | 100 | 107 |
| 6.20%, 11/15/53 | 200 | 212 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Baltimore Gas and Electric Company |  |  |
| 2.25%, 06/15/31 | 300 | 269 |
| Basin Electric Power Cooperative |  |  |
| 5.85%, 10/15/55 (a) (e) | 300 | 292 |
| Berkshire Hathaway Energy Company |  |  |
| 3.25%, 04/15/28 | 200 | 196 |
| 6.13%, 04/01/36 | 400 | 428 |
| 3.80%, 07/15/48 | 100 | 74 |
| CenterPoint Energy Houston Electric, LLC |  |  |
| 4.45%, 10/01/32 | 100 | 99 |
| CenterPoint Energy, Inc. |  |  |
| 5.95%, 04/01/56 | 300 | 297 |
| CMS Energy Corporation |  |  |
| 4.75%, 06/01/50 | 300 | 290 |
| Commonwealth Edison Company |  |  |
| 5.65%, 06/01/54 | 200 | 193 |
| 5.95%, 06/01/55 | 200 | 203 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 5.50%, 03/15/34 | 100 | 104 |
| 5.38%, 05/15/34 | 300 | 308 |
| 5.13%, 03/15/35 | 150 | 151 |
| 5.70%, 06/15/40 | 100 | 102 |
| 3.88%, 06/15/47 | 300 | 229 |
| Constellation Energy Generation, LLC |  |  |
| 5.75%, 03/15/54 | 200 | 194 |
| Consumers Energy Company |  |  |
| 4.63%, 05/15/33 | 300 | 297 |
| Dominion Energy, Inc. |  |  |
| 4.60%, 05/15/28 | 300 | 301 |
| 3.38%, 04/01/30 | 250 | 239 |
| 5.00%, 06/15/30 | 200 | 203 |
| 6.88%, 02/01/55 | 300 | 309 |
| 6.20%, 02/15/56 | 200 | 198 |
| DTE Electric Company |  |  |
| 2.63%, 03/01/31 | 250 | 230 |
| 5.85%, 05/15/55 | 200 | 201 |
| Duke Energy Corporation |  |  |
| 2.45%, 02/01/30 - 06/01/30 | 550 | 510 |
| 5.30%, 02/15/40 | 300 | 299 |
| 3.20%, 08/15/49 | 250 | 167 |
| Duke Energy Florida, LLC |  |  |
| 3.40%, 10/01/46 | 60 | 43 |
| Duke Energy Indiana, LLC |  |  |
| 6.12%, 10/15/35 | 250 | 266 |
| 5.90%, 05/15/55 | 200 | 200 |
| Duke Energy Progress NC Storm Funding LLC |  |  |
| 2.39%, 07/01/37 | 100 | 85 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 200 | 201 |
| 4.20%, 08/15/45 | 250 | 204 |
| 5.35%, 03/15/53 | 100 | 93 |
| Edison International |  |  |
| 6.95%, 11/15/29 | 200 | 211 |
| Entergy Utility Assets, LLC |  |  |
| 5.35%, 03/15/34 | 200 | 206 |
| 5.15%, 09/15/34 | 150 | 151 |
| Entergy Utility Enterprises, Inc. |  |  |
| 5.00%, 09/01/33 | 400 | 402 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/28 | 200 | 201 |
| Eversource Energy |  |  |
| 3.30%, 01/15/28 | 200 | 196 |
| 4.45%, 12/15/30 | 300 | 296 |
| Exelon Corporation |  |  |
| 4.95%, 06/15/35 - 03/15/36 | 350 | 341 |
| 5.88%, 03/15/55 | 200 | 195 |
| Florida Power & Light Company |  |  |
| 5.05%, 04/01/28 | 100 | 102 |
| 3.70%, 12/01/47 | 40 | 30 |
| 4.13%, 06/01/48 | 300 | 239 |
| 5.70%, 03/15/55 | 200 | 199 |
| Iberdrola International B.V. |  |  |
| 6.75%, 07/15/36 | 150 | 169 |
| Idaho Power Company |  |  |
| 5.70%, 03/15/55 | 200 | 196 |
| Indiana Michigan Power Company |  |  |
| 5.60%, 03/15/56 | 100 | 96 |
| Jersey Central Power & Light Company |  |  |
| 4.15%, 01/15/29 (e) | 200 | 199 |
| Kentucky Utilities Company |  |  |
| 5.13%, 11/01/40 | 150 | 145 |
| MidAmerican Energy Company |  |  |
| 6.75%, 12/30/31 | 50 | 56 |
| 3.15%, 04/15/50 | 125 | 83 |
| National Fuel Gas Company |  |  |
| 3.95%, 09/15/27 (g) | 301 | 299 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.90%, 02/28/28 | 200 | 202 |
| 5.00%, 02/28/30 | 200 | 203 |
| 2.25%, 06/01/30 | 400 | 365 |
| 5.05%, 02/28/33 | 200 | 202 |
| 5.25%, 02/28/53 | 200 | 180 |
| 5.85%, 03/01/56 | 100 | 98 |
| NiSource Finance Corp. |  |  |
| 3.49%, 05/15/27 | 200 | 198 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 (a) | 100 | 102 |
| 1.70%, 02/15/31 | 500 | 435 |
| Northern States Power Company |  |  |
| 5.10%, 05/15/53 | 200 | 182 |
| NorthWestern Corporation |  |  |
| 4.18%, 11/15/44 | 150 | 121 |
| NSTAR Electric Company |  |  |
| 4.95%, 09/15/52 | 100 | 89 |
| Ohio Power Company |  |  |
| 2.60%, 04/01/30 | 200 | 186 |
| Oncor Electric Delivery Company LLC |  |  |
| 5.75%, 03/15/29 | 150 | 155 |
| 5.25%, 09/30/40 | 200 | 195 |
| 3.80%, 09/30/47 | 200 | 150 |
| One Gas, Inc. |  |  |
| 5.10%, 04/01/29 | 200 | 204 |
| PacifiCorp |  |  |
| 6.25%, 10/15/37 | 200 | 207 |
| 5.50%, 05/15/54 | 200 | 175 |
| PECO Energy Company |  |  |
| 2.85%, 09/15/51 | 250 | 153 |
| PG&E Company |  |  |
| 4.55%, 07/01/30 (a) | 235 | 232 |
| 6.95%, 03/15/34 | 200 | 219 |
| 5.20%, 05/01/36 | 100 | 97 |
| 4.50%, 07/01/40 | 240 | 205 |
| 3.50%, 08/01/50 | 105 | 69 |
| 6.10%, 10/15/55 | 300 | 290 |
| 6.00%, 05/01/56 | 100 | 95 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.26%, 06/01/36 | 200 | 194 |
| 5.21%, 12/01/47 | 100 | 95 |
| 5.10%, 06/01/52 | 225 | 208 |
| PPL Capital Funding, Inc. |  |  |
| 4.13%, 04/15/30 | 250 | 245 |
| PPL Electric Utilities Corporation |  |  |
| 3.00%, 10/01/49 | 250 | 160 |
| Progress Energy, Inc. |  |  |
| 7.75%, 03/01/31 | 300 | 339 |
| Public Service Company of Colorado |  |  |
| 5.85%, 05/15/55 | 200 | 198 |
| Public Service Electric And Gas Company |  |  |
| 3.00%, 05/15/27 | 200 | 198 |
| 2.05%, 08/01/50 | 300 | 159 |
| 5.30%, 08/01/54 | 200 | 187 |
| Public Service Enterprise Group Incorporated |  |  |
| 1.60%, 08/15/30 (a) | 200 | 176 |
| Puget Sound Energy, Inc. |  |  |
| 5.76%, 10/01/39 | 200 | 205 |
| 3.25%, 09/15/49 | 170 | 113 |
| San Diego Gas & Electric Company |  |  |
| 1.70%, 10/01/30 (a) | 200 | 177 |
| 5.55%, 04/15/54 | 200 | 189 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sempra |  |  |
| 5.50%, 08/01/33 (a) | 200 | 206 |
| 4.00%, 02/01/48 | 50 | 37 |
| Southern California Edison Company |  |  |
| 5.95%, 11/01/32 - 02/01/38 | 400 | 417 |
| 6.00%, 01/15/34 | 75 | 78 |
| 5.63%, 02/01/36 | 195 | 196 |
| 4.05%, 03/15/42 | 200 | 156 |
| Southern Company Gas Capital Corporation |  |  |
| 4.40%, 05/30/47 | 200 | 163 |
| 3.15%, 09/30/51 | 200 | 128 |
| Southern Power Company |  |  |
| 4.25%, 10/01/30 | 250 | 247 |
| Southwest Gas Corporation |  |  |
| 5.45%, 03/23/28 | 100 | 102 |
| System Energy Resources, Inc. |  |  |
| 6.00%, 04/15/28 | 100 | 103 |
| 5.30%, 12/15/34 | 200 | 199 |
| The Cleveland Electric Illuminating Company |  |  |
| 5.95%, 12/15/36 | 250 | 259 |
| The Southern Company |  |  |
| 3.70%, 04/30/30 (i) | 250 | 242 |
| 4.40%, 07/01/46 | 200 | 165 |
| Union Electric Company |  |  |
| 3.65%, 04/15/45 | 350 | 265 |
| Virginia Electric and Power Company |  |  |
| 6.00%, 05/15/37 | 200 | 211 |
| 4.45%, 02/15/44 | 100 | 84 |
| 4.00%, 11/15/46 | 300 | 230 |
| Washington Gas Light Company |  |  |
| 3.80%, 09/15/46 | 200 | 154 |
| Wisconsin Electric Power Company |  |  |
| 4.75%, 09/30/32 | 100 | 101 |
| XCEL Energy Inc. |  |  |
| 2.60%, 12/01/29 | 300 | 280 |
| | | 25409 |
| **Information Technology 2.0%** | **Information Technology 2.0%** | **Information Technology 2.0%** |
| Accenture Capital Inc. |  |  |
| 3.90%, 10/04/27 | 400 | 399 |
| 4.50%, 10/04/34 | 400 | 387 |
| Adobe Inc. |  |  |
| 4.75%, 01/17/28 | 500 | 506 |
| 2.30%, 02/01/30 | 200 | 185 |
| Amphenol Corporation |  |  |
| 4.38%, 06/12/28 | 200 | 201 |
| 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 | 500 |
| 2.20%, 09/11/29 (a) | 300 | 283 |
| 4.20%, 05/12/30 | 200 | 201 |
| 3.35%, 08/08/32 (a) | 75 | 71 |
| 4.30%, 05/10/33 | 200 | 201 |
| 4.75%, 05/12/35 (a) | 200 | 203 |
| 2.38%, 02/08/41 | 90 | 64 |
| 4.25%, 02/09/47 | 60 | 50 |
| 3.75%, 09/12/47 | 60 | 46 |
| 2.95%, 09/11/49 | 300 | 196 |
| 2.65%, 05/11/50 | 250 | 154 |
| 4.85%, 05/10/53 | 100 | 92 |
| 2.80%, 02/08/61 | 240 | 137 |
| Atlassian Corporation |  |  |
| 5.50%, 05/15/34 | 300 | 294 |
| Autodesk, Inc. |  |  |
| 5.30%, 06/15/35 | 200 | 200 |
| Broadcom Inc. |  |  |
| 4.75%, 04/15/29 | 200 | 202 |
| 5.00%, 04/15/30 | 250 | 255 |
| 4.15%, 11/15/30 | 100 | 99 |
| 5.15%, 11/15/31 | 300 | 308 |
| 4.90%, 07/15/32 | 400 | 404 |
| 3.47%, 04/15/34 | 255 | 230 |
| 4.80%, 02/15/36 | 90 | 88 |
| 3.50%, 02/15/41 | 300 | 239 |
| 3.75%, 02/15/51 | 300 | 224 |
| Cisco Systems, Inc. |  |  |
| 5.05%, 02/26/34 | 250 | 254 |
| Corning Incorporated |  |  |
| 5.75%, 08/15/40 | 95 | 97 |
| 3.90%, 11/15/49 | 300 | 226 |
| 4.38%, 11/15/57 | 40 | 32 |
| Dell International L.L.C. |  |  |
| 6.20%, 07/15/30 (g) | 250 | 264 |
| 8.10%, 07/15/36 (g) | 79 | 94 |
| 8.35%, 07/15/46 (g) | 13 | 16 |
| 3.45%, 12/15/51 | 22 | 15 |
| DXC Technology Company |  |  |
| 2.38%, 09/15/28 | 300 | 282 |
| Flex Ltd. |  |  |
| 5.38%, 11/13/35 | 300 | 296 |
| Gartner, Inc. |  |  |
| 5.60%, 11/20/35 | 300 | 285 |
| Hewlett Packard Enterprise Company |  |  |
| 5.25%, 04/01/33 | 200 | 199 |
| 5.00%, 10/15/34 | 100 | 97 |
| 6.35%, 10/15/45 (j) | 90 | 90 |
| HP, Inc. |  |  |
| 6.10%, 04/25/35 (a) | 300 | 312 |
| Intel Corporation |  |  |
| 3.15%, 05/11/27 | 150 | 148 |
| 4.88%, 02/10/28 | 130 | 131 |
| 5.20%, 02/10/33 | 115 | 116 |
| 2.80%, 08/12/41 | 300 | 206 |
| 4.10%, 05/11/47 | 150 | 112 |
| 3.73%, 12/08/47 | 120 | 84 |
| 3.25%, 11/15/49 | 80 | 51 |
| 5.05%, 08/05/62 | 105 | 85 |
| 5.90%, 02/10/63 | 125 | 116 |
| International Business Machines Corporation |  |  |
| 3.50%, 05/15/29 | 210 | 204 |
| 5.88%, 11/29/32 | 100 | 106 |
| 4.00%, 06/20/42 | 200 | 163 |
| 4.25%, 05/15/49 | 150 | 116 |
| 5.70%, 02/10/55 (a) | 200 | 189 |
| Intuit Inc. |  |  |
| 5.20%, 09/15/33 | 100 | 102 |
| 5.50%, 09/15/53 | 300 | 276 |
| Keysight Technologies, Inc. |  |  |
| 5.35%, 07/30/30 | 300 | 308 |
| 4.95%, 10/15/34 | 400 | 396 |
| KLA Corporation |  |  |
| 3.30%, 03/01/50 (a) | 300 | 204 |
| Microsoft Corporation |  |  |
| 3.40%, 06/15/27 | 200 | 199 |
| 2.53%, 06/01/50 | 377 | 226 |
| 2.92%, 03/17/52 | 210 | 135 |
| 2.68%, 06/01/60 | 179 | 100 |
| 3.04%, 03/17/62 | 220 | 134 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 300 | 300 |
| NVIDIA Corporation |  |  |
| 1.55%, 06/15/28 | 300 | 285 |
| 3.50%, 04/01/40 | 300 | 250 |
| Oracle Corporation |  |  |
| 3.25%, 11/15/27 | 210 | 205 |
| 4.95%, 02/04/31 | 400 | 392 |
| 2.88%, 03/25/31 | 230 | 204 |
| 6.25%, 11/09/32 | 110 | 113 |
| 3.90%, 05/15/35 | 350 | 297 |
| 5.70%, 02/04/36 | 205 | 197 |
| 3.80%, 11/15/37 | 200 | 159 |
| 3.60%, 04/01/40 | 200 | 145 |
| 4.50%, 07/08/44 | 200 | 149 |
| 4.13%, 05/15/45 | 200 | 139 |
| 6.90%, 11/09/52 | 105 | 99 |
| 5.55%, 02/06/53 | 95 | 76 |
| 4.38%, 05/15/55 | 310 | 205 |
| 6.70%, 02/04/56 | 210 | 195 |
| 4.10%, 03/25/61 | 235 | 145 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Qualcomm Incorporated |  |  |
| 5.40%, 05/20/33 | 200 | 208 |
| 4.65%, 05/20/35 | 60 | 59 |
| 4.50%, 05/20/52 | 250 | 204 |
| 6.00%, 05/20/53 | 100 | 102 |
| Roper Technologies, Inc. |  |  |
| 1.40%, 09/15/27 | 300 | 287 |
| 4.25%, 09/15/28 | 200 | 199 |
| 5.10%, 09/15/35 | 300 | 292 |
| Salesforce, Inc. |  |  |
| 4.65%, 03/15/29 | 200 | 200 |
| 5.20%, 03/15/33 | 200 | 200 |
| 6.55%, 03/15/56 | 200 | 201 |
| TD SYNNEX Corporation |  |  |
| 2.65%, 08/09/31 (g) | 200 | 178 |
| 5.30%, 10/10/35 | 500 | 484 |
| Texas Instruments Incorporated |  |  |
| 4.90%, 03/14/33 | 100 | 102 |
| 4.85%, 02/08/34 | 250 | 252 |
| 4.15%, 05/15/48 | 75 | 61 |
| 5.00%, 03/14/53 | 200 | 181 |
| VMware LLC |  |  |
| 4.70%, 05/15/30 (g) | 250 | 251 |
| | | 20662 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| Apa Corp. |  |  |
| 4.25%, 01/15/30 | 200 | 197 |
| Baker Hughes Holdings LLC |  |  |
| 4.49%, 05/01/30 | 250 | 250 |
| BP Capital Markets America Inc. |  |  |
| 3.63%, 04/06/30 | 350 | 341 |
| 4.81%, 02/13/33 | 95 | 95 |
| 2.94%, 06/04/51 | 85 | 54 |
| BP Capital Markets P.L.C. |  |  |
| 3.28%, 09/19/27 | 90 | 89 |
| Burlington Resources Finance Co |  |  |
| 7.20%, 08/15/31 | 100 | 112 |
| Canadian Natural Resources Limited |  |  |
| 5.00%, 12/15/29 | 100 | 102 |
| 5.40%, 12/15/34 (a) | 300 | 304 |
| 5.85%, 02/01/35 | 150 | 157 |
| 6.25%, 03/15/38 | 150 | 158 |
| Cenovus Energy Inc. |  |  |
| 6.75%, 11/15/39 | 87 | 95 |
| Cheniere Energy Partners, L.P. |  |  |
| 5.95%, 06/30/33 | 200 | 210 |
| 5.75%, 08/15/34 | 300 | 309 |
| Chevron Corporation |  |  |
| 2.24%, 05/11/30 | 180 | 166 |
| Chevron U.S.A. Inc. |  |  |
| 2.34%, 08/12/50 | 40 | 23 |
| Columbia Pipeline Group, Inc. |  |  |
| 5.80%, 06/01/45 | 100 | 98 |
| ConocoPhillips Company |  |  |
| 5.05%, 09/15/33 | 300 | 304 |
| 3.76%, 03/15/42 | 300 | 242 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/34 | 200 | 203 |
| Enable Midstream Partners, LP |  |  |
| 4.95%, 05/15/28 | 300 | 303 |
| Enbridge Energy Partners, L.P. |  |  |
| 7.50%, 04/15/38 | 200 | 232 |
| Enbridge Inc. |  |  |
| 5.55%, 06/20/35 (a) | 300 | 307 |
| 6.70%, 11/15/53 | 50 | 54 |
| Energy Transfer LP |  |  |
| 4.95%, 06/15/28 | 300 | 303 |
| 3.75%, 05/15/30 | 250 | 242 |
| 6.55%, 12/01/33 | 75 | 81 |
| 7.50%, 07/01/38 | 200 | 230 |
| 6.50%, 02/01/42 | 150 | 156 |
| 5.00%, 05/15/50 | 200 | 166 |
| Enterprise Products Operating LLC |  |  |
| 2.80%, 01/31/30 | 250 | 236 |
| 6.88%, 03/01/33 | 25 | 28 |
| 5.20%, 01/15/36 | 200 | 201 |
| 6.45%, 09/01/40 | 100 | 110 |
| 4.45%, 02/15/43 | 150 | 130 |
| 4.95%, 10/15/54 (a) | 300 | 263 |
| 5.55%, 02/16/55 | 150 | 144 |
| 3.95%, 01/31/60 | 100 | 72 |
| EOG Resources, Inc. |  |  |
| 5.65%, 12/01/54 | 200 | 195 |
| 5.95%, 07/15/55 | 200 | 202 |
| EQT Corporation |  |  |
| 4.75%, 01/15/31 | 300 | 299 |
| Equinor ASA |  |  |
| 3.13%, 04/06/30 | 300 | 287 |
| 3.95%, 05/15/43 | 300 | 247 |
| Exxon Mobil Corporation |  |  |
| 2.61%, 10/15/30 | 360 | 337 |
| 4.11%, 03/01/46 | 205 | 169 |
| 3.10%, 08/16/49 | 200 | 135 |
| Halliburton Company |  |  |
| 7.45%, 09/15/39 | 250 | 293 |
| 5.00%, 11/15/45 | 120 | 106 |
| Hess Corporation |  |  |
| 7.30%, 08/15/31 | 23 | 26 |
| 5.60%, 02/15/41 | 200 | 204 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 5.00%, 03/01/43 | 300 | 269 |
| 5.40%, 09/01/44 | 250 | 232 |
| Kinder Morgan, Inc. |  |  |
| 5.30%, 12/01/34 | 350 | 353 |
| 3.60%, 02/15/51 | 300 | 207 |
| Marathon Petroleum Corporation |  |  |
| 6.50%, 03/01/41 | 300 | 319 |
| MPLX LP |  |  |
| 5.00%, 01/15/33 | 200 | 198 |
| 4.50%, 04/15/38 | 105 | 94 |
| 5.50%, 02/15/49 | 80 | 72 |
| 6.20%, 09/15/55 | 300 | 296 |
| 4.90%, 04/15/58 | 110 | 89 |
| Occidental Petroleum Corporation |  |  |
| 5.55%, 10/01/34 | 200 | 203 |
| ONEOK Partners, L.P. |  |  |
| 6.65%, 10/01/36 | 150 | 162 |
| ONEOK, Inc. |  |  |
| 4.00%, 07/13/27 | 200 | 199 |
| 4.55%, 07/15/28 | 50 | 50 |
| 5.65%, 11/01/28 | 150 | 154 |
| 4.40%, 10/15/29 | 300 | 298 |
| 3.25%, 06/01/30 | 250 | 236 |
| 4.95%, 10/15/32 | 200 | 198 |
| 5.70%, 11/01/54 | 300 | 274 |
| Ovintiv Canada ULC |  |  |
| 7.20%, 11/01/31 | 130 | 143 |
| Phillips 66 |  |  |
| 4.65%, 11/15/34 | 250 | 242 |
| 4.90%, 10/01/46 | 150 | 130 |
| Plains All American Pipeline, L.P. |  |  |
| 4.30%, 01/31/43 | 200 | 162 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.20%, 03/15/28 | 300 | 299 |
| 4.50%, 05/15/30 | 250 | 249 |
| Shell Finance US Inc. |  |  |
| 2.75%, 04/06/30 | 250 | 236 |
| 6.38%, 12/15/38 (e) | 200 | 221 |
| 4.00%, 05/10/46 | 155 | 124 |
| 3.13%, 11/07/49 (e) | 200 | 132 |
| 3.25%, 04/06/50 | 250 | 170 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | 200 | 201 |
| 5.58%, 10/01/34 | 200 | 199 |
| Suncor Energy Inc. |  |  |
| 4.00%, 11/15/47 | 340 | 257 |
| Targa Resources Corp. |  |  |
| 4.35%, 01/15/29 | 400 | 398 |
| 6.50%, 03/30/34 | 200 | 216 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.65%, 02/15/36 | 200 | 203 |
| TotalEnergies Capital International |  |  |
| 3.46%, 07/12/49 | 50 | 35 |
| TransCanada PipeLines Limited |  |  |
| 4.10%, 04/15/30 | 250 | 245 |
| 6.20%, 10/15/37 | 100 | 106 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 3.25%, 05/15/30 | 250 | 238 |
| Valero Energy Corporation |  |  |
| 2.80%, 12/01/31 | 750 | 677 |
| Western Midstream Operating, LP |  |  |
| 4.75%, 08/15/28 | 100 | 100 |
| Williams Companies, Inc., The |  |  |
| 3.50%, 11/15/30 | 250 | 238 |
| 5.80%, 11/15/54 | 200 | 193 |
| Williams Partners L.P. |  |  |
| 6.30%, 04/15/40 | 200 | 212 |
| | | 18796 |
| **Industrials 1.8%** | **Industrials 1.8%** | **Industrials 1.8%** |
| 3M Company |  |  |
| 2.38%, 08/26/29 | 690 | 647 |
| Air Lease Corporation |  |  |
| 5.30%, 02/01/28 | 300 | 304 |
| Allegion US Holding Company Inc. |  |  |
| 3.55%, 10/01/27 (a) | 300 | 296 |
| Boeing Company, The |  |  |
| 2.95%, 02/01/30 | 125 | 118 |
| 5.15%, 05/01/30 (g) | 285 | 290 |
| 6.53%, 05/01/34 (g) | 400 | 436 |
| 5.88%, 02/15/40 | 25 | 25 |
| 5.71%, 05/01/40 (g) | 500 | 501 |
| 3.90%, 05/01/49 | 40 | 29 |
| 3.95%, 08/01/59 | 125 | 86 |
| Burlington Northern Santa Fe, LLC |  |  |
| 6.15%, 05/01/37 | 100 | 109 |
| 5.75%, 05/01/40 | 400 | 415 |
| Canadian National Railway Company |  |  |
| 3.65%, 02/03/48 | 300 | 224 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.50%, 05/01/50 | 300 | 212 |
| 6.13%, 09/15/15 | 90 | 91 |
| Carrier Global Corporation |  |  |
| 2.72%, 02/15/30 | 125 | 117 |
| 5.90%, 03/15/34 | 208 | 219 |
| 3.58%, 04/05/50 | 104 | 74 |
| Caterpillar Inc. |  |  |
| 3.25%, 04/09/50 | 250 | 174 |
| 5.50%, 05/15/55 | 200 | 200 |
| CRH America Finance, Inc. |  |  |
| 5.00%, 02/09/36 | 300 | 295 |
| CSX Corporation |  |  |
| 3.80%, 03/01/28 | 100 | 99 |
| 5.50%, 04/15/41 | 205 | 206 |
| 4.30%, 03/01/48 | 50 | 41 |
| 3.95%, 05/01/50 | 300 | 230 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | 300 | 266 |
| 2.60%, 09/01/50 | 200 | 119 |
| Deere & Company |  |  |
| 3.90%, 06/09/42 (a) | 200 | 169 |
| Deere Funding Canada Corporation |  |  |
| 4.15%, 10/09/30 | 300 | 297 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 200 | 201 |
| Dover Corporation |  |  |
| 5.38%, 03/01/41 | 150 | 150 |
| Eaton Corporation |  |  |
| 4.15%, 11/02/42 | 100 | 86 |
| Equifax Inc. |  |  |
| 3.10%, 05/15/30 | 250 | 234 |
| FedEx Corporation |  |  |
| 4.25%, 05/15/30 | 300 | 297 |
| 3.90%, 02/01/35 (a) | 200 | 184 |
| 3.88%, 08/01/42 | 200 | 159 |
| 5.25%, 05/15/50 | 100 | 92 |
| Fortune Brands Innovations, Inc. |  |  |
| 5.88%, 06/01/33 (a) | 200 | 207 |
| GATX Corporation |  |  |
| 6.90%, 05/01/34 | 200 | 219 |
| GE Vernova Inc. |  |  |
| 4.88%, 02/04/36 | 200 | 198 |
| General Dynamics Corporation |  |  |
| 3.75%, 05/15/28 (a) | 300 | 298 |
| General Electric Company |  |  |
| 4.90%, 01/29/36 | 200 | 200 |
| 6.88%, 01/10/39 | 300 | 346 |
| Honeywell International Inc. |  |  |
| 1.75%, 09/01/31 | 250 | 217 |
| 3.81%, 11/21/47 | 300 | 229 |
| Howmet Aerospace Inc. |  |  |
| 3.00%, 01/15/29 | 300 | 289 |
| Kennametal Inc. |  |  |
| 4.63%, 06/15/28 | 100 | 100 |
| L3Harris Technologies, Inc. |  |  |
| 2.90%, 12/15/29 | 300 | 283 |
| 5.05%, 04/27/45 | 250 | 233 |
| Lockheed Martin Corporation |  |  |
| 4.40%, 08/15/30 | 300 | 300 |
| 4.50%, 05/15/36 | 105 | 102 |
| 4.07%, 12/15/42 | 243 | 206 |
| 4.09%, 09/15/52 | 107 | 84 |
| Norfolk Southern Corporation |  |  |
| 2.30%, 05/15/31 | 300 | 269 |
| 2.90%, 08/25/51 | 250 | 154 |
| 5.95%, 03/15/64 | 100 | 99 |
| Northrop Grumman Corporation |  |  |
| 3.25%, 01/15/28 | 150 | 147 |
| 3.85%, 04/15/45 | 250 | 197 |
| Otis Worldwide Corporation |  |  |
| 3.11%, 02/15/40 | 100 | 76 |
| Owens Corning |  |  |
| 3.50%, 02/15/30 | 200 | 192 |
| Parker-Hannifin Corporation |  |  |
| 4.00%, 06/14/49 | 40 | 31 |
| Paychex, Inc. |  |  |
| 5.60%, 04/15/35 (a) | 300 | 301 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/27 | 200 | 201 |
| 4.30%, 08/09/28 | 200 | 200 |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/29 | 100 | 101 |
| 5.00%, 12/15/33 - 04/01/34 | 300 | 304 |
| RTX Corporation |  |  |
| 6.10%, 03/15/34 | 250 | 269 |
| 4.50%, 06/01/42 | 150 | 134 |
| 4.80%, 12/15/43 | 25 | 23 |
| 4.05%, 05/04/47 | 200 | 158 |
| 4.63%, 11/16/48 | 90 | 77 |
| 6.40%, 03/15/54 | 200 | 216 |
| Southwest Airlines Co. |  |  |
| 5.13%, 06/15/27 | 200 | 201 |
| 2.63%, 02/10/30 | 300 | 275 |
| Textron Inc. |  |  |
| 6.10%, 11/15/33 | 200 | 211 |
| Trane Technologies Financing Limited |  |  |
| 4.50%, 03/21/49 (a) | 200 | 169 |
| Uber Technologies, Inc. |  |  |
| 4.15%, 01/15/31 (a) | 200 | 196 |
| 4.80%, 09/15/34 | 300 | 294 |
| Union Pacific Corporation |  |  |
| 3.95%, 09/10/28 | 300 | 298 |
| 4.50%, 01/20/33 | 100 | 100 |
| 3.84%, 03/20/60 | 445 | 316 |
| 3.80%, 04/06/71 | 50 | 34 |
| 3.85%, 02/14/72 | 80 | 54 |
| United Parcel Service, Inc. |  |  |
| 6.20%, 01/15/38 | 350 | 383 |
| 3.75%, 11/15/47 | 70 | 53 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Veralto Corporation |  |  |
| 5.35%, 09/18/28 | 300 | 306 |
| Verisk Analytics, Inc. |  |  |
| 5.75%, 04/01/33 | 200 | 207 |
| W.W. Grainger, Inc. |  |  |
| 4.60%, 06/15/45 | 200 | 178 |
| Waste Connections, Inc. |  |  |
| 5.00%, 03/01/34 | 250 | 252 |
| Waste Management, Inc. |  |  |
| 1.15%, 03/15/28 | 300 | 283 |
| 4.15%, 07/15/49 | 50 | 41 |
| WRKCo Inc. |  |  |
| 4.20%, 06/01/32 | 200 | 192 |
| 3.00%, 06/15/33 (a) | 300 | 263 |
| | | 18658 |
| **Communication Services 1.7%** | **Communication Services 1.7%** | **Communication Services 1.7%** |
| Alphabet Inc. |  |  |
| 1.10%, 08/15/30 (a) | 280 | 246 |
| 5.35%, 11/15/45 | 85 | 83 |
| 5.45%, 11/15/55 | 175 | 169 |
| 2.25%, 08/15/60 | 225 | 114 |
| 5.75%, 02/15/66 | 200 | 198 |
| America Movil, S.A.B. De C.V. |  |  |
| 5.00%, 01/20/33 | 200 | 200 |
| 4.38%, 07/16/42 | 200 | 173 |
| AT&T Inc. |  |  |
| 4.35%, 03/01/29 - 06/15/45 | 255 | 236 |
| 2.25%, 02/01/32 | 250 | 219 |
| 2.55%, 12/01/33 | 751 | 636 |
| 4.50%, 05/15/35 - 03/09/48 | 1206 | 1107 |
| 5.55%, 11/01/45 | 100 | 95 |
| 3.65%, 06/01/51 - 09/15/59 | 706 | 477 |
| 5.70%, 11/01/54 | 200 | 188 |
| 6.00%, 04/30/56 | 200 | 196 |
| British Telecommunications Public Limited Company |  |  |
| 9.63%, 12/15/30 (g) (j) | 250 | 299 |
| Charter Communications Operating, LLC |  |  |
| 6.65%, 02/01/34 | 250 | 261 |
| 6.55%, 06/01/34 | 300 | 311 |
| 6.48%, 10/23/45 | 210 | 194 |
| 5.75%, 04/01/48 | 100 | 83 |
| 5.25%, 04/01/53 (a) | 200 | 157 |
| 4.40%, 12/01/61 | 75 | 48 |
| 5.50%, 04/01/63 | 300 | 232 |
| Comcast Corporation |  |  |
| 6.50%, 11/15/35 | 100 | 110 |
| 5.17%, 01/15/37 (e) | 456 | 444 |
| 6.95%, 08/15/37 | 250 | 280 |
| 3.90%, 03/01/38 | 70 | 60 |
| 4.00%, 08/15/47 - 03/01/48 | 410 | 302 |
| 4.70%, 10/15/48 | 365 | 299 |
| 2.45%, 08/15/52 | 450 | 235 |
| 6.05%, 05/15/55 (a) | 200 | 198 |
| 5.50%, 05/15/64 | 120 | 106 |
| Deutsche Telekom International Finance B.V. |  |  |
| 8.75%, 06/15/30 (g) (j) | 300 | 345 |
| Fox Corporation |  |  |
| 6.50%, 10/13/33 | 200 | 215 |
| 5.48%, 01/25/39 | 65 | 63 |
| 5.58%, 01/25/49 | 80 | 74 |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/30 (a) | 100 | 102 |
| 4.55%, 08/15/31 | 200 | 201 |
| 4.95%, 05/15/33 | 85 | 86 |
| 4.88%, 11/15/35 | 245 | 240 |
| 5.50%, 11/15/45 | 185 | 175 |
| 5.60%, 05/15/53 | 200 | 186 |
| 5.63%, 11/15/55 | 290 | 272 |
| 5.75%, 05/15/63 | 365 | 339 |
| Omnicom Group Inc. |  |  |
| 2.60%, 08/01/31 | 375 | 336 |
| Orange |  |  |
| 5.38%, 01/13/42 | 100 | 97 |
| 5.50%, 02/06/44 | 300 | 292 |
| Rogers Communications Inc. |  |  |
| 4.55%, 03/15/52 | 300 | 238 |
| Telefonica Emisiones S.A. |  |  |
| 5.52%, 03/01/49 (a) | 300 | 271 |
| Telefonica Europe B.V. |  |  |
| 8.25%, 09/15/30 | 250 | 283 |
| T-Mobile USA, Inc. |  |  |
| 2.05%, 02/15/28 | 900 | 863 |
| 3.88%, 04/15/30 | 435 | 424 |
| 2.55%, 02/15/31 | 400 | 364 |
| 6.70%, 12/15/33 (a) | 300 | 331 |
| 4.95%, 11/15/35 | 300 | 294 |
| 4.50%, 04/15/50 | 160 | 129 |
| 5.75%, 01/15/54 | 200 | 192 |
| 3.60%, 11/15/60 | 100 | 65 |
| 5.80%, 09/15/62 | 100 | 96 |
| TWDC Enterprises 18 Corp. |  |  |
| 7.00%, 03/01/32 | 50 | 56 |
| Verizon Communications Inc. |  |  |
| 4.33%, 09/21/28 | 400 | 400 |
| 1.75%, 01/20/31 | 130 | 114 |
| 2.36%, 03/15/32 | 250 | 218 |
| 4.75%, 01/15/33 | 300 | 297 |
| 3.40%, 03/22/41 | 215 | 165 |
| 5.75%, 11/30/45 | 400 | 391 |
| 3.70%, 03/22/61 | 405 | 270 |
| Vodafone Group Public Limited Company |  |  |
| 5.75%, 02/10/63 | 50 | 47 |
| Walt Disney Company, The |  |  |
| 2.00%, 09/01/29 | 625 | 582 |
| 6.20%, 12/15/34 | 50 | 55 |
| 4.63%, 03/14/36 | 200 | 195 |
| 2.75%, 09/01/49 | 225 | 139 |
| 3.80%, 05/13/60 | 350 | 250 |
|  |  | 17708 |
| **Consumer Staples 1.6%** | **Consumer Staples 1.6%** | **Consumer Staples 1.6%** |
| Altria Group, Inc. |  |  |
| 4.80%, 02/14/29 | 180 | 181 |
| 5.80%, 02/14/39 | 110 | 110 |
| 4.50%, 05/02/43 | 200 | 167 |
| 5.95%, 02/14/49 | 400 | 388 |
| Anheuser-Busch Companies, LLC |  |  |
| 4.70%, 02/01/36 | 482 | 470 |
| 4.90%, 02/01/46 | 300 | 271 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | 110 | 106 |
| 5.45%, 01/23/39 | 250 | 254 |
| 4.44%, 10/06/48 | 362 | 304 |
| B.A.T Capital Corporation |  |  |
| 2.73%, 03/25/31 | 300 | 274 |
| 4.39%, 08/15/37 | 150 | 136 |
| 4.54%, 08/15/47 | 100 | 81 |
| Board of Trustees of the Leland Stanford Junior University, The |  |  |
| 3.65%, 05/01/48 | 20 | 15 |
| Brown-Forman Corporation |  |  |
| 4.75%, 04/15/33 | 100 | 99 |
| California Institute of Technology |  |  |
| 4.32%, 08/01/45 | 40 | 34 |
| Campbell's Company, The |  |  |
| 4.15%, 03/15/28 | 300 | 297 |
| 5.40%, 03/21/34 | 200 | 194 |
| Church & Dwight Co., Inc. |  |  |
| 3.15%, 08/01/27 | 200 | 197 |
| 3.95%, 08/01/47 | 200 | 156 |
| Coca-Cola Company, The |  |  |
| 2.13%, 09/06/29 | 250 | 235 |
| 2.25%, 01/05/32 | 300 | 269 |
| 5.30%, 05/13/54 | 300 | 288 |
| Conagra Brands, Inc. |  |  |
| 1.38%, 11/01/27 | 300 | 285 |
| 5.00%, 08/01/30 | 400 | 400 |
| 5.40%, 11/01/48 (a) | 55 | 47 |
| Constellation Brands, Inc. |  |  |
| 3.15%, 08/01/29 | 400 | 383 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Costco Wholesale Corporation |  |  |
| 3.00%, 05/18/27 | 80 | 79 |
| 1.38%, 06/20/27 | 300 | 291 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 300 | 307 |
| Dollar General Corporation |  |  |
| 5.45%, 07/05/33 | 200 | 202 |
| Dollar Tree, Inc. |  |  |
| 4.20%, 05/15/28 | 90 | 89 |
| Estee Lauder Companies Inc., The |  |  |
| 5.00%, 02/14/34 | 250 | 249 |
| 3.13%, 12/01/49 | 225 | 143 |
| General Mills, Inc. |  |  |
| 4.20%, 04/17/28 | 105 | 104 |
| Haleon US Capital LLC |  |  |
| 4.00%, 03/24/52 | 250 | 192 |
| Hershey Company, The |  |  |
| 4.55%, 02/24/28 | 250 | 252 |
| 4.95%, 02/24/32 | 200 | 205 |
| J. M. Smucker Company, The |  |  |
| 3.38%, 12/15/27 | 250 | 246 |
| Kenvue Inc. |  |  |
| 5.00%, 03/22/30 | 200 | 204 |
| 4.90%, 03/22/33 | 100 | 101 |
| 5.20%, 03/22/63 | 100 | 90 |
| Keurig Dr Pepper Inc. |  |  |
| 5.20%, 03/15/31 | 200 | 202 |
| 4.50%, 04/15/52 (a) | 100 | 78 |
| Kraft Heinz Foods Company |  |  |
| 3.88%, 05/15/27 | 200 | 199 |
| 5.20%, 03/15/32 | 200 | 202 |
| 5.00%, 06/04/42 | 200 | 177 |
| 4.38%, 06/01/46 | 200 | 156 |
| Kroger Co., The |  |  |
| 4.50%, 01/15/29 | 300 | 301 |
| 7.50%, 04/01/31 | 150 | 169 |
| 4.45%, 02/01/47 | 300 | 246 |
| Massachusetts Institute of Technology |  |  |
| 5.60%, 07/01/11 | 100 | 98 |
| 4.68%, 07/01/14 | 250 | 206 |
| McCormick & Company, Incorporated |  |  |
| 1.85%, 02/15/31 | 300 | 262 |
| Mead Johnson Nutrition Company |  |  |
| 4.60%, 06/01/44 | 200 | 173 |
| Mondelez International, Inc. |  |  |
| 4.25%, 05/06/28 | 300 | 300 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.70%, 02/16/34 | 250 | 249 |
| PepsiCo, Inc. |  |  |
| 3.00%, 10/15/27 | 500 | 493 |
| 4.30%, 07/23/30 | 300 | 301 |
| 3.45%, 10/06/46 | 90 | 67 |
| 2.75%, 10/21/51 | 50 | 31 |
| 3.88%, 03/19/60 | 400 | 299 |
| Philip Morris International Inc. |  |  |
| 4.13%, 04/28/28 | 200 | 200 |
| 4.38%, 11/15/41 | 300 | 262 |
| RELX Capital Inc. |  |  |
| 4.00%, 03/18/29 | 300 | 297 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35 | 100 | 103 |
| Southern California, University of |  |  |
| 3.03%, 10/01/39 | 450 | 366 |
| 5.25%, 10/01/11 | 20 | 18 |
| Sysco Corporation |  |  |
| 5.95%, 04/01/30 (g) | 266 | 276 |
| 6.00%, 01/17/34 | 200 | 209 |
| 6.60%, 04/01/50 (g) | 300 | 311 |
| Target Corporation |  |  |
| 2.35%, 02/15/30 | 200 | 186 |
| 5.00%, 04/15/35 (a) | 200 | 201 |
| 2.95%, 01/15/52 (a) | 200 | 126 |
| Tyson Foods, Inc. |  |  |
| 5.15%, 08/15/44 (a) | 200 | 185 |
| Unilever Capital Corporation |  |  |
| 1.38%, 09/14/30 | 500 | 442 |
| University of Notre Dame du Lac |  |  |
| 3.44%, 02/15/45 | 250 | 192 |
| University of Washington |  |  |
| 3.52%, 04/15/54 | 100 | 72 |
| Walmart Inc. |  |  |
| 3.90%, 04/15/28 | 200 | 200 |
| 3.70%, 06/26/28 | 185 | 184 |
| 3.63%, 12/15/47 | 300 | 231 |
| 4.50%, 09/09/52 - 04/15/53 | 300 | 260 |
| | | 16925 |
| **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** |
| Airbnb, Inc. |  |  |
| 4.40%, 03/16/29 | 300 | 300 |
| Amazon.com, Inc. |  |  |
| 3.30%, 04/13/27 | 165 | 164 |
| 3.15%, 08/22/27 | 440 | 435 |
| 3.85%, 03/13/28 | 300 | 299 |
| 1.65%, 05/12/28 | 400 | 381 |
| 1.50%, 06/03/30 | 130 | 116 |
| 4.25%, 03/13/31 | 300 | 298 |
| 3.60%, 04/13/32 | 135 | 129 |
| 4.35%, 03/20/33 | 400 | 393 |
| 4.88%, 03/13/36 | 300 | 297 |
| 3.88%, 08/22/37 | 170 | 153 |
| 2.50%, 06/03/50 | 300 | 176 |
| 3.10%, 05/12/51 | 200 | 131 |
| 2.70%, 06/03/60 | 55 | 30 |
| 4.10%, 04/13/62 | 160 | 119 |
| 5.95%, 03/13/66 | 200 | 201 |
| 6.05%, 03/13/76 | 200 | 199 |
| Aptiv PLC |  |  |
| 5.75%, 09/13/54 | 300 | 289 |
| AutoZone, Inc. |  |  |
| 3.75%, 06/01/27 | 200 | 198 |
| 5.13%, 06/15/30 | 200 | 203 |
| eBay Inc. |  |  |
| 5.13%, 11/06/35 (a) | 400 | 395 |
| 3.65%, 05/10/51 | 15 | 11 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/35 | 200 | 198 |
| Ford Motor Company |  |  |
| 7.40%, 11/01/46 | 300 | 305 |
| General Motors Company |  |  |
| 5.35%, 04/15/28 | 200 | 203 |
| 5.00%, 04/01/35 (a) | 200 | 192 |
| 5.15%, 04/01/38 | 70 | 66 |
| Hasbro, Inc. |  |  |
| 6.35%, 03/15/40 | 300 | 313 |
| Home Depot, Inc., The |  |  |
| 3.75%, 09/15/28 | 200 | 199 |
| 1.38%, 03/15/31 | 300 | 260 |
| 4.50%, 09/15/32 | 200 | 200 |
| 4.65%, 09/15/35 | 200 | 195 |
| 5.88%, 12/16/36 | 600 | 640 |
| 3.13%, 12/15/49 | 200 | 133 |
| 4.95%, 09/15/52 | 150 | 134 |
| 3.50%, 09/15/56 | 200 | 137 |
| Leggett & Platt, Incorporated |  |  |
| 4.40%, 03/15/29 | 200 | 195 |
| Lowe`s Companies, Inc. |  |  |
| 1.70%, 09/15/28 - 10/15/30 | 700 | 635 |
| 4.00%, 10/15/28 | 550 | 545 |
| 3.65%, 04/05/29 | 75 | 73 |
| 3.00%, 10/15/50 | 300 | 185 |
| 5.80%, 09/15/62 | 105 | 100 |
| Marriott International, Inc. |  |  |
| 5.30%, 05/15/34 | 250 | 253 |
| Mattel, Inc. |  |  |
| 5.00%, 11/17/30 (a) | 300 | 299 |
| McDonald's Corporation |  |  |
| 4.88%, 12/09/45 | 165 | 147 |
| 3.63%, 09/01/49 | 200 | 144 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.45%, 08/14/53 | 300 | 284 |
| Nike, Inc. |  |  |
| 2.85%, 03/27/30 | 400 | 378 |
| O'Reilly Automotive, Inc. |  |  |
| 1.75%, 03/15/31 | 300 | 262 |
| 5.10%, 03/12/36 | 300 | 296 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/36 | 200 | 197 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.75%, 06/15/39 | 300 | 298 |
| Starbucks Corporation |  |  |
| 4.50%, 05/15/28 - 11/15/48 | 400 | 365 |
| 5.00%, 02/15/34 | 250 | 251 |
| 4.45%, 08/15/49 | 50 | 41 |
| Toyota Motor Corporation |  |  |
| 3.67%, 07/20/28 | 200 | 198 |
| | | 13238 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 4.50%, 07/30/29 | 250 | 249 |
| 5.25%, 03/15/36 | 100 | 98 |
| 5.63%, 05/15/54 (a) | 300 | 279 |
| American Tower Corporation |  |  |
| 1.50%, 01/31/28 | 500 | 474 |
| 3.80%, 08/15/29 | 90 | 88 |
| 2.70%, 04/15/31 | 375 | 341 |
| 5.65%, 03/15/33 | 200 | 207 |
| AvalonBay Communities, Inc. |  |  |
| 2.45%, 01/15/31 | 350 | 319 |
| 5.35%, 06/01/34 | 200 | 205 |
| Boston Properties Limited Partnership |  |  |
| 2.90%, 03/15/30 | 200 | 185 |
| COPT Defense Properties |  |  |
| 2.00%, 01/15/29 | 450 | 420 |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 80 | 79 |
| 5.80%, 03/01/34 | 300 | 307 |
| 3.25%, 01/15/51 | 50 | 32 |
| Equinix, Inc. |  |  |
| 3.40%, 02/15/52 | 300 | 198 |
| ERP Operating Limited Partnership |  |  |
| 2.50%, 02/15/30 | 200 | 187 |
| Extra Space Storage LP |  |  |
| 5.70%, 04/01/28 | 300 | 306 |
| 5.90%, 01/15/31 | 300 | 314 |
| GLP Financing, LLC |  |  |
| 5.75%, 06/01/28 | 300 | 305 |
| 6.75%, 12/01/33 | 200 | 211 |
| Healthpeak OP, LLC |  |  |
| 5.25%, 12/15/32 | 150 | 151 |
| 6.75%, 02/01/41 | 200 | 216 |
| Kimco Realty OP, LLC |  |  |
| 2.70%, 10/01/30 | 200 | 186 |
| Mid-America Apartments, L.P. |  |  |
| 4.95%, 03/01/35 | 200 | 198 |
| NNN REIT, Inc. |  |  |
| 3.10%, 04/15/50 | 200 | 128 |
| ProLogis, L.P. |  |  |
| 2.13%, 04/15/27 | 100 | 98 |
| 2.25%, 04/15/30 | 175 | 161 |
| 4.63%, 01/15/33 | 100 | 99 |
| 4.75%, 06/15/33 | 100 | 99 |
| 3.00%, 04/15/50 | 35 | 23 |
| Public Storage, Inc. |  |  |
| 1.85%, 05/01/28 | 300 | 286 |
| Realty Income Corporation |  |  |
| 4.85%, 03/15/30 | 300 | 304 |
| Rexford Industrial Realty, L.P. |  |  |
| 2.15%, 09/01/31 | 300 | 261 |
| Safehold GL Holdings LLC |  |  |
| 5.65%, 01/15/35 | 200 | 202 |
| Simon Property Group, L.P. |  |  |
| 2.65%, 07/15/30 | 200 | 186 |
| 5.50%, 03/08/33 | 100 | 104 |
| 3.25%, 09/13/49 | 65 | 44 |
| 5.85%, 03/08/53 | 100 | 100 |
| Store Capital LLC |  |  |
| 4.50%, 03/15/28 | 200 | 199 |
| 4.95%, 02/11/31 (e) | 100 | 99 |
| Tanger Properties Limited Partnership |  |  |
| 2.75%, 09/01/31 | 200 | 179 |
| UDR, Inc. |  |  |
| 2.10%, 08/01/32 (a) | 200 | 170 |
| Ventas Realty, Limited Partnership |  |  |
| 3.00%, 01/15/30 | 200 | 189 |
| Welltower Inc. |  |  |
| 4.95%, 09/01/48 | 150 | 135 |
| Weyerhaeuser Company |  |  |
| 7.38%, 03/15/32 | 57 | 64 |
|  |  | 8685 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| African Development Bank |  |  |
| 3.50%, 09/18/29 (a) | 400 | 395 |
| Air Products and Chemicals, Inc. |  |  |
| 4.60%, 02/08/29 (a) | 150 | 151 |
| 4.85%, 02/08/34 (a) | 250 | 250 |
| Avery Dennison Corporation |  |  |
| 5.75%, 03/15/33 | 200 | 208 |
| BHP Billiton Finance (USA) Limited |  |  |
| 5.25%, 09/08/33 | 75 | 77 |
| 5.75%, 09/05/55 | 200 | 201 |
| Dow Chemical Company, The |  |  |
| 4.63%, 10/01/44 | 250 | 196 |
| DuPont de Nemours, Inc. |  |  |
| 4.73%, 11/15/28 (e) | 86 | 86 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | 300 | 259 |
| 2.13%, 08/15/50 | 200 | 107 |
| 2.75%, 08/18/55 | 75 | 44 |
| EIDP, Inc. |  |  |
| 2.30%, 07/15/30 | 300 | 276 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 300 | 284 |
| LYB International Finance B.V. |  |  |
| 5.25%, 07/15/43 | 300 | 259 |
| Martin Marietta Materials, Inc. |  |  |
| 3.50%, 12/15/27 | 300 | 296 |
| 5.50%, 12/01/54 | 200 | 189 |
| Mosaic Company, The |  |  |
| 4.35%, 01/15/29 | 400 | 398 |
| 4.88%, 11/15/41 | 20 | 18 |
| NewMarket Corporation |  |  |
| 2.70%, 03/18/31 | 400 | 361 |
| Newmont Corporation |  |  |
| 5.88%, 04/01/35 | 200 | 212 |
| Nucor Corporation |  |  |
| 2.98%, 12/15/55 | 200 | 121 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 100 | 101 |
| 2.95%, 05/13/30 | 300 | 281 |
| 3.95%, 05/13/50 | 150 | 112 |
| 5.80%, 03/27/53 | 100 | 98 |
| PPG Industries, Inc. |  |  |
| 2.80%, 08/15/29 | 200 | 190 |
| 4.38%, 03/15/31 | 200 | 197 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | 250 | 261 |
| Rio Tinto Finance (USA) plc |  |  |
| 5.00%, 03/09/33 | 100 | 102 |
| Sherwin-Williams Company, The |  |  |
| 4.30%, 08/15/28 | 200 | 199 |
| 5.15%, 08/15/35 | 100 | 100 |
| 4.50%, 06/01/47 | 70 | 58 |
| Sonoco Products Company |  |  |
| 5.00%, 09/01/34 (a) | 300 | 294 |
| Southern Copper Corporation |  |  |
| 7.50%, 07/27/35 | 150 | 171 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Steel Dynamics, Inc. |  |  |
| 3.25%, 10/15/50 | 115 | 75 |
| Vale Overseas Ltd. |  |  |
| 3.75%, 07/08/30 | 100 | 95 |
| Westlake Corporation |  |  |
| 6.38%, 11/15/55 | 200 | 197 |
| 3.38%, 08/15/61 | 200 | 117 |
| | | 7036 |
| Total Corporate Bonds And Notes (cost $292,494) | Total Corporate Bonds And Notes (cost $292,494) | 266048 |
| **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 | 305 |
| Bank 2017-BNK8 |  |  |
| Series 2017-A3-BNK8, REMIC, 3.23%, 10/15/27 | 137 | 134 |
| Bank 2019-Bnk16 |  |  |
| Series 2019-A4-BN16, REMIC, 4.01%, 01/16/29 | 400 | 393 |
| 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 | 213 |
| Benchmark 2019-B10 Mortgage Trust |  |  |
| Series 2019-A4-B10, REMIC, 3.72%, 03/16/29 | 800 | 777 |
| 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 | 354 |
| BMO 2023-C5 Mortgage Trust |  |  |
| Series 2023-A5-C5, REMIC, 5.77%, 05/17/33 | 350 | 362 |
| BMO 2025-5C9 Mortgage Trust |  |  |
| Series 2025-A3-5C9, REMIC, 5.78%, 03/15/30 (c) | 500 | 516 |
| BMW Vehicle Lease Trust 2025-1 |  |  |
| Series 2025-A3-1, 4.43%, 10/25/27 | 250 | 251 |
| Capital One Multi-Asset Execution Trust |  |  |
| Series 2024-A-A1, 3.92%, 09/15/27 | 100 | 100 |
| Series 2021-A2-A2, 1.39%, 07/15/30 | 300 | 282 |
| CD 2017-CD5 Mortgage Trust |  |  |
| Series 2017-AS-CD5, REMIC, 3.68%, 07/16/27 (c) | 300 | 292 |
| CFCRE 2017-C8 Mortgage Trust |  |  |
| Series 2017-A4-C8, REMIC, 3.57%, 05/17/27 | 750 | 742 |
| Chase Issuance Trust |  |  |
| Series 2024-A-A2, 4.63%, 01/16/29 | 200 | 203 |
| Citigroup Commercial Mortgage Trust 2019-C7 |  |  |
| Series 2019-A4-C7, REMIC, 3.10%, 12/17/29 | 300 | 283 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Series 2020-AS-GC46, REMIC, 2.92%, 02/15/30 (c) | 500 | 452 |
| GM Financial Automobile Leasing Trust 2025-3 |  |  |
| Series 2025-A3-3, 4.17%, 09/20/27 | 100 | 100 |
| Series 2025-A4-3, 4.20%, 12/20/27 | 100 | 100 |
| GM Financial Consumer Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-A3-1, 4.62%, 06/16/28 | 200 | 201 |
| 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 | 278 |
| Hyundai Auto Receivables Trust 2024-B |  |  |
| Series 2024-A4-B, 4.74%, 04/17/28 | 200 | 202 |
| Mercedes-Benz Auto Lease Trust 2025-A |  |  |
| Series 2025-A4-A, 4.69%, 05/15/28 | 200 | 202 |
| Morgan Stanley Capital I Trust 2018-H4 |  |  |
| Series 2018-A3-H4, REMIC, 4.04%, 10/17/28 | 265 | 262 |
| Santander Drive Auto Receivables Trust 2025-3 |  |  |
| Series 2025-A3-3, 4.38%, 08/15/28 | 200 | 200 |
| 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 |
| Toyota Auto Receivables 2025-B Owner Trust |  |  |
| Series 2025-A3-B, 4.34%, 11/15/29 | 280 | 281 |
| Verizon Master Trust |  |  |
| Series 2024-A1A-6, 4.17%, 08/20/27 | 350 | 350 |
| Volkswagen Auto Lease Trust 2025-A |  |  |
| Series 2025-A3-A, 4.50%, 11/22/27 | 261 | 262 |
| Volkswagen Auto Loan Enhanced Trust 2025-1 |  |  |
| Series 2025-A4-1, 4.61%, 07/21/31 | 225 | 227 |
| Wells Fargo Commercial Mortgage Trust 2018-C44 |  |  |
| Series 2018-A5-C44, REMIC, 4.21%, 04/17/28 | 1000 | 991 |
| World Omni Auto Receivables Trust 2025-A |  |  |
| Series 2025-A4-A, 4.86%, 12/15/28 | 100 | 101 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $11,688) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $11,688) | 11292 |
| **SHORT TERM INVESTMENTS 5.4%** | **SHORT TERM INVESTMENTS 5.4%** | **SHORT TERM INVESTMENTS 5.4%** |
| **Investment Companies 4.6%** | **Investment Companies 4.6%** | **Investment Companies 4.6%** |
| JNL Government Money Market Fund - Class I, 3.53% (k) (l) | 46923 | 46923 |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 3.63% (k) (l) | 8465 | 8465 |
| Total Short Term Investments (cost $55,388) | Total Short Term Investments (cost $55,388) | 55388 |
| **Total Investments 104.8% (cost $1,150,296)** | **Total Investments 104.8% (cost $1,150,296)** | **1081408** |
| **Total Forward Sales Commitments (0.2)% (proceeds $2,152)** | **Total Forward Sales Commitments (0.2)% (proceeds $2,152)** | **(2150)** |
| **Other Assets and Liabilities, Net (4.6)%** | **Other Assets and Liabilities, Net (4.6)%** | **(47184)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1032074** |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

(a) All or a portion of the security was on loan as of March 31, 2026.

(b) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $45,679.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $1,868 and 0.2% of the Fund.

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

(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 March 31, 2026.

(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) Convertible security.

(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 March 31, 2026.

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.2%)** | **FORWARD SALES COMMITMENTS (0.2%)** | **FORWARD SALES COMMITMENTS (0.2%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.2%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.2%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.2%)** |
| **Mortgage-Backed Securities (0.2%)** | **Mortgage-Backed Securities (0.2%)** | **Mortgage-Backed Securities (0.2%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 1.50%, 04/15/41 (a) | (75) | (67) |
| TBA, 2.00%, 04/15/41 (a) | (125) | (115) |
| TBA, 1.50%, 04/15/56 (a) | (75) | (58) |
| TBA, 2.00%, 04/15/56 (a) | (525) | (422) |
| TBA, 2.50%, 04/15/56 (a) | (375) | (315) |
| TBA, 3.00%, 04/15/56 (a) | (250) | (220) |
| TBA, 3.50%, 04/15/56 (a) | (150) | (138) |
| TBA, 4.00%, 04/15/56 (a) | (175) | (165) |
| Government National Mortgage Association |  |  |
| TBA, 2.50%, 04/15/56 (a) | (200) | (172) |
| TBA, 3.00%, 04/15/56 (a) | (150) | (134) |
| TBA, 3.50%, 04/15/56 (a) | (375) | (344) |
| Total Government And Agency Obligations (proceeds $2,152) | Total Government And Agency Obligations (proceeds $2,152) | (2150) |
| **Total Forward Sales Commitments (0.2%) (proceeds $2,152)** | **Total Forward Sales Commitments (0.2%) (proceeds $2,152)** | **(2150)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of March 31, 2026, the total proceeds for investments sold on a delayed delivery basis was $2,152.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 404 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 47584 | 25218 | 25879 | 415 |  |  | 46923 | 4.6 |
| JNL Government Money Market Fund, 3.63% - Class SL | 10065 | 11989 | 13589 | 91 |  |  | 8465 | 0.8 |
|  | 57649 | 37207 | 39468 | 506 |  |  | 55388 | 5.4 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 748680 |  | 748680 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 266048 |  | 266048 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 11292 |  | 11292 |
| &nbsp;&nbsp;Short Term Investments | 55388 |  |  | 55388 |
|  | 55388 | 1026020 |  | 1081408 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (2150) |  | (2150) |
|  |  | (2150) |  | (2150) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** |
| **COMMON STOCKS 97.2%** | **COMMON STOCKS 97.2%** | **COMMON STOCKS 97.2%** |
| **China 25.4%** | **China 25.4%** | **China 25.4%** |
| 360 Security Technology Inc. - Class A | 67 | 105 |
| 37 Interactive Entertainment Network Technology Group Co., Ltd. - Class A | 22 | 70 |
| 3SBio Inc. (a) | 172 | 512 |
| AAC Technologies Holdings Inc. | 71 | 307 |
| Accelink Technologies Co., Ltd. - Class A | 6 | 70 |
| ACM Research (Shanghai), Inc. - Class A | 2 | 42 |
| AECC Aero-Engine Control Co., Ltd. - Class A | 11 | 34 |
| Agricultural Bank of China Limited - Class A | 1136 | 1099 |
| Agricultural Bank of China Limited - Class H | 2645 | 1889 |
| AIMA Technology Group Co., Ltd. - Class A | 6 | 28 |
| Akeso Inc. (b) | 54 | 918 |
| Alibaba Group Holding Limited (a) | 1711 | 26603 |
| Alibaba Health Information Technology Limited (b) (c) | 470 | 284 |
| Aluminum Corporation of China Limited - Class A | 91 | 153 |
| Aluminum Corporation of China Limited - Class H | 348 | 509 |
| Amlogic (Shanghai) Co., Ltd. - Class A | 3 | 40 |
| Angel Yeast Co., Ltd. - Class A | 9 | 50 |
| Anhui Conch Cement Company Limited - Class A | 28 | 94 |
| Anhui Conch Cement Company Limited - Class H | 121 | 331 |
| Anhui Gujing Distillery Company Limited - Class A | 3 | 42 |
| Anhui Gujing Distillery Company Limited - Class B | 10 | 90 |
| Anhui Jianghuai Automobile Group Co., Ltd. - Class A (b) | 18 | 119 |
| Anhui Yingjia Gongjiu Co. Ltd. - Class A | 6 | 27 |
| Anjing Food Group Co., Ltd. - Class A | 3 | 35 |
| ANTA Sports Products Limited | 124 | 1210 |
| Aojie Technology Co., Ltd. - Class A (b) | 3 | 30 |
| APT Medical Inc. - Class A | 1 | 47 |
| Asia-Potash International Investment (Guangzhou)Co., Ltd. - Class A (b) | 8 | 71 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class A | 3 | 55 |
| Atour Lifestyle Holdings Limited - ADR | 7 | 275 |
| Autobio Diagnostics Co., Ltd. - Class A | 5 | 26 |
| Avary Holding (Shenzhen) Co., Ltd. - Class A | 18 | 141 |
| AviChina Industry & Technology Company Limited - Class H (c) | 263 | 112 |
| Avicopter PLC - Class A | 6 | 31 |
| Baic Bluepark New Energy Technology Co., Ltd. - Class A (b) | 27 | 28 |
| BAIC Foton Motor Co., Ltd. - Class A (b) | 65 | 28 |
| Baidu, Inc. - Class A (a) (b) | 203 | 2776 |
| Baiyin Nonferrous Group Co., Ltd. - Class A | 45 | 54 |
| Bank of Beijing Co., Ltd. - Class A | 152 | 122 |
| Bank of Changsha Co., Ltd. - Class A | 34 | 48 |
| Bank of Chengdu Co., Ltd. - Class A | 23 | 56 |
| Bank of China Limited - Class H | 7514 | 4792 |
| Bank of Communications Co., Ltd. - Class A | 131 | 133 |
| Bank of Communications Co., Ltd. - Class H | 747 | 673 |
| Bank of Jiangsu Co., Ltd. - Class A | 121 | 192 |
| Bank of Nanjing Co., Ltd. - Class A | 100 | 164 |
| Bank of Ningbo Co., Ltd. - Class A | 40 | 176 |
| Bank of Shanghai Co., Ltd. - Class A | 89 | 127 |
| Bank of Suzhou Co., Ltd. - Class A | 29 | 35 |
| Baoshan Iron & Steel Co., Ltd. - Class A | 161 | 150 |
| Beijing Enterprises Holdings Limited | 45 | 173 |
| Beijing Enterprises Water Group Limited | 356 | 123 |
| Beijing Huaer Company Limited - Class A | 48 | 54 |
| Beijing Jingneng Power Co., Ltd. - Class A | 47 | 35 |
| Beijing Kingsoft Office Software Co., Ltd. - Class A | 3 | 99 |
| Beijing New Building Material (Group) Co., Ltd. - Class A | 7 | 25 |
| Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 16 | 36 |
| Beijing Roborock Technology Co., Ltd. - Class A | 1 | 26 |
| Beijing Shiji Information Technology Co., Ltd. - Class A | 31 | 45 |
| Beijing Shougang Co., Ltd. - Class A (d) | 34 | 23 |
| Beijing Tiantan Biological Products Corporation Limited - Class A | 12 | 26 |
| Beijing Tongrentang Co., Ltd. - Class A | 13 | 50 |
| Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A (b) | 6 | 35 |
| Beijing Yandong Microelectronic Co., Ltd. - Class A (b) | 17 | 95 |
| Beijing Yanjing Brewery Co., Ltd. - Class A | 1 | 1 |
| Bestechnic (Shanghai) Co., Ltd. - Class A | 1 | 29 |
| Bethel Automotive Safety Systems Co., Ltd. - Class A | 5 | 32 |
| Bicycle Club Joint Venture, L.P. - Class A (b) | 23 | 40 |
| Bilibili Inc (b) | 22 | 507 |
| BIWIN Storage Technology Company Limited - Class A | 12 | 394 |
| Bloomage Biotechnology Corporation Limited - Class A | 2 | 14 |
| Bluestar Adisseo Company - Class A | 24 | 46 |
| BOC Hong Kong (Holdings) Limited | 339 | 1872 |
| BOC International (China) Co., Ltd. - Class A | 25 | 45 |
| BOE Technology Group Co., Ltd. - Class A | 193 | 110 |
| Bosideng International Holdings Limited | 478 | 245 |
| BYD Company Limited - Class A | 40 | 609 |
| BYD Company Limited - Class H | 344 | 4718 |
| BYD Electronic (International) Company Limited (c) | 74 | 267 |
| Caida Securities Co., Ltd. - Class A | 33 | 31 |
| Caitong Securities Co., Ltd. - Class A | 50 | 55 |
| Cambricon Technologies Corporation Limited - Class A | 3 | 424 |
| Capital Securities Co., Ltd. - Class A | 44 | 105 |
| Cathay Biotech, Inc. - Class A | 7 | 50 |
| CCOOP Group Co., Ltd. - Class A (b) | 126 | 34 |
| CGN Power Co., Ltd. - Class A | 122 | 81 |
| CGN Power Co., Ltd. - Class H (a) | 952 | 429 |
| Changchun High-Tech Industries (Group) Inc. - Class A | 2 | 20 |
| Changjiang Securities Co., Ltd. - Class A | 59 | 59 |
| Changzhou Xingyu Automotive Lighting Systems Co., Ltd. - Class A | 3 | 52 |
| Chifeng Jilong Gold Mining Co., Ltd. - Class A | 11 | 69 |
| Chifeng Jilong Gold Mining Co., Ltd. - Class H (a) (c) | 27 | 143 |
| China Aviation Power Co., Ltd. - Class A | 18 | 124 |
| China Baoan Group Co., Ltd. - Class A | 31 | 40 |
| China CITIC Bank Corporation Limited - Class A | 138 | 166 |
| China CITIC Bank Corporation Limited - Class H | 783 | 792 |
| China Coal Energy Company Limited - Class A | 20 | 48 |
| China Coal Energy Company Limited - Class H | 195 | 328 |
| China Construction Bank Corporation - Class A | 161 | 224 |
| China Construction Bank Corporation - Class H | 9231 | 9969 |
| China CSSC Holdings Limited - Class A | 48 | 214 |
| China Eastern Airlines Corporation Limited - Class A (b) | 77 | 48 |
| China Eastern Airlines Corporation Limited - Class H (b) | 252 | 113 |
| China Energy Engineering Corporation Limited - Class A | 139 | 59 |
| China Energy Engineering Corporation Limited - Class H | 406 | 67 |
| China Everbright Bank Company Limited - Class A | 319 | 148 |
| China Everbright Bank Company Limited - Class H | 326 | 127 |
| China Everbright Environment Group Limited | 307 | 210 |
| China Feihe Limited (a) | 350 | 156 |
| China Film Group Co., Ltd. - Class A | 18 | 36 |
| China First Heavy Industries - Class A (b) | 53 | 34 |
| China Galaxy Securities Co., Ltd. - Class A | 59 | 110 |
| China Galaxy Securities Co., Ltd. - Class H | 343 | 351 |
| China Gas Holdings Limited | 229 | 210 |
| China Gold International Resources Corp. Ltd. | 23 | 455 |
| China Hainan Rubber Industry Group Co., Ltd. - Class A | 33 | 30 |
| China Hongqiao Group Limited | 356 | 1609 |
| China Huishan Dairy Holdings Company Limited (b) (d) | 946 |  |
| China International Capital Corporation Limited - Class A | 17 | 81 |
| China International Capital Corporation Limited - Class H (a) | 145 | 323 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| China International Marine Containers (Group) Co., Ltd. - Class A | 30 | 47 |
| China International Marine Containers (Group) Co., Ltd. - Class H | 82 | 103 |
| China Jushi Co., Ltd. - Class A | 26 | 93 |
| China Life Insurance Company Limited - Class H | 708 | 2260 |
| China Literature Limited (a) (b) | 35 | 116 |
| China Longyuan Power Group Corporation Limited - Class H | 299 | 273 |
| China Medical System Holdings Limited | 108 | 185 |
| China Mengniu Dairy Company Limited | 286 | 633 |
| China Merchants Bank Co., Ltd. - Class A | 143 | 814 |
| China Merchants Bank Co., Ltd. - Class H | 359 | 2274 |
| China Merchants Energy Shipping Co., Ltd. - Class A | 62 | 146 |
| China Merchants Expressway Network & Technology Holdings Co., Ltd. - Class A | 43 | 61 |
| China Merchants Port Holdings Company Limited | 108 | 203 |
| China Merchants Securities Co., Ltd. - Class A | 46 | 104 |
| China Merchants Securities Co., Ltd. - Class H (a) | 53 | 90 |
| China Merchants Shekou Industrial Zone Holdings Co., Ltd. - Class A | 70 | 86 |
| China Minsheng Banking Corp., Ltd. - Class A | 226 | 124 |
| China Minsheng Banking Corp., Ltd. - Class H | 663 | 312 |
| China National Medicines Corporation Ltd. - Class A | 7 | 30 |
| China National Nuclear Power Co Ltd. - Class A | 144 | 190 |
| China National Software and Service Company Limited - Class A (b) | 8 | 40 |
| China Nonferrous Metals Company Limited | 140 | 211 |
| China Northern Rare Earth (Group) High-Tech Co., Ltd. - Class A | 26 | 182 |
| China Oilfield Services Limited - Class A | 23 | 52 |
| China Oilfield Services Limited - Class H | 170 | 196 |
| China Overseas Land & Investment Limited | 345 | 513 |
| China Pacific Insurance (Group) Co., Ltd. - Class A | 51 | 277 |
| China Pacific Insurance (Group) Co., Ltd. - Class H | 239 | 983 |
| China Petroleum & Chemical Corporation - Class A | 300 | 255 |
| China Petroleum & Chemical Corporation - Class H | 2076 | 1193 |
| China Power International Development Limited | 446 | 180 |
| China Railway Construction Group Co., Ltd. - Class A | 32 | 25 |
| China Railway Group Limited - Class A | 124 | 98 |
| China Railway Group Limited - Class H | 400 | 208 |
| China Railway Signal & Communication Corporation Limited - Class A | 85 | 70 |
| China Railway Signal & Communication Corporation Limited - Class H | 66 | 29 |
| China Rare Earth Resources and Technology Co., Ltd. - Class A (b) | 8 | 59 |
| China Resources Beverage (Holdings) Company Limited (c) | 39 | 44 |
| China Resources Gas Group Limited | 77 | 187 |
| China Resources Land Limited | 268 | 989 |
| China Resources Microelectronics Limited - Class A | 8 | 51 |
| China Resources Mixc Lifestyle Services Limited (a) | 59 | 358 |
| China Resources Pharmaceutical Group Limited (a) | 161 | 120 |
| China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. - Class A | 6 | 24 |
| China Securities Co., Ltd. - Class A | 22 | 70 |
| China Shenhua Energy Company Limited - Class A | 45 | 306 |
| China Shenhua Energy Company Limited - Class H | 317 | 1876 |
| China Southern Airlines Company Limited - Class A (b) | 130 | 107 |
| China Southern Airlines Company Limited - Class H (b) | 176 | 88 |
| China Southern Power Grid Energy Storage Co., Ltd. - Class A | 11 | 22 |
| China Suntien Green Energy Corporation Limited - Class A | 8 | 10 |
| China Suntien Green Energy Corporation Limited - Class H | 123 | 61 |
| China Taiping Insurance Holdings Company Limited | 131 | 346 |
| China Three Gorges New Energy (Group) Co., Ltd. - Class A | 178 | 110 |
| China Tourism Group Duty Free Corporation Limited - Class A | 15 | 152 |
| China Tourism Group Duty Free Corporation Limited - Class H (c) | 10 | 85 |
| China Tower Corporation Limited - Class H | 420 | 575 |
| China Vanke Co., Ltd. - Class A (b) | 75 | 44 |
| China Vanke Co., Ltd. - Class H (b) | 272 | 102 |
| China XD Electric Co., Ltd. - Class A | 46 | 101 |
| China Yangtze Power Co., Ltd. - Class A | 173 | 678 |
| China Zhenhua (Group) Science & Technology Co., Ltd. - Class A | 5 | 35 |
| China Zheshang Bank Co., Ltd. - Class A | 151 | 66 |
| China Zheshang Bank Co., Ltd. - Class H (a) | 291 | 92 |
| Chinatungsten High-Tech Materials Co., Ltd. - Class A | 15 | 109 |
| Chongqing Brewery Co., Ltd. - Class A | 5 | 43 |
| Chongqing Changan Automobile Company Limited - Class A | 52 | 75 |
| Chongqing Changan Automobile Company Limited - Class B | 102 | 53 |
| Chongqing Qianli Technology Co., Ltd. - Class A (b) | 33 | 48 |
| Chongqing Rural Commercial Bank Co., Ltd. - Class A | 60 | 61 |
| Chongqing Rural Commercial Bank Co., Ltd. - Class H | 207 | 179 |
| Chongqing Water Conservancy Investment (Group) Co., Ltd. - Class A | 11 | 7 |
| Chongqing Zongshen Power Machinery Co., Ltd. - Class A | 6 | 18 |
| CITIC Limited | 478 | 728 |
| CITIC Metal Co., Ltd. - Class A | 44 | 75 |
| CITIC Securities Company Limited - Class A | 87 | 306 |
| CITIC Securities Company Limited - Class H | 154 | 472 |
| CMOC Group Limited - Class A | 128 | 326 |
| CMOC Group Limited - Class H | 320 | 675 |
| CNOOC Energy Development Co., Ltd. - Class A | 52 | 34 |
| CNPC Capital Company Limited - Class A | 76 | 112 |
| COFCO Capital Holdings Co., Ltd. - Class A | 9 | 13 |
| COFCO Sugar Holding Co., Ltd. - Class A | 15 | 31 |
| Contemporary Amperex Technology Co., Limited - Class H (a) (c) | 12 | 979 |
| Copper Sub Corporation, Inc. - Class A | 29 | 37 |
| COSCO SHIPPING Development Co., Ltd. - Class A | 121 | 47 |
| COSCO SHIPPING Development Co., Ltd. - Class H | 270 | 39 |
| COSCO SHIPPING Energy Transportation Co., Ltd. - Class A | 35 | 113 |
| COSCO SHIPPING Energy Transportation Co., Ltd. - Class H (c) | 126 | 289 |
| COSCO SHIPPING Holdings Co., Ltd. - Class A | 95 | 207 |
| COSCO SHIPPING Holdings Co., Ltd. - Class H (c) | 211 | 402 |
| CSI Solar Co., Ltd. - Class A | 98 | 182 |
| CSPC Pharmaceutical Group Limited | 755 | 890 |
| Daqin Railway Co., Ltd. - Class A | 114 | 89 |
| DaShenLin Pharmaceutical Group Co., Ltd. - Class A | 8 | 21 |
| Datang International Power Generation Co., Ltd. - Class A | 46 | 26 |
| Datang International Power Generation Co., Ltd. - Class H | 388 | 125 |
| Delton Technology (Guangzhou) Inc. - Class A | 11 | 192 |
| DHC Software Co., Ltd. - Class A | 11 | 12 |
| Dong'e Ejiao Co., Ltd. - Class A | 6 | 46 |
| Dongfang Electric Co., Ltd. - Class A | 21 | 109 |
| Dongfang Electric Co., Ltd. - Class H (c) | 44 | 194 |
| Dongxing Securities Co., Ltd. - Class A | 31 | 56 |
| Eastern Air Logistics Co., Ltd. - Class A | 12 | 29 |
| Eastroc Beverage(Group) Co., Ltd. - Class A | 3 | 104 |
| Ecovacs Robotics Co., Ltd. - Class A | 4 | 39 |
| eDraco Travel Limited (a) | 130 | 300 |
| ENN Energy Holdings Limited | 70 | 569 |
| ENN Natural Gas Co., Ltd. - Class A | 14 | 45 |
| Everbright Securities Company Limited - Class A | 27 | 61 |
| EverDisplay Optronics (Shanghai) Co., Ltd. - Class A (b) | 104 | 34 |
| Far East Horizon Limited | 145 | 131 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| FAW Jiefang Group Co., Ltd. - Class A | 33 | 32 |
| Flat Glass Group Co., Ltd. - Class A | 12 | 25 |
| Flat Glass Group Co., Ltd. - Class H (b) | 51 | 56 |
| Foshan Haitian Flavouring & Food Co., Ltd. - Class A | 39 | 229 |
| Fosun International Limited | 172 | 91 |
| Founder Securities Co., Ltd. - Class A | 43 | 42 |
| Founder Technology Group Co., Ltd. - Class A (b) | 29 | 42 |
| Foxconn Industrial Internet Co., Ltd. - Class A | 79 | 607 |
| Fujian Sunner Development Co., Ltd. - Class A | 14 | 35 |
| Full Truck Alliance Co. Ltd. - Class A - ADR | 74 | 614 |
| Fuyao Glass Industry Group Co., Ltd. - Class A | 11 | 90 |
| Fuyao Glass Industry Group Co., Ltd. - Class H (a) | 58 | 435 |
| Fuzhou Tianyu Electric Co., Ltd. - Class A (b) | 45 | 31 |
| Galaxycore Inc. - Class A | 15 | 28 |
| Gan & Lee Pharmaceuticals - Class A | 4 | 36 |
| Ganfeng Lithium Group Co., Ltd. - Class A | 14 | 160 |
| Ganfeng Lithium Group Co., Ltd. - Class H (a) | 42 | 402 |
| GCL Technology Holdings Limited (b) | 2550 | 284 |
| GD Power Development Co., Ltd. - Class A | 113 | 79 |
| GDS Holdings Ltd. - Class A (b) (e) | 90 | 467 |
| Geely Automobile Holdings Limited | 583 | 1578 |
| GEM Co., Ltd. - Class A | 46 | 53 |
| GenScript Biotech Corporation (b) (c) | 106 | 151 |
| GF Securities Co., Ltd. - Class A | 40 | 105 |
| GF Securities Co., Ltd. - Class H | 85 | 159 |
| Giant Biogene Holding Co Ltd. (c) | 48 | 171 |
| Giant Network Group Co., Ltd. - Class A | 13 | 60 |
| GigaDevice Semiconductor Inc. - Class A | 5 | 172 |
| Glodon Company Limited - Class A | 8 | 14 |
| Goertek Inc. - Class A | 21 | 70 |
| Goldwind Science & Technology Co., Ltd. - Class A | 25 | 97 |
| Goldwind Science & Technology Co., Ltd. - Class H | 66 | 123 |
| Gongniu Group Co., Ltd. - Class A | 5 | 31 |
| Great Wall Motor Company Limited - Class A | 18 | 53 |
| Great Wall Motor Company Limited - Class H | 235 | 372 |
| Greatwall Securities Co., Ltd. Beijing Haiying Road Stock Exchange - Class A | 31 | 40 |
| Gree Electric Appliances, Inc. of Zhuhai - Class A | 33 | 183 |
| Greenland Holding Group Co., Ltd. - Class A (b) | 99 | 22 |
| Guangdong Electric Power Development Co., Ltd. - Class A | 34 | 29 |
| Guangdong Haid Group Co., Ltd. - Class A | 14 | 104 |
| Guangdong HEC Technology Holding Co., Ltd. - Class A (b) | 19 | 86 |
| Guangxi Guiguan Electric Power Co., Ltd. - Class A | 17 | 23 |
| Guangzhou Automobile Group Co., Ltd. - Class A | 29 | 31 |
| Guangzhou Automobile Group Co., Ltd. - Class H (c) | 254 | 99 |
| Guangzhou Baiyun International Airport Xianglong Restaurant - Class A | 21 | 27 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class A | 5 | 18 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class H | 20 | 43 |
| Guangzhou Development Group Incorporated - Class A | 25 | 25 |
| Guangzhou Haige Communications Group Incorporated Company - Class A | 20 | 45 |
| Guangzhou Port Co., Ltd. - Class A | 18 | 9 |
| Guangzhou Shiyuan Electronic Technology Co., Ltd. - Class A | 7 | 34 |
| Guangzhou Tinci Materials Technology Co., Ltd. - Class A | 13 | 89 |
| Guangzhou Yuexiu Capital Holdings Group Co., Ltd. - Class A | 40 | 49 |
| Guming Holdings Limited | 58 | 203 |
| Guobo Electronics Co., Ltd. - Class A | 10 | 166 |
| Guolian Minsheng Securities Company Limited - Class A | 20 | 26 |
| Guosen Securities Co., Ltd. - Class A | 65 | 107 |
| Guotai Haitong Financial Holdings Limited - Class A | 103 | 248 |
| Guotai Haitong Financial Holdings Limited - Class H (a) | 245 | 421 |
| Guoxuan High-Tech Co., Ltd. - Class A | 14 | 71 |
| H World Group Limited | 157 | 794 |
| Haidilao International Holding Ltd. (a) (c) | 130 | 239 |
| Haier Smart Home Co., Ltd. - Class A | 40 | 125 |
| Haier Smart Home Co., Ltd. - Class H | 225 | 602 |
| Hainan Airport Infrastructure Co., Ltd - Class A | 91 | 48 |
| Haisco Pharmaceutical Group Co., Ltd. - Class A | 7 | 52 |
| Haitian International Holdings Limited | 93 | 241 |
| Hangzhou Bank Co., Ltd. - Class A | 40 | 96 |
| Hangzhou Binjiang Real Estate Group Co., Ltd. - Class A | 30 | 43 |
| Hangzhou First Applied Material Co., Ltd. - Class A | 12 | 31 |
| Hangzhou Lion Microelectronics Co., Ltd. - Class A (b) | 6 | 28 |
| Hangzhou Oxygen Plant Group Co., Ltd. - Class A | 8 | 32 |
| Hangzhou Silan Microelectronics Co., Ltd. - Class A | 14 | 51 |
| Han's Laser Technology Industry Group Co., Ltd. - Class A | 11 | 97 |
| Hansoh Pharmaceutical Group Company Limited (a) | 106 | 483 |
| Haohua Chemical Science & Technology Corp., Ltd. - Class A | 7 | 31 |
| Harris County School District - Class A | 303 | 222 |
| Hebei Sinopack Electronic Technology Co., Ltd. - Class A | 2 | 23 |
| Hebei Yangyuan Zhihui Beverage Co., Ltd. - Class A | 11 | 48 |
| Hedy Holding Co., Ltd. - Class A | 105 | 100 |
| Heilongjiang Agriculture Company Limited - Class A | 17 | 41 |
| Henan Shenhuo Coal & Power Co., Ltd. - Class A | 21 | 93 |
| Henan Shuanghui Investment & Development Co., Ltd. - Class A | 21 | 86 |
| Hengan International Group Company Limited | 59 | 209 |
| Hengdian Group DMEGC Magnetics Co., Ltd. - Class A | 15 | 40 |
| Hengli Petrochemical (Dalian) Co., Ltd. - Class A | 42 | 132 |
| Hengsheng Chemical Industry Co., Ltd. - Class A | 11 | 60 |
| Hengtong Optic-Electric Co., Ltd. - Class A | 19 | 145 |
| Hengyi Petrochemical Co. Ltd. - Class A | 39 | 68 |
| Himile Mechanical Science And Technology (Shandong) Co., Ltd. - Class A | 5 | 58 |
| Hisense (Guangdong) Kitchen & Bath System Co., Ltd. - Class A | 1 | 2 |
| Hisense (Guangdong) Kitchen & Bath System Co., Ltd. - Class H | 33 | 84 |
| Hisense Visual Technology Co., Ltd. - Class A | 13 | 41 |
| HLA Group Corp., Ltd. - Class A | 35 | 34 |
| Hongta Securities Co., Ltd. - Class A | 25 | 28 |
| Horizon Robotics (b) (c) | 727 | 626 |
| Hoshizaki Corporation - Class A | 6 | 34 |
| Hua Hong Semiconductor Limited (a) (b) | 63 | 639 |
| Hua Xia Bank Co., Limited - Class A | 106 | 112 |
| Huaan Securities Co., Ltd. - Class A | 34 | 27 |
| Huadian Power International Corporation Limited - Class A | 86 | 59 |
| Huadian Power International Corporation Limited - Class H | 108 | 56 |
| Huadong Medicine Co., Ltd. - Class A | 9 | 45 |
| Huafon Chemical Co., Ltd. - Class A | 27 | 41 |
| Huagong Tech Company Limited - Class A | 6 | 88 |
| Huaibei Mining Co., Ltd. - Class A | 21 | 41 |
| Hualan Bioengineering Co., Ltd. - Class A | 2 | 5 |
| Huaneng Power International, Inc. - Class A | 97 | 99 |
| Huaneng Power International, Inc. - Class H | 344 | 260 |
| Huaqin Technology Co., Ltd. - Class A | 22 | 260 |
| Huatai Securities Co., Ltd. - Class A | 49 | 128 |
| Huatai Securities Co., Ltd. - Class H (a) | 120 | 228 |
| Huaxi Securities Co., Ltd. - Class A | 29 | 35 |
| Huaxin Building Materials Group Co., Ltd. - Class A | 15 | 46 |
| Huayu Automotive Systems Co., Ltd. - Class A | 14 | 39 |
| Hubei Energy Group Co., Ltd. - Class A | 52 | 36 |
| Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A | 9 | 34 |
| Hubei Xingfa Chemicals Group Co., Ltd. - Class A | 13 | 63 |
| Huizhou Desay SV Automotive Co., Ltd. - Class A | 6 | 84 |
| Hunan Valin Steel Co., Ltd. - Class A | 59 | 44 |
| Hundsun Technologies Inc. - Class A | 9 | 32 |
| Hwatsing Technology Co., Ltd. - Class A | 9 | 235 |
| Hygon Information Technology Co., Ltd. - Class A | 17 | 514 |
| Hytera Communications Corporation Limited - Class A (b) | 9 | 13 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| iFlytek Co., Ltd. - Class A | 17 | 118 |
| Industrial and Commercial Bank of China Limited - Class A | 814 | 898 |
| Industrial and Commercial Bank of China Limited - Class H | 7127 | 6274 |
| Industrial Bank Co., Ltd. - Class A | 148 | 404 |
| Industrial Securities Co., Ltd. - Class A | 90 | 77 |
| Inner Mongolia Baotou Steel Union Co., Ltd. - Class A | 306 | 112 |
| Inner Mongolia Dian Tou Energy Corporation Limited - Class A | 10 | 44 |
| Inner Mongolia Eerduosi Resources Co., Ltd. - Class A | 14 | 30 |
| Inner Mongolia Eerduosi Resources Co., Ltd. - Class B | 12 | 15 |
| Inner Mongolia Junzheng Energy & Chemical Group Co., Ltd. - Class A | 40 | 32 |
| Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. - Class A | 58 | 43 |
| Inner Mongolia Xingye Silver&Tin Mining Co., Ltd. - Class A | 12 | 71 |
| Inner Mongolia Yili Industrial Group Co., Ltd. - Class A | 47 | 178 |
| Inner Mongolia Yitai Coal Co., Ltd. - Class B | 81 | 173 |
| Innovent Biologics, Inc. - Class B (a) (b) | 135 | 1495 |
| Inspur Electronic Information Industry Co., Ltd. - Class A | 12 | 96 |
| iRay Technology Company Limited - Class A | 2 | 29 |
| J&T Global Express Limited (b) | 595 | 770 |
| JA Solar Technology Co., Ltd. - Class A (b) | 22 | 35 |
| Jason Furniture (Hangzhou) Co., Ltd. - Class A | 7 | 35 |
| JCET Group Co., Ltd. - Class A | 17 | 98 |
| JCHX Mining Management Co., Ltd. - Class A | 6 | 47 |
| JD Health International Inc. (a) (b) | 98 | 599 |
| JD Logistics, Inc. (b) | 206 | 364 |
| JD.com, Inc. - Class A | 242 | 3552 |
| Jiage Haoyou (Guangzhou) Co., Ltd. (e) | 46 | 184 |
| Jiangsu Eastern Shenghong Co., Ltd. - Class A (b) | 46 | 71 |
| Jiangsu Expressway Company Limited - Class A | 2 | 4 |
| Jiangsu Expressway Company Limited - Class H | 129 | 166 |
| Jiangsu Financial Leasing Co., Ltd. - Class A | 32 | 31 |
| Jiangsu Guoxin Corp., Ltd. - Class A | 16 | 19 |
| Jiangsu Hengli Hydraulic Technology Co., Ltd. - Class A | 11 | 151 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class A | 44 | 357 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class H (c) | 27 | 221 |
| Jiangsu King'S Luck Brewery Joint-Stock Co., Ltd. - Class A | 8 | 32 |
| Jiangsu NHWA Pharmaceutical Co., Ltd. - Class A | 10 | 31 |
| Jiangsu Pacific Quartz Co., Ltd. - Class A | 5 | 32 |
| Jiangsu Phoenix Publishing & Media Corporation Limited - Class A | 22 | 31 |
| Jiangsu Xinquan Auto Trim Co., Ltd. - Class A | 5 | 43 |
| Jiangsu Yanghe Distillery Co., Ltd. - Class A | 7 | 51 |
| Jiangsu Yangnong Chemical Co., Ltd. - Class A | 3 | 30 |
| Jiangsu Yoke Technology Co., Ltd. - Class A | 5 | 53 |
| Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. - Class A | 2 | 11 |
| Jiangsu Zhongtian Technology Co., Ltd. - Class A | 28 | 123 |
| Jiangxi Copper Company Limited - Class A | 12 | 78 |
| Jiangxi Copper Company Limited - Class H | 94 | 420 |
| Jinduicheng Molybdenum Group Co., Ltd. - Class A | 27 | 74 |
| Jinko Solar Co., Ltd. - Class A (b) | 66 | 63 |
| Jinneng Holding Shanxi Coal Industry Co., Ltd. - Class A | 13 | 32 |
| Jointown Pharmaceutical Group Co., Ltd. - Class A | 53 | 41 |
| Juneyao Airlines Co., Ltd. - Class A | 20 | 34 |
| Kanzhun Limited | 57 | 383 |
| KE Holdings Inc. | 178 | 874 |
| Keboda Technology Co., Ltd. - Class A | 1 | 11 |
| Kingdee International Software Group Company Limited (b) | 249 | 276 |
| Kingfa Sci. & Tech. Co., Ltd. - Class A | 18 | 44 |
| Kingnet Network Co., Ltd. - Class A | 23 | 59 |
| Kingsoft Corp Ltd. | 87 | 251 |
| Kuaishou Technology (a) | 266 | 1573 |
| Kuang-Chi Technologies Co., Ltd. - Class A | 17 | 95 |
| Kunlun Energy Company Limited | 364 | 332 |
| Kweichow Moutai Co., Ltd. - Class A | 9 | 1851 |
| Laopu Gold Co., Ltd. - Class H (a) (c) | 5 | 362 |
| LB Group Co., Ltd. - Class A | 22 | 54 |
| Lenovo Group Limited | 581 | 688 |
| Levima Advanced Materials Corporation - Class A | 9 | 27 |
| Li Auto Inc. - Class A (b) (c) | 102 | 895 |
| Li Ning Company Limited | 223 | 619 |
| Liaoning Port Co., Ltd. - Class A | 185 | 44 |
| Lingyi Itech (Guangdong) Company - Class A | 62 | 118 |
| Livzon Pharmaceutical Group Inc. - Class A | 3 | 14 |
| Livzon Pharmaceutical Group Inc. - Class H | 11 | 37 |
| Longfor Group Holdings Limited | 181 | 176 |
| LONGi Green Energy Technology Co., Ltd. - Class A (b) | 59 | 150 |
| Loongson Technology Corporation Limited - Class A (b) | 3 | 58 |
| Luxshare Precision Industry (Kunshan) Co., Ltd. - Class A | 50 | 367 |
| Luzhou Lao Jiao Vintage Co., Ltd. - Class A | 11 | 161 |
| Mao Geping Cosmetics Co., Ltd. - Class H (c) | 34 | 325 |
| Meinian Onehealth Healthcare Holdings Co., Ltd. - Class A | 42 | 35 |
| Meituan - Class B (a) (b) | 504 | 5428 |
| Metallurgical Corporation of China Ltd. - Class A | 127 | 56 |
| Metallurgical Corporation of China Ltd. - Class H | 215 | 45 |
| Midea Group Co., Ltd. - Class A | 47 | 521 |
| Midea Group Co., Ltd. - Class H (a) | 43 | 469 |
| Mingyang Smart Energy Group Co., Ltd. - Class A | 23 | 57 |
| Minmetals Capital Company Limited - Class A | 40 | 31 |
| MIXUE Group - Class H (b) (c) | 5 | 188 |
| Montage Technology Co., Ltd. - Class A | 8 | 144 |
| Muyuan Foods Co., Ltd. - Class A | 36 | 215 |
| Nangfang Science City Development Co., Ltd. - Class A | 26 | 112 |
| Nanjing Iron and Steel Co., Ltd. - Class A | 37 | 29 |
| Nanjing Securities Co., Ltd. - Class A | 23 | 25 |
| NARI Technology Co., Ltd. - Class A | 49 | 187 |
| National Silicon Industry Group Co., Ltd. - Class A (b) | 21 | 51 |
| Naura Technology Group Co., Ltd. - Class A | 5 | 335 |
| NetEase Cloud Music Inc. (b) | 5 | 90 |
| NetEase, Inc. | 164 | 3641 |
| New China Life Insurance Company Ltd. - Class A | 15 | 134 |
| New China Life Insurance Company Ltd. - Class H | 92 | 548 |
| New Hope Liuhe Co., Ltd. - Class A | 17 | 20 |
| New Oriental Education & Technology Group Inc. (a) | 137 | 775 |
| Nexchip Semiconductor Corporation - Class A (b) | 54 | 210 |
| Ninestar Corporation - Class A (b) | 12 | 29 |
| Ningbo Deye Technology Co., Ltd. - Class A | 7 | 129 |
| Ningbo Joyson Electronic Corp. - Class A | 10 | 36 |
| Ningbo Orient Wires & Cables Co., Ltd. - Class A | 9 | 75 |
| Ningbo Sanxing Medical Electric Co., Ltd. - Class A | 9 | 35 |
| Ningbo Tuopu Group Co., Ltd. - Class A | 12 | 102 |
| Ningbo Zhoushan Port Group - Class A | 120 | 71 |
| Ningxia Baofeng Energy Group Co., Ltd. - Class A | 45 | 188 |
| NIO, Inc. - Class A (b) | 162 | 955 |
| Nongfu Spring Co., Ltd. - Class H (a) | 167 | 1007 |
| Offshore Oil Engineering Co., Ltd. - Class A | 38 | 36 |
| OFILM Group Co., Ltd. - Class A (b) | 20 | 25 |
| OmniVision Integrated Circuits Group, Inc. - Class A | 8 | 116 |
| Oppein Home Group Inc. - Class A | 5 | 38 |
| Orient Securities Company Limited - Class A | 36 | 47 |
| Orient Securities Company Limited - Class H (a) | 89 | 62 |
| Oriental Pearl Group Co., Ltd. - Class A | 33 | 46 |
| Pangang Group Steel Vanadium & Titanium Co., Ltd. - Class A (b) | 74 | 36 |
| PDD Holdings Inc. - ADR (b) | 72 | 7318 |
| People.cn Co., Ltd. - Class A | 9 | 24 |
| People's Insurance Company (Group) of China Limited, The - Class H | 784 | 545 |
| Perfect World Co., Ltd. - Class A | 22 | 57 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PetroChina Company Limited - Class H | 1997 | 2745 |
| PICC Property and Casualty Company Limited - Class H | 611 | 1127 |
| Ping An Bank Co., Ltd. - Class A | 143 | 231 |
| Ping An Insurance (Group) Company of China, Ltd. - Class A | 77 | 633 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 585 | 4521 |
| Pingdingshan Tianan Coal Mining Co., Ltd. - Class A | 15 | 17 |
| Piotech, Inc. - Class A | 2 | 98 |
| Poly Developments and Holdings Group Co., Ltd. - Class A | 96 | 81 |
| Pop Mart International Group Limited (a) (c) | 61 | 1131 |
| Postal Savings Bank of China Co., Ltd. - Class H (a) | 798 | 502 |
| Power Construction Corporation of China - Class A | 116 | 97 |
| Proya Cosmetics Co., Ltd. - Class A | 4 | 31 |
| Qi An Xin Technology Group Inc. - Class A (b) | 6 | 28 |
| Qingdao Port International Co., Ltd. - Class A | 8 | 10 |
| Qingdao Port International Co., Ltd. - Class H (a) | 71 | 62 |
| Qinghai Salt Lake Industry Co., Ltd - Class A (b) | 34 | 184 |
| QuantuMcTek Co., Ltd. - Class A | 1 | 63 |
| Quzhou Xin'an Development Co., Ltd. - Class A (b) | 64 | 29 |
| Radio And Television Yuntong Group Co., Ltd. - Class A | 25 | 42 |
| RemeGen Co., Ltd. - Class H (a) (b) | 16 | 199 |
| Rockchip Electronics Co., Ltd. - Class A | 4 | 87 |
| Rongsheng Petrochemical Co., Ltd. - Class A | 57 | 100 |
| S.F. Holding Co., Ltd. - Class A | 35 | 194 |
| S.F. Holding Co., Ltd. - Class H | 7 | 32 |
| SAIC Motor Corporation Limited - Class A | 58 | 124 |
| Sailun Group Co., Ltd. - Class A | 26 | 48 |
| San'an Optoelectronics Co., Ltd - Class A | 48 | 82 |
| SANY Heavy Industry Co., Ltd. - Class A | 57 | 159 |
| Satellite Chemical Co., Ltd. - Class A | 30 | 121 |
| SDIC Capital Co., Ltd. - Class A | 53 | 54 |
| SDIC Power Holdings Co., Ltd. - Class A | 51 | 104 |
| Seazen Holdings Co., Ltd. - Class A (b) | 23 | 47 |
| SeeWay.ai Co., Ltd. - Class A (b) | 19 | 26 |
| Semiconductor Manufacturing Electronics (Shaoxing) Corporation. - Class A (b) | 223 | 207 |
| Seres Co., Ltd. - Class A | 13 | 177 |
| Shaanxi Coal Industry Company Limited - Class A | 72 | 265 |
| Shaanxi Energy Investment Co., Ltd. - Class A | 67 | 105 |
| Shandong Gold Group Co., Ltd. - Class A | 20 | 120 |
| Shandong Gold Group Co., Ltd. - Class H (a) | 71 | 298 |
| Shandong Hi-Speed Group Co., Ltd. - Class A | 19 | 29 |
| Shandong Linglong Tyre Co., Ltd. - Class A | 14 | 28 |
| Shandong Nanshan Aluminium Co., Ltd. - Class A | 90 | 81 |
| Shandong Sun Paper Co., Ltd. - Class A | 22 | 48 |
| Shandong Weigao Group Medical Polymer Company Limited - Class H | 210 | 101 |
| Shanghai Aiko Solar Energy Co., Ltd. - Class A (b) | 13 | 26 |
| Shanghai Allist Pharmaceuticals Co., Ltd. - Class A | 3 | 42 |
| Shanghai Bairun Investment Holding Group Co., Ltd. - Class A | 10 | 23 |
| Shanghai Baosight Software Co., Ltd. - Class A | 15 | 52 |
| Shanghai Baosight Software Co., Ltd. - Class B | 58 | 60 |
| Shanghai BOCHU Electronic Technology Corporation Limited. - Class A | 2 | 41 |
| Shanghai Electric Group Company Limited - Class A | 89 | 103 |
| Shanghai Electric Group Company Limited - Class H | 222 | 106 |
| Shanghai Electric Power Co., Ltd. - Class A | 24 | 63 |
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class A | 10 | 37 |
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class H | 47 | 120 |
| Shanghai Fudan Microelectronics Group Co., Ltd. - Class A | 5 | 50 |
| Shanghai Fudan Microelectronics Group Co., Ltd. - Class H (c) | 21 | 105 |
| Shanghai International Airport Co., Ltd. - Class A | 16 | 65 |
| Shanghai International Port(Group) Co., Ltd. - Class A | 34 | 25 |
| Shanghai Jiangong Tufang Construction Co., Ltd. - Class A | 108 | 43 |
| Shanghai Jin Jiang International Hotels Co., Ltd. - Class A | 10 | 39 |
| Shanghai Junshi Biosciences Co., Limited - Class A (b) | 6 | 31 |
| Shanghai Junshi Biosciences Co., Limited - Class H (a) (b) (c) | 14 | 41 |
| Shanghai Lingang Holdings Co., Ltd. - Class A | 18 | 26 |
| Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class A | 19 | 21 |
| Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class B | 116 | 47 |
| Shanghai M&G Stationery Inc - Class A | 10 | 36 |
| Shanghai Moons' Electric Co., Ltd. - Class A | 3 | 21 |
| Shanghai Pharmaceuticals Holding Co., Ltd. - Class A | 15 | 38 |
| Shanghai Pharmaceuticals Holding Co., Ltd. - Class H | 55 | 82 |
| Shanghai Pudong Development Bank Co., Ltd. - Class A | 227 | 334 |
| Shanghai Putailai New Energy Technology Group Co., Ltd. - Class A | 8 | 38 |
| Shanghai RAAS blood products co., Ltd. - Class A | 67 | 57 |
| Shanghai Rural Commercial Bank Co., Ltd. - Class A | 90 | 118 |
| Shanghai United Imaging Healthcare Co., Ltd. - Class A | 5 | 88 |
| Shanghai Wingtech Electronics Technology Co., Ltd. - Class A (b) | 10 | 46 |
| Shanghai Yto Express Co., Ltd. Dalian Branch - Class A | 14 | 42 |
| Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. - Class A | 41 | 27 |
| Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. - Class A | 10 | 50 |
| Shanxi Coal International Energy Group Co., Ltd. - Class A | 18 | 28 |
| Shanxi Coking Coal Energy Group Co., Ltd. - Class A | 44 | 43 |
| Shanxi Lu'an Environmental Energy Dev.Co., Ltd. - Class A | 20 | 39 |
| Shanxi Xinghuacun Fenjiu Group., Ltd. - Class A | 8 | 163 |
| Shede Spirits Co., Ltd. - Class A | 3 | 20 |
| Shenergy Company Limited - Class A | 43 | 55 |
| Shengyi Electronics Co., Ltd. - Class A (b) | 6 | 69 |
| Shengyi Technology Co., Ltd. - Class A | 16 | 125 |
| Shennan Circuits Co., Ltd. - Class A | 5 | 147 |
| Shenwan Hongyuan Group Co., Ltd. - Class A | 154 | 105 |
| Shenwan Hongyuan Group Co., Ltd. - Class H (a) | 184 | 64 |
| Shenzhen Energy Group Co., Ltd. - Class A | 34 | 34 |
| Shenzhen Envicool Technology Co., Ltd. - Class A | 6 | 79 |
| Shenzhen Goodix Technology Co., Ltd. - Class A | 4 | 38 |
| Shenzhen Huaqiang Information Industry Co., Ltd. - Class A | 5 | 17 |
| Shenzhen Jingwang Electronics Co., Ltd. - Class A | 7 | 54 |
| Shenzhen Kaifa Technology Co., Ltd. - Class A | 5 | 17 |
| Shenzhen Kedali Industry Co.Limited - Class A | 2 | 58 |
| Shenzhen Salubris Pharmaceuticals Co., Ltd. - Class A | 9 | 77 |
| Shenzhen SED Industry Co., Ltd. - Class A | 12 | 30 |
| Shenzhen Techwinsemi Technology Co., Ltd - Class A | 2 | 84 |
| Shenzhen Transsion Holdings Co., Ltd. - Class A | 9 | 70 |
| Shenzhou International Group Holdings Limited | 72 | 438 |
| Shijiazhuang Changshan Beiming Technology Co., Ltd. - Class A (b) | 8 | 21 |
| Shijiazhuang Yiling Pharmaceutical Co., Ltd. - Class A | 18 | 43 |
| SICC Co., Ltd. - Class A (b) | 3 | 36 |
| Sichuan Biokin Pharmaceutical Co., Ltd. - Class A (b) | 6 | 227 |
| Sichuan Changhong Electric Co., Ltd. - Class A | 41 | 52 |
| Sichuan Chuantou Energy Co,.Ltd. - Class A | 27 | 57 |
| Sichuan Huafeng Technology Co., Ltd. - Class A (b) | 12 | 184 |
| Sichuan Kelun Pharmaceutical Co., Ltd. - Class A | 10 | 50 |
| Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. - Class H (b) | 3 | 172 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sichuan New Energy Power Company Limited - Class A | 17 | 39 |
| Sichuan Road & Bridge (Group) Co., Ltd. - Class A | 44 | 65 |
| Sieyuan Electric Co., Ltd. - Class A | 5 | 159 |
| Sinolink Securities Co., Ltd. - Class A | 23 | 28 |
| Sinoma International Engineering Co., Ltd. - Class A | 25 | 37 |
| Sinoma Science & Technology Co., Ltd. - Class A | 14 | 83 |
| Sinomach Heavy Equipment Group Co., Ltd. - Class A (b) | 48 | 31 |
| Sinomine Resource Group Co., Ltd. - Class A | 6 | 61 |
| Sinopec Oilfield Service Corporation - Class A (b) | 123 | 50 |
| Sinopec Shanghai Petrochemical Company Limited - Class A | 40 | 17 |
| Sinopec Shanghai Petrochemical Company Limited - Class H | 390 | 61 |
| Sinopharm Group Co. Ltd. - Class H | 124 | 322 |
| Sinotrans Limited - Class A | 51 | 45 |
| Sinotrans Limited - Class H | 189 | 114 |
| Sinotruk (Hong Kong) Limited | 55 | 273 |
| SKSHU Paint Co., Ltd. - Class A | 6 | 48 |
| Skyverse Technology Co., Ltd. - Class A (b) | 9 | 206 |
| Smoore International Holdings Limited (a) (c) | 190 | 216 |
| Soochow Securities Company Limited - Class A | 55 | 63 |
| Southwest Securities Co., Ltd. - Class A | 13 | 8 |
| SPIC Industry-Finance Holdings Co., Ltd. - Class A | 82 | 74 |
| Spring Airlines Co., Ltd. - Class A | 3 | 19 |
| Starpower Semiconductor Ltd. - Class A | 2 | 35 |
| State Grid Yingda Co., Ltd. - Class A | 39 | 36 |
| Sunny Optical Technology (Group) Company Limited | 68 | 470 |
| Sunshine City Group Co., Ltd. - Class A | 31 | 30 |
| Sunshine Guojian Pharmaceutical (Shanghai) Co., Ltd. - Class A | 8 | 93 |
| Suzhou Centec Communications Co Ltd. - Class A (b) | 8 | 208 |
| Suzhou Dongshan Precision Manufacturing Co., Ltd. - Class A | 12 | 189 |
| TAL Education Group - Class A - ADR (b) | 39 | 447 |
| Talkweb Information System Co., Ltd. - Class A (b) | 10 | 49 |
| Tasly Pharmaceutical Group Co., Ltd. - Class A | 13 | 27 |
| TBEA Co., Ltd. - Class A | 39 | 150 |
| TCL Technology Group Corporation - Class A | 164 | 102 |
| TCL Zhonghuan Renewable Energy Technology Co., Ltd. - Class A (b) | 36 | 46 |
| Tencent Holdings Limited | 576 | 36265 |
| Tencent Music Entertainment Group | 106 | 508 |
| The Pacific Securities Co., Ltd. - Class A (b) | 46 | 25 |
| Tianfeng Securities Co., Ltd. - Class A (b) | 58 | 31 |
| Tianjin Zhongxin Pharmaceutical Group Co., Ltd. | 20 | 63 |
| Tianjin Zhongxin Pharmaceutical Group Co., Ltd. - Class A | 6 | 36 |
| Tianma Microelectronics Co., Ltd. - Class A (b) | 28 | 33 |
| Tianneng Battery Group Co., Ltd. - Class A | 4 | 17 |
| Tianqi Lithium Industry Co., Ltd. - Class A (b) | 6 | 48 |
| Tianqi Lithium Industry Co., Ltd. - Class H (b) (c) | 13 | 80 |
| Tianshan Aluminum Group Co., Ltd. - Class A | 37 | 97 |
| Tianshan Material Co., Ltd. - Class A (b) | 30 | 22 |
| Tianshui Huatian Technology Co., Ltd. - Class A | 30 | 52 |
| Tingyi (Cayman Islands) Holding Corp. | 171 | 284 |
| Tongfu Microelectronics Co., Ltd. - Class A | 12 | 73 |
| Tongkun Group Co., Ltd. - Class A | 16 | 42 |
| Tongling Nonferrous Metals Group Co., Ltd. - Class A | 85 | 73 |
| Tongwei Co., Ltd. - Class A (b) | 32 | 77 |
| Trina Solar Co., Ltd. - Class A (b) | 15 | 36 |
| Trip.com Group Limited | 54 | 2675 |
| Tsinghua Tongfang Co., Ltd. - Class A (b) | 32 | 37 |
| Tsingtao Brewery Co., Ltd. - Class A | 5 | 48 |
| Tsingtao Brewery Co., Ltd. - Class H | 58 | 361 |
| Ubtech Robotics Corp Ltd. - Class H (b) (c) | 20 | 228 |
| Unigroup Guoxin Microelectronics Co., Ltd. - Class A | 5 | 49 |
| Uni-President China Holdings Ltd. (c) | 105 | 106 |
| Unisplendour Corporation Limited - Class A | 14 | 51 |
| Universal Scientific Industrial (Shanghai) Co., Ltd. - Class A | 17 | 81 |
| Verisilicon Microelectronics (Shanghai) Co., Ltd. - Class A (b) | 4 | 109 |
| Vipshop (China) Co., Ltd. - ADR | 30 | 469 |
| Wanda Film Holding Co., Ltd. - Class A (b) | 19 | 28 |
| Wanhua Chemical Group Co., Ltd. - Class A | 23 | 261 |
| Want Want China Holdings Limited | 393 | 232 |
| Weichai Power Co., Ltd. - Class A | 48 | 172 |
| Weichai Power Co., Ltd. - Class H | 179 | 632 |
| Western Mining Co., Ltd. - Class A | 23 | 85 |
| Western Securities Co., Ltd. - Class A | 16 | 17 |
| Western Superconducting Technologies Co., Ltd. - Class A | 6 | 67 |
| Wintime Energy Co., Ltd. - Class A (b) | 143 | 38 |
| Wolong Electric Group Co., Ltd. - Class A | 11 | 57 |
| Wuchan Zhongda Group Co., Ltd. - Class A | 44 | 33 |
| Wuhan Dameng Database Co., Ltd. - Class A | 4 | 116 |
| Wuhan Guide Infrared Co., Ltd. - Class A (b) | 37 | 68 |
| Wuliangye Yibin Co., Ltd. - Class A | 26 | 388 |
| WUS Printed Circuit (Kunshan) Co., Ltd. - Class A | 16 | 183 |
| WuXi AppTec Co., Ltd. - Class A | 19 | 279 |
| WuXi AppTec Co., Ltd. - Class H (a) | 36 | 557 |
| Wuzhou Minovo Co., Ltd. - Class A | 20 | 34 |
| XCMG Construction Machinery Co., Ltd. - Class A | 77 | 113 |
| Xiamen Amoytop Biotech Co., Ltd. - Class A | 3 | 29 |
| Xiamen C&D Inc. - Class A | 28 | 36 |
| Xiamen Faratronic Co., Ltd. - Class A | 2 | 33 |
| Xiamen Tungsten Co., Ltd. - Class A | 12 | 101 |
| Xiaomi Corporation (a) (b) | 1587 | 6540 |
| Xinjiang Daqo New Energy Co. Ltd. - Class A (b) | 15 | 46 |
| Xinyi Solar Holdings Limited | 492 | 185 |
| XPeng Inc. - Class A (b) | 118 | 1004 |
| XtalPi Holdings Limited (b) (c) | 204 | 239 |
| Yadea Group Holdings Ltd. (a) | 108 | 183 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 258 | 768 |
| Yankuang Energy Group Company Limited - Class A | 28 | 78 |
| Yankuang Energy Group Company Limited - Class H | 307 | 572 |
| Yantai Jereh Oilfield Service Group Co., Ltd. - Class A | 8 | 114 |
| Yifeng Pharmacy Chain Co., Ltd. - Class A | 1 | 3 |
| Yongan Futures Co., Ltd. - Class A | 5 | 10 |
| Yonghui Superstores Co., Limited - Class A (b) | 67 | 36 |
| Youngor Group Co., Ltd. - Class A | 12 | 13 |
| Yuanjie Semiconductor Technology Co., Ltd. - Class A | 2 | 358 |
| Yum China Holdings, Inc. | 33 | 1605 |
| YUNDA Holding Group Co., Ltd. - Class A | 29 | 28 |
| Yunnan Aluminium Co,Ltd. - Class A | 26 | 118 |
| Yunnan Baiyao Industrial Co., Ltd. - Class A | 9 | 70 |
| Yunnan Chihong Zinc And Germanium Co., Ltd. - Class A | 44 | 50 |
| Yunnan Energy New Material Co., Ltd. - Class A (b) | 10 | 97 |
| Yunnan Yuntianhua Co., Ltd. - Class A | 16 | 79 |
| Yutong Bus Co., Ltd. - Class A | 19 | 100 |
| Zangge Mining Company Limited - Class A | 10 | 121 |
| Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. - Class A | 5 | 99 |
| Zhaojin Mining Industry Co., Ltd. - Class H | 154 | 638 |
| Zhejiang China Commodities City Group Co., Ltd. - Class A | 37 | 70 |
| Zhejiang Chint Electric Co., Ltd. - Class A | 20 | 95 |
| Zhejiang Dahua Technology Co., Ltd. - Class A | 11 | 26 |
| Zhejiang Dingli Machinery Co., Ltd. - Class A | 4 | 28 |
| Zhejiang Grandwall Electric Science&Technology Co., Ltd. - Class A (b) | 32 | 69 |
| Zhejiang Huahai Pharmaceutical Co., Ltd. - Class A | 16 | 36 |
| Zhejiang Huayou Cobalt Co., Ltd. - Class A | 12 | 100 |
| Zhejiang Juhua Co., Ltd. - Class A | 21 | 102 |
| Zhejiang Leapmotor Technology Co., Ltd. - Class H (b) | 69 | 418 |
| Zhejiang Longsheng Group Co., Ltd. - Class A | 24 | 45 |
| Zhejiang NHU Company Ltd. - Class A | 20 | 102 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zhejiang Rongtai Electric Material Co., Ltd. - Class A | 10 | 103 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. - Class A | 25 | 153 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. - Class H (c) | 51 | 185 |
| Zhejiang SUPCON Technology Co., Ltd. - Class A | 7 | 71 |
| Zhejiang Supor Co., Ltd. - Class A | 6 | 35 |
| Zhejiang Wanfeng Auto Wheel Co., Ltd. - Class A | 24 | 49 |
| Zhejiang Weiming Environment Protection Co., Ltd. - Class A | 13 | 48 |
| Zhejiang Zheneng Electric Power Co., Ltd - Class A | 59 | 47 |
| Zheshang Securities Co., Ltd. - Class A | 38 | 54 |
| Zhongjin Gold Corporation Limited - Class A | 38 | 149 |
| Zhongsheng Group Holdings Limited (c) | 69 | 73 |
| Zhongtai Securities Co., Ltd. - Class A | 24 | 21 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class A | 6 | 49 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class H | 42 | 195 |
| Zijin Mining Group Co., Ltd. - Class A | 147 | 715 |
| Zijin Mining Group Co., Ltd. - Class H | 520 | 2375 |
| ZJLD Group Inc (c) | 49 | 58 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class A | 42 | 53 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class H (c) | 147 | 164 |
| ZTE Corporation - Class A | 24 | 114 |
| ZTE Corporation - Class H (c) | 83 | 234 |
| ZTO Express (Cayman) Inc. (a) | 38 | 945 |
| | | 259286 |
| **Taiwan 21.9%** | **Taiwan 21.9%** | **Taiwan 21.9%** |
| Accton Technology Corporation | 48 | 2363 |
| Advantech Co., Ltd. | 50 | 515 |
| Airtac International Group | 14 | 439 |
| Alchip Technologies, Limited | 8 | 651 |
| ASE Technology Holding Co., Ltd. | 317 | 3407 |
| Asia Cement Corporation | 246 | 268 |
| Asia Vital Components Co., Ltd. | 32 | 2102 |
| ASUSTeK Computer Inc. | 68 | 1195 |
| Cathay Financial Holding Co., Ltd. | 886 | 1969 |
| Chailease Holding Company Limited | 162 | 558 |
| Chang Hwa Commercial Bank, Ltd. | 612 | 394 |
| China Steel Corporation | 1085 | 647 |
| Chroma ATE Inc. | 36 | 1731 |
| Chunghwa Telecom Co., Ltd. | 355 | 1479 |
| Compal Electronics, Inc. | 411 | 353 |
| CTBC Financial Holding Co., Ltd. | 1770 | 2859 |
| Delta Electronics, Inc. | 181 | 8146 |
| E Ink Holdings Inc. | 86 | 377 |
| E. Sun Financial Holding Company, Ltd. | 1438 | 1433 |
| Elite Material Co., Ltd. | 31 | 2641 |
| eMemory Technology Inc. | 6 | 520 |
| EVA Airways Corporation | 276 | 295 |
| Evergreen Marine Corporation (Taiwan) Ltd. | 105 | 660 |
| Far Eastern New Century Corporation | 310 | 257 |
| Far EasTone Telecommunications Co., Ltd. | 175 | 506 |
| First Financial Holding Co., Ltd. | 1055 | 935 |
| Formosa Chemicals & Fibre Corporation | 387 | 554 |
| Formosa Petrochemical Corporation | 149 | 257 |
| Formosa Plastics Corporation | 450 | 654 |
| Fortune Electric Co., Ltd. | 24 | 603 |
| Fubon Financial Holding Co., Ltd. | 932 | 2533 |
| Giga-Byte Technology Co., Ltd. | 58 | 415 |
| Global Unichip Corp. | 8 | 575 |
| GlobalWafers Co., Ltd. | 26 | 355 |
| Hon Hai Precision Industry Co., Ltd. | 1147 | 6997 |
| Hotai Motor Co., Ltd. | 43 | 653 |
| Hua Nan Financial Holdings Co., Ltd. | 956 | 998 |
| International Games System Co., Ltd. | 24 | 575 |
| Inventec Corporation | 271 | 349 |
| Jentech Precision Industrial Co., Ltd. | 8 | 993 |
| KGI Financial Holding Co., Ltd. | 1457 | 891 |
| King Slide Works Co., Ltd. | 7 | 719 |
| Largan Precision Co., Ltd. | 9 | 622 |
| Lite-On Technology Corporation | 204 | 929 |
| Lotes Co., Ltd. | 9 | 599 |
| MediaTek Inc. | 146 | 7046 |
| Mega Financial Holdings Co., Ltd. | 1137 | 1368 |
| Nan Ya Plastics Corporation | 509 | 1221 |
| Nan Ya Technology Corporation | 112 | 748 |
| Novatek Microelectronics Corporation | 57 | 685 |
| PEGATRON Corporation | 205 | 497 |
| PharmaEssentia Corp. | 28 | 530 |
| Phison Electronics Corporation | 17 | 846 |
| Powertech Technology Inc. | 64 | 392 |
| President Chain Store Corporation | 55 | 387 |
| Quanta Computer Inc. | 268 | 2397 |
| Realtek Semiconductor Corporation | 46 | 698 |
| Shanghai Commercial & Savings Bank, Ltd., The | 411 | 503 |
| SinoPac Financial Holdings Company Limited | 1240 | 1203 |
| Taiwan Business Bank, Ltd. | 686 | 324 |
| Taiwan Cooperative Bank, Ltd. | 1045 | 771 |
| Taiwan High Speed Rail Corporation | 263 | 217 |
| Taiwan Mobile Co., Ltd. | 138 | 472 |
| Taiwan Semiconductor Manufacturing Company Limited | 2283 | 130842 |
| TECO Electric & Machinery Co., Ltd. | 167 | 325 |
| Tripod Technology Corporation | 46 | 503 |
| TS Financial Holding Co., Ltd. | 2266 | 1659 |
| Unimicron Technology Corp. | 125 | 1814 |
| Uni-President Enterprises Corp. | 459 | 1024 |
| United Microelectronics Corporation | 1135 | 2031 |
| Vanguard International Semiconductor Corporation | 114 | 425 |
| Walsin Lihwa Corporation | 323 | 315 |
| Wan Hai Lines Ltd. | 139 | 340 |
| Wistron Corporation | 287 | 1139 |
| Wiwynn Corporation | 11 | 1179 |
| WT Microelectronics Co., Ltd. | 80 | 557 |
| Yageo Corporation | 179 | 1415 |
| Yang Ming Marine Transport Corporation | 170 | 278 |
| Yuanta Financial Holding Co., Ltd. | 1184 | 1672 |
| Zhen Ding Technology Holding Limited | 61 | 408 |
|  |  | 223202 |
| **South Korea 14.9%** | **South Korea 14.9%** | **South Korea 14.9%** |
| ALTEOGEN Inc. | 4 | 895 |
| Amorepacific Corporation | 3 | 281 |
| Celltrion Inc. | 14 | 1817 |
| Coway Co., Ltd. | 6 | 264 |
| DB Insurance Co., Ltd. | 4 | 454 |
| Doosan Bobcat Inc. | 5 | 178 |
| Doosan Corporation | 1 | 564 |
| Doosan Enerbility Co., Ltd. (b) | 42 | 2652 |
| EcoPro BM Co., Ltd. | 5 | 595 |
| Ecopro Co., Ltd. | 9 | 883 |
| Hana Financial Group Co., Ltd. | 26 | 1890 |
| Hanjin Kal Co., Ltd. | 3 | 186 |
| Hankook Tire & Technology Co., Ltd. | 8 | 272 |
| HANMI Semiconductor Co., Ltd. | 4 | 774 |
| Hanwha Aerospace Co., Ltd. | 3 | 2696 |
| Hanwha Ocean Co., Ltd. (b) | 11 | 896 |
| HD Hyundai Co., Ltd. | 4 | 652 |
| HD Hyundai Electric Co., Ltd. | 2 | 1199 |
| HD Hyundai Heavy Industries Co., Ltd. | 3 | 921 |
| HD Hyundai Marine Solution Co., Ltd. | 1 | 90 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 4 | 1001 |
| HLB Co., Ltd. (b) | 12 | 409 |
| HMM Co., Ltd. | 26 | 332 |
| HYBE Co., Ltd. | 2 | 389 |
| Hyosung Heavy Industries Co., Ltd. |  | 812 |
| Hyundai Glovis Co., Ltd. | 3 | 450 |
| Hyundai Mobis Co., Ltd. | 6 | 1482 |
| Hyundai Motor Company | 14 | 4232 |
| Hyundai Rotem Company | 7 | 771 |
| Industrial Bank of Korea | 24 | 348 |
| Kakao Corp. | 29 | 895 |
| Kakao Pay Corp. (b) | 3 | 92 |
| KakaoBank Corp. | 32 | 505 |
| KB Financial Group Inc. | 34 | 3226 |
| KIA Corporation | 23 | 2224 |
| Korea Aerospace Industries, Ltd. | 7 | 736 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Korea Electric Power Corp | 24 | 681 |
| Korea Investment Holdings Co., Ltd. | 4 | 529 |
| Korea Zinc Co., Ltd. | 1 | 932 |
| Korean Air Lines Co., Ltd. | 17 | 262 |
| Krafton, Inc. | 3 | 497 |
| KT&G Corporation | 10 | 1054 |
| LG Chem, Ltd. | 4 | 858 |
| LG CNS Co., Ltd. | 3 | 105 |
| LG Corp. | 10 | 563 |
| LG Display Co., Ltd. (b) | 28 | 205 |
| LG Electronics Inc. | 10 | 735 |
| LG Energy Solution Ltd. (b) | 4 | 1065 |
| LG Uplus Corp. | 23 | 234 |
| LS ELECTRIC Co., Ltd. | 1 | 716 |
| Meritz Financial Group Inc. | 7 | 531 |
| Mirae Asset Securities Co., Ltd. | 19 | 803 |
| NAVER Corporation | 14 | 1849 |
| NH Investment & Securities Co., Ltd. | 12 | 249 |
| POSCO Future M Co., Ltd. | 3 | 435 |
| POSCO Holdings Inc. | 7 | 1457 |
| Posco International Corporation | 4 | 196 |
| Samsung Biologics Co., Ltd. (b) | 1 | 1114 |
| Samsung C&T Corporation | 8 | 1341 |
| Samsung Electro-Mechanics Co., Ltd. | 5 | 1457 |
| Samsung Electronics Co., Ltd. | 463 | 54405 |
| Samsung Fire & Marine Insurance Co., Ltd. | 3 | 830 |
| Samsung Heavy Industries Co., Ltd. (b) | 64 | 1035 |
| Samsung Life Insurance Co., Ltd. | 9 | 1347 |
| Samsung SDI Co., Ltd. | 6 | 1568 |
| Samsung SDS Co., Ltd. | 4 | 380 |
| Samsung Securities Co., Ltd. | 6 | 370 |
| Shinhan Financial Group Co., Ltd. | 42 | 2474 |
| SK Biopharmaceuticals Co., Ltd. (b) | 3 | 170 |
| SK Hynix Inc. | 51 | 29276 |
| SK Inc. | 3 | 705 |
| SK Innovation Co., Ltd. | 6 | 453 |
| SK Square Co., Ltd. (b) | 8 | 2567 |
| SK Telecom Co., Ltd. | 10 | 522 |
| S-Oil Corporation | 4 | 250 |
| Woori Financial Group Inc. | 60 | 1303 |
| Yuhan Corporation | 6 | 353 |
| | | 151939 |
| **India 13.8%** | **India 13.8%** | **India 13.8%** |
| ABB India Limited | 5 | 313 |
| ACC Limited | 7 | 92 |
| Adani Energy Solutions Limited (b) | 31 | 317 |
| Adani Enterprises Limited | 40 | 755 |
| Adani Gas Limited | 19 | 106 |
| Adani Green Energy (UP) Limited (b) | 38 | 337 |
| Adani Ports and Special Economic Zone Limited | 73 | 1038 |
| Adani Power Limited (b) | 499 | 814 |
| Aditya Birla Capital Limited (b) | 70 | 222 |
| Alkem Laboratories Limited | 7 | 386 |
| Ambuja Cements Limited | 79 | 342 |
| Apollo Hospitals Enterprise Limited | 10 | 813 |
| Ashok Leyland Limited | 271 | 458 |
| Asian Paints Limited | 69 | 1611 |
| Astral Limited | 11 | 190 |
| AU Small Finance Bank Limited (a) | 50 | 449 |
| Aurobindo Pharma Ltd. | 30 | 421 |
| Avenue Supermarts Limited (a) (b) | 15 | 622 |
| AWL Agri Business Limited (b) | 26 | 50 |
| Axis Bank Limited | 215 | 2708 |
| Bajaj Auto Limited | 6 | 599 |
| Bajaj Finance Limited | 264 | 2286 |
| Bajaj Finserv Limited | 36 | 639 |
| Bajaj Holdings & Investment Limited. | 3 | 247 |
| Bajaj Housing Finance Limited (b) | 79 | 63 |
| Balkrishna Industries Limited | 9 | 202 |
| Bank of India | 89 | 131 |
| Berger Paints India Limited | 28 | 123 |
| Bharat Electronics Limited | 338 | 1460 |
| Bharat Forge Ltd. | 26 | 480 |
| Bharat Heavy Electricals Limited | 133 | 351 |
| Bharat Petroleum Corporation Limited | 192 | 578 |
| Bharti Airtel Limited | 304 | 5831 |
| Bharti Hexacom Limited | 7 | 107 |
| Biocon Limited | 76 | 295 |
| Bosch Limited | 1 | 234 |
| Britannia Industries Ltd. | 13 | 729 |
| Canara Bank | 167 | 222 |
| CG Power and Industrial Solutions Limited | 58 | 415 |
| Cholamandalam Investment and Finance Company Limited | 40 | 585 |
| Cipla Limited | 54 | 710 |
| Coal India Ltd Govt Of India Undertaking | 221 | 1068 |
| Colgate-Palmolive (India) Limited | 12 | 227 |
| Container Corporation | 30 | 137 |
| Coromandel International Limited | 11 | 229 |
| CRISIL Limited | 2 | 68 |
| Cummins India Limited | 13 | 639 |
| Dabur India Limited | 67 | 293 |
| Divis Laboratories Limited | 13 | 825 |
| Dixon Technologies (India) Limited | 3 | 350 |
| DLF Limited | 77 | 421 |
| Dr. Reddy's Laboratories Limited | 56 | 764 |
| Eicher Motors Limited | 14 | 1008 |
| Eternal Limited (b) | 431 | 1077 |
| Fortis Healthcare Limited | 46 | 390 |
| FSN E-Commerce Ventures Private Limited (b) | 108 | 272 |
| GAIL (India) Limited | 259 | 382 |
| GE Vernova T&D India Limited | 12 | 486 |
| GMR Airports Limited (b) | 249 | 228 |
| Godrej Consumer Products Limited | 36 | 382 |
| Godrej Properties Limited (b) | 12 | 193 |
| Grasim Industries Ltd. | 36 | 978 |
| Havells India Limited | 24 | 307 |
| HCL Technologies Limited | 100 | 1447 |
| HDB Financial Services Limited (b) | 23 | 140 |
| HDFC Asset Management Company Limited | 19 | 458 |
| HDFC Bank Limited | 1068 | 8504 |
| HDFC Life Insurance Company Limited (a) | 91 | 574 |
| Hero MotoCorp Limited | 13 | 679 |
| Hexaware Technologies Limited | 10 | 47 |
| Hindalco Industries Limited | 135 | 1278 |
| Hindustan Aeronautics Limited | 18 | 677 |
| Hindustan Petroleum Corporation Limited | 88 | 318 |
| Hindustan Unilever Limited | 85 | 1854 |
| Hindustan Zinc Limited | 43 | 235 |
| Hitachi Energy India Limited | 1 | 307 |
| Hyundai Motor India Limited | 13 | 245 |
| ICICI Bank Limited | 497 | 6440 |
| ICICI Lombard General Insurance Company Limited (a) | 23 | 426 |
| ICICI Prudential Life Insurance Company Limited (a) | 35 | 192 |
| IDFC First Bank Limited | 633 | 395 |
| Indian Bank | 26 | 233 |
| Indian Hotels Company Limited, The | 88 | 536 |
| Indian Oil Corporation Limited | 364 | 530 |
| Indian Railway Catering And Tourism Corporation Limited | 26 | 137 |
| Indian Railway Finance Corporation Limited | 161 | 151 |
| Indian Renewable Energy Development Agency Limited (b) | 57 | 67 |
| Indraprastha Gas Limited | 63 | 98 |
| Indus Towers Limited (b) | 126 | 565 |
| IndusInd Bank Ltd. (b) | 57 | 462 |
| Info Edge (India) Limited | 38 | 397 |
| Infosys Limited | 377 | 5155 |
| Interglobe Aviation Limited (a) | 17 | 721 |
| ITC Hotels Limited (b) | 87 | 129 |
| ITC Limited | 284 | 874 |
| Jindal Stainless Limited | 36 | 275 |
| Jindal Steel Limited | 36 | 433 |
| Jio Financial Services Limited | 283 | 689 |
| JSW Energy Limited | 57 | 287 |
| JSW Infrastructure Limited | 36 | 93 |
| JSW Steel Limited | 120 | 1445 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Jubilant Foodworks Limited | 34 | 160 |
| Kalyan Jewellers India Limited | 40 | 162 |
| Kotak Mahindra Bank Limited | 512 | 1962 |
| L&T Finance Holdings Limited | 75 | 195 |
| L&T Technology Services Limited | 3 | 85 |
| Larsen and Toubro Limited | 63 | 2386 |
| LG Electronics India Limited (b) | 8 | 120 |
| Linde India Limited | 2 | 132 |
| Lloyds Metals and Energy Limited | 13 | 176 |
| Lodha Developers Limited | 24 | 171 |
| LTIMindtree Limited (a) | 9 | 385 |
| Lupin Limited | 24 | 595 |
| Mahindra and Mahindra Limited | 92 | 2943 |
| Mankind Pharma Limited | 10 | 223 |
| Marico Limited | 61 | 476 |
| Maruti Suzuki India Limited | 12 | 1631 |
| Max Healthcare Institute Limited | 62 | 648 |
| Mazagon Dock Shipbuilders Limited | 8 | 166 |
| Motilal Oswal Financial Services Limited | 17 | 115 |
| Mphasis Limited | 10 | 222 |
| MRF Limited |  | 390 |
| Muthoot Finance Limited | 10 | 343 |
| Nestle India Limited | 68 | 859 |
| NHPC Limited | 296 | 233 |
| NMDC Limited | 305 | 250 |
| NTPC Green Energy Limited (b) | 75 | 74 |
| NTPC Limited | 452 | 1799 |
| Oberoi Realty Limited | 9 | 144 |
| Oil and Natural Gas Corporation Limited | 390 | 1178 |
| Oil India Limited | 62 | 315 |
| One 97 Communications Limited (b) | 32 | 330 |
| Oracle Financial Services Software Limited | 2 | 142 |
| Page Industries Limited | 1 | 207 |
| Patanjali Foods Limited | 31 | 149 |
| PB Fintech Limited (b) | 32 | 484 |
| Persistent Systems Limited | 11 | 560 |
| Petronet LNG Limited | 67 | 179 |
| Phoenix Mills Limited, The | 20 | 329 |
| PI Industries Limited | 9 | 259 |
| Pidilite Industries Limited | 50 | 689 |
| Polycab India Limited | 6 | 447 |
| Power Finance Corporation Limited | 128 | 523 |
| Power Grid Corporation of India Limited | 432 | 1366 |
| Premier Energies Limited | 13 | 126 |
| Prestige Estates Projects Limited | 16 | 199 |
| Procter & Gamble Hygiene and Health Care Limited | 1 | 95 |
| Punjab National Bank | 201 | 218 |
| Rail Vikas Nigam Limited | 51 | 137 |
| REC Limited | 114 | 374 |
| Reliance Industries Limited | 686 | 9968 |
| Samvardhana Motherson International Limited | 477 | 542 |
| SBI Cards And Payment Services Limited | 25 | 168 |
| SBI Life Insurance Company Limited (a) | 38 | 727 |
| Schaeffler India Limited | 4 | 158 |
| Shree Cement Limited | 2 | 415 |
| Shriram Finance Limited | 122 | 1153 |
| Siemens Energy India Limited | 8 | 235 |
| Siemens Limited | 8 | 257 |
| Solar Industries Limited | 2 | 294 |
| Sona BLW Precision Forgings Limited | 43 | 225 |
| SRF Limited | 12 | 328 |
| State Bank of India | 174 | 1844 |
| Steel Authority of India Limited | 146 | 238 |
| Sun Pharma Advanced Research Company Limited | 108 | 2047 |
| Sundaram Finance Limited | 9 | 433 |
| Supreme Industries Limited, The | 6 | 240 |
| Suzlon Energy Limited (b) | 1181 | 505 |
| Swiggy Limited (b) | 61 | 171 |
| Tata Communications Limited | 11 | 155 |
| Tata Consultancy Services Limited | 95 | 2428 |
| Tata Consumer Products Limited | 66 | 719 |
| Tata Elxsi Limited | 3 | 128 |
| Tata Motors Limited (b) | 195 | 843 |
| Tata Motors Passenger Vehicles Limited | 205 | 654 |
| Tata Power Company Limited, The | 167 | 676 |
| Tata Steel Limited | 776 | 1603 |
| Tech Mahindra Limited | 59 | 893 |
| The Bank of Baroda Limited | 102 | 271 |
| Thermax Limited. | 3 | 114 |
| Titan Company Limited | 38 | 1617 |
| Torrent Pharmaceuticals Ltd. | 10 | 434 |
| Torrent Power Limited | 18 | 249 |
| Trent Limited | 17 | 611 |
| Tube Investments of India Limited | 13 | 342 |
| TVS Motor Company Limited | 22 | 807 |
| UltraTech Cement Limited | 12 | 1345 |
| Union Bank of India | 136 | 242 |
| United Breweries Limited | 8 | 134 |
| United Spirits Limited | 32 | 411 |
| UNO Minda Limited | 24 | 271 |
| UPL Limited | 51 | 310 |
| Varun Beverages Limited | 140 | 576 |
| Vedanta Limited | 160 | 1134 |
| Vishal Mega Mart Limited (b) | 96 | 108 |
| Vodafone Idea Limited (b) | 3001 | 275 |
| Voltas Limited | 21 | 282 |
| Waaree Energies Limited | 3 | 104 |
| Wipro Limited | 295 | 605 |
| Yes Bank Limited (b) | 2040 | 378 |
| Zydus Lifesciences Limited | 24 | 223 |
| | | 140789 |
| **Brazil 3.0%** | **Brazil 3.0%** | **Brazil 3.0%** |
| Alupar Investimento S.A. | 9 | 61 |
| Ambev S.A. | 414 | 1217 |
| B3 S.A. - Brasil, Bolsa, Balcao | 468 | 1662 |
| Banco Bradesco S/A. | 144 | 466 |
| Banco BTG Pactual S.A. | 138 | 1505 |
| Banco do Brasil S.A. | 159 | 710 |
| Banco Santander (Brasil) S.A. | 35 | 209 |
| BB Seguridade Participacoes S.A. | 61 | 410 |
| Caixa Seguridade Participacoes S/A | 51 | 178 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 96 | 1084 |
| Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp | 44 | 1361 |
| Companhia Energetica de Minas Gerais-CEMIG | 35 | 115 |
| Companhia Paranaense De Energia | 231 | 690 |
| CPFL Energia S/A | 18 | 165 |
| CSN Mineracao S.A. | 64 | 62 |
| Embraer S.A. | 66 | 983 |
| Energisa S.A. | 27 | 277 |
| ENGIE Brasil Energia S.A. | 35 | 223 |
| Equatorial Energia S.A. | 120 | 952 |
| Itausa S.A. | 101 | 271 |
| Klabin S.A. | 89 | 336 |
| Localiza Rent A Car S/A | 92 | 836 |
| Motiva Infraestrutura De Mobilidade S.A. | 90 | 274 |
| Neoenergia S.A. | 56 | 363 |
| Petrobras Distribuidora S/A. | 109 | 663 |
| Petroleo Brasileiro S/A Petrobras. | 344 | 3570 |
| Porto Seguro S/A | 17 | 166 |
| Prio S.A. (b) | 80 | 1028 |
| Raia Drogasil S.A. | 125 | 566 |
| Rede D'or Sao Luiz S.A. | 119 | 896 |
| Rumo S.A. | 120 | 377 |
| Suzano S.A. | 64 | 642 |
| Telefonica Brasil S.A. | 69 | 551 |
| TIM S.A. | 81 | 428 |
| Vale S.A. | 337 | 5358 |
| WEG S.A. | 148 | 1455 |
|  |  | 30110 |
| **Saudi Arabia 2.9%** | **Saudi Arabia 2.9%** | **Saudi Arabia 2.9%** |
| Acwa Power Company | 14 | 631 |
| ADES Holding Company | 38 | 185 |
| Al Nahdi Medical Co | 4 | 116 |
| Al Rajhi Banking and Investment Corporation | 185 | 5274 |
| Alinma Bank | 113 | 871 |
| Almarai Company | 46 | 533 |
| Arab National Bank | 81 | 463 |
| Arabian Internet and Communications Services Co. | 2 | 125 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank AlBilad | 66 | 478 |
| Bank Aljazira | 54 | 169 |
| Banque Saudi Fransi | 111 | 588 |
| BUPA Arabia for Cooperative Insurance Company | 7 | 346 |
| Dar AL-Arkan Real Estate Development Company (b) | 54 | 261 |
| Dr Sulaiman Al Habib For Medical Service Group Company (Closed Joint Stock) | 9 | 631 |
| Elm Company | 3 | 364 |
| Etihad Etisalat Company | 37 | 636 |
| Jabal Omar Development Company (b) | 49 | 208 |
| Jarir Marketing Company | 56 | 209 |
| Makkah Construction & Development Company | 8 | 181 |
| Mouwasat Medical Services Company | 8 | 155 |
| Rabigh Refining and Petrochemical Company (b) | 41 | 115 |
| Riyad Bank | 137 | 1080 |
| SAL Saudi Logistics Services Company | 2 | 99 |
| Santana Mining Inc. (b) | 125 | 2160 |
| Saudi Arabian Fertilizer Company | 22 | 851 |
| Saudi Arabian Oil Company (a) | 552 | 4028 |
| Saudi Aramco Base Oil Company Luberef | 5 | 138 |
| Saudi Basic Industries Corporation | 84 | 1358 |
| Saudi British Bank | 93 | 929 |
| Saudi Electricity Company | 73 | 331 |
| Saudi Industrial Investment Group | 32 | 112 |
| Saudi International Petrochemical Company (Sipchem) | 26 | 112 |
| Saudi National Bank, The | 277 | 3087 |
| Saudi Research & Marketing Group (b) | 3 | 72 |
| Saudi Tadawul Group Holding Company | 4 | 144 |
| Saudi Telecom Company | 180 | 2043 |
| The Company For Cooperative Insurance | 7 | 231 |
| The Saudi Investment Bank | 61 | 215 |
| Umm Al Qura For Development And Construction Company (b) | 40 | 175 |
| Yanbu National Petrochemical Company | 25 | 237 |
| | | 29941 |
| **South Africa 2.9%** | **South Africa 2.9%** | **South Africa 2.9%** |
| ABSA Group | 78 | 1124 |
| Bid Corporation | 30 | 730 |
| Bidvest Group, The (c) | 30 | 402 |
| Capitec Bank Holdings | 9 | 2197 |
| Clicks Group | 21 | 361 |
| Discovery | 50 | 739 |
| FirstRand Limited | 529 | 2698 |
| Gold Fields Limited | 85 | 3872 |
| Harmony Gold Mining Company | 52 | 811 |
| Impala Platinum Holdings | 82 | 1183 |
| Kumba Iron Ore Ltd. (a) | 5 | 102 |
| Mr Price Group | 26 | 235 |
| MTN Group | 161 | 1861 |
| Naspers Limited - Class N | 72 | 3737 |
| Nedbank Group Limited | 44 | 695 |
| Northam Platinum Limited | 34 | 683 |
| OM Residual UK Ltd. | 429 | 350 |
| Outsurance Group (c) | 82 | 337 |
| Pepkor Holdings (a) | 204 | 274 |
| Remgro | 47 | 527 |
| Sanlam | 171 | 902 |
| Shoprite Holdings | 44 | 723 |
| Sibanye Stillwater | 269 | 828 |
| Standard Bank Group | 126 | 2272 |
| Valterra Platinum | 17 | 1440 |
| Vodacom Group | 54 | 457 |
|  |  | 29540 |
| **United Arab Emirates 2.0%** | **United Arab Emirates 2.0%** | **United Arab Emirates 2.0%** |
| 2PointZero Group PJSC (b) | 322 | 168 |
| Abu Dhabi Commercial Bank PJSC | 295 | 995 |
| Abu Dhabi Islamic Bank | 136 | 766 |
| Abu Dhabi National Oil Company | 273 | 282 |
| Adnoc Drilling Company PJSC | 263 | 367 |
| ADNOC Logistics & Services PLC | 115 | 163 |
| AFORTI Holding S.A. (b) | 329 | 260 |
| Aldar Properties - P J S C | 357 | 762 |
| Alpha Dhabi Holding | 159 | 300 |
| Dubai Electricity and Water Authority | 856 | 628 |
| Dubai Islamic Bank (P S C) Br. | 278 | 556 |
| Emaar Development LLC | 79 | 290 |
| Emaar Properties PJSC | 587 | 1882 |
| Emirates Integrated Telecommunications Company PJSC | 75 | 204 |
| Emirates NBD Bank (P.J.S.C) | 232 | 1693 |
| Emirates Telecommunications Group Company (Etisalat Group) PJSC | 317 | 1611 |
| First Abu Dhabi Bank P.J.S.C. | 412 | 1909 |
| International Holdings Company P.J.S.C. - Dubai Branch (b) | 70 | 7401 |
| Pure Health Holding L.L.C | 367 | 207 |
| Salik Company P.J.S.C. (a) | 178 | 247 |
|  |  | 20691 |
| **Mexico 1.9%** | **Mexico 1.9%** | **Mexico 1.9%** |
| America Movil, S.A.B. De C.V. | 1647 | 2095 |
| Arca Continental S.A.B. de C.V. | 44 | 512 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver | 275 | 449 |
| Becle, S.A.B. de C.V. (c) | 51 | 47 |
| CEMEX S.A.B. de C.V. - Series A | 1374 | 1573 |
| Coca-Cola FEMSA, S.A.B. de C.V. | 46 | 452 |
| El Puerto De Liverpool, S.A.B. De C.V. | 21 | 128 |
| Fomento Economico Mexicano, S.A. B. De C.V. | 194 | 2148 |
| GRUMA, S.A.B. de C.V. - Class B (c) | 17 | 316 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. (c) | 37 | 905 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 17 | 558 |
| Grupo Bimbo S.A.B. de C.V. - Class A (c) | 125 | 420 |
| Grupo Carso, S.A.B. De C.V. (c) | 56 | 419 |
| Grupo Comercial Chedraui, S.A.B. de C.V. (c) | 25 | 144 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 266 | 2940 |
| Grupo Financiero Inbursa, S.A.B. de C.V. | 217 | 547 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 292 | 3124 |
| Industrias Penoles, S.A.B. de C.V. (b) | 17 | 775 |
| Kimberly - Clark De Mexico S.A.B. De C.V. - Class A (c) | 141 | 334 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 16 | 252 |
| Wal-Mart de Mexico, S.A.B. de C.V. (c) | 475 | 1547 |
|  |  | 19685 |
| **Malaysia 1.5%** | **Malaysia 1.5%** | **Malaysia 1.5%** |
| 99 Speed Mart Retail Holdings Berhad | 195 | 165 |
| Ammb Holdings Berhad | 279 | 456 |
| Axiata Group Berhad | 240 | 131 |
| Celcomdigi Berhad | 383 | 281 |
| CIMB Group Holdings Berhad | 784 | 1468 |
| Gamuda Berhad | 517 | 479 |
| Genting Berhad | 249 | 138 |
| Hong Leong Bank Berhad | 66 | 356 |
| Hong Leong Financial Group Berhad | 19 | 87 |
| IHH Healthcare Berhad | 215 | 479 |
| IOI Corporation Berhad | 305 | 318 |
| KLCC Property Holdings Berhad | 69 | 155 |
| Kuala Lumpur Kepong Berhad | 54 | 290 |
| Kumpulan Sime Darby Berhad | 234 | 131 |
| Malayan Banking Berhad | 700 | 1966 |
| Maxis Communications Berhad | 289 | 257 |
| MISC Berhad | 194 | 405 |
| Mr D.I.Y. Group (M) Berhad | 402 | 153 |
| Nestle (Malaysia) Berhad | 6 | 140 |
| Petronas Chemicals Group Berhad | 271 | 407 |
| PETRONAS Dagangan Berhad | 30 | 163 |
| PETRONAS Gas Berhad | 92 | 408 |
| PPB Group Berhad | 64 | 190 |
| Press Metal Aluminium (Australia) Pty Ltd. | 394 | 779 |
| Public Bank Berhad | 1438 | 1667 |
| QL Resources Berhad | 223 | 204 |
| RHB Bank Berhad | 377 | 788 |
| SD Guthrie Berhad | 235 | 351 |
| Sunway City SDN. BHD. | 267 | 318 |
| Telekom Malaysia Berhad | 232 | 408 |
| Tenaga Nasional Berhad | 431 | 1484 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Westports Holdings Berhad | 96 | 141 |
| YTL Corporation Berhad | 555 | 234 |
| YTL Power International Berhad | 276 | 206 |
| | | 15603 |
| **Thailand 1.2%** | **Thailand 1.2%** | **Thailand 1.2%** |
| Advanced Info Service PLC. - NVDR | 28 | 323 |
| Advanced Info Service PLC. | 83 | 945 |
| Airports of Thailand Public Company Limited | 159 | 254 |
| Airports of Thailand Public Company Limited - NVDR (c) | 240 | 385 |
| Bangkok Bank Public Company Limited - NVDR | 64 | 326 |
| Bangkok Dusit Medical Services Public Company Limited. | 433 | 247 |
| Bumrungrad Hospital Public Company Limited - NVDR (c) | 37 | 183 |
| Bumrungrad Hospital Public Company Limited |  | 1 |
| Central Pattana Public Company Limited | 62 | 118 |
| Central Pattana Public Company Limited - NVDR | 70 | 133 |
| Central Retail Corporation Public Company Limited - NVDR (c) | 214 | 122 |
| Central Retail Corporation Public Company Limited | 93 | 54 |
| Charoen Pokphand Foods Public Company Limited | 234 | 150 |
| CP ALL Public Company Limited - NVDR (c) | 247 | 344 |
| CP ALL Public Company Limited (c) | 145 | 202 |
| CP Axtra Public Company Limited - NVDR | 142 | 70 |
| Delta Electronics (Thailand) Public Company Ltd. | 390 | 3132 |
| Delta Electronics (Thailand) Public Company Ltd. - NVDR | 35 | 280 |
| Global Power Synergy Public Company Limited (c) | 49 | 51 |
| Gulf Energy Development Public Company Limited - NVDR (b) (c) | 377 | 688 |
| Gulf Energy Development Public Company Limited (b) | 342 | 624 |
| Indorama Ventures Public Company Limited - NVDR | 188 | 144 |
| KASIKORNBANK Public Company Limited | 87 | 506 |
| Krungthai Bank Public Company Limited | 323 | 346 |
| Minor International Public Company Limited - NVDR (c) | 54 | 36 |
| Minor International Public Company Limited | 164 | 109 |
| PTT Exploration And Production Public Company Limited | 131 | 637 |
| PTT Oil And Retail Business Public Company Limited - NVDR (c) | 383 | 153 |
| PTT Public Company Limited | 320 | 339 |
| PTT Public Company Limited - NVDR (c) | 465 | 494 |
| Siam Commercial Bank Public Company Limited, The - NVDR (c) | 68 | 297 |
| Siam Commercial Bank Public Company Limited, The | 16 | 71 |
| Thai Life Insurance Public Company Limited - NVDR | 270 | 86 |
| The Siam Cement Public Company Limited | 26 | 167 |
| TMB Bank Thanachart Public Company Limited | 4104 | 287 |
|  |  | 12304 |
| **Indonesia 1.1%** | **Indonesia 1.1%** | **Indonesia 1.1%** |
| PT Bank Mandiri (Persero) Tbk. | 3456 | 969 |
| PT Barito Pacific Tbk (b) | 2334 | 191 |
| PT Unilever Indonesia, Tbk | 517 | 56 |
| PT. Alamtri Resources Indonesia Tbk | 1260 | 193 |
| PT. Amman Mineral Internasional (b) | 692 | 203 |
| PT. Aneka Tambang | 822 | 172 |
| PT. Astra International | 1627 | 605 |
| PT. Bank Central Asia Tbk | 5196 | 1990 |
| PT. Bank Negara Indonesia (persero) | 1474 | 329 |
| PT. Bank Permata | 308 | 49 |
| PT. Bank Rakyat Indonesia (Persero) Tbk | 5988 | 1179 |
| PT. Barito Renewables Energy | 1504 | 471 |
| PT. Bumi Resources Minerals (b) | 8677 | 381 |
| PT. Chandra Asri Petrochemical | 931 | 263 |
| PT. Charoen Pokphand Indonesia | 659 | 159 |
| PT. Dian Swastatika Sentosa (b) | 147 | 575 |
| PT. Golden Energy Mines | 57 | 30 |
| PT. Goto Gojek Tokopedia (b) | 87370 | 264 |
| PT. Impack Pratama Industri (b) | 906 | 101 |
| PT. Indofood CBP Sukses Makmur | 190 | 83 |
| PT. Indofood Sukses Makmur | 400 | 150 |
| PT. Indosat | 494 | 61 |
| PT. Kalbe Farma Tbk | 2492 | 143 |
| PT. Merdeka Copper Gold (b) | 1253 | 236 |
| PT. Multipolar Technology Tbk | 25 | 22 |
| PT. Pantai Indah Kapuk Dua | 180 | 81 |
| PT. Petrindo Jaya Kreasi | 1520 | 96 |
| PT. Sejahteraraya Anugrahjaya (b) | 348 | 307 |
| PT. Sumber Alfaria Trijaya | 1765 | 155 |
| PT. Telekomunikasi Indonesia (Persero) Tbk | 4505 | 821 |
| PT. Tower Bersama Infrastructure | 191 | 18 |
| PT. Trimegah Bangun Persada | 864 | 56 |
| PT. United Tractors | 133 | 245 |
|  |  | 10654 |
| **Kuwait 0.7%** | **Kuwait 0.7%** | **Kuwait 0.7%** |
| Boubyan Bank K.S.C.P | 140 | 310 |
| Commercial Bank of Kuwait S.A.K., The | 147 | 228 |
| Gulf Bank K.S.C.P. | 234 | 249 |
| Kuwait Finance House KSCP | 1258 | 3278 |
| Mabanee Company (K.P.S.C) | 77 | 226 |
| Mobile Telecommunications Company. K.S.C.P | 219 | 404 |
| National Bank of Kuwait K.S.C. | 823 | 2443 |
|  |  | 7138 |
| **Qatar 0.7%** | **Qatar 0.7%** | **Qatar 0.7%** |
| Commencement Bank | 308 | 361 |
| Dukhan Bank (Q.P.S.C.) | 245 | 233 |
| Industries Qatar (Q.P.S.C.) | 279 | 815 |
| Masraf Al Rayan | 623 | 375 |
| Mesaieed Petrochemical Holding Company (Q.P.S.C.) | 408 | 122 |
| Ooredoo (Q.P.S.C.) | 115 | 392 |
| Qatar Electricity & Water Company | 52 | 204 |
| Qatar Fuel (WOQOD) | 71 | 281 |
| Qatar Gas Transport Company Ltd. | 318 | 365 |
| Qatar International Islamic Bank (Q.P.S.C) | 107 | 325 |
| Qatar Islamic Bank (Q.P.S.C.) | 168 | 1045 |
| Qatar National Bank (Q.P.S.C.) | 433 | 2025 |
|  |  | 6543 |
| **Turkey 0.5%** | **Turkey 0.5%** | **Turkey 0.5%** |
| Akbank Turk Anonim Sirketi - Class A | 295 | 443 |
| Aselsan Inc. - Class A | 116 | 836 |
| BIM Birlesik Magazalar Anonim Sirketi - Class A | 42 | 650 |
| Coca-Cola Icecek Anonim Sirketi - Class A | 77 | 123 |
| Enka Insaat Ve Sanayi Anonim Sirketi - Class A | 95 | 201 |
| Eregli Demir Ve Celik Fabrikalari Turk Anonim Sirketi - Class A | 341 | 218 |
| Ford Otomotiv Sanayi Anonim Sirketi - Class A | 57 | 132 |
| Haci Omer Sabanci Holding Anonim Sirketi - Class A | 126 | 257 |
| Kiler Holding Anonim Sirketi (b) | 32 | 94 |
| KOC Holding Anonim Sirketi - Class A | 64 | 285 |
| Petrokent Turizm A.S. (b) | 13 | 43 |
| SASA Polyester Sanayi A.S. - Class A (b) | 967 | 51 |
| Tofas Turk Otomobil Fabrikasi Anonim Sirketi - Class A | 9 | 58 |
| Turk Hava Yollari Anonim Ortakligi - Class A | 70 | 468 |
| Turk Telekomunikasyon Anonim Sirketi - Class A (b) | 58 | 76 |
| Turkcell Iletisim Hizmetleri Anonim Sirketi - Class A | 114 | 274 |
| Turkiye Garanti Bankasi Anonim Sirketi - Class A | 59 | 170 |
| Turkiye Is Bankasi Anonim Sirketi - Class C | 694 | 208 |
| Turkiye Petrol Rafinerileri Anonim Sirketi Tupras - Class A | 83 | 483 |
| Turkiye Vakiflar Bankasi T.A.O. - Class A (b) | 137 | 94 |
| Yapi Ve Kredi Bankasi Anonim Sirketi - Class A (b) | 323 | 244 |
|  |  | 5408 |
| **Greece 0.5%** | **Greece 0.5%** | **Greece 0.5%** |
| Alpha Bank S.A. | 196 | 726 |
| Eurobank S.A. (b) | 233 | 928 |
| Hellenic Duty Free Shops Single Member S.A. - Class R (b) (d) | 9 |  |
| Hellenic Telecommunications Organization S.A. - Class R | 18 | 340 |
| Jumbo SA - Class R | 11 | 272 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Motor Oil (Hellas) Corinth Refineries S.A. - Class R | 6 | 273 |
| National Bank of Greece S.A. - Class R | 78 | 1210 |
| OPAP Holding Societe Anonyme - Class R | 18 | 270 |
| Piraeus Bank S.A. (b) | 67 | 548 |
| Public Power Corporation S.A. - Class R | 18 | 381 |
| | | 4948 |
| **Chile 0.5%** | **Chile 0.5%** | **Chile 0.5%** |
| Banco de Credito e Inversiones | 9 | 559 |
| Banco Internacional | 4101 | 746 |
| Banco Santander Chile | 5666 | 471 |
| Cencosud S.A. | 128 | 351 |
| Empresas CMPC S.A. | 97 | 132 |
| Empresas Copec S.A. | 44 | 301 |
| Enel Americas S.A. | 1713 | 147 |
| Enel Chile S.A. | 1660 | 128 |
| Falabella S.A. | 116 | 713 |
| LATAM Airlines Group S.A. | 29001 | 715 |
| Plaza S.A. | 80 | 342 |
| Quinenco S.A. | 26 | 122 |
|  |  | 4727 |
| **Philippines 0.4%** | **Philippines 0.4%** | **Philippines 0.4%** |
| Aboitiz Power Corporation | 156 | 124 |
| Ayala Corporation | 22 | 186 |
| Ayala Land Inc. | 630 | 168 |
| Bank of The Philippine Islands | 207 | 341 |
| BDO Unibank, Inc. | 196 | 365 |
| Emperador Inc. | 429 | 113 |
| Globe Telecom, Inc. | 4 | 96 |
| International Container Terminal Services, Inc. | 78 | 897 |
| Jollibee Foods Corporation | 40 | 118 |
| Manila Electric Company | 26 | 268 |
| Metropolitan Bank & Trust Company | 165 | 173 |
| PLDT Inc. | 7 | 154 |
| SM Investments Corporation | 48 | 488 |
| SM Prime Holdings, Inc. | 1093 | 369 |
|  |  | 3860 |
| **Hong Kong 0.3%** | **Hong Kong 0.3%** | **Hong Kong 0.3%** |
| C&D International Investment Group Limited | 67 | 108 |
| Central New Energy Holding Group Limited (a) (b) | 118 | 121 |
| China Resources Beer (Holdings) Company Limited | 154 | 510 |
| China Resources Power Holdings Company Limited | 179 | 419 |
| Chow Tai Fook Jewellery Group Limited (c) | 153 | 214 |
| Guangdong Investment Limited | 280 | 279 |
| Hanergy Thin Film Power Group Limited (b) (d) | 3098 |  |
| Kingboard Holdings Limited | 53 | 227 |
| Kingboard Laminates Holdings Limited | 75 | 187 |
| Orient Overseas (International) Limited | 14 | 241 |
| Sino Biopharmaceutical Limited | 893 | 680 |
| Xinyi Glass Holdings Limited (c) | 165 | 207 |
|  |  | 3193 |
| **Hungary 0.3%** | **Hungary 0.3%** | **Hungary 0.3%** |
| MOL Magyar Olaj- es Gazipari Nyilvanosan Mukodo Reszvenytarsasag | 37 | 442 |
| OTP Bank Nyrt. | 19 | 1996 |
| Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt. | 12 | 438 |
|  |  | 2876 |
| **Peru 0.2%** | **Peru 0.2%** | **Peru 0.2%** |
| Credicorp Ltd. | 6 | 2087 |
| MMG Limited (b) | 348 | 330 |
|  |  | 2417 |
| **Colombia 0.2%** | **Colombia 0.2%** | **Colombia 0.2%** |
| Ecopetrol S.A. | 497 | 379 |
| Grupo Cibest S.A. | 25 | 584 |
| Grupo de Inversiones Suramericana S.A. | 14 | 196 |
| Grupo Energia Bogota S.A. ESP | 317 | 256 |
| Interconexion Electrica S A E S P | 37 | 279 |
|  |  | 1694 |
| **United States of America 0.2%** | **United States of America 0.2%** | **United States of America 0.2%** |
| BeOne Ltd. - Class A (b) | 1 | 18 |
| BeOne Medicines AG (a) (b) | 71 | 1585 |
|  |  | 1603 |
| **Czech Republic 0.1%** | **Czech Republic 0.1%** | **Czech Republic 0.1%** |
| CEZ, a. s. (c) | 16 | 880 |
| Komercni banka, a.s. | 7 | 351 |
|  |  | 1231 |
| **Egypt 0.1%** | **Egypt 0.1%** | **Egypt 0.1%** |
| Commercial International Bank Egypt S.A.E | 211 | 468 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| Reinet Investments S.C.A. | 13 | 414 |
| **Singapore 0.0%** | **Singapore 0.0%** | **Singapore 0.0%** |
| BOC Aviation Limited (a) | 20 | 200 |
| **Australia 0.0%** | **Australia 0.0%** | **Australia 0.0%** |
| Yancoal Australia Ltd. (c) | 32 | 182 |
| **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 Hydrogeneration 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 Lukoil Oil Company (a) (b) (d) | 49 |  |
| Public Joint Stock Company Magnit (a) (b) (d) | 10 |  |
| Public Joint Stock Company Magnitogorsk Iron And Steel 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 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 $831,459) | Total Common Stocks (cost $831,459) | 990646 |
| **PREFERRED STOCKS 2.2%** | **PREFERRED STOCKS 2.2%** | **PREFERRED STOCKS 2.2%** |
| **Brazil 1.3%** | **Brazil 1.3%** | **Brazil 1.3%** |
| Banco Bradesco S/A. (f) | 494 | 1831 |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Preferred Class B | 24 | 294 |
| Companhia Energetica de Minas Gerais-CEMIG | 168 | 407 |
| Gerdau S.A. | 109 | 398 |
| Itau Unibanco Holding S.A. (f) | 513 | 4304 |
| Itausa S.A. | 610 | 1638 |
| Petroleo Brasileiro S/A Petrobras. (f) | 437 | 4097 |
|  |  | 12969 |
| **South Korea 0.7%** | **South Korea 0.7%** | **South Korea 0.7%** |
| Doosan Corporation |  | 62 |
| Hyundai Motor Company, 1.00% (g) | 2 | 339 |
| Hyundai Motor Company, 2.00% (g) | 3 | 520 |
| LG Chem, Ltd., 1.00% (g) | 1 | 107 |
| LG Electronics Inc. | 1 | 32 |
| Mirae Asset Securities Co., Ltd., 2.70% (g) | 15 | 194 |
| Samsung Electronics Co., Ltd., 1.00% (g) | 77 | 6099 |
| Samsung Fire & Marine Insurance Co., Ltd. |  | 52 |
|  |  | 7405 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Sociedad Quimica Y Minera De Chile S.A. - Series B | 13 | 1083 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Grupo Aval Acciones y Valores S.A. | 365 | 79 |
| Grupo Cibest S.A. | 44 | 806 |
| Grupo de Inversiones Suramericana S.A. | 10 | 115 |
|  |  | 1000 |
| **India 0.0%** | **India 0.0%** | **India 0.0%** |
| TVS Motor Company Limited (b) | 87 | 9 |
| **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 $17,567) | Total Preferred Stocks (cost $17,567) | 22466 |
| **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| JNL Government Money Market Fund - Class SL, 3.63% (h) (i) | 7467 | 7467 |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 3.53% (h) (i) | 6775 | 6775 |
| Total Short Term Investments (cost $14,242) | Total Short Term Investments (cost $14,242) | 14242 |
| **Total Investments 100.8% (cost $863,268)** | **Total Investments 100.8% (cost $863,268)** | **1027354** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **445** |
| **Other Assets and Liabilities, Net (0.8)%** | **Other Assets and Liabilities, Net (0.8)%** | **(8314)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1019485** |

---

(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 March 31, 2026.

(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 March 31, 2026, the value and the percentage of net assets of these securities was $651 and 0.1% of the Fund.

(f) Convertible security.

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

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 9285 | 123663 | 126173 | 170 |  |  | 6775 | 0.7 |
| JNL Government Money Market Fund, 3.63% - Class SL | 5636 | 12086 | 10255 | 58 |  |  | 7467 | 0.7 |
|  | 14921 | 135749 | 136428 | 228 |  |  | 14242 | 1.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| 3SBio Inc. | 12/19/25 | 570 | 512 | 0.1 |
| Alibaba Group Holding Limited | 04/26/21 | 32610 | 26603 | 2.6 |
| AU Small Finance Bank Limited | 04/28/21 | 294 | 449 | 0.1 |
| Avenue Supermarts Limited | 04/28/21 | 624 | 622 | 0.1 |
| Baidu, Inc. - Class A | 06/18/21 | 4435 | 2776 | 0.3 |
| Bank VTB (Publichnoe Aktsionernoe Obshchestvo) | 04/26/21 | 600 |  |  |
| BeOne Medicines AG | 04/26/21 | 1616 | 1585 | 0.2 |
| BOC Aviation Limited | 04/26/21 | 165 | 200 |  |
| Central New Energy Holding Group Limited | 06/20/25 | 125 | 121 |  |
| CGN Power Co., Ltd. - Class H | 04/26/21 | 302 | 429 |  |
| Chifeng Jilong Gold Mining Co., Ltd. - Class H | 06/20/25 | 115 | 143 |  |
| China Feihe Limited | 04/26/21 | 923 | 156 |  |
| China International Capital Corporation Limited - Class H | 04/26/21 | 309 | 323 |  |
| China Literature Limited | 04/26/21 | 319 | 116 |  |
| China Merchants Securities Co., Ltd. - Class H | 03/21/25 | 102 | 90 |  |
| China Resources Mixc Lifestyle Services Limited | 06/18/21 | 343 | 358 |  |
| China Resources Pharmaceutical Group Limited | 06/16/23 | 145 | 120 |  |
| China Zheshang Bank Co., Ltd. - Class H | 06/16/23 | 101 | 92 |  |
| Contemporary Amperex Technology Co., Limited - Class H | 12/19/25 | 800 | 979 | 0.1 |
| eDraco Travel Limited | 04/26/21 | 265 | 300 |  |
| Fuyao Glass Industry Group Co., Ltd. - Class H | 04/26/21 | 314 | 435 | 0.1 |
| Ganfeng Lithium Group Co., Ltd. - Class H | 08/25/21 | 456 | 402 |  |
| Guotai Haitong Financial Holdings Limited - Class H | 04/26/21 | 452 | 421 |  |
| Haidilao International Holding Ltd. | 04/26/21 | 438 | 239 |  |
| Hansoh Pharmaceutical Group Company Limited | 04/26/21 | 516 | 483 | 0.1 |
| HDFC Life Insurance Company Limited | 04/28/21 | 819 | 574 | 0.1 |
| Hua Hong Semiconductor Limited | 09/15/23 | 293 | 639 | 0.1 |
| Huatai Securities Co., Ltd. - Class H | 04/26/21 | 235 | 228 |  |
| ICICI Lombard General Insurance Company Limited | 04/28/21 | 460 | 426 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| ICICI Prudential Life Insurance Company Limited | 04/28/21 | 248 | 192 |  |
| Innovent Biologics, Inc. - Class B | 04/26/21 | 942 | 1495 | 0.2 |
| Interglobe Aviation Limited | 04/28/21 | 561 | 721 | 0.1 |
| JD Health International Inc. | 08/25/21 | 977 | 599 | 0.1 |
| Joint Stock Company Alrosa (Public Joint Stock Company) | 04/26/21 | 532 |  |  |
| Kuaishou Technology | 09/17/21 | 2457 | 1573 | 0.2 |
| Kumba Iron Ore Ltd. | 04/26/21 | 180 | 102 |  |
| Laopu Gold Co., Ltd. - Class H | 06/20/25 | 448 | 362 |  |
| LTIMindtree Limited | 04/28/21 | 506 | 385 |  |
| Meituan - Class B | 04/26/21 | 9687 | 5428 | 0.5 |
| Midea Group Co., Ltd. - Class H | 12/19/25 | 489 | 469 | 0.1 |
| New Oriental Education & Technology Group Inc. | 06/16/23 | 612 | 775 | 0.1 |
| Nongfu Spring Co., Ltd. - Class H | 04/26/21 | 911 | 1007 | 0.1 |
| Orient Securities Company Limited - Class H | 05/20/21 | 57 | 62 |  |
| Pepkor Holdings | 05/19/21 | 265 | 274 |  |
| Pop Mart International Group Limited | 12/15/23 | 460 | 1131 | 0.1 |
| Postal Savings Bank of China Co., Ltd. - Class H | 04/26/21 | 471 | 502 | 0.1 |
| Public Joint Stock Company Federal Hydrogeneration 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 Lukoil Oil Company | 04/26/21 | 3119 |  |  |
| Public Joint Stock Company Magnit | 04/26/21 | 1595 |  |  |
| Public Joint Stock Company Magnitogorsk Iron And Steel 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 Rosneft | 04/26/21 | 1923 |  |  |
| Public Joint Stock Company Phosagro | 05/19/21 | 322 |  |  |
| Public Joint Stock Company Phosagro | 07/01/21 | 1 |  |  |
| 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 | 563 |  |  |
| Public Joint Stock Company Surgutneftegaz | 04/26/21 | 561 |  |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin | 04/26/21 | 1466 |  |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin | 04/26/21 | 66 |  |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS | 04/26/21 | 375 |  |  |
| Qingdao Port International Co., Ltd. - Class H | 04/26/21 | 45 | 62 |  |
| RemeGen Co., Ltd. - Class H | 12/19/25 | 161 | 199 |  |
| Salik Company P.J.S.C. | 12/16/22 | 120 | 247 |  |
| Saudi Arabian Oil Company | 04/26/21 | 4465 | 4028 | 0.4 |
| SBI Life Insurance Company Limited | 04/28/21 | 572 | 727 | 0.1 |
| Shandong Gold Group Co., Ltd. - Class H | 04/26/21 | 176 | 298 |  |
| Shanghai Junshi Biosciences Co., Limited - Class H | 06/20/25 | 35 | 41 |  |
| Shenwan Hongyuan Group Co., Ltd. - Class H | 05/20/21 | 68 | 64 |  |
| Smoore International Holdings Limited | 04/26/21 | 1191 | 216 |  |
| United Company RUSAL PLC | 04/26/21 | 230 |  |  |
| WuXi AppTec Co., Ltd. - Class H | 04/26/21 | 514 | 557 | 0.1 |
| Xiaomi Corporation | 12/20/24 | 6712 | 6540 | 0.6 |
| Yadea Group Holdings Ltd. | 12/16/22 | 181 | 183 |  |
| ZTO Express (Cayman) Inc. | 06/21/21 | 1120 | 945 | 0.1 |
|  |  | 108610 | 69005 | 6.8 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 167 | June 2026 | 12327 | 445 | (181) |

---

**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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 64304 | 926319 | 23 | 990646 |
| &nbsp;&nbsp;Preferred Stocks | 13969 | 8497 |  | 22466 |
| &nbsp;&nbsp;Short Term Investments | 14242 |  |  | 14242 |
|  | 92515 | 934816 | 23 | 1027354 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (181) |  |  | (181) |
|  | (181) |  |  | (181) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** |
| **COMMON STOCKS 98.3%** | **COMMON STOCKS 98.3%** | **COMMON STOCKS 98.3%** |
| **Japan 24.1%** | **Japan 24.1%** | **Japan 24.1%** |
| Advantest Corporation | 102 | 14058 |
| AEON Co., Ltd. | 395 | 4708 |
| AGC Inc. | 29 | 1031 |
| Aisin Corporation | 77 | 1074 |
| Ajinomoto Co., Inc. | 144 | 4033 |
| ANA Holdings Inc. | 26 | 459 |
| Asahi Group Holdings, Ltd. | 217 | 2175 |
| Asahi Kasei Corporation | 195 | 1891 |
| ASICS Corporation | 104 | 2769 |
| Astellas Pharma Inc. | 272 | 4397 |
| Bandai Namco Holdings Inc. | 95 | 2343 |
| Bridgestone Corporation | 160 | 3354 |
| Canon Inc. (a) | 130 | 3631 |
| Capcom Co., Ltd. (a) | 47 | 1011 |
| Central Japan Railway Company | 144 | 3731 |
| Chubu Electric Power Co., Ltd. | 111 | 1822 |
| Chugai Pharmaceutical Co., Ltd. | 99 | 5501 |
| Dai Nippon Printing Co., Ltd. | 70 | 1265 |
| Daifuku Co., Ltd. | 52 | 1823 |
| Dai-ichi Life Holdings, Inc. | 546 | 5023 |
| Daiichi Sankyo Company, Limited | 272 | 4862 |
| Daikin Industries, Ltd. | 43 | 5205 |
| Daito Trust Construction Co., Ltd. (a) | 46 | 1069 |
| Daiwa House Industry Co., Ltd. | 92 | 2871 |
| Daiwa Securities Group Inc. | 207 | 1956 |
| DENSO Corporation | 268 | 3356 |
| DISCO Corporation | 13 | 5453 |
| East Japan Railway Company | 161 | 3690 |
| Eisai Co., Ltd. | 38 | 1208 |
| ENEOS Holdings, Inc. | 402 | 3590 |
| FANUC Corporation | 139 | 4905 |
| Fast Retailing Co., Ltd. | 27 | 10836 |
| Fuji Electric Co., Ltd. | 20 | 1431 |
| FUJIFILM Holdings Corporation | 178 | 3398 |
| Fujikura Ltd. | 230 | 6336 |
| Fujitsu Limited | 258 | 5277 |
| Hankyu Hanshin Holdings, Inc. | 38 | 1094 |
| Hikari Tsushin,Inc. | 2 | 458 |
| Hitachi Construction Machinery Co., Ltd. | 14 | 474 |
| Hitachi, Ltd. | 668 | 19578 |
| Honda Motor Co., Ltd. (a) | 578 | 4641 |
| HOYA Corporation | 50 | 8850 |
| Hulic Co., Ltd. | 90 | 1050 |
| IBIDEN Co., Ltd. (a) | 39 | 1925 |
| Idemitsu Kosan Co., Ltd. | 129 | 1262 |
| IHI Corporation (a) | 156 | 3220 |
| Inpex Corporation | 127 | 3775 |
| Isuzu Motors Limited | 79 | 1136 |
| ITOCHU Corporation | 1042 | 13325 |
| Japan Airlines Co., Ltd. (a) | 24 | 396 |
| Japan Exchange Group, Inc. | 157 | 1824 |
| Japan Post Bank Co., Ltd. | 260 | 4217 |
| Japan Post Holdings Co., Ltd. | 255 | 2927 |
| Japan Post Insurance Co., Ltd. | 74 | 747 |
| Japan Real Estate Investment Corporation | 1 | 756 |
| Japan Tobacco Inc. | 164 | 6257 |
| JFE Holdings, Inc. (a) | 97 | 1125 |
| Kajima Corporation | 65 | 2483 |
| Kao Corporation | 65 | 2555 |
| Kawasaki Heavy Industries, Ltd. (a) | 126 | 2386 |
| Kawasaki Kisen Kaisha, Ltd. (a) | 55 | 917 |
| KDDI Corporation | 423 | 7318 |
| Keyence Corporation | 28 | 9784 |
| Kikkoman Corporation (a) | 124 | 1126 |
| Kioxia Holdings Corporation (b) | 22 | 2779 |
| Kirin Holdings Company, Limited | 120 | 1921 |
| Komatsu Ltd. | 133 | 5214 |
| Konami Group Corporation | 14 | 1669 |
| Kubota Corporation | 174 | 2751 |
| KYOCERA Corporation | 198 | 3041 |
| Kyowa Kirin Co., Ltd. | 30 | 482 |
| Lasertec Co., Ltd. | 13 | 2761 |
| LY Corporation (a) | 407 | 981 |
| M3, Inc. (a) | 66 | 682 |
| Makita Corporation | 37 | 1222 |
| Marubeni Corporation | 244 | 8866 |
| MatsukiyoCocokara & Co. (a) | 61 | 973 |
| Minebeamitsumi Inc. | 56 | 930 |
| Mitsubishi Chemical Group Corporation | 220 | 1278 |
| Mitsubishi Corporation | 545 | 18634 |
| Mitsubishi Electric Corporation | 305 | 9940 |
| Mitsubishi Estate Co., Ltd. | 181 | 5032 |
| Mitsubishi HC Capital Inc. (a) | 125 | 1124 |
| Mitsubishi Heavy Industries, Ltd. | 499 | 13705 |
| Mitsubishi UFJ Financial Group, Inc. | 1674 | 28116 |
| Mitsui & Co., Ltd. | 380 | 14620 |
| Mitsui Fudosan Co., Ltd. | 417 | 4442 |
| Mitsui O.S.K. Lines, Ltd. (a) | 48 | 1982 |
| Mizuho Financial Group, Inc. | 364 | 14418 |
| MonotaRO Co., Ltd. | 44 | 479 |
| MS&AD Insurance Group Holdings, Inc. | 204 | 5291 |
| Murata Manufacturing Co., Ltd. | 264 | 5888 |
| Nec Corporation | 186 | 4600 |
| NEXON Co., Ltd. | 64 | 1197 |
| Nidec Corporation | 151 | 1935 |
| Nintendo Co., Ltd. | 174 | 9830 |
| Nippon Building Fund Inc. | 1 | 1080 |
| Nippon Paint Holdings Co., Ltd. (a) | 147 | 917 |
| Nippon Sanso Holdings Corporation (a) | 29 | 1040 |
| Nippon Steel Corporation (a) | 772 | 2848 |
| Nippon Telegraph and Telephone Corporation | 4046 | 4032 |
| Nippon Yusen Kabushiki Kaisha (a) | 60 | 2213 |
| Nissan Motor Co., Ltd. (a) (b) | 288 | 618 |
| Niterra Co., Ltd. (a) | 30 | 1423 |
| Nitori Holdings Co., Ltd. (a) | 64 | 1011 |
| Nitto Denko Corporation | 92 | 1826 |
| Nomura Holdings, Inc. | 433 | 3397 |
| Nomura Research Institute, Ltd. | 62 | 1748 |
| Obayashi Corporation | 99 | 2397 |
| OBIC Co., Ltd. | 48 | 1168 |
| Olympus Corporation | 160 | 1514 |
| Oracle Corporation Japan | 5 | 255 |
| Oriental Land Co., Ltd. (a) | 165 | 2814 |
| ORIX Corporation | 162 | 4829 |
| Osaka Gas Co., Ltd. | 60 | 2439 |
| Otsuka Corporation | 35 | 679 |
| Otsuka Holdings Co., Ltd. | 70 | 4977 |
| Pan Pacific International Holdings Corporation | 379 | 2320 |
| Panasonic Holdings Corporation | 328 | 5499 |
| Rakuten Group, Inc. (b) | 208 | 962 |
| Recruit Holdings Co., Ltd. | 207 | 8745 |
| Renesas Electronics Corporation | 236 | 3383 |
| Resona Holdings, Inc. | 330 | 3692 |
| SBI Holdings, Inc. | 85 | 1590 |
| SCREEN Holdings Co., Ltd. | 30 | 1761 |
| Secom Co., Ltd. | 62 | 2384 |
| Sekisui Chemical Co., Ltd. | 64 | 1075 |
| Sekisui House, Ltd. (a) | 91 | 2030 |
| Seven & I Holdings Co., Ltd. | 315 | 4246 |
| Shimadzu Corporation | 45 | 1059 |
| Shimano Inc. | 12 | 1237 |
| Shimizu Corporation | 79 | 1408 |
| Shin-Etsu Chemical Co., Ltd. | 278 | 11225 |
| Shionogi & Co., Ltd. | 125 | 2795 |
| Shiseido Company, Limited | 55 | 1118 |
| SMC Corporation | 9 | 3326 |
| SoftBank Corp. | 4220 | 5634 |
| SoftBank Group Corp. | 554 | 13407 |
| Sompo Holdings, Inc. | 132 | 5126 |
| Sony Group Corporation | 883 | 18182 |
| Square Enix Holdings Co., Ltd. (a) | 39 | 610 |
| Subaru Corporation. (a) | 90 | 1444 |
| Sumitomo Corporation | 178 | 6620 |
| Sumitomo Electric Industries, Ltd. | 115 | 6368 |
| Sumitomo Metal Mining Co., Ltd. | 40 | 2327 |
| Sumitomo Mitsui Financial Group, Inc. | 565 | 18273 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sumitomo Mitsui Trust Group, Inc. | 102 | 3237 |
| Sumitomo Realty & Development Co., Ltd. | 140 | 3973 |
| Suntory Beverage & Food Limited | 21 | 591 |
| Suzuki Motor Corporation | 276 | 3333 |
| Sysmex Corporation | 75 | 641 |
| T&D Holdings, Inc. | 71 | 1818 |
| Taisei Corporation | 23 | 2415 |
| Takeda Pharmaceutical Company Limited | 231 | 8354 |
| TDK Corporation | 280 | 3638 |
| Terumo Corporation | 225 | 3002 |
| The Chiba Bank, Ltd. | 100 | 1286 |
| The Kansai Electric Power Company, Incorporated (a) | 149 | 2466 |
| TIS Inc. (a) | 31 | 670 |
| Toho Co., Ltd. (a) | 82 | 861 |
| Tokio Marine Holdings, Inc. | 284 | 13271 |
| Tokyo Electric Power Company Holdings, Inc. (b) | 213 | 879 |
| Tokyo Electron Limited | 65 | 16262 |
| Tokyo Gas Co., Ltd. | 51 | 2403 |
| Tokyu Corporation (a) | 83 | 979 |
| TOPPAN Holdings Inc. | 40 | 1058 |
| Toray Industries, Inc. | 217 | 1540 |
| Toyo Suisan Kaisha, Ltd. (a) | 14 | 981 |
| Toyota Motor Corporation | 1698 | 34749 |
| Toyota Tsusho Corporation | 106 | 4107 |
| Trend Micro Incorporated | 21 | 685 |
| Unicharm Corporation | 179 | 1050 |
| West Japan Railway Company | 72 | 1419 |
| Yamaha Motor Co., Ltd. | 136 | 980 |
| Yaskawa Electric Corporation (a) | 35 | 929 |
| Yokogawa Electric Corporation | 39 | 1205 |
| Yokohama Financial Group, Inc. | 168 | 1495 |
| Zensho Holdings Co., Ltd. | 14 | 785 |
| ZOZO, Inc. | 69 | 485 |
| | | 716549 |
| **United Kingdom 14.2%** | **United Kingdom 14.2%** | **United Kingdom 14.2%** |
| 3i Group PLC | 144 | 4702 |
| Admiral Group PLC | 34 | 1422 |
| Anglo American PLC | 159 | 6762 |
| Associated British Foods PLC | 46 | 1146 |
| AstraZeneca PLC | 229 | 44465 |
| Autotrader Group PLC | 134 | 836 |
| Aviva PLC | 445 | 3561 |
| BAE Systems PLC | 435 | 12763 |
| Barclays PLC | 2050 | 10751 |
| Barratt Redrow PLC | 192 | 670 |
| BP P.L.C. | 2265 | 17803 |
| British American Tobacco P.L.C. | 321 | 18605 |
| BT Group PLC | 907 | 2539 |
| Bunzl Public Limited Company | 48 | 1434 |
| Centrica PLC | 671 | 1896 |
| Coca-Cola Europacific Partners PLC | 32 | 2867 |
| Compass Group PLC | 254 | 7054 |
| CVC Capital Partners PLC (a) | 117 | 1544 |
| Diageo PLC | 330 | 6137 |
| Entain PLC | 100 | 749 |
| Experian PLC | 136 | 4703 |
| Fiat Chrysler Automobiles N.V. | 295 | 2089 |
| GSK PLC | 595 | 16311 |
| Haleon PLC | 1316 | 6519 |
| Halma Public Limited Company | 56 | 2861 |
| HSBC Holdings PLC | 2542 | 41474 |
| ICG PLC | 40 | 820 |
| Imperial Brands PLC | 116 | 4703 |
| Informa PLC | 184 | 1839 |
| InterContinental Hotels Group PLC | 23 | 3040 |
| International Consolidated Airlines Group S.A. | 498 | 2325 |
| Intertek Group PLC | 24 | 1154 |
| J Sainsbury PLC | 246 | 1107 |
| Kingfisher PLC | 256 | 967 |
| Legal & General Group PLC | 828 | 2718 |
| Lloyds Banking Group PLC | 8768 | 10848 |
| London Stock Exchange Group PLC | 67 | 7949 |
| M&G PLC | 324 | 1176 |
| Melrose Industries PLC | 177 | 1191 |
| National Grid PLC | 737 | 12421 |
| NatWest Group PLC | 1140 | 8438 |
| Next PLC | 17 | 2934 |
| Pearson PLC | 98 | 1291 |
| Prudential Public Limited Company | 375 | 5210 |
| Reckitt Benckiser Group PLC | 95 | 6408 |
| Relx PLC | 270 | 8881 |
| Rentokil Initial PLC | 348 | 2167 |
| Rightmove PLC | 107 | 612 |
| Rolls-Royce Holdings PLC | 1226 | 18583 |
| Schroders PLC | 121 | 930 |
| SEGRO Public Limited Company | 181 | 1557 |
| Severn Trent PLC | 37 | 1515 |
| Shell PLC - Class A | 837 | 39068 |
| Smith & Nephew PLC | 132 | 2092 |
| Smiths Group PLC | 45 | 1378 |
| Spirax Group PLC | 10 | 890 |
| SSE PLC | 163 | 5625 |
| Standard Chartered PLC | 271 | 5649 |
| Standard Life PLC | 107 | 968 |
| Tesco PLC | 939 | 5905 |
| The Sage Group PLC. | 140 | 1571 |
| Unilever PLC | 322 | 17997 |
| United Utilities PLC | 100 | 1737 |
| Vodafone Group Public Limited Company | 2864 | 4305 |
| Weir Group PLC(The) | 39 | 1452 |
| Wise PLC - Class A (b) | 100 | 1206 |
|  |  | 422290 |
| **France 9.5%** | **France 9.5%** | **France 9.5%** |
| Aeroports de Paris (a) | 5 | 659 |
| Airbus SE | 87 | 16372 |
| Amundi (c) | 9 | 780 |
| AXA | 248 | 11369 |
| Biomerieux S.A. | 6 | 678 |
| BNP Paribas | 149 | 14264 |
| Bollore SE | 100 | 572 |
| Bouygues | 28 | 1622 |
| Bureau Veritas (a) | 46 | 1384 |
| Capgemini France | 26 | 3022 |
| Compagnie de Saint-Gobain | 67 | 5544 |
| Compagnie Generale des Etablissements Michelin (a) | 98 | 3338 |
| Credit Agricole S.A. | 165 | 3081 |
| Danone | 95 | 7648 |
| Dassault Aviation | 3 | 1006 |
| Dassault Systemes | 100 | 2016 |
| Engie | 278 | 8972 |
| EssilorLuxottica | 43 | 10100 |
| Hermes International | 5 | 9535 |
| Kering (a) | 10 | 3108 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 85 | 17672 |
| Legrand | 38 | 5927 |
| L'Oreal | 36 | 14605 |
| LVMH Moet Hennessy Louis Vuitton | 38 | 20611 |
| Orange | 271 | 5555 |
| Pernod Ricard | 29 | 2181 |
| Publicis Groupe S.A. | 34 | 2794 |
| Safran | 51 | 16618 |
| Sanofi | 166 | 16018 |
| Sartorius Stedim Biotech | 4 | 736 |
| Schneider Electric SE | 80 | 21710 |
| Societe Generale | 100 | 7325 |
| Thales | 14 | 4197 |
| TotalEnergies SE | 290 | 26665 |
| Veolia Environnement | 95 | 3622 |
| VINCI | 73 | 10975 |
|  |  | 282281 |
| **Switzerland 9.2%** | **Switzerland 9.2%** | **Switzerland 9.2%** |
| ABB Ltd. - Class N | 232 | 18735 |
| Alcon AG | 73 | 5507 |
| Amrize AG | 78 | 4347 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 2141 |
| Coca-Cola HBC AG | 30 | 1683 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Compagnie Financiere Richemont S.A. | 79 | 13976 |
| EMS-Chemie Holding AG | 1 | 791 |
| Galderma Group AG | 20 | 3875 |
| Geberit AG - Class N | 5 | 3223 |
| Givaudan S.A. - Class N | 1 | 4093 |
| Glencore PLC | 1416 | 10748 |
| Holcim AG | 73 | 6081 |
| Julius Bar Gruppe AG - Class N | 30 | 2197 |
| Kuhne & Nagel International AG (a) | 7 | 1556 |
| Lonza Group AG | 10 | 6627 |
| Nestle S.A. - Class N | 380 | 37432 |
| Novartis AG - Class N | 282 | 42752 |
| Partners Group Holding AG | 3 | 3446 |
| Roche Holding AG | 103 | 40553 |
| Roche Holding AG | 4 | 1716 |
| Sandoz Group AG | 62 | 4809 |
| Schindler Holding AG - Class N | 3 | 898 |
| SGS S.A. | 22 | 2349 |
| Sika AG | 24 | 3919 |
| Sonova Holding AG | 7 | 1590 |
| Straumann Holding AG - Class N (a) | 16 | 1705 |
| Swiss Life Holding AG - Class N | 4 | 4585 |
| Swiss Re AG (a) | 44 | 7297 |
| Swisscom AG - Class N | 4 | 3157 |
| UBS Group AG | 456 | 17777 |
| Zurich Insurance Group AG - Class N | 21 | 14901 |
| | | 274466 |
| **Germany 8.3%** | **Germany 8.3%** | **Germany 8.3%** |
| Adidas AG - Class N | 27 | 4293 |
| Allianz SE | 56 | 23633 |
| BASF SE - Class N | 132 | 8101 |
| Bayer Aktiengesellschaft - Class N | 136 | 6249 |
| Bayerische Motoren Werke Aktiengesellschaft | 42 | 3868 |
| Beiersdorf Aktiengesellschaft | 15 | 1302 |
| BioNTech SE - ADR (b) | 14 | 1287 |
| COMMERZBANK Aktiengesellschaft | 129 | 4676 |
| Continental Aktiengesellschaft | 16 | 1087 |
| Daimler Truck Holding AG | 65 | 3164 |
| Deutsche Bank Aktiengesellschaft - Class N | 282 | 8374 |
| Deutsche Borse Aktiengesellschaft - Class N | 27 | 7918 |
| Deutsche Post AG - Class N | 137 | 7195 |
| Deutsche Telekom AG - Class N | 492 | 18276 |
| E.ON SE - Class N | 328 | 7201 |
| Fresenius SE & Co. KGaA | 61 | 3150 |
| Hannover Ruck SE - Class N | 9 | 2822 |
| Heidelberg Materials AG | 19 | 3997 |
| Henkel AG & Co. KGaA | 15 | 1051 |
| Infineon Technologies AG - Class N | 188 | 8509 |
| Mercedes-Benz Group AG - Class N | 98 | 6036 |
| MERCK Kommanditgesellschaft auf Aktien | 19 | 2433 |
| MTU Aero Engines AG - Class N | 7 | 2676 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 19 | 12154 |
| Rheinmetall Aktiengesellschaft | 7 | 11435 |
| RWE Aktiengesellschaft | 98 | 6597 |
| SAP SE | 152 | 26008 |
| Siemens Aktiengesellschaft - Class N | 108 | 26413 |
| Siemens Energy AG | 113 | 19223 |
| Siemens Healthineers AG (c) | 39 | 1663 |
| Talanx Aktiengesellschaft | 8 | 1045 |
| Vonovia SE | 125 | 3144 |
|  |  | 244980 |
| **Australia 7.2%** | **Australia 7.2%** | **Australia 7.2%** |
| ANZ Group Holdings Limited | 445 | 11162 |
| Aristocrat Leisure Limited | 92 | 2903 |
| ASX Limited | 28 | 1005 |
| Australian Pipeline Trust | 195 | 1344 |
| BHP Group Limited | 714 | 25306 |
| BlueScope Steel Limited | 62 | 1126 |
| Brambles Limited | 205 | 3206 |
| Cochlear Limited | 9 | 1089 |
| Coles Group Limited | 197 | 2993 |
| Commonwealth Bank of Australia | 248 | 28885 |
| Computershare Limited | 81 | 1607 |
| CSL Limited | 71 | 7022 |
| Evolution Mining Limited | 302 | 2722 |
| Fortescue Ltd. | 238 | 3401 |
| Goodman Funding Pty Ltd. | 289 | 5165 |
| GPT Management Holdings Limited | 288 | 905 |
| Insurance Australia Group Limited | 341 | 1733 |
| Lottery Corporation Limited, The | 314 | 1172 |
| Macquarie Group Limited | 54 | 7567 |
| Medibank Private Limited | 424 | 1280 |
| Mirvac Limited | 578 | 711 |
| National Australia Bank Limited | 454 | 13113 |
| Northern Star Resources Ltd. | 208 | 3003 |
| Orica Limited | 73 | 1021 |
| Origin Energy Limited | 259 | 2226 |
| Pro Medicus Limited (a) | 8 | 673 |
| Qantas Airways Limited | 110 | 644 |
| QBE Insurance Group Limited | 226 | 3328 |
| REA Group Ltd. | 7 | 772 |
| Rio Tinto Limited | 54 | 6141 |
| Rio Tinto PLC | 158 | 14594 |
| Santos Limited | 464 | 2570 |
| Scentre Group Limited | 747 | 1728 |
| SEEK Limited | 48 | 465 |
| SGH Limited | 31 | 874 |
| Sigma Healthcare Ltd. (a) | 825 | 1518 |
| Sonic Healthcare Limited (a) | 71 | 1013 |
| South32 Limited | 668 | 2007 |
| Stockland Corporation Ltd. | 328 | 981 |
| Suncorp Group Limited | 164 | 1839 |
| Telstra Group Limited | 604 | 2226 |
| TPG Corporation Limited | 81 | 226 |
| Transurban Holdings Limited | 451 | 4384 |
| Vicinity Centres RE Ltd. | 541 | 881 |
| Wesfarmers Limited | 168 | 8530 |
| Westpac Banking Corporation | 504 | 13857 |
| WHSP Holdings Ltd. (a) | 38 | 1075 |
| WiseTech Global Limited | 25 | 674 |
| Woodside Energy Group Ltd. | 281 | 6704 |
| Woolworths Group Limited | 183 | 4614 |
|  |  | 213985 |
| **Netherlands 4.6%** | **Netherlands 4.6%** | **Netherlands 4.6%** |
| Adyen N.V. (b) (c) | 4 | 4315 |
| ASM International N.V. | 7 | 4959 |
| ASML Holding N.V. | 57 | 76219 |
| DSM-Firmenich AG | 36 | 2571 |
| Exor Nederland N.V. | 14 | 1052 |
| HAL Trust | 5 | 1101 |
| Heineken Holding N.V. | 19 | 1383 |
| Heineken N.V. | 42 | 3229 |
| ING Groep N.V. | 433 | 11269 |
| JDE Peet's N.V. | 22 | 829 |
| Koninklijke Ahold Delhaize N.V. | 128 | 5981 |
| Koninklijke KPN N.V. | 573 | 3178 |
| Koninklijke Philips N.V. | 116 | 3196 |
| NN Group N.V. | 40 | 3109 |
| Prosus N.V. - Class N | 165 | 7599 |
| STMicroelectronics N.V. (a) | 94 | 3220 |
| Wolters Kluwer N.V. - Class C | 34 | 2590 |
|  |  | 135800 |
| **Spain 3.6%** | **Spain 3.6%** | **Spain 3.6%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 32 | 3952 |
| AENA S.M.E., S.A. | 109 | 3235 |
| Amadeus IT Holding, S.A. (c) | 64 | 3675 |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima | 839 | 18141 |
| Banco Santander, S.A. | 2164 | 24232 |
| CaixaBank, S.A. | 521 | 6219 |
| Cellnex Telecom, S.A. (c) | 85 | 2747 |
| EDP Renovaveis, S.A. | 35 | 559 |
| Endesa, S.A. | 47 | 1944 |
| Ferrovial SE | 66 | 4315 |
| Iberdrola, Sociedad Anonima | 908 | 20714 |
| Industria de Diseno Textil, S.A. | 163 | 9413 |
| Naturgy Energy Group S.A. (a) | 21 | 632 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Repsol S.A. | 164 | 4592 |
| Telefonica, S.A. (a) | 665 | 2918 |
| | | 107288 |
| **Sweden 3.5%** | **Sweden 3.5%** | **Sweden 3.5%** |
| AB Sagax - Class B | 31 | 571 |
| AB Sagax - Class D | 20 | 73 |
| Aktiebolaget Industrivarden - Class A | 16 | 805 |
| Aktiebolaget Industrivarden - Class C (a) | 23 | 1157 |
| Aktiebolaget SKF - Class B | 52 | 1253 |
| Aktiebolaget Volvo - Class A (a) | 29 | 967 |
| Aktiebolaget Volvo - Class B (a) | 225 | 7421 |
| Alfa Laval AB | 41 | 2229 |
| ASSA ABLOY AB - Class B | 157 | 5638 |
| Atlas Copco Aktiebolag - Class A (a) | 374 | 6611 |
| Atlas Copco Aktiebolag - Class B | 230 | 3593 |
| Axfood AB | 18 | 599 |
| Boliden AB (b) | 43 | 2241 |
| Epiroc Aktiebolag - Class A | 94 | 2304 |
| Epiroc Aktiebolag - Class B | 56 | 1194 |
| EQT AB (c) | 102 | 3173 |
| Essity Aktiebolag (publ) - Class A | 4 | 107 |
| Essity Aktiebolag (publ) - Class B (a) | 87 | 2222 |
| Evolution AB (publ) (c) | 27 | 1701 |
| Fastighets AB Balder - Class B (a) (b) | 109 | 637 |
| G&L Beijer Ref AB - Class B | 54 | 747 |
| H & M Hennes & Mauritz AB - Class B (a) | 71 | 1335 |
| Hexagon Aktiebolag - Class B | 314 | 3069 |
| Holmen Aktiebolag - Class B (a) | 10 | 372 |
| Indutrade Aktiebolag (a) | 40 | 926 |
| Investmentaktiebolaget Latour - Class B | 20 | 427 |
| Investor Aktiebolag - Class A | 83 | 3110 |
| Investor Aktiebolag - Class B (a) | 268 | 10167 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B | 11 | 603 |
| Lifco AB (Publ) - Class B | 33 | 991 |
| NIBE Industrier AB - Class B | 255 | 1057 |
| Nordnet AB (a) | 23 | 737 |
| SAAB Aktiebolag - Class B (a) | 55 | 3617 |
| Sandvik Aktiebolag | 145 | 5541 |
| Securitas AB - Class B | 81 | 1352 |
| Skandinaviska Enskilda Banken AB - Class A (a) | 197 | 3620 |
| Skandinaviska Enskilda Banken AB - Class C (a) | 4 | 83 |
| Skanska AB - Class B (a) | 49 | 1315 |
| SSAB AB - Class A | 21 | 164 |
| SSAB AB - Class B | 92 | 724 |
| Svenska Cellulosa Aktiebolaget SCA - Class B (a) | 72 | 837 |
| Svenska Handelsbanken AB - Class A (a) | 203 | 2666 |
| Svenska Handelsbanken AB - Class B (a) | 6 | 129 |
| Swedbank AB - Class A (a) | 147 | 5004 |
| Swedish Orphan Biovitrum AB (Publ) (b) | 24 | 992 |
| Tele2 AB - Class B | 80 | 1661 |
| Telefonaktiebolaget LM Ericsson - Class A | 10 | 114 |
| Telefonaktiebolaget LM Ericsson - Class B (a) | 382 | 4347 |
| Telia Company AB | 346 | 1770 |
| Trelleborg AB - Class B | 30 | 1116 |
|  |  | 103089 |
| **Italy 3.2%** | **Italy 3.2%** | **Italy 3.2%** |
| A2a S.P.A. | 220 | 623 |
| Assicurazioni Generali Societa' Per Azioni (a) | 129 | 5191 |
| Banca Mediolanum SpA | 30 | 600 |
| Banca Monte dei Paschi di Siena S.p.A. | 301 | 2634 |
| Banco BPM Societa' Per Azioni | 195 | 2718 |
| Bper Banca S.P.A. | 192 | 2513 |
| Buzzi S.p.A. | 12 | 605 |
| Davide Campari-Milano N.V. (a) | 81 | 574 |
| ENEL - SPA | 1134 | 12326 |
| Eni S.P.A. (a) | 297 | 8432 |
| Ferrari N.V. | 19 | 6316 |
| Finecobank Banca Fineco S.P.A. | 90 | 1992 |
| Infrastrutture Wireless Italiane S.p.A. (a) (c) | 50 | 394 |
| Intesa Sanpaolo SPA | 2268 | 13700 |
| Leonardo S.p.A. | 59 | 4020 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 21 | 413 |
| Moncler S.p.A. | 31 | 1850 |
| Poste Italiane - Societa' Per Azioni (c) | 71 | 1670 |
| Prysmian S.p.A. | 42 | 4890 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 14 | 829 |
| Snam S.p.A. | 311 | 2351 |
| Telecom Italia S.p.A. | 1855 | 1295 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 214 | 2436 |
| Unicredit, Societa' Per Azioni | 221 | 15876 |
|  |  | 94248 |
| **Hong Kong 1.9%** | **Hong Kong 1.9%** | **Hong Kong 1.9%** |
| AIA Group Limited | 1547 | 17041 |
| Budweiser Brewing Company APAC Limited (a) (c) | 258 | 238 |
| CK Asset Holdings Limited | 270 | 1541 |
| CK Hutchison Holdings Limited | 406 | 3116 |
| CK Infrastructure Holdings Limited | 92 | 733 |
| CLP Holdings Limited | 275 | 2589 |
| Henderson Land Development Company Limited (a) | 178 | 658 |
| HKT Trust | 522 | 816 |
| Hong Kong And China Gas Company Limited - The- | 1694 | 1540 |
| Hong Kong Exchanges and Clearing Limited | 176 | 8877 |
| Jardine Matheson Holdings Limited | 29 | 2100 |
| Link Real Estate Investment Trust | 384 | 1779 |
| MTR Corporation Limited (a) | 232 | 952 |
| Power Assets Holdings Limited | 199 | 1553 |
| Sino Land Company Limited | 562 | 827 |
| Sun Hung Kai Properties Limited | 251 | 4174 |
| Swire Pacific Limited - Class A | 56 | 606 |
| Swire Pacific Limited - Class B | 68 | 110 |
| Swire Properties Limited | 140 | 409 |
| Techtronic Industries Company Limited | 217 | 2872 |
| WH Group Limited (c) | 1122 | 1477 |
| Wharf (Holdings) Limited, The | 153 | 424 |
| Wharf Real Estate Investment Company Limited | 192 | 559 |
|  |  | 54991 |
| **Denmark 1.6%** | **Denmark 1.6%** | **Denmark 1.6%** |
| A.P. Moller - Maersk A/S - Class A (a) |  | 957 |
| A.P. Moller - Maersk A/S - Class B (a) |  | 1138 |
| Carlsberg A/S - Class B | 14 | 1696 |
| Coloplast A/S - Class B | 22 | 1476 |
| Danske Bank A/S | 96 | 4690 |
| DSV A/S | 29 | 6875 |
| Genmab A/S (b) | 9 | 2482 |
| Novo Nordisk A/S - Class B | 470 | 17313 |
| Novozymes A/S - Class B | 51 | 3003 |
| Orsted A/S (b) (c) | 68 | 1680 |
| Pandora A/S | 12 | 856 |
| Tryg A/S | 44 | 1061 |
| Vestas Wind Systems A/S | 147 | 4355 |
|  |  | 47582 |
| **Singapore 1.5%** | **Singapore 1.5%** | **Singapore 1.5%** |
| Capitaland Ascendas REIT | 536 | 1036 |
| Capitaland Group Pte. Ltd. | 836 | 1500 |
| Capitaland Investment Limited | 349 | 743 |
| DBS Group Holdings Ltd. | 303 | 13481 |
| Genting Singapore Limited | 777 | 409 |
| Jardine Cycle & Carriage Limited | 9 | 241 |
| Keppel Ltd. | 202 | 1864 |
| Mpact Treasury Company Pte. Ltd. (c) | 314 | 323 |
| Oversea-Chinese Banking Corporation Limited | 486 | 8339 |
| Singapore Airlines Limited | 227 | 1168 |
| Singapore Exchange Limited | 121 | 1847 |
| Singapore Technologies Engineering Ltd. | 230 | 1950 |
| Singapore Telecommunications Limited | 1213 | 4683 |
| United Overseas Bank Limited | 199 | 5710 |
| Wilmar International Limited | 259 | 779 |
|  |  | 44073 |
| **Finland 1.3%** | **Finland 1.3%** | **Finland 1.3%** |
| Elisa Oyj | 22 | 1064 |
| Fortum Oyj | 64 | 1623 |
| Kesko Oyj - Class A | 11 | 245 |
| Kesko Oyj - Class B | 41 | 898 |
| Kone Corporation - Class B | 53 | 3381 |
| Metso Oyj | 104 | 1785 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Neste Oyj | 66 | 2138 |
| Nokia Oyj | 750 | 6017 |
| Nordea Bank Abp | 480 | 8232 |
| Orion Oyj - Class A | 3 | 275 |
| Orion Oyj - Class B | 16 | 1319 |
| Sampo Oyj - Class A | 377 | 4026 |
| Stora Enso Oyj - Class R | 88 | 1031 |
| UPM-Kymmene Oyj | 78 | 2426 |
| Wartsila Oyj Abp | 71 | 2608 |
| | | 37068 |
| **Belgium 1.2%** | **Belgium 1.2%** | **Belgium 1.2%** |
| Ackermans | 3 | 954 |
| Ageas SA/NV | 26 | 1886 |
| Anheuser-Busch InBev | 144 | 9973 |
| Argenx SE (b) | 9 | 6658 |
| D'Ieteren Group | 3 | 607 |
| Elia Group | 6 | 932 |
| Groep Brussel Lambert | 12 | 1069 |
| KBC Groep | 37 | 4521 |
| Lotus Bakeries |  | 736 |
| Sofina | 2 | 561 |
| Syensqo (a) | 11 | 632 |
| U C B | 18 | 5317 |
| Warehouses De Pauw | 25 | 648 |
|  |  | 34494 |
| **Norway 0.8%** | **Norway 0.8%** | **Norway 0.8%** |
| Aker BP ASA | 47 | 1708 |
| DNB Bank ASA | 107 | 3341 |
| Equinor ASA | 116 | 4866 |
| Gjensidige Forsikring ASA | 28 | 730 |
| Kongsberg Gruppen ASA | 64 | 2728 |
| Mowi ASA | 66 | 1503 |
| Norsk Hydro ASA | 189 | 2019 |
| Orkla ASA | 98 | 1230 |
| SalMar ASA | 10 | 611 |
| Storebrand ASA | 61 | 1105 |
| Telenor ASA | 92 | 1614 |
| Var Energi ASA | 124 | 650 |
| Vend Marketplaces ASA - Class B | 29 | 722 |
| Yara International ASA | 25 | 1465 |
|  |  | 24292 |
| **Israel 0.8%** | **Israel 0.8%** | **Israel 0.8%** |
| Azrieli Group Ltd. | 6 | 744 |
| Bank Hapoalim B.M. | 196 | 4583 |
| Bank Leumi Le-Israel B.M. | 222 | 4949 |
| Elbit Systems Ltd. | 4 | 2994 |
| ICL Group Ltd. | 106 | 543 |
| Israel Discount Bank Limited | 184 | 1848 |
| Mizrahi Tefahot Bank Ltd. | 21 | 1492 |
| Nice Ltd. (b) | 9 | 997 |
| Teva Pharmaceutical Industries Ltd. (b) | 170 | 5067 |
|  |  | 23217 |
| **Poland 0.5%** | **Poland 0.5%** | **Poland 0.5%** |
| Allegro.eu (b) (c) | 96 | 686 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 31 | 1840 |
| Dino Polska Spolka Akcyjna (b) (c) | 72 | 652 |
| ING Bank Slaski Spolka Akcyjna | 5 | 595 |
| KGHM Polska Miedz Spolka Akcyjna (b) | 20 | 1486 |
| LPP Spolka Akcyjna |  | 1142 |
| Orlen S A | 85 | 3083 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 128 | 3028 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 84 | 1459 |
| Santander Bank Polska Spolka Akcyjna | 6 | 873 |
|  |  | 14844 |
| **Austria 0.4%** | **Austria 0.4%** | **Austria 0.4%** |
| Andritz AG | 10 | 684 |
| BAWAG Group AG (c) | 11 | 1737 |
| Erste Group Bank AG | 44 | 4769 |
| OMV Aktiengesellschaft | 20 | 1487 |
| Raiffeisen Bank International AG | 21 | 904 |
| Telekom Austria Aktiengesellschaft | 8 | 88 |
| Verbund AG | 10 | 760 |
|  |  | 10429 |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| EDP, S.A. | 407 | 2138 |
| Galp Energia, SGPS, S.A. - Class B | 62 | 1482 |
| Jeronimo Martins, SGPS S.A. | 39 | 938 |
|  |  | 4558 |
| **United States of America 0.1%** | **United States of America 0.1%** | **United States of America 0.1%** |
| James Hardie Industries Public Limited Company - CHESS | 87 | 1658 |
| Universal Music Group N.V. | 140 | 2717 |
|  |  | 4375 |
| **Ireland 0.1%** | **Ireland 0.1%** | **Ireland 0.1%** |
| Kerry Group Public Limited Company - Class A | 21 | 1676 |
| Kingspan Group Public Limited Company | 23 | 1964 |
|  |  | 3640 |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| Auckland International Airport Limited | 211 | 969 |
| Fisher & Paykel Healthcare Corporation Limited | 82 | 1772 |
| Meridian Energy Limited | 201 | 641 |
|  |  | 3382 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| ArcelorMittal (a) | 62 | 3226 |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Antofagasta PLC | 52 | 2311 |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Galaxy Entertainment Group Limited | 333 | 1503 |
| Sands China Ltd. | 338 | 720 |
|  |  | 2223 |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| WuXi Biologics (Cayman) Inc. (b) (c) | 514 | 2207 |
| **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** |
| Zijin Gold International Company Limited | 60 | 1370 |
| **Argentina 0.0%** | **Argentina 0.0%** | **Argentina 0.0%** |
| Tenaris S.A. | 47 | 1365 |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Fresnillo PLC | 28 | 1258 |
| **Czech Republic 0.0%** | **Czech Republic 0.0%** | **Czech Republic 0.0%** |
| CSG N.V. - Class A (b) | 22 | 590 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| NMC Health PLC (d) | 12 |  |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (b) (c) (d) | 82 |  |
| Total Common Stocks (cost $2,110,184) | Total Common Stocks (cost $2,110,184) | 2916471 |
| **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** |
| **Germany 0.3%** | **Germany 0.3%** | **Germany 0.3%** |
| Bayerische Motoren Werke Aktiengesellschaft | 8 | 725 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 15 | 685 |
| Henkel AG & Co. KGaA (e) | 24 | 1864 |
| Sartorius Aktiengesellschaft | 4 | 942 |
| Volkswagen Aktiengesellschaft (e) | 31 | 3125 |
|  |  | 7341 |
| **Switzerland 0.1%** | **Switzerland 0.1%** | **Switzerland 0.1%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 2152 |
| Schindler Holding AG | 6 | 2020 |
|  |  | 4172 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 861 | 707 |
| Total Preferred Stocks (cost $13,798) | Total Preferred Stocks (cost $13,798) | 12220 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **Singapore 0.0%** | **Singapore 0.0%** | **Singapore 0.0%** |
| Capitaland Ascendas REIT (b) (f) | 15 | 1 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. (b) (f) | 861 |  |
| Telecom Italia S.p.A. (b) (f) | 1855 |  |
| Total Rights (cost $0) | Total Rights (cost $0) | 1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 3.63% (g) (h) | 19197 | 19197 |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 3.53% (g) (h) | 14575 | 14575 |
| Total Short Term Investments (cost $33,772) | Total Short Term Investments (cost $33,772) | 33772 |
| **Total Investments 99.8% (cost $2,157,754)** | **Total Investments 99.8% (cost $2,157,754)** | **2962464** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (140) |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **5910** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2968234** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(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) 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.

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 33330 | 109856 | 128611 | 157 |  |  | 14575 | 0.5 |
| JNL Government Money Market Fund, 3.63% - Class SL | 25458 | 65768 | 72029 | 116 |  |  | 19197 | 0.6 |
|  | 58788 | 175624 | 200640 | 273 |  |  | 33772 | 1.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 8966 | 4315 | 0.1 |
| Allegro.eu | 06/18/21 | 1044 | 686 |  |
| Amadeus IT Holding, S.A. | 04/26/21 | 4314 | 3675 | 0.1 |
| Amundi | 04/26/21 | 765 | 780 |  |
| BAWAG Group AG | 04/26/21 | 829 | 1737 | 0.1 |
| Budweiser Brewing Company APAC Limited | 04/26/21 | 795 | 238 |  |
| Cellnex Telecom, S.A. | 04/26/21 | 4049 | 2747 | 0.1 |
| Dino Polska Spolka Akcyjna | 06/18/21 | 675 | 652 |  |
| EQT AB | 04/26/21 | 2882 | 3173 | 0.1 |
| Evolution AB (publ) | 04/26/21 | 3125 | 1701 | 0.1 |
| Evraz PLC | 04/26/21 | 631 |  |  |
| Infrastrutture Wireless Italiane S.p.A. | 04/26/21 | 588 | 394 |  |
| Mpact Treasury Company Pte. Ltd. | 04/26/21 | 470 | 323 |  |
| Orsted A/S | 04/26/21 | 2404 | 1680 | 0.1 |
| Poste Italiane - Societa' Per Azioni | 04/26/21 | 997 | 1670 | 0.1 |
| Siemens Healthineers AG | 06/18/21 | 2250 | 1663 | 0.1 |
| WH Group Limited | 04/26/21 | 975 | 1477 |  |
| WuXi Biologics (Cayman) Inc. | 12/17/21 | 3783 | 2207 | 0.1 |
|  |  | 39542 | 29118 | 1.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 195 | June 2026 | EUR | 10959 | 89 | (281) |
| FTSE 100 Index | 43 | June 2026 | GBP | 4420 | 47 | (47) |
| S&P/ASX 200 Index | 20 | June 2026 | AUD | 4317 | 6 | (43) |
| Topix Index | 46 | June 2026 | JPY | 1660779 | (147) | (312) |
|  |  |  |  |  | (5) | (683) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | BMO | 06/17/26 | AUD | 1751 | 1207 | (43) |
| EUR/USD | BCL | 06/17/26 | EUR | 3391 | 3933 | 9 |
| EUR/USD | UBS | 06/17/26 | EUR | 10712 | 12425 | (25) |
| GBP/USD | CIT | 06/17/26 | GBP | 2451 | 3243 | (43) |
| JPY/USD | BCL | 06/17/26 | JPY | 507723 | 3220 | 3 |
| JPY/USD | HSB | 06/17/26 | JPY | 1680958 | 10660 | (4) |
| USD/EUR | CIT | 06/17/26 | EUR | (1716) | (1990) | (3) |
| USD/EUR | SCB | 06/17/26 | EUR | (1701) | (1972) | (4) |
| USD/JPY | RBC | 06/17/26 | JPY | (969580) | (6149) | (23) |
| USD/JPY | SCB | 06/17/26 | JPY | (329992) | (2093) | (2) |
|  |  |  |  |  | 22484 | (135) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 4154 | 2912317 |  | 2916471 |
| &nbsp;&nbsp;Preferred Stocks |  | 12220 |  | 12220 |
| &nbsp;&nbsp;Rights |  | 1 |  | 1 |
| &nbsp;&nbsp;Short Term Investments | 33772 |  |  | 33772 |
|  | 37926 | 2924538 |  | 2962464 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 12 |  | 12 |
|  |  | 12 |  | 12 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (683) |  |  | (683) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (147) |  | (147) |
|  | (683) | (147) |  | (830) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** |
| **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** |
| **Industrials 25.3%** | **Industrials 25.3%** | **Industrials 25.3%** |
| AAON, Inc. | 68 | 5655 |
| Acuity Brands, Inc. | 31 | 8613 |
| Advanced Drainage Systems, Inc. | 72 | 9916 |
| AECOM | 131 | 11109 |
| AeroVironment, Inc. (a) | 32 | 5876 |
| AGCO Corporation | 61 | 7100 |
| Alaska Air Group, Inc. (a) | 115 | 4235 |
| American Airlines Group Inc. (a) | 666 | 7156 |
| API Group Corporation (a) | 387 | 15688 |
| Applied Industrial Technologies, Inc. | 38 | 9971 |
| ATI Inc. (a) | 137 | 19941 |
| Avis Budget Group, Inc. (a) (b) | 17 | 2429 |
| Booz Allen Hamilton Holding Corporation - Class A | 121 | 9425 |
| Brink's Company, The | 41 | 4292 |
| BWXT Government Group, Inc. | 92 | 18865 |
| CACI International Inc. - Class A (a) | 22 | 12120 |
| Carlisle Companies Incorporated | 41 | 13770 |
| Carpenter Technology Corporation | 50 | 19810 |
| Chart Industries, Inc. (a) | 45 | 9378 |
| Clean Harbors, Inc. (a) | 51 | 14531 |
| CNH Industrial N.V. | 893 | 9822 |
| Concentrix Corporation (b) | 44 | 1211 |
| Core & Main, Inc. - Class A (a) | 190 | 9368 |
| Crane Company | 49 | 8447 |
| Curtiss-Wright Corporation | 37 | 25340 |
| Donaldson Company, Inc. | 116 | 9877 |
| Dycom Industries, Inc. (a) | 30 | 10245 |
| EnerSys | 37 | 6460 |
| ESAB Corporation | 58 | 5566 |
| ExlService Holdings, Inc. (a) | 157 | 4771 |
| Exponent, Inc. | 50 | 3284 |
| Flowserve Corporation | 128 | 9422 |
| Fluor Corporation (a) | 163 | 7587 |
| Fortune Brands Innovations, Inc. | 119 | 4653 |
| FTI Consulting, Inc. (a) | 31 | 5398 |
| GATX Corporation | 36 | 6150 |
| Genpact Limited | 159 | 5936 |
| Graco Inc. | 167 | 14161 |
| GXO Logistics Inc. (a) | 116 | 6004 |
| Hexcel Corporation | 79 | 6394 |
| ITT Inc. | 87 | 16533 |
| KBR, Inc. | 128 | 4723 |
| Kirby Corporation (a) | 55 | 7281 |
| Knight-Swift Transportation Holdings Inc. - Class A | 164 | 9432 |
| Kratos Defense & Security Solutions, Inc. (a) | 186 | 13135 |
| Landstar System, Inc. | 34 | 5447 |
| Lincoln Electric Holdings, Inc. | 56 | 13830 |
| MasTec, Inc. (a) | 62 | 19913 |
| Maximus, Inc. | 56 | 3621 |
| Middleby Corporation, The (a) | 47 | 6200 |
| Mine Safety Appliances Company, LLC | 37 | 5992 |
| MOOG Inc. - Class A | 29 | 8395 |
| MSC Industrial Direct Co., Inc. - Class A | 46 | 4228 |
| Mueller Industries, Inc. | 112 | 12411 |
| NextPower LLC - Class A (a) | 150 | 18060 |
| Nvent Electric Public Limited Company | 163 | 19258 |
| Oshkosh Corporation | 64 | 9396 |
| Owens Corning | 83 | 8975 |
| Parsons Corporation (a) | 54 | 2900 |
| Paylocity Holding Corporation (a) | 43 | 4698 |
| RB Global, Inc. | 187 | 17959 |
| RBC Bearings Incorporated (a) | 32 | 17328 |
| Regal Rexnord Corporation | 67 | 12546 |
| Ryder System, Inc. | 40 | 8239 |
| Saia, Inc. (a) | 27 | 9444 |
| Science Applications International Corporation | 46 | 4368 |
| Sensata Technologies Holding PLC | 145 | 5104 |
| Simpson Manufacturing Co., Inc. | 42 | 7179 |
| SPX Technologies, Inc. (a) | 50 | 10054 |
| StandardAero, Inc. (a) | 192 | 4958 |
| Sterling Infrastructure, Inc. (a) | 31 | 12624 |
| Terex Corporation | 115 | 6781 |
| Tetra Tech, Inc. | 264 | 7939 |
| Timken Company, The | 64 | 6438 |
| Toro Company, The | 98 | 9202 |
| TransUnion | 194 | 13432 |
| Trex Company, Inc. (a) | 108 | 3943 |
| UFP Industries, Inc. | 58 | 5350 |
| UL Solutions Inc. - Class A | 78 | 6681 |
| Valmont Industries, Inc. | 20 | 7943 |
| Vicor Corporation (a) | 23 | 3691 |
| Watsco, Inc. | 35 | 12820 |
| Watts Water Technologies, Inc. - Class A | 28 | 8034 |
| WESCO International, Inc. | 49 | 13431 |
| Woodward, Inc. | 60 | 21530 |
| XPO, Inc. (a) | 118 | 22997 |
|  |  | 824419 |
| **Financials 14.8%** | **Financials 14.8%** | **Financials 14.8%** |
| Affiliated Managers Group, Inc. | 28 | 7855 |
| Ally Financial Inc. | 283 | 11112 |
| American Financial Group, Inc. | 70 | 8921 |
| Annaly Capital Management, Inc. | 725 | 15331 |
| Associated Banc-Corp | 165 | 4269 |
| Bank OZK | 104 | 4779 |
| Brighthouse Financial, Inc. (a) | 58 | 3455 |
| Carlyle Group Inc., The | 262 | 12670 |
| CNO Financial Group, Inc. | 94 | 3864 |
| Columbia Banking System, Inc. | 297 | 8154 |
| Commerce Bancshares, Inc. | 138 | 6803 |
| Corebridge Financial, Inc. | 266 | 6359 |
| Cullen/Frost Bankers, Inc. | 64 | 8737 |
| East West Bancorp, Inc. | 139 | 14821 |
| Equitable Holdings, Inc. | 286 | 10608 |
| Essent Group Ltd. | 96 | 5622 |
| Euronet Worldwide, Inc. (a) | 39 | 2611 |
| Evercore Inc. - Class A | 39 | 11650 |
| F.N.B. Corporation | 361 | 6028 |
| Federated Hermes, Inc. - Class B | 75 | 4234 |
| Fidelity National Financial, Inc. - Class A | 257 | 11936 |
| First American Financial Corporation | 103 | 6204 |
| First Financial Bankshares, Inc. | 130 | 3839 |
| First Horizon Corporation | 491 | 11173 |
| FirstCash, Inc. | 39 | 7343 |
| Flagstar Bank, National Association | 300 | 3952 |
| Glacier Bancorp, Inc. | 130 | 5800 |
| Hamilton Lane Incorporated - Class A | 41 | 4053 |
| Hancock Whitney Corporation | 82 | 5243 |
| Hanover Insurance Group Inc, The | 35 | 6149 |
| Home BancShares, Inc. | 185 | 4980 |
| Houlihan Lokey, Inc. - Class A | 55 | 7904 |
| International Bancshares Corporation | 54 | 3658 |
| Janus Henderson Group PLC | 124 | 6389 |
| Jefferies Financial Group Inc. | 167 | 6886 |
| Kinsale Capital Group, Inc. | 22 | 7619 |
| MGIC Investment Corporation | 223 | 5852 |
| Morningstar, Inc. | 23 | 3962 |
| Old National Bancorp | 351 | 7754 |
| Old Republic International Corporation | 230 | 9165 |
| Pinnacle Financial Partners, Inc. | 152 | 13085 |
| Primerica, Inc. | 32 | 8066 |
| Prosperity Bancshares, Inc. | 102 | 6849 |
| Reinsurance Group of America, Incorporated | 66 | 13537 |
| RenaissanceRe Holdings Ltd. | 44 | 13043 |
| RLI Corp. | 93 | 5286 |
| Ryan Specialty Group Holdings, Inc. - Class A | 113 | 3827 |
| SEI Investments Company | 94 | 7355 |
| Selective Insurance Group, Inc. | 61 | 4599 |
| Shift4 Payments, LLC - Class A (a) (b) | 69 | 3010 |
| SLM Corporation | 200 | 4284 |
| Southstate Bank Corporation | 100 | 9271 |
| Starwood Property Trust, Inc. (b) | 351 | 6049 |
| Stifel Financial Corp. | 154 | 11374 |
| Texas Capital Bancshares, Inc. (a) | 45 | 4268 |
| UMB Financial Corporation | 72 | 8126 |
| United Bankshares, Inc. | 141 | 5832 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Unum Group | 154 | 11233 |
| Valley National Bancorp | 483 | 5931 |
| Voya Financial, Inc. | 94 | 6448 |
| Webster Financial Corporation | 163 | 11294 |
| Western Alliance Bancorporation | 103 | 7280 |
| Wex, Inc. (a) | 35 | 5295 |
| Wintrust Financial Corporation | 68 | 9390 |
| Zions Bancorporation, National Association | 149 | 8585 |
| | | 481061 |
| **Information Technology 12.1%** | **Information Technology 12.1%** | **Information Technology 12.1%** |
| Advanced Energy Industries, Inc. | 38 | 12291 |
| Allegro Microsystems Inc. (a) | 124 | 3925 |
| Amkor Technology, Inc. | 115 | 5182 |
| AppFolio, Inc. - Class A (a) | 25 | 3875 |
| Arrow Electronics, Inc. (a) | 51 | 7344 |
| Avnet, Inc. | 83 | 5090 |
| Belden Inc. | 40 | 4601 |
| Bentley Systems, Incorporated - Class B (b) | 151 | 5286 |
| Bill Holdings, Inc. (a) (b) | 88 | 3358 |
| Blackbaud, Inc. (a) | 37 | 1432 |
| Cirrus Logic, Inc. (a) | 52 | 7460 |
| Cognex Corporation | 167 | 8185 |
| CommVault Systems, Inc. (a) | 44 | 3459 |
| Crane Nxt, Co. | 50 | 2023 |
| DocuSign, Inc. (a) | 202 | 9581 |
| Dolby Laboratories, Inc. - Class A | 61 | 3688 |
| Dropbox, Inc. - Class A (a) | 176 | 3999 |
| Dynatrace, Inc. (a) | 301 | 11129 |
| Entegris, Inc. | 153 | 17981 |
| Fabrinet (a) | 36 | 18852 |
| Flex Ltd. (a) | 371 | 24285 |
| Guidewire Software, Inc. (a) | 86 | 12830 |
| InterDigital, Inc. | 26 | 7828 |
| IPG Photonics Corporation (a) | 25 | 2892 |
| Kyndryl Holdings, Inc. (a) | 229 | 3011 |
| Lattice Semiconductor Corporation (a) | 138 | 12803 |
| Littelfuse, Inc. | 25 | 8527 |
| MACOM Technology Solutions Holdings, Inc. (a) | 65 | 14455 |
| Manhattan Associates, Inc. (a) | 60 | 7996 |
| MKS Inc. | 68 | 15575 |
| Novanta Inc. (a) | 36 | 4284 |
| Nutanix, Inc. - Class A (a) | 273 | 10371 |
| Okta, Inc. - Class A (a) | 171 | 13459 |
| Onto Innovation Inc. (a) | 50 | 10274 |
| Pegasystems Inc. | 93 | 3940 |
| Pure Storage, Inc. - Class A (a) | 317 | 18686 |
| Qualys, Inc. (a) | 36 | 3159 |
| Rambus Inc. (a) | 109 | 9345 |
| Silicon Laboratories Inc. (a) | 33 | 6922 |
| Sitime Corporation (a) | 22 | 7698 |
| Synaptics Incorporated (a) | 40 | 2779 |
| TD SYNNEX Corporation | 75 | 12719 |
| TTM Technologies, Inc. (a) | 104 | 10157 |
| Twilio Inc. - Class A (a) | 153 | 19248 |
| Uipath, Inc. - Class A (a) (b) | 432 | 4796 |
| Universal Display Corporation | 45 | 4089 |
| Vontier Corporation | 144 | 5105 |
|  |  | 395974 |
| **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** |
| Abercrombie & Fitch Co. - Class A (a) | 46 | 4243 |
| Aramark | 265 | 10752 |
| Autoliv, Inc. | 70 | 7326 |
| AutoNation, Inc. (a) | 27 | 5277 |
| Bath & Body Works, Inc. | 203 | 3796 |
| BorgWarner Inc. | 211 | 11470 |
| Boyd Gaming Corporation | 58 | 4794 |
| Brunswick Corporation | 65 | 4713 |
| Burlington Stores, Inc. (a) | 63 | 20415 |
| Capri Holdings Limited (a) | 121 | 2132 |
| CAVA Group, Inc. (a) (b) | 101 | 8142 |
| Chewy, Inc. - Class A (a) | 241 | 6498 |
| Choice Hotels International, Inc. (b) | 21 | 2133 |
| Churchill Downs Incorporated | 67 | 6004 |
| Columbia Sportswear Company | 25 | 1372 |
| Crocs, Inc. (a) | 51 | 4250 |
| Dick's Sporting Goods, Inc. | 67 | 13285 |
| Duolingo, Inc. - Class A (a) | 40 | 3980 |
| Dutch Bros Inc. - Class A (a) | 129 | 6515 |
| Five Below, Inc. (a) | 56 | 12716 |
| Floor & Decor Holdings, Inc. - Class A (a) | 109 | 5538 |
| GameStop Corp. - Class A (a) (b) | 416 | 9582 |
| Gap, Inc., The | 229 | 5540 |
| Gentex Corporation | 218 | 4770 |
| Graham Holdings Co., Ltd. - Class B | 3 | 3580 |
| Grand Canyon Education, Inc. (a) | 28 | 4697 |
| H & R Block, Inc. | 128 | 4060 |
| Harley-Davidson, Inc. | 117 | 2373 |
| Hilton Grand Vacations Inc. (a) | 60 | 2363 |
| Hyatt Hotels Corporation - Class A | 42 | 5967 |
| KB Home | 64 | 3320 |
| Lear Corporation | 52 | 6251 |
| Lithia Motors, Inc. - Class A | 24 | 6110 |
| Macy's, Inc. | 265 | 4797 |
| Mattel, Inc. (a) | 314 | 4557 |
| Murphy USA Inc. | 17 | 8363 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 62 | 5696 |
| Penske Automotive Group, Inc. | 19 | 2782 |
| Planet Fitness, Inc. - Class A (a) | 84 | 6250 |
| Polaris Inc. | 54 | 2921 |
| PVH Corp. | 47 | 3289 |
| RH (a) | 15 | 2144 |
| Service Corporation International | 141 | 11610 |
| Somnigroup International Inc. | 212 | 15656 |
| Taylor Morrison Home II Corporation - Class A (a) | 99 | 5743 |
| Texas Roadhouse, Inc. - Class A | 67 | 11022 |
| The Goodyear Tire & Rubber Company (a) | 291 | 1927 |
| Thor Industries, Inc. | 53 | 4259 |
| Toll Brothers, Inc. | 95 | 13020 |
| TopBuild Corp. (a) | 28 | 9894 |
| Travel + Leisure Co. | 65 | 4497 |
| V.F. Corporation | 329 | 5582 |
| Vail Resorts, Inc. (b) | 36 | 4654 |
| Valvoline, Inc. (a) (b) | 128 | 4327 |
| Visteon Corporation | 28 | 2533 |
| Whirlpool Corporation (b) | 64 | 3450 |
| Wingstop Inc. | 28 | 4293 |
| Wyndham Hotels & Resorts, Inc. | 76 | 6192 |
| YETI Holdings, Inc. (a) | 78 | 2856 |
|  |  | 356278 |
| **Health Care 8.8%** | **Health Care 8.8%** | **Health Care 8.8%** |
| Arrowhead Pharmaceuticals Inc (a) | 141 | 8859 |
| Avantor, Inc. (a) | 683 | 5352 |
| BioMarin Pharmaceutical Inc. (a) | 194 | 10950 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 18 | 5114 |
| Bruker Corporation | 111 | 4018 |
| Chemed Corporation | 14 | 5399 |
| Cytokinetics, Incorporated (a) | 123 | 8138 |
| Dentsply Sirona Inc. | 202 | 2348 |
| Doximity, Inc. - Class A (a) | 135 | 3153 |
| Elanco Animal Health Incorporated (a) | 501 | 11997 |
| Encompass Health Corporation | 102 | 9820 |
| Ensign Group, Inc., The | 58 | 11727 |
| Envista Holdings Corporation (a) | 164 | 4170 |
| Exelixis, Inc. (a) | 265 | 11363 |
| Globus Medical, Inc. - Class A (a) | 112 | 9686 |
| Haemonetics Corporation (a) | 47 | 2650 |
| Halozyme Therapeutics, Inc. (a) | 119 | 7669 |
| HealthEquity, Inc. (a) | 86 | 7177 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 210 | 4364 |
| Illumina, Inc. (a) | 154 | 19017 |
| Jazz Pharmaceuticals Public Limited Company (a) | 61 | 11591 |
| Lantheus Holdings, Inc. (a) | 67 | 5075 |
| LivaNova PLC (a) | 54 | 3460 |
| Masimo Corporation (a) | 46 | 8194 |
| Medpace Holdings, Inc. (a) | 23 | 10863 |
| Neurocrine Biosciences, Inc. (a) | 101 | 13341 |
| Option Care Health, Inc. (a) | 160 | 4312 |
| Penumbra, Inc. (a) | 40 | 12998 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Repligen Corporation (a) | 53 | 6291 |
| Roivant Sciences Ltd. (a) | 455 | 12602 |
| Sotera Health LLC (a) | 235 | 3371 |
| Tenet Healthcare Corporation (a) | 89 | 16734 |
| United Therapeutics Corporation (a) | 43 | 25763 |
| | | 287566 |
| **Real Estate 6.8%** | **Real Estate 6.8%** | **Real Estate 6.8%** |
| Agree Realty Corporation (b) | 121 | 9115 |
| American Healthcare REIT, Inc. | 179 | 8442 |
| American Homes 4 Rent - Class A | 329 | 9185 |
| Brixmor Property Group Inc. | 309 | 8910 |
| Caretrust REIT, Inc. | 225 | 8262 |
| COPT Defense Properties | 115 | 3528 |
| Cousins Properties Incorporated | 170 | 3826 |
| Cubesmart, L.P. | 230 | 8433 |
| EastGroup Properties, Inc. | 54 | 9944 |
| EPR Properties | 77 | 3838 |
| Equity Lifestyle Properties, Inc. | 196 | 12208 |
| First Industrial Realty Trust, Inc. | 134 | 7736 |
| Gaming and Leisure Properties, Inc. | 286 | 12670 |
| Healthcare Realty Trust Incorporated - Class A | 349 | 5935 |
| Independence Realty Trust, Inc. | 241 | 3584 |
| Jones Lang LaSalle Incorporated (a) | 48 | 14492 |
| Kilroy Realty Corporation (b) | 110 | 3103 |
| Kite Realty Naperville, LLC | 218 | 5363 |
| Lamar Advertising Company - Class A | 88 | 11101 |
| National Storage Affiliates Trust | 72 | 2706 |
| NNN REIT, Inc. | 192 | 8055 |
| Omega Healthcare Investors, Inc. | 298 | 13069 |
| Park Hotels & Resorts Inc. (b) | 199 | 2099 |
| Rayonier Inc. | 281 | 5798 |
| Rexford Industrial Realty, Inc. | 232 | 7579 |
| Sabra Health Care REIT, Inc. | 254 | 4893 |
| STAG Industrial, Inc. | 193 | 6951 |
| Vornado Realty Trust | 163 | 4225 |
| W.P. Carey Inc. | 221 | 15028 |
|  |  | 220078 |
| **Materials 5.8%** | **Materials 5.8%** | **Materials 5.8%** |
| Alcoa Corporation | 261 | 17332 |
| AptarGroup, Inc. | 65 | 8243 |
| Ashland Inc. | 45 | 2525 |
| Avient Corporation | 92 | 3331 |
| Axalta Coating Systems Ltd. (a) | 215 | 5965 |
| Cabot Corporation | 53 | 3989 |
| Cleveland-Cliffs Inc. (a) | 576 | 4863 |
| Commercial Metals Company | 112 | 6875 |
| Crown Holdings, Inc. | 113 | 11300 |
| Eagle Materials Inc. | 32 | 6029 |
| Graphic Packaging Holding Company | 300 | 2982 |
| Greif, Inc. - Class A | 26 | 1768 |
| Hecla Mining Company | 676 | 12597 |
| KRC Materials, Inc. (a) | 57 | 4668 |
| Louisiana-Pacific Corporation (W VA) | 63 | 4596 |
| MP Materials Corp. - Class A (a) (b) | 136 | 6561 |
| NewMarket Corporation | 8 | 5049 |
| Olin Corporation | 115 | 3406 |
| Reliance, Inc. | 53 | 16035 |
| Royal Gold, Inc. | 82 | 20806 |
| RPM International Inc. | 129 | 12846 |
| Scotts Miracle-Gro Company, The | 45 | 2720 |
| Silgan Holdings Inc. (b) | 89 | 3434 |
| Solstice Advanced Materials US, Inc. | 160 | 12199 |
| Sonoco Products Company | 100 | 5383 |
| Westlake Corporation | 33 | 3885 |
|  |  | 189387 |
| **Energy 5.4%** | **Energy 5.4%** | **Energy 5.4%** |
| Antero Midstream Corporation | 332 | 7576 |
| Antero Resources Corporation (a) | 296 | 12551 |
| Chord Energy Corporation | 57 | 8158 |
| CNX Resources Corporation (a) | 144 | 5538 |
| DT Midstream, Inc. | 103 | 13816 |
| HF Sinclair Corporation | 158 | 9843 |
| Matador Resources Company | 118 | 7447 |
| Murphy Oil Corporation | 135 | 5553 |
| NOV Inc. | 364 | 6839 |
| Ovintiv Canada ULC | 280 | 16631 |
| PBF Energy Inc. - Class A | 84 | 3989 |
| Permian Resources Corporation - Class A | 747 | 15927 |
| Range Resources Corporation | 239 | 10801 |
| TechnipFMC PLC | 408 | 28217 |
| Valaris Limited (a) | 65 | 6379 |
| Viper Energy, Inc. - Class A | 188 | 8811 |
| Weatherford International Public Limited Company | 73 | 6868 |
|  |  | 174944 |
| **Consumer Staples 4.5%** | **Consumer Staples 4.5%** | **Consumer Staples 4.5%** |
| Albertsons Companies, Inc. - Class A | 373 | 6362 |
| Bellring Intermediate Holdings, Inc. (a) | 123 | 1980 |
| BJ's Wholesale Club Holdings, Inc. (a) | 132 | 12994 |
| Boston Beer Company, Inc., The - Class A (a) | 7 | 1726 |
| Casey's General Stores, Inc. | 37 | 27223 |
| Celsius Holdings, Inc. (a) | 161 | 5722 |
| Coca-Cola Consolidated, Inc. | 57 | 10944 |
| Coty Inc. - Class A (a) | 386 | 776 |
| Darling Ingredients Inc. (a) | 160 | 9872 |
| e.l.f. Beauty, Inc. (a) | 60 | 3614 |
| Flowers Foods, Inc. | 210 | 1712 |
| Ingredion Incorporated | 64 | 7182 |
| Maplebear Inc. (a) | 185 | 6946 |
| Performance Food Group Company (a) | 159 | 13579 |
| Pilgrim's Pride Corporation | 42 | 1601 |
| Post Holdings, Inc. (a) | 43 | 4210 |
| Sprouts Farmers Market, Inc. (a) | 98 | 7578 |
| The Marzetti Company | 20 | 2804 |
| US Foods Holding Corp. (a) | 223 | 20520 |
|  |  | 147345 |
| **Utilities 3.4%** | **Utilities 3.4%** | **Utilities 3.4%** |
| Black Hills Corporation | 76 | 5286 |
| Essential Utilities, Inc. | 286 | 11498 |
| IDACORP, Inc. | 55 | 7797 |
| National Fuel Gas Company | 96 | 9009 |
| New Jersey Resources Corporation | 102 | 5588 |
| NorthWestern Corporation | 61 | 4037 |
| OGE Energy Corp. | 207 | 9943 |
| One Gas, Inc. | 61 | 5246 |
| Ormat Technologies, Inc. | 61 | 6864 |
| Portland General Electric Company | 114 | 5990 |
| Southwest Gas Holdings, Inc. | 65 | 5633 |
| Spire Inc. | 60 | 5432 |
| Talen Energy Corporation (a) | 46 | 14717 |
| TXNM Energy, Inc. | 99 | 5783 |
| UGI Corporation | 217 | 7888 |
|  |  | 110711 |
| **Communication Services 1.0%** | **Communication Services 1.0%** | **Communication Services 1.0%** |
| Nexstar Media Group, Inc. - Class A | 29 | 5201 |
| Pinterest, Inc. - Class A (a) | 594 | 10893 |
| The New York Times Company - Class A | 163 | 13650 |
| Warner Music Group Corp. - Class A | 148 | 3787 |
|  |  | 33531 |
| Total Common Stocks (cost $2,812,019) | Total Common Stocks (cost $2,812,019) | 3221294 |
| **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** |
| **Investment Companies 1.1%** | **Investment Companies 1.1%** | **Investment Companies 1.1%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 33857 | 33857 |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 23361 | 23361 |
| Total Short Term Investments (cost $57,218) | Total Short Term Investments (cost $57,218) | 57218 |
| **Total Investments 100.6% (cost $2,869,237)** | **Total Investments 100.6% (cost $2,869,237)** | **3278512** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **998** |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(19704)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3259806** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 17785 | 142670 | 126598 | 274 |  |  | 33857 | 1.1 |
| JNL Government Money Market Fund, 3.63% - Class SL | 14309 | 136194 | 127142 | 191 |  |  | 23361 | 0.7 |
|  | 32094 | 278864 | 253740 | 465 |  |  | 57218 | 1.8 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 119 | June 2026 | 39882 | 998 | 537 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 3221294 |  |  | 3221294 |
| &nbsp;&nbsp;Short Term Investments | 57218 |  |  | 57218 |
|  | 3278512 |  |  | 3278512 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 537 |  |  | 537 |
|  | 537 |  |  | 537 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** |
| **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **Financials 18.0%** | **Financials 18.0%** | **Financials 18.0%** |
| Adamas Trust, Inc. | 129 | 948 |
| Ameris Bancorp | 99 | 7758 |
| Amerisafe, Inc. | 29 | 956 |
| Apollo Commercial Real Estate Finance, Inc. | 202 | 2135 |
| Arbor Realty Trust, Inc. (a) | 302 | 2329 |
| ARMOUR Residential REIT, Inc. (a) | 172 | 2875 |
| Artisan Partners Asset Management Inc. - Class A | 109 | 3960 |
| Assured Guaranty Ltd. | 67 | 5444 |
| Atlantic Union Bank | 219 | 7836 |
| Axos Financial, Inc. (b) | 88 | 7456 |
| Banc of California, Inc. | 207 | 3646 |
| BancFirst Corporation | 32 | 3519 |
| Bancorp, Inc., The (b) | 66 | 3541 |
| Bank of Hawaii Corporation | 62 | 4589 |
| BankUnited, Inc. | 114 | 5162 |
| Banner Corporation | 53 | 3195 |
| Beacon Financial Corporation | 130 | 3900 |
| BGC Group, Inc. - Class A | 562 | 5493 |
| Blackstone Mortgage Trust, Inc. - Class A (a) | 245 | 4698 |
| Bread Financial Payments, Inc. | 69 | 5138 |
| Brightsphere Investment Group Inc. | 41 | 2223 |
| Capitol Federal Financial | 186 | 1323 |
| Cathay General Bancorp | 104 | 5166 |
| Central Pacific Financial Corp. | 40 | 1285 |
| City Holding Company | 23 | 2690 |
| Cohen & Steers, Inc. | 43 | 2670 |
| Community Financial System, Inc. (a) | 82 | 4795 |
| Customers Bancorp, Inc. (b) | 49 | 3416 |
| CVB Financial Corp. | 198 | 3844 |
| Dime Community Bancshares, Inc. | 63 | 2127 |
| Donnelley Financial Solutions, Inc. (b) | 41 | 1950 |
| Eagle Bancorp, Inc. | 42 | 1050 |
| Ellington Financial Inc. | 194 | 2298 |
| Employers Holdings, Inc. | 35 | 1426 |
| Enact Holdings, Inc. | 44 | 1810 |
| Encore Capital Group, Inc. (b) | 35 | 2445 |
| Enova International, Inc. (b) | 38 | 5174 |
| EVERTEC, Inc. | 99 | 2793 |
| EZCORP, Inc. - Class A (b) | 91 | 2319 |
| FB Financial Corporation | 62 | 3245 |
| First Bancorp | 64 | 3614 |
| First Bancorp | 240 | 5123 |
| First Commonwealth Financial Corporation | 159 | 2794 |
| First Financial Bancorp. | 160 | 4467 |
| First Hawaiian, Inc. | 191 | 4703 |
| First Interstate BancSystem, Inc. - Class A | 137 | 4571 |
| Franklin BSP Realty Trust, Inc. (a) | 129 | 1094 |
| Fulton Financial Corporation | 297 | 6032 |
| Genworth Financial, Inc. - Class A (b) | 621 | 5045 |
| Goosehead Insurance, Inc. - Class A (b) | 39 | 1649 |
| HA Sustainable Infrastructure Capital, Inc. (a) | 198 | 7264 |
| Hanmi Financial Corporation | 45 | 1191 |
| HCI Group, Inc. | 17 | 2596 |
| Heritage Financial Corporation | 64 | 1664 |
| Hilltop Holdings Inc. | 65 | 2323 |
| Hope Bancorp, Inc. | 199 | 2228 |
| Horace Mann Educators Corporation | 63 | 2673 |
| Independent Bank Corp. | 77 | 5801 |
| Jackson Financial Inc. - Class A (c) | 110 | 11598 |
| Lakeland Financial Corporation | 39 | 2232 |
| Lincoln National Corporation | 262 | 9288 |
| MarketAxess Holdings Inc. | 58 | 9495 |
| Merchants Bancorp, Inc. | 45 | 1943 |
| Mercury General Corporation | 41 | 3635 |
| Moelis & Company - Class A | 115 | 6545 |
| National Bank Holdings Corporation - Class A | 70 | 2745 |
| Navient Corporation | 102 | 831 |
| NBT Bancorp Inc. | 81 | 3445 |
| NCR Atleos Corporation (b) | 115 | 4998 |
| NMI Holdings, Inc. - Class A (b) | 118 | 4437 |
| Northwest Bancshares, Inc. | 225 | 2859 |
| OFG Bancorp | 67 | 2723 |
| Palomar Holdings, Inc. (b) | 41 | 4927 |
| Park National Corporation | 25 | 4041 |
| Pathward Financial, Inc. | 34 | 3021 |
| Payoneer Global Inc. (b) | 443 | 2140 |
| PennyMac Mortgage Investment Trust | 135 | 1568 |
| Piper Sandler Companies | 105 | 8048 |
| PJT Partners Inc. - Class A | 38 | 5260 |
| PRA Group, Inc. (b) | 61 | 1069 |
| Preferred Bank | 18 | 1600 |
| ProAssurance Corporation (b) | 80 | 1985 |
| PROG Holdings, Inc. | 61 | 1740 |
| Provident Financial Services, Inc. | 203 | 4300 |
| Radian Group Inc. | 209 | 6926 |
| Redwood Trust, Inc. | 191 | 1071 |
| Renasant Corporation | 147 | 5320 |
| RITHM Capital Corp. | 860 | 8151 |
| S&T Bancorp, Inc. | 58 | 2431 |
| Safety Insurance Group, Inc. | 23 | 1684 |
| Seacoast Banking Corporation of Florida | 150 | 4553 |
| ServisFirst Bancshares, Inc. | 78 | 5648 |
| Sezzle Inc. (a) (b) | 27 | 1688 |
| Simmons First National Corporation - Class A | 224 | 4349 |
| SiriusPoint Ltd. (b) | 161 | 3462 |
| Southside Bancshares, Inc. | 43 | 1331 |
| Stellar Bancorp, Inc. | 71 | 2602 |
| StepStone Group Inc. - Class A | 114 | 5456 |
| Stewart Information Services Corporation | 47 | 2896 |
| StoneX Group Inc. (b) | 109 | 8750 |
| Tompkins Financial Corporation | 20 | 1553 |
| Triumph Financial, Inc. (b) | 35 | 2068 |
| Trupanion, Inc. (b) | 53 | 1353 |
| Trustco Bank Corp N Y | 28 | 1221 |
| Trustmark Corporation | 92 | 3869 |
| Two Harbors Investment Corp. | 164 | 1869 |
| United Community Banks, Inc. | 186 | 5861 |
| United Fire Group, Inc. | 33 | 1241 |
| Victory Capital Holdings, Inc. - Class A | 74 | 4836 |
| Virtu Financial, Inc. - Class A | 124 | 5433 |
| Virtus Investment Partners, Inc. | 10 | 1313 |
| WAFD, Inc. | 118 | 3706 |
| Walker & Dunlop, Inc. | 53 | 2361 |
| Westamerica Bancorporation | 38 | 1978 |
| Western Union Company, The (a) | 495 | 4317 |
| WisdomTree, Inc. (a) | 177 | 2575 |
| World Acceptance Corporation (b) | 5 | 619 |
| WSFS Financial Corporation | 83 | 5439 |
| Zurich American Corporation | 91 | 2792 |
|  |  | 430654 |
| **Industrials 17.4%** | **Industrials 17.4%** | **Industrials 17.4%** |
| AAR Corp. (b) | 60 | 6601 |
| ABM Industries Incorporated | 91 | 3512 |
| Air Lease Corporation - Class A | 163 | 10594 |
| Alamo Group Inc. | 17 | 2739 |
| Albany International Corp. - Class A | 45 | 2345 |
| Allegiant Travel Company (b) | 21 | 1676 |
| Amentum Holdings, Inc. (b) | 239 | 6227 |
| American Woodmark Corporation (b) | 22 | 880 |
| Apogee Enterprises, Inc. | 33 | 1100 |
| Arcbest Corporation | 35 | 3398 |
| Arcosa, Inc. | 76 | 8099 |
| Argan, Inc. | 21 | 11705 |
| Armstrong World Industries, Inc. | 67 | 11010 |
| Astec Industries, Inc. | 36 | 1926 |
| AZZ Inc. | 46 | 5812 |
| Boise Cascade Company | 57 | 4348 |
| Brady Corporation - Class A | 67 | 5469 |
| Casella Waste Systems, Inc. - Class A (b) | 97 | 7716 |
| CoreCivic, Inc. (b) | 156 | 2944 |
| CSG Systems International, Inc. | 42 | 3359 |
| CSW Industrials, Inc. | 26 | 6678 |
| Deluxe Corporation | 69 | 1898 |
| DNOW Inc. (b) | 287 | 3414 |
| DXP Enterprises, Inc. (b) | 20 | 2770 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Enerpac Tool Group Corp. - Class A | 82 | 2982 |
| Enpro Inc. | 33 | 8168 |
| Enviri Corporation (b) | 124 | 2440 |
| ESCO Technologies Inc. | 40 | 11287 |
| Everus Construction Group, Inc. (b) | 79 | 9322 |
| Federal Signal Corporation | 94 | 10184 |
| Forward Air Corporation (a) (b) | 35 | 581 |
| Franklin Electric Co., Inc. | 59 | 5478 |
| Gates Industrial Corporation PLC (b) | 393 | 8882 |
| GEO Group, Inc., The (b) | 211 | 3555 |
| Gibraltar Industries, Inc. (b) | 46 | 1828 |
| Granite Construction Incorporated (a) | 67 | 8066 |
| Greenbrier Companies, Inc., The | 48 | 2505 |
| Griffon Corporation | 61 | 4421 |
| Hayward Holdings, Inc. (b) | 309 | 4133 |
| Healthcare Services Group, Inc. (b) | 110 | 2042 |
| Heartland Express, Inc. | 70 | 730 |
| Hertz Global Holdings, Inc. (a) (b) | 190 | 874 |
| HNI Corporation | 107 | 3571 |
| Hub Group, Inc. - Class A | 94 | 3380 |
| Insperity, Inc. | 56 | 1517 |
| Insteel Industries, Inc. | 30 | 999 |
| Interface, Inc. - Class A | 91 | 2257 |
| JBT Marel Corporation | 80 | 10291 |
| JetBlue Airways Corporation (b) | 460 | 2032 |
| Kadant Inc. | 18 | 5355 |
| Kennametal Inc. | 118 | 4267 |
| Korn Ferry | 80 | 5065 |
| LegalZoom.com, Inc. (b) | 182 | 1033 |
| Lindsay Corporation | 16 | 1937 |
| Liquidity Services, Inc. (b) | 37 | 1126 |
| Lyft, Inc. - Class A (b) | 619 | 8238 |
| ManpowerGroup Inc. | 72 | 2119 |
| Marten Transport, Ltd. | 88 | 1161 |
| Masterbrand, Inc. (a) (b) | 195 | 1618 |
| Matson Intermodal - Paragon, Inc. | 49 | 7953 |
| Mercury Systems, Inc. (b) | 82 | 5943 |
| Millerknoll, Inc. | 105 | 1513 |
| Mueller Water Products, Inc. - Class A | 243 | 6688 |
| MYR Group Inc. (b) | 24 | 6818 |
| National Presto Industries, Inc. | 8 | 1122 |
| Openlane, Inc. (b) | 165 | 4819 |
| Paycom Software, Inc. | 76 | 9192 |
| Pitney Bowes Inc. | 231 | 2557 |
| Powell Industries, Inc. | 15 | 7935 |
| Primoris Services Corporation | 84 | 11973 |
| Proto Labs, Inc. (b) | 37 | 2085 |
| Quanex Building Products Corporation | 71 | 1274 |
| Resideo Technologies, Inc. (b) | 213 | 7177 |
| Robert Half Inc. (a) | 155 | 3928 |
| Rush Enterprises, Inc. - Class A | 94 | 6238 |
| RXO Inc (b) | 256 | 3748 |
| Schneider National, Inc. - Class B | 77 | 2025 |
| SkyWest, Inc. (b) | 62 | 5706 |
| Standex International Corporation | 19 | 4788 |
| Sun Country Airlines Holdings, Inc. (b) | 84 | 1390 |
| Sunrun Inc. (b) | 360 | 4877 |
| Tennant Company | 28 | 1855 |
| Titan International, Inc. (b) | 78 | 539 |
| Trinity Industries, Inc. | 125 | 4010 |
| Unifirst Corporation | 23 | 5684 |
| Upwork Inc. (b) | 201 | 2207 |
| Verra Mobility Corporation - Class A (b) | 247 | 3524 |
| Vestis Corporation (b) | 173 | 1364 |
| VSE Corporation | 45 | 8212 |
| Werner Enterprises, Inc. | 92 | 2716 |
| Willscot Holdings Corporation - Class A | 283 | 4914 |
| Worthington Industries, Inc. | 48 | 2510 |
| Zurn Elkay Water Solutions Corporation | 230 | 10309 |
| | | 417257 |
| **Consumer Discretionary 13.4%** | **Consumer Discretionary 13.4%** | **Consumer Discretionary 13.4%** |
| Academy Sports & Outdoors, Inc. | 103 | 5840 |
| Acushnet Holdings Corp. | 43 | 3991 |
| Adient Public Limited Company (b) | 121 | 2455 |
| ADT, Inc. | 788 | 5179 |
| Advance Auto Parts, Inc. (a) | 93 | 4917 |
| American Eagle Outfitters, Inc. | 245 | 4096 |
| Asbury Automotive Group, Inc. (b) | 30 | 5895 |
| BJ's Restaurants, Inc. (b) | 32 | 1129 |
| Boot Barn Holdings, Inc. (b) | 47 | 6881 |
| Brinker International, Inc. (b) | 67 | 9624 |
| Caesars Entertainment, Inc. (b) | 316 | 8346 |
| Callaway Golf Company (b) | 219 | 3034 |
| CarMax, Inc. (b) | 219 | 9126 |
| Carter's, Inc. | 56 | 2014 |
| Cavco Industries, Inc. (b) | 12 | 5799 |
| Century Communities, Inc. | 39 | 2240 |
| Cheesecake Factory Incorporated, The (a) | 71 | 3888 |
| Covista Inc. (b) | 53 | 6141 |
| Cracker Barrel Old Country Store, Inc. (a) | 35 | 991 |
| Dana Incorporated | 173 | 5831 |
| Dauch Corporation (b) | 363 | 2152 |
| Dorman Products, Inc. (b) | 43 | 4515 |
| Dream Finders Homes, Inc. - Class A (b) | 45 | 625 |
| Ethan Allen Interiors Inc. | 36 | 810 |
| ETSY, Inc. (b) | 153 | 7626 |
| Fox Factory Holding Corp. (b) | 65 | 1066 |
| Frontdoor, Inc. (b) | 112 | 5931 |
| Gentherm Incorporated (b) | 48 | 1320 |
| G-III Apparel Group, Ltd. | 57 | 1583 |
| Golden Entertainment, Inc. | 31 | 818 |
| Green Brick Partners, Inc. (b) | 47 | 3036 |
| Group 1 Automotive, Inc. | 18 | 6021 |
| Installed Building Products, Inc. (a) | 35 | 9296 |
| Kohl's Corporation | 174 | 2240 |
| Kontoor Brands, Inc. | 80 | 5590 |
| Laureate Education, Inc. - Class A (b) | 209 | 7270 |
| La-Z-Boy Incorporated | 64 | 2064 |
| LCI Industries | 38 | 4615 |
| Leggett & Platt, Incorporated | 209 | 2069 |
| LGI Homes, Inc. (b) | 32 | 1270 |
| Life Time Group Holdings, Inc. (b) | 237 | 6377 |
| LKQ Corporation | 397 | 11646 |
| M/I Homes, Inc. (b) | 41 | 4982 |
| MarineMax, Inc. (b) | 30 | 812 |
| Marriott Vacations Worldwide Corporation | 43 | 2785 |
| Matthews International Corporation - Class A | 47 | 1225 |
| Meritage Homes Corporation | 103 | 6379 |
| Mister Car Wash, Inc. (b) | 155 | 1084 |
| Mohawk Industries, Inc. (b) | 80 | 7907 |
| Monarch Casino & Resort, Inc. | 19 | 1802 |
| Monro, Inc. | 47 | 758 |
| National Vision Holdings, Inc. (b) | 123 | 3178 |
| Newell Brands Inc. | 654 | 2242 |
| OneSpaWorld Holdings Limited | 157 | 3613 |
| Oxford Industries, Inc. | 22 | 841 |
| Papa John's International, Inc. | 51 | 1664 |
| Patrick Industries, Inc. | 51 | 5702 |
| PENN Entertainment, Inc. (b) | 197 | 2958 |
| Perdoceo Education Corporation | 93 | 3476 |
| Phinia Inc. | 59 | 4037 |
| Pursuit Attractions And Hospitality, Inc. (b) | 33 | 1201 |
| Red Rock Resorts, Inc. - Class A | 75 | 3984 |
| Sabre Corporation (b) | 606 | 878 |
| Sally Beauty Holdings, Inc. (b) | 149 | 2070 |
| Shake Shack, Inc. - Class A (b) | 63 | 5539 |
| Signet Jewelers Limited | 63 | 5357 |
| Six Flags Entertainment Corporation (a) (b) | 158 | 2802 |
| Skyline Champion Corporation (b) | 85 | 6351 |
| Sonic Automotive, Inc. - Class A | 23 | 1553 |
| Sonos, Inc. (b) | 186 | 2495 |
| Standard Motor Products, Inc. | 32 | 1123 |
| Steven Madden, Ltd. | 112 | 3804 |
| Strategic Education, Inc. | 36 | 2970 |
| Stride, Inc. (b) | 65 | 5765 |
| The Buckle, Inc. | 47 | 2367 |
| TRI Pointe Homes Holdings, Inc. (b) | 131 | 6142 |
| Under Armour, Inc. - Class A (a) (b) | 294 | 1736 |
| Under Armour, Inc. - Class C (b) | 189 | 1093 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| United Parks And Resorts Inc. (b) | 42 | 1365 |
| Upbound Group, Inc. | 81 | 1466 |
| Urban Outfitters, Inc. (b) | 83 | 5280 |
| Victoria's Secret & Co. (b) | 124 | 5762 |
| Wendy's Company, The (a) | 245 | 1703 |
| Winmark Corporation | 5 | 1945 |
| Winnebago Industries, Inc. | 44 | 1352 |
| Wolverine World Wide, Inc. | 128 | 2083 |
| XPEL, Inc. (b) | 39 | 1747 |
| | | 320735 |
| **Information Technology 12.5%** | **Information Technology 12.5%** | **Information Technology 12.5%** |
| A10 Networks, Inc. | 110 | 2544 |
| ACI Worldwide, Inc. (b) | 159 | 6530 |
| ACM Research, Inc. - Class A (b) | 82 | 3231 |
| Adeia Inc. | 170 | 4077 |
| Agilysys, Inc. (b) | 39 | 2795 |
| Alarm.Com Holdings, Inc. (b) | 77 | 3344 |
| Alpha and Omega Semiconductor Limited (b) | 39 | 864 |
| Arlo Technologies, Inc. (b) | 164 | 2332 |
| ASGN Incorporated (b) | 66 | 2572 |
| Axcelis Technologies, Inc. (b) | 48 | 4449 |
| Badger Meter, Inc. | 46 | 6937 |
| Benchmark Electronics, Inc. | 55 | 3090 |
| Blackline, Inc. (b) | 77 | 2861 |
| Box, Inc. - Class A (b) | 221 | 5220 |
| Calix, Inc. (b) | 93 | 4577 |
| Cleanspark Inc. (a) (b) | 398 | 3386 |
| Clear Secure, Inc. - Class A | 138 | 6663 |
| Cohu, Inc. (b) | 72 | 2197 |
| Corsair Gaming, Inc. (b) | 77 | 427 |
| CTS Corporation | 45 | 2139 |
| Digi International Inc. (b) | 58 | 2804 |
| DigitalOcean Holdings, Inc. (b) | 123 | 10557 |
| Diodes Incorporated (b) | 71 | 4872 |
| DXC Technology Company (b) | 264 | 3320 |
| Enphase Energy, Inc. (b) | 202 | 7651 |
| ePlus inc. | 40 | 3044 |
| Extreme Networks, Inc. (b) | 209 | 3151 |
| Formfactor, Inc. (b) | 120 | 11647 |
| Grid Dynamics Holdings, Inc. - Class A (b) | 101 | 578 |
| Harmonic, Inc. (b) | 175 | 1575 |
| Ichor Holdings, Ltd. (b) | 53 | 2482 |
| Impinj, Inc. (b) | 42 | 4281 |
| Insight Enterprises, Inc. (b) | 48 | 3226 |
| Itron, Inc. (b) | 71 | 6359 |
| Knowles Corporation (b) | 132 | 3389 |
| Kulicke and Soffa Industries, Inc. | 81 | 5308 |
| Life360, Inc. (a) (b) | 121 | 4930 |
| LiveRamp Holdings, Inc. (b) | 98 | 2595 |
| Mara Holdings, Inc. (a) (b) | 583 | 4754 |
| MaxLinear, Inc. (b) | 126 | 2187 |
| Mirion Technologies (US), Inc. - Class A (b) | 378 | 7028 |
| N-Able, Inc. (b) | 120 | 562 |
| Napco Security Technologies, Inc. | 55 | 2169 |
| NCR Voyix Corporation (b) | 217 | 1375 |
| NetScout Systems, Inc. (b) | 106 | 3381 |
| OSI Systems, Inc. (b) | 24 | 6396 |
| PC Connection, Inc. | 18 | 1052 |
| PDF Solutions, Inc. (b) | 49 | 1604 |
| Penguin Solutions, Inc. (a) (b) | 73 | 1291 |
| Photronics, Inc. (b) | 92 | 3697 |
| Plexus Corp. (b) | 41 | 8393 |
| Power Integrations, Inc. | 86 | 4403 |
| Progress Software Corporation (b) | 66 | 1681 |
| Q2 Holdings, Inc. (b) | 97 | 4569 |
| Qorvo, Inc. (b) | 131 | 10112 |
| Ralliant Corporation | 174 | 7251 |
| RingCentral, Inc. - Class A | 118 | 4387 |
| Rogers Corporation (b) | 26 | 2775 |
| Sanmina Corporation (b) | 85 | 10966 |
| ScanSource, Inc. (b) | 31 | 1110 |
| Semtech Corporation (b) | 143 | 11021 |
| SolarEdge Technologies Ltd. (a) (b) | 93 | 4742 |
| Sprinklr, Inc. - Class A (b) | 192 | 1152 |
| SPS Commerce, Inc. (b) | 59 | 3273 |
| Teradata Corporation (b) | 145 | 3714 |
| Ultra Clean Holdings, Inc. (b) | 70 | 4363 |
| Veeco Instruments Inc. (b) | 94 | 3190 |
| ViaSat, Inc. (b) | 210 | 9633 |
| Viavi Solutions Inc. (b) | 358 | 11929 |
| Vishay Intertechnology, Inc. | 191 | 3447 |
|  |  | 299611 |
| **Health Care 11.1%** | **Health Care 11.1%** | **Health Care 11.1%** |
| Acadia Healthcare Company, Inc. (b) | 143 | 3337 |
| Acadia Pharmaceuticals Inc. (b) | 194 | 4321 |
| AdaptHealth LLC - Class A (b) | 168 | 2002 |
| Addus HomeCare Corporation (b) | 28 | 2643 |
| ADMA Biologics, Inc. (b) | 370 | 3336 |
| Alkermes Public Limited Company (b) | 255 | 9028 |
| AMN Healthcare Services, Inc. (b) | 60 | 1103 |
| Amneal Pharmaceuticals, Inc. - Class A (b) | 263 | 3264 |
| Amphastar Pharmaceuticals, Inc. (b) | 56 | 1094 |
| ANI Pharmaceuticals, Inc. (b) | 28 | 2155 |
| Apellis Pharmaceuticals, Inc. (b) | 159 | 6402 |
| Arcus Biosciences, Inc. (b) | 131 | 2829 |
| Artivion, Inc. (b) | 65 | 2363 |
| Astrana Health, Inc. (b) | 67 | 1644 |
| Avanos Medical, Inc. (b) | 72 | 1014 |
| Azenta, Inc. (b) | 64 | 1354 |
| BioLife Solutions, Inc. (b) | 59 | 1135 |
| Brightspring Health Services, Inc. (b) | 205 | 8729 |
| Catalyst Pharmaceuticals, Inc. (b) | 179 | 4436 |
| Certara, Inc. (b) | 184 | 1048 |
| Collegium Pharmaceutical, Inc. (b) | 49 | 1623 |
| Concentra Group Holdings Parent, Inc. | 185 | 3965 |
| CONMED Corporation | 48 | 1690 |
| Corcept Therapeutics Incorporated (b) | 145 | 5855 |
| CorVel Corporation (b) | 48 | 2632 |
| Cytek Biosciences, Inc. (b) | 167 | 728 |
| Embecta Corp. | 94 | 831 |
| Enovis Corporation (b) | 89 | 2036 |
| Fortrea Holdings Inc. (b) | 146 | 1374 |
| Glaukos Corporation (b) | 89 | 9572 |
| Harmony Biosciences Holdings, Inc. (b) | 61 | 1718 |
| Healthstream, Inc. | 38 | 781 |
| ICU Medical, Inc. (b) | 38 | 4960 |
| Indivior Pharmaceuticals, Inc. (b) | 194 | 5907 |
| Innoviva, Inc. (b) | 111 | 2588 |
| Inspire Medical Systems, Inc. (b) | 40 | 2087 |
| Integer Holdings Corporation (b) | 54 | 4749 |
| Integra LifeSciences Holdings Corporation (b) | 106 | 998 |
| Krystal Biotech, Inc. (b) | 40 | 10324 |
| LeMaitre Vascular, Inc. | 32 | 3522 |
| Ligand Pharmaceuticals Incorporated (b) | 30 | 6066 |
| Merit Medical Systems, Inc. (b) | 92 | 6312 |
| Molina Healthcare, Inc. (b) | 80 | 10634 |
| National HealthCare Corporation | 19 | 3066 |
| Neogen Corporation (b) | 338 | 3139 |
| Neogenomics, Inc. (b) | 199 | 1476 |
| OmniAb, Inc. (b) (d) | 16 |  |
| OmniAb, Inc. (b) (d) | 16 |  |
| Omnicell, Inc. (b) | 69 | 2308 |
| Organon & Co. | 406 | 2430 |
| Pacira Pharmaceuticals, Inc. (b) | 64 | 1445 |
| Pediatrix Medical Group, Inc. (b) | 130 | 2772 |
| Perrigo Company Public Limited Company | 215 | 2314 |
| Phibro Animal Health Corporation - Class A | 32 | 1782 |
| Prestige Consumer Healthcare Inc. (b) | 74 | 4363 |
| Privia Health Group Inc. (b) | 180 | 3698 |
| Progyny, Inc. (b) | 125 | 2119 |
| Protagonist Therapeutics, Inc. (b) | 91 | 9587 |
| PTC Therapeutics, Inc. (b) | 124 | 8462 |
| QuidelOrtho Corporation (b) | 106 | 1736 |
| RadNet, Inc. (b) | 108 | 6031 |
| Sarepta Therapeutics, Inc. (b) | 161 | 3514 |
| Schrodinger, Inc. (b) | 86 | 980 |
| Select Medical Holdings Corporation | 172 | 2805 |
| STAAR Surgical Company (b) | 78 | 1458 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Supernus Pharmaceuticals, Inc. (b) | 88 | 4563 |
| Tandem Diabetes Care, Inc. (b) | 104 | 1994 |
| Teleflex Incorporated | 68 | 8176 |
| TG Therapeutics, Inc. (b) | 211 | 7013 |
| TransMedics Group, Inc. (b) | 53 | 5239 |
| U.S. Physical Therapy, Inc. | 24 | 1781 |
| UFP Technologies, Inc. (b) | 12 | 2315 |
| Veracyte, Inc. (b) | 122 | 3943 |
| Vericel Corporation (b) | 79 | 2541 |
| VIR Biotechnology, Inc. (b) | 173 | 1553 |
| Waystar Holding Corp. (b) | 177 | 4274 |
| Xencor, Inc. (b) | 110 | 1333 |
| | | 264399 |
| **Energy 6.2%** | **Energy 6.2%** | **Energy 6.2%** |
| Archrock, Inc. | 272 | 9449 |
| Atlas Energy Solutions Inc. (a) | 118 | 1553 |
| Bristow Holdings U.S. Inc. | 39 | 1814 |
| Cactus, Inc. - Class A | 107 | 5066 |
| California Resources Corporation | 122 | 8415 |
| Comstock Resources, Inc. (b) | 122 | 2566 |
| Core Laboratories LP | 71 | 1193 |
| Core Natural Resources, Inc. | 79 | 8306 |
| Crescent Energy Company - Class A | 376 | 5082 |
| CVR Energy, Inc. (b) | 47 | 1565 |
| Dorian LPG Ltd. | 57 | 1935 |
| Helix Energy Solutions Group, Inc. (b) | 214 | 2112 |
| Helmerich & Payne, Inc. | 155 | 5587 |
| Innovex International, Inc. (b) | 60 | 1461 |
| International Seaways, Inc. | 63 | 4578 |
| Kinetik Holdings Inc. - Class A (a) | 70 | 3409 |
| Kodiak Gas Services, LLC | 129 | 7495 |
| Liberty Energy Inc. - Class A | 251 | 7215 |
| Magnolia Oil & Gas Corporation - Class A | 280 | 8839 |
| Noble Corporation PLC (a) | 195 | 9556 |
| Northern Oil and Gas Incorporated (a) | 162 | 4745 |
| Oceaneering International, Inc. (b) | 155 | 5499 |
| Par Pacific Holdings, Inc. (b) | 78 | 4882 |
| Patterson-UTI Energy, Inc. | 537 | 5815 |
| Peabody Energy Corporation | 189 | 6225 |
| REX American Resources Corporation (b) | 44 | 2013 |
| RPC, Inc. | 141 | 997 |
| SM Energy Company | 351 | 10933 |
| Talos Energy Inc. (b) | 194 | 3055 |
| Tidewater Inc. (b) | 72 | 5989 |
| World Kinect Corporation | 86 | 1980 |
|  |  | 149329 |
| **Real Estate 6.2%** | **Real Estate 6.2%** | **Real Estate 6.2%** |
| Acadia Realty Trust | 202 | 3866 |
| American Assets Trust, Inc. | 73 | 1352 |
| Apple Hospitality REIT, Inc. | 340 | 3909 |
| Centerspace | 26 | 1499 |
| Curbline Properties Corp. | 150 | 3865 |
| Cushman & Wakefield Ltd. (b) | 356 | 4370 |
| DiamondRock Alpharetta Tenant, LLC | 314 | 2937 |
| Douglas Emmett, Inc. (a) | 261 | 2460 |
| Easterly Government Properties, Inc. | 67 | 1437 |
| Essential Properties Realty Trust, Inc. | 325 | 9867 |
| eXp World Holdings, Inc. (a) | 142 | 850 |
| Four Corners Property Trust, Inc. | 171 | 4038 |
| Getty Realty Corp. | 86 | 2723 |
| Global Net Lease, Inc. | 304 | 2846 |
| Highwoods Properties, Inc. | 170 | 3649 |
| Innovative Industrial Properties, Inc. | 43 | 2170 |
| JBG Smith Properties (a) | 91 | 1325 |
| Kennedy-Wilson Holdings, Inc. | 185 | 2002 |
| LTC Properties, Inc. | 73 | 2725 |
| LXP Industrial Trust | 91 | 4230 |
| Macerich Company, The | 398 | 7531 |
| Marcus & Millichap Company | 38 | 1005 |
| Medical Properties Trust, Inc. (a) | 766 | 3547 |
| Millrose Properties, Inc. - Class A | 238 | 6671 |
| NexPoint Residential Trust, Inc. | 34 | 844 |
| OUTFRONT Media Inc. | 226 | 5999 |
| Pebblebrook Hotel Trust (a) | 177 | 2238 |
| Phillips Edison & Company, Inc. | 196 | 7322 |
| Ryman Hospitality Properties, Inc. | 98 | 8997 |
| Safehold Inc. | 70 | 944 |
| Saul Centers, Inc. | 19 | 632 |
| SL Green Realty Corp. (a) | 110 | 4077 |
| St. Joe Company, The | 62 | 3893 |
| Sunstone Hotel Investors, Inc. | 295 | 2655 |
| Tanger Inc. | 179 | 6075 |
| Terreno Realty Corporation | 161 | 9912 |
| Uniti Group Inc. (b) | 275 | 2584 |
| Universal Health Realty Income Trust | 19 | 778 |
| Urban Edge Properties | 196 | 3909 |
| Veris Residential, Inc. | 125 | 2354 |
| Whitestone REIT | 70 | 1132 |
| Xenia Hotels & Resorts, Inc. | 147 | 2173 |
|  |  | 147392 |
| **Materials 5.2%** | **Materials 5.2%** | **Materials 5.2%** |
| Alpha Metallurgical Resources, Inc. (b) | 17 | 3434 |
| Balchem Corporation | 50 | 8538 |
| Celanese Corporation - Class A | 170 | 11157 |
| Century Aluminum Company (b) | 83 | 4848 |
| Chemours Company, The | 232 | 5117 |
| Eastman Chemical Company | 177 | 13490 |
| Element Solutions Inc. | 352 | 12031 |
| FMC Corporation | 193 | 3331 |
| H.B. Fuller Company | 84 | 5190 |
| Hawkins, Inc. | 32 | 4990 |
| Ingevity Corporation (b) | 56 | 3973 |
| Innospec Inc. | 38 | 2779 |
| Kaiser Aluminum Corporation | 25 | 3027 |
| Koppers Holdings Inc. | 30 | 1172 |
| Materion Corporation | 32 | 4654 |
| Metallus Inc. (b) | 55 | 905 |
| Minerals Technologies Inc. | 48 | 3419 |
| O-I Glass, Inc. (b) | 237 | 2491 |
| Quaker Chemical Corporation | 21 | 2624 |
| Sealed Air Corporation | 228 | 9588 |
| Sensient Technologies Corporation | 66 | 5689 |
| Stepan Company | 33 | 1669 |
| Sylvamo Corporation | 52 | 2184 |
| Warrior Met Coal, Inc. | 81 | 7575 |
| Worthington Steel, Inc. | 50 | 1517 |
|  |  | 125392 |
| **Communication Services 3.7%** | **Communication Services 3.7%** | **Communication Services 3.7%** |
| Cable One, Inc. (b) | 7 | 644 |
| CarGurus, Inc. - Class A (b) | 126 | 4289 |
| Cinemark Holdings, Inc. | 161 | 4579 |
| Cogent Communications Holdings, Inc. | 74 | 1401 |
| DoubleVerify Holdings, Inc. (b) | 208 | 1979 |
| Gogo, Inc. (b) | 120 | 481 |
| IAC Inc. (b) | 101 | 4042 |
| Iridium Communications Inc. | 163 | 4508 |
| John Wiley & Sons, Inc. - Class A | 62 | 2377 |
| Lumen Technologies, Inc. (b) | 1461 | 10155 |
| Match Group, Inc. | 366 | 11231 |
| QuinStreet, Inc. (b) | 87 | 1050 |
| Scholastic Corporation | 35 | 1370 |
| Shenandoah Telecommunications Company | 72 | 1114 |
| Shutterstock, Inc. | 38 | 627 |
| Sphere Entertainment Co. - Class A (a) (b) | 41 | 4813 |
| Sphere Entertainment Co. - Class A (b) | 28 | 8989 |
| Telephone and Data Systems, Inc. | 152 | 6391 |
| TripAdvisor, Inc. (b) | 178 | 1899 |
| Versant Media Group, Inc. - Class A | 226 | 8373 |
| Yelp Inc. (b) | 91 | 2257 |
| Ziff Davis, Inc. (b) | 61 | 2550 |
| ZoomInfo Technologies Inc. - Class A (b) | 418 | 2500 |
|  |  | 87619 |
| **Consumer Staples 2.8%** | **Consumer Staples 2.8%** | **Consumer Staples 2.8%** |
| Andersons, Inc. , The | 52 | 3733 |
| Cal-Maine Foods, Inc. | 69 | 5468 |
| Central Garden & Pet Company (b) | 13 | 463 |
| Central Garden & Pet Company - Class A (b) | 79 | 2573 |
| Del Monte Fresh Produce Company | 52 | 2075 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Edgewell Personal Care Colombia S A S | 71 | 1526 |
| Energizer Holdings, Inc. | 96 | 1569 |
| Freshpet, Inc. (b) | 76 | 4467 |
| Grocery Outlet Holding Corp. (b) | 152 | 1074 |
| Interparfums, Inc. | 28 | 2546 |
| J&J Snack Foods Corp. | 24 | 1876 |
| John B. Sanfilippo & Son, Inc. | 14 | 1088 |
| Lamb Weston Holdings, Inc. | 215 | 9084 |
| National Beverage Corp. (b) | 36 | 1218 |
| PriceSmart, Inc. | 39 | 5864 |
| Reynolds Consumer Products Inc. | 86 | 1815 |
| Simply Good Foods Company, The (b) | 133 | 1901 |
| The Chefs' Warehouse, Inc. (b) | 56 | 3323 |
| Tootsie Roll Industries, Inc. (a) | 32 | 1372 |
| United Natural Foods, Inc. (b) | 94 | 4247 |
| Universal Corporation | 38 | 2023 |
| Vita Coco Company, Inc., The (b) | 68 | 3269 |
| Vital Farms, Inc. (a) (b) | 57 | 809 |
| WD-40 Company | 21 | 4265 |
| | | 67648 |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| American States Water Company | 60 | 4535 |
| Avista Corporation | 126 | 5057 |
| California Water Service Group | 92 | 4187 |
| Chesapeake Utilities Corporation | 37 | 4641 |
| Clearway Energy, Inc. - Class A | 54 | 2121 |
| Clearway Energy, Inc. - Class C | 132 | 5186 |
| H2O America (a) | 58 | 3420 |
| Hawaiian Electric Industries, Inc. (b) | 268 | 3974 |
| MDU Resources Group, Inc. | 316 | 6542 |
| MGE Energy, Inc. | 57 | 4389 |
| Middlesex Water Company | 29 | 1494 |
| Northwest Natural Holding Company | 64 | 3406 |
| Otter Tail Corporation | 65 | 5675 |
| Unitil Corporation | 27 | 1435 |
|  |  | 56062 |
| Total Common Stocks (cost $2,239,927) | Total Common Stocks (cost $2,239,927) | 2366098 |
| **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** |
| iShares Core S&P Small Cap ETF (a) | 120 | 14920 |
| Total Investment Companies (cost $14,591) | Total Investment Companies (cost $14,591) | 14920 |
| **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** |
| **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (e) | 51583 | 51583 |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (e) | 13602 | 13602 |
| Total Short Term Investments (cost $65,185) | Total Short Term Investments (cost $65,185) | 65185 |
| **Total Investments 102.2% (cost $2,319,703)** | **Total Investments 102.2% (cost $2,319,703)** | **2446203** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **454** |
| **Other Assets and Liabilities, Net (2.2)%** | **Other Assets and Liabilities, Net (2.2)%** | **(53472)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2393185** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 11489 | 506 | 303 | 97 | 200 | (294) | 11598 | 0.5 |
| JNL Government Money Market Fund, 3.63% - Class SL | 25870 | 99395 | 73682 | 310 |  |  | 51583 | 2.1 |
| JNL Government Money Market Fund, 3.53% - Class I | 8923 | 95246 | 90567 | 90 |  |  | 13602 | 0.6 |
|  | 46282 | 195147 | 164552 | 497 | 200 | (294) | 76783 | 3.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 108 | June 2026 | 13482 | 454 | 84 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 2366098 |  |  | 2366098 |
| &nbsp;&nbsp;Investment Companies | 14920 |  |  | 14920 |
| &nbsp;&nbsp;Short Term Investments | 65185 |  |  | 65185 |
|  | 2446203 |  |  | 2446203 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 84 |  |  | 84 |
|  | 84 |  |  | 84 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |
| **COMMON STOCKS 42.5%** | **COMMON STOCKS 42.5%** | **COMMON STOCKS 42.5%** |
| **Communication Services 10.0%** | **Communication Services 10.0%** | **Communication Services 10.0%** |
| Alphabet Inc. - Class A | 80 | 22881 |
| Alphabet Inc. - Class C | 19 | 5498 |
| Comcast Corporation - Class A (a) | 79 | 2269 |
| Electronic Arts Inc. (a) (b) | 39 | 7935 |
| Endeavor Group Holdings, Inc. - Class A (c) (d) (e) | 288 | 7932 |
| Liberty Broadband Corporation - Series A (c) | 11 | 544 |
| Liberty Broadband Corporation - Series C (c) | 23 | 1146 |
| Meta Platforms, Inc. - Class A | 40 | 23046 |
| Netflix, Inc. (a) (c) | 136 | 13112 |
| Nintendo Co., Ltd. (f) | 14 | 768 |
| Oi S.A. - Em Recuperacao Judicial - ADR (c) (g) | 9 |  |
| Warner Bros. Discovery, Inc. - Series A (b) (c) | 286 | 7850 |
|  |  | 92981 |
| **Financials 9.8%** | **Financials 9.8%** | **Financials 9.8%** |
| 1RT Acquisition Corp. (c) | 1 | 8 |
| A Paradise Acquisition Corp. (c) | 5 | 48 |
| A Paradise Acquisition Corp. - Class A (c) | 52 | 527 |
| AA Mission Acquisition Corp. II - Class A (c) | 57 | 569 |
| Abony Acquisition Corp. I (c) | 6 | 57 |
| Activate Energy Acquisition Corp. (c) | 16 | 160 |
| Activate Energy Acquisition Corp. - Class A (c) | 12 | 114 |
| Adyen N.V. (c) (h) | 4 | 3962 |
| Agriculture & Natural Solutions Acquisition Corp. - Class A (c) | 87 | 984 |
| AI Infrastructure Acquisition Corp. (c) | 18 | 187 |
| AI Infrastructure Acquisition Corp. - Class A (c) | 12 | 121 |
| Aldabra 4 Liquidity Opportunity Vehicle Inc. (c) | 12 | 116 |
| Aldel Financial II Inc. - Class A (c) | 59 | 625 |
| American Drive Acquisition Company (c) | 7 | 73 |
| Andretti Acquisition Corp. II - Class A (c) | 51 | 547 |
| AON Public Limited Company - Class A | 6 | 1882 |
| Apex Treasury Corporation (c) | 7 | 69 |
| Apex Treasury Corporation - Class A (c) | 46 | 458 |
| Archimedes Tech Spac Partners II Co. (c) | 43 | 452 |
| Archimedes Tech SPAC Partners III Co. (c) | 5 | 46 |
| Armada Acquisition Corp. II - Class A (c) | 39 | 401 |
| Arthur J. Gallagher & Co. | 3 | 573 |
| Artius II Acquisition Inc. - Class A (c) | 52 | 537 |
| Axiom Intelligence Acquisition Corp 1 - Class A (c) | 31 | 313 |
| Bain Capital GSS Investment Corp. (c) | 11 | 117 |
| Barclays PLC - Class A (c) | 58 | 618 |
| Berto Acquisition Corp. (c) | 33 | 334 |
| BEST SPAC I Acquisition Corp. - Class A (c) | 2 | 23 |
| Bitcoin Infrastructure Acquisition Corp. Ltd. (c) | 10 | 100 |
| Block, Inc. - Class A (a) (c) | 34 | 2052 |
| Blue Acquisition Corp (c) | 6 | 58 |
| Blue Acquisition Corp - Class A (c) | 13 | 132 |
| Blue Water Acquisition Corp. III - Class A (c) | 26 | 266 |
| Blue Water Acquisition Corp. IV (c) | 5 | 45 |
| Blueport Acquisition Ltd. - Class A (c) | 5 | 47 |
| Bluerock Acquisition Corp. (c) | 11 | 114 |
| Brighthouse Financial, Inc. (c) | 3 | 188 |
| BTC Development Corp. (c) | 2 | 23 |
| Cal Redwood Acquisition Corp. - Class A (c) | 46 | 464 |
| Calisa Acquisition Corp (c) | 1 | 8 |
| Calisa Acquisition Corp (c) | 69 | 688 |
| Cambridge Acquisition Corp. (c) | 9 | 92 |
| Cantaloupe, Inc. (c) | 24 | 262 |
| Cantor Equity Partners I, Inc. - Class A (c) | 6 | 61 |
| Cantor Equity Partners III, Inc. - Class A (c) | 2 | 24 |
| Cantor Equity Partners V, Inc. - Class A (c) | 20 | 207 |
| Cartesian Growth Corp III - Class A (c) | 16 | 160 |
| Centurion Acquisition Corp. - Class A (c) | 17 | 179 |
| Championsgate Acquisition Corporation (c) | 3 | 28 |
| Charlton Aria Acquisition Corp. - Class A (c) | 10 | 109 |
| Chenghe Acquisition III Co. (c) | 13 | 127 |
| Chenghe Acquisition III Co. - Class A (c) |  | 1 |
| Churchill Capital Corp IX (c) | 4 | 38 |
| Churchill Capital Corp XI (c) | 2 | 25 |
| Citigroup Inc. (a) | 23 | 2557 |
| Cohen Circle Acquisition Corp. II (c) | 10 | 100 |
| Colombier Acquisition Corp. III (c) | 4 | 41 |
| Columbus Circle Capital Corp II (c) | 7 | 69 |
| Copley Acquisition Corp. (c) | 43 | 447 |
| Crane Harbor Acquisition Corp. II (c) | 2 | 23 |
| Crown Reserve Acquisition Corp. I (c) | 11 | 115 |
| Crown Reserve Acquisition Corp. I - Class A (c) | 28 | 278 |
| CSLM Digital Asset Acquisition Corp III Ltd. (c) | 18 | 185 |
| CSLM Digital Asset Acquisition Corp III Ltd. - Class A (c) | 30 | 299 |
| D. Boral Arc Acquisition I Corp. - Class A (c) | 28 | 279 |
| Daedalus Special Acquisition Corp. (c) | 6 | 65 |
| DigitalBridge Group, Inc. - Class A (b) | 159 | 2449 |
| Drugs Made In America Acquisition Corp. (c) | 25 | 263 |
| Drugs Made in America Acquisition II Corp. (c) | 23 | 230 |
| Drugs Made in America Acquisition II Corp. (c) | 23 | 228 |
| Dune Acquisition Corporation II - Class A (c) | 32 | 334 |
| Dynamix Corporation III (c) | 2 | 23 |
| EGH Acquisition Corp. - Class A (c) | 4 | 38 |
| Emmis Acquisition Corp. - Class A (c) | 8 | 80 |
| EQV Ventures Acquisition Corp. (c) | 23 | 230 |
| Eureka Acquisition Corp - Class A (c) | 2 | 26 |
| Fact II Acquisition Corp. - Class A (c) | 36 | 383 |
| FG Merger II Corp. (c) | 12 | 126 |
| Fifth Era Acquisition Corp I - Class A (c) | 4 | 41 |
| FIGX Capital Acquisition Corp. (c) | 4 | 40 |
| FIGX Capital Acquisition Corp. - Class A (c) | 6 | 58 |
| Flagship Acquisition Corporation (c) | 2 | 26 |
| Future Vision II Acquisition Corp. (c) | 18 | 191 |
| FutureCrest Acquisition Corp. (c) |  | 5 |
| Galata Acquisition Corp. II - Class A (c) | 8 | 80 |
| Gesher Acquisition Corp. II - Class A (c) | 11 | 113 |
| GigCapital7 Corp. - Class A (c) | 16 | 167 |
| GigCapital8 Corp. - Class A (c) | 61 | 607 |
| GigCapital9 Corp. (c) | 14 | 139 |
| GigCapital9 Corp. - Class A (c) | 5 | 45 |
| Globa Terra Acquisition Corp - Class A (c) | 62 | 640 |
| Gores Holdings X, Inc. - Class A (c) | 23 | 240 |
| GP-Act III Acquisition Corp. - Class A (c) | 14 | 149 |
| Graf Global Corp. - Class A (c) | 9 | 94 |
| GSR IV Acquisition Corp. - Class A (c) | 42 | 426 |
| Harvard Ave Acquisition Corp. (c) | 27 | 277 |
| Harvard Ave Acquisition Corp. - Class A (c) | 28 | 275 |
| Haymaker Acquisition Corp. IV - Class A (c) | 46 | 533 |
| HCM III Acquisition Corp. (c) | 1 | 12 |
| Highview Merger Corp. - Class A (c) | 8 | 78 |
| Horizon Space Acquisition II Corp. (c) | 21 | 118 |
| Houlihan Lokey, Inc. - Class A | 10 | 1486 |
| Idea Acquisition Corp. (c) | 7 | 68 |
| Illumination Acquisition Corp. I (c) | 7 | 68 |
| Indigo Acquisition Corp. (c) | 11 | 116 |
| Infinite Eagle Acquisition Corp. (c) | 2 | 24 |
| Inflection Point Acquisition Corp. V - Class A (c) | 25 | 257 |
| Integrated Wellness Acquisition Corp - Class A (c) (d) | 25 | 316 |
| Iron Horse Acquisitions Corp. II (c) | 7 | 73 |
| ITHAX Acquisition Corp III (c) | 11 | 113 |
| Jack Henry & Associates, Inc. (a) | 9 | 1359 |
| Janus Henderson Group PLC | 11 | 546 |
| Jefferies Financial Group Inc. | 27 | 1098 |
| Jena Acquisition Corporation II - Class A (c) | 42 | 426 |
| K&F Growth Acquisition Corp. II - Class A (c) | 50 | 518 |
| Kochav Defense Acquisition Corp. - Class A (c) | 66 | 673 |
| KRAKacquisition Corp. (c) | 2 | 23 |
| LaFayette Acquisition Corp. (c) | 9 | 93 |
| Lafayette Digital Acquisition Corp. I (c) | 5 | 46 |
| Lake Superior Acquisition Corp. (c) | 12 | 118 |
| Lake Superior Acquisition Corp. - Class A (c) | 9 | 91 |
| Lakeshore Acquisition III Corp. (c) | 32 | 325 |
| Launch Two Acquisition Corp. - Class A (c) | 47 | 502 |
| Launchpad Cadenza Acquisition Corp. I (c) | 16 | 163 |
| Leapfrog Acquisition Corp (c) | 6 | 57 |
| Legato Merger Corp. (c) | 26 | 284 |
| Legato Merger Corp. IV (c) | 7 | 69 |
| LightWave Acquisition Corp. - Class A (c) | 34 | 345 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lionheart Holdings - Class A (c) | 18 | 197 |
| Live Oak Acquisition Corp. V - Class A (c) | 25 | 257 |
| LPL Financial Holdings Inc. | 3 | 998 |
| M Evo Global Acquisition Corp. II (c) | 14 | 136 |
| M3-Brigade Acquisition VI Corp. (c) | 2 | 23 |
| McKinley Acquisition Corporation (c) | 5 | 47 |
| McKinley Acquisition Corporation - Class A (c) | 34 | 343 |
| Melar Acquisition Corp. I - Class A (c) | 22 | 237 |
| Mercer Park Opportunities Corp - Class A (c) | 11 | 120 |
| Meshflow Acquisition Corp (c) | 16 | 159 |
| Miluna Acquisition Corp - Class A (c) | 21 | 208 |
| Moody's Corporation | 6 | 2586 |
| Mountain Lake Acquisition Corp. - Class A (c) | 40 | 425 |
| Mountain Lake Acquisition Corp. II (c) | 28 | 283 |
| Mozayyx Acquisition Corp. (c) | 9 | 91 |
| MSCI Inc. - Class A | 3 | 1625 |
| Muzero Acquisition Corp. (c) | 9 | 92 |
| New Providence Acquisition Corp. III - Class A (c) | 52 | 533 |
| Newbury Street Acquisition Corporation - Class A (c) | 41 | 431 |
| NewHold Investment Corp. III - Class A (c) | 22 | 233 |
| NMP Acquisition Corp. - Class A (c) | 23 | 234 |
| Oak Woods Acquisition Corporation - Class A (c) (g) | 54 | 661 |
| Origin Investment Corp I (c) | 20 | 209 |
| OTG Acquisition Corp. I (c) | 6 | 58 |
| Oxley Bridge Acquisition Ltd. - Class A (c) | 48 | 485 |
| Oyster Enterprises II Acquisition Corp - Class A (c) | 62 | 633 |
| PayPal Holdings, Inc. | 10 | 456 |
| Perimeter Acquisition Corp. I - Class A (c) | 7 | 70 |
| Pioneer Acquisition I Corp - Class A (c) | 55 | 561 |
| Plum Acquisition Corp. IV - Class A (c) | 48 | 504 |
| Praetorian Acquisition Corp. (c) | 7 | 69 |
| Primerica, Inc. | 13 | 3304 |
| ProAssurance Corporation (c) | 83 | 2042 |
| ProCap Acquisition Corp (c) | 3 | 32 |
| ProCap Acquisition Corp - Class A (c) | 11 | 115 |
| Proem Acquisition Corp. I (c) | 6 | 56 |
| Pyrophyte Acquisition Corp. II - Class A (c) | 11 | 116 |
| Quantumsphere Acquisition Corporation (c) | 5 | 46 |
| Quantumsphere Acquisition Corporation (c) | 11 | 116 |
| Quartzsea Acquisition Corporation (c) | 16 | 164 |
| Real Asset Acquisition Corp. - Class A (c) | 10 | 107 |
| Republic Digital Acquisition Company - Class A (c) | 38 | 388 |
| Ribbon Acquisition Corp. - Class A (c) | 17 | 182 |
| Roman DBDR Acquisition Corp. II (c) | 8 | 85 |
| Ryan Specialty Group Holdings, Inc. - Class A | 33 | 1130 |
| SC II Acquisition Corp. - Class A (c) | 23 | 231 |
| SEI Investments Company (a) | 24 | 1890 |
| Siddhi Acquisition Corp. - Class A (c) | 64 | 661 |
| Silicon Valley Acquisition Corp. (c) | 8 | 82 |
| Silver Pegasus Acquisition Corp. (c) | 6 | 59 |
| Silver Pegasus Acquisition Corp. - Class A (c) | 16 | 162 |
| SilverBox Corp IV - Class A (c) | 15 | 159 |
| SilverBox Corp V (c) | 5 | 46 |
| SIM Acquisition Corp. I - Class A (c) | 47 | 500 |
| Sizzle Acquisition Corp. - Class A (c) | 76 | 780 |
| Social Commerce Partners Corp. (c) | 6 | 58 |
| Solarius Capital Acquisition Corp. - Class A (c) | 29 | 298 |
| Soren Acquisition Corp. (c) | 9 | 92 |
| Soulpower Acquisition Corp. - Class A (c) | 63 | 647 |
| Space Asset Acquisition Corp. (c) | 3 | 29 |
| Spacsphere Acquisition Corp (c) | 23 | 232 |
| Spring Valley Acquisition Corp. III (c) | 3 | 35 |
| Starry Sea Acquisition Corp. (c) | 17 | 174 |
| Stellar V Capital Corp. - Class A (c) | 9 | 95 |
| Stichting Administratiekantoor Unigel Creditors (c) (g) | 1 |  |
| Stichting Administratiekantoor Unigel Creditors (c) (g) |  |  |
| StoneBridge Acquisition II Corp. - Class A (c) | 4 | 40 |
| Tavia Acquisition Corp. (c) | 34 | 356 |
| Texas Ventures Acquisition III Corp - Class A (c) | 7 | 74 |
| Thayer Ventures Acquisition Corporation II - Class A (c) | 24 | 250 |
| Titan Acquisition Corp. - Class A (c) | 67 | 697 |
| Translational Development Acquisition Corp. (c) | 9 | 95 |
| Triumph Financial, Inc. (c) | 47 | 2829 |
| UY Scuti Acquisition Corp. (c) | 16 | 168 |
| Vendome Acquisition Corporation I - Class A (c) | 24 | 239 |
| Viking Acquisition Corp. I (c) | 3 | 34 |
| Vine Hill Capital Investment Corp. - Class A (c) | 4 | 47 |
| Visa Inc. - Class A (a) | 31 | 9603 |
| Voyager Acquisition Corp. - Class A (c) (d) | 44 | 473 |
| Webster Financial Corporation | 90 | 6231 |
| Wells Fargo & Company | 6 | 502 |
| Wen Acquisition Corp. - Class A (c) | 31 | 313 |
| Westin Acquisition Corp. - Class A (c) | 10 | 104 |
| White Pearl Acquisition Corp (c) | 14 | 137 |
| White Pearl Acquisition Corp - Class A (c) | 12 | 113 |
| Wintergreen Acquisition Corp. (c) |  | 2 |
| Wintergreen Acquisition Corp. (c) | 11 | 117 |
| Yorkville Acquisition Corp. - Class A (c) | 25 | 257 |
| | | 91656 |
| **Industrials 5.5%** | **Industrials 5.5%** | **Industrials 5.5%** |
| Air Lease Corporation - Class A | 16 | 1022 |
| Azelis Group | 236 | 2413 |
| Boeing Company, The (a) (c) | 52 | 10292 |
| Bureau Veritas | 3 | 79 |
| Chart Industries, Inc. (a) (b) (c) | 26 | 5329 |
| CNH Industrial N.V. | 34 | 377 |
| Expeditors International of Washington, Inc. - Class A (a) | 6 | 811 |
| Ferguson Enterprises Inc. | 6 | 1422 |
| Fluidra S.A. | 1 | 18 |
| Fortune Brands Innovations, Inc. | 27 | 1070 |
| Hoshizaki Corporation | 12 | 389 |
| IMCD N.V. (f) | 7 | 786 |
| Lennox International Inc. | 4 | 1712 |
| LG Corp. | 16 | 886 |
| Norfolk Southern Corporation | 25 | 7163 |
| Old Dominion Freight Line, Inc. | 10 | 1856 |
| Safran | 6 | 2078 |
| Samsung C&T Corporation | 7 | 1241 |
| Swire Pacific Limited - Class A | 1 | 14 |
| TransUnion | 26 | 1819 |
| Uber Technologies, Inc. (c) | 7 | 506 |
| UL Solutions Inc. - Class A (f) | 21 | 1762 |
| Unifirst Corporation | 13 | 3288 |
| Verisk Analytics, Inc. (a) | 12 | 2259 |
| Watts Water Technologies, Inc. - Class A | 8 | 2314 |
| Westinghouse Air Brake Technologies Corporation | 2 | 467 |
|  |  | 51373 |
| **Health Care 4.7%** | **Health Care 4.7%** | **Health Care 4.7%** |
| Apellis Pharmaceuticals, Inc. (c) | 14 | 555 |
| Atrium Therapeutics, Inc. (c) | 3 | 36 |
| Avantor, Inc. (c) | 57 | 445 |
| Baxter International Inc. | 48 | 802 |
| Becton, Dickinson and Company | 14 | 2168 |
| Bio-Rad Laboratories, Inc. - Class A (c) | 3 | 796 |
| Cooper Companies, Inc., The (c) | 17 | 1241 |
| Doximity, Inc. - Class A (a) (c) | 71 | 1649 |
| Eurofins Scientific SE | 19 | 1413 |
| Hinge Health, Inc. - Class A (c) | 22 | 850 |
| Hologic, Inc. (c) | 26 | 1941 |
| Icon Public Limited Company (c) | 7 | 750 |
| Masimo Corporation (b) (c) | 7 | 1167 |
| MERCK Kommanditgesellschaft auf Aktien | 5 | 686 |
| Novartis AG - ADR (a) | 47 | 7249 |
| Novo Nordisk A/S - ADR (a) | 63 | 2330 |
| Penumbra, Inc. (c) | 4 | 1476 |
| Regeneron Pharmaceuticals, Inc. (a) | 8 | 6088 |
| Thermo Fisher Scientific Inc. | 2 | 772 |
| Vertex Pharmaceuticals Incorporated (a) (c) | 20 | 8968 |
| Waters Corporation (c) | 2 | 556 |
| West Pharmaceutical Services, Inc. | 7 | 1771 |
|  |  | 43709 |
| **Consumer Discretionary 4.2%** | **Consumer Discretionary 4.2%** | **Consumer Discretionary 4.2%** |
| Alibaba Group Holding Limited - ADR (a) | 15 | 1921 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Amazon.com, Inc. (c) | 79 | 16532 |
| CarMax, Inc. (c) | 22 | 896 |
| Compagnie Financiere Richemont S.A. | 5 | 819 |
| Cracker Barrel Old Country Store, Inc. (a) |  | 11 |
| Delivery Hero SE (c) (h) | 6 | 118 |
| Golden Entertainment, Inc. | 1 | 15 |
| Home Depot, Inc., The | 5 | 1553 |
| Marriott International, Inc. - Class A | 2 | 553 |
| Prosus N.V. - Class N | 36 | 1680 |
| Societe d'exploitation Hoteliere (f) | 17 | 881 |
| Tesla Inc. (a) (c) | 31 | 11684 |
| Vail Resorts, Inc. (f) | 8 | 1077 |
| Yum China Holdings, Inc. | 26 | 1272 |
| | | 39012 |
| **Information Technology 3.8%** | **Information Technology 3.8%** | **Information Technology 3.8%** |
| Analog Devices, Inc. (a) | 14 | 4334 |
| Avaya Holdings Corp. (c) | 4 | 62 |
| Bill Holdings, Inc. (a) (c) |  |  |
| Broadcom Inc. |  | 135 |
| CDW Corp. (a) | 8 | 1016 |
| Clearwater Analytics Holdings, Inc. - Class A (c) | 128 | 3023 |
| Fair Isaac Corporation (c) | 1 | 896 |
| Hirose Electric Co., Ltd. | 5 | 689 |
| Intuit Inc. (a) | 5 | 2291 |
| nCino OpCo, Inc. (c) (f) | 98 | 1475 |
| NCR Voyix Corporation (c) | 42 | 269 |
| NXP Semiconductors N.V. | 6 | 1110 |
| OneStream, Inc. - Class A (c) | 40 | 958 |
| Oracle Corporation (a) | 68 | 9945 |
| PAR Technology Corporation (a) (c) | 1 | 16 |
| Qorvo, Inc. (c) | 14 | 1051 |
| Salesforce, Inc. (a) | 22 | 4178 |
| TE Connectivity Public Limited Company | 12 | 2612 |
| Trimble Inc. (c) | 23 | 1501 |
|  |  | 35561 |
| **Consumer Staples 2.6%** | **Consumer Staples 2.6%** | **Consumer Staples 2.6%** |
| American Beverage Co Ambev - ADR (a) | 947 | 2765 |
| Celsius Holdings, Inc. (c) | 46 | 1629 |
| Diageo PLC | 1 | 23 |
| Heineken Holding N.V. | 36 | 2581 |
| Iron Horse Acquisitions Corp. (c) (g) | 2 | 10 |
| JDE Peet's N.V. | 69 | 2537 |
| Kenvue Inc. | 16 | 272 |
| Kerry Group Public Limited Company - Class A | 11 | 882 |
| Magnum Ice Cream Company N.V., The (c) | 15 | 230 |
| Magnum Ice Cream Company N.V., The (c) | 6 | 94 |
| Magnum Ice Cream Company N.V., The (c) (f) | 64 | 937 |
| Meridan Management Ltd. - GDR (c) (g) (h) | 38 |  |
| Monster Beverage 1990 Corporation (a) (c) | 147 | 10666 |
| Orion Incorporation | 8 | 646 |
| Pernod Ricard | 12 | 879 |
| Rohto Pharmaceutical Co., Ltd. | 8 | 115 |
|  |  | 24266 |
| **Materials 1.2%** | **Materials 1.2%** | **Materials 1.2%** |
| Amrize AG | 22 | 1248 |
| Glencore PLC | 315 | 2390 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 45 | 478 |
| Holcim AG | 10 | 800 |
| International Flavors & Fragrances Inc. | 37 | 2681 |
| Nippon Paint Holdings Co., Ltd. | 178 | 1112 |
| Sealed Air Corporation | 48 | 2016 |
|  |  | 10725 |
| **Energy 0.6%** | **Energy 0.6%** | **Energy 0.6%** |
| Coterra Energy Inc. | 84 | 2962 |
| Kinder Morgan, Inc. | 9 | 307 |
| McDermott International, Ltd. (c) | 30 | 744 |
| McDermott International, Ltd. (c) | 3 | 84 |
| McDermott International, Ltd. (c) |  | 10 |
| NOV Inc. | 45 | 855 |
| Valaris Limited (c) | 4 | 364 |
|  |  | 5326 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Douglas Emmett, Inc. | 81 | 760 |
| Vornado Realty Trust | 17 | 440 |
|  |  | 1200 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| PG&E Corporation | 8 | 148 |
| Total Common Stocks (cost $297,259) | Total Common Stocks (cost $297,259) | 395957 |
| **CORPORATE BONDS AND NOTES 32.8%** | **CORPORATE BONDS AND NOTES 32.8%** | **CORPORATE BONDS AND NOTES 32.8%** |
| **Information Technology 16.9%** | **Information Technology 16.9%** | **Information Technology 16.9%** |
| A10 Networks, Inc. |  |  |
| 2.75%, 04/01/30 (a) (i) (j) | 40 | 47 |
| Adtran Holdings, Inc. |  |  |
| 3.75%, 09/15/30 (a) (i) (j) | 354 | 476 |
| Advanced Energy Industries, Inc. |  |  |
| 2.50%, 09/15/28 (a) (i) | 788 | 1891 |
| Akamai Technologies, Inc. |  |  |
| 0.38%, 09/01/27 (a) (i) | 146 | 168 |
| 1.13%, 02/15/29 (a) (i) | 986 | 1125 |
| 0.25%, 05/15/33 (a) (i) (j) | 258 | 355 |
| Alarm.Com Holdings, Inc. |  |  |
| 2.25%, 06/01/29 (a) (i) | 179 | 164 |
| AMS-Osram AG |  |  |
| 10.50%, 03/30/29, EUR (h) | 210 | 254 |
| Applied Digital Corporation |  |  |
| 2.75%, 06/01/30 (a) (i) | 1547 | 4097 |
| Applied Optoelectronics, Inc. |  |  |
| 2.75%, 01/15/30 (a) (i) | 1752 | 3884 |
| Avnet, Inc. |  |  |
| 1.75%, 09/01/30 (a) (i) (j) | 441 | 480 |
| Bentley Systems, Incorporated |  |  |
| 0.38%, 07/01/27 (a) (i) | 240 | 228 |
| Bill Holdings, Inc. |  |  |
| 0.00%, 04/01/27 - 04/01/30 (a) (i) (k) | 2161 | 1924 |
| Bitdeer Technologies Group |  |  |
| 4.00%, 11/15/31 (a) (i) (j) | 79 | 64 |
| Blackline, Inc. |  |  |
| 1.00%, 06/01/29 (a) (i) | 987 | 927 |
| Box, Inc. |  |  |
| 1.50%, 09/15/29 (a) (i) | 119 | 109 |
| Camtek Ltd. |  |  |
| 0.00%, 09/15/30 (a) (i) (j) (k) | 50 | 79 |
| Canadian Solar Inc. |  |  |
| 3.25%, 01/15/31 (a) (i) (j) | 403 | 317 |
| Check Point Software Technologies Ltd. |  |  |
| 0.00%, 12/15/30 (a) (i) (j) (k) | 198 | 182 |
| Cipher Mining Inc. |  |  |
| 1.75%, 05/15/30 (a) (i) | 988 | 3021 |
| 0.00%, 10/01/31 (a) (i) (j) (k) | 1190 | 1328 |
| Cleanspark Inc. |  |  |
| 0.00%, 06/15/30 (a) (i) (k) | 99 | 96 |
| Cloudflare, Inc. |  |  |
| 0.00%, 08/15/26 (a) (i) (k) | 1402 | 1625 |
| 0.00%, 06/15/30 (a) (i) (j) (k) | 1956 | 2208 |
| Cohu, Inc. |  |  |
| 1.50%, 01/15/31 (a) (i) (j) | 970 | 1297 |
| CommVault Systems, Inc. |  |  |
| 0.00%, 09/15/30 (a) (i) (j) (k) | 40 | 32 |
| Core Scientific, Inc. |  |  |
| 3.00%, 09/01/29 (a) (i) (j) | 2049 | 3288 |
| 0.00%, 06/15/31 (a) (i) (j) (k) | 395 | 432 |
| Coreweave, Inc. |  |  |
| 1.75%, 12/01/31 (a) (i) (j) | 79 | 79 |
| CyberArk Software Ltd. |  |  |
| 0.00%, 06/15/30 (a) (i) (j) (k) | 536 | 549 |
| Datadog, Inc. |  |  |
| 0.00%, 12/01/29 (a) (i) (k) | 99 | 96 |
| DigitalOcean Holdings, Inc. |  |  |
| 0.00%, 12/01/26 (a) (i) (k) | 652 | 637 |
| 0.00%, 08/15/30 (a) (i) (j) (k) | 1214 | 2780 |
| Dropbox, Inc. |  |  |
| 0.00%, 03/01/28 (a) (i) (k) | 2405 | 2269 |
| Fastly, Inc. |  |  |
| 7.75%, 06/01/28 (a) (i) | 50 | 94 |
| 0.00%, 12/15/30 (a) (i) (j) (k) | 682 | 1424 |
| Five9, Inc. |  |  |
| 1.00%, 03/15/29 (a) (i) | 1382 | 1199 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Guidewire Software, Inc. |  |  |
| 1.25%, 11/01/29 (a) (i) | 135 | 133 |
| Impinj, Inc. |  |  |
| 0.00%, 09/15/29 (a) (i) (j) (k) | 200 | 173 |
| Indie Semiconductor, Inc. |  |  |
| 3.50%, 12/15/29 (a) (i) (j) | 1093 | 1033 |
| 4.00%, 03/15/31 (a) (i) (j) | 318 | 341 |
| InterDigital, Inc. |  |  |
| 3.50%, 06/01/27 (a) (i) | 2083 | 8144 |
| IREN Limited |  |  |
| 3.50%, 12/15/29 (a) (i) (j) | 2711 | 7431 |
| 3.25%, 06/15/30 (a) (i) | 712 | 1611 |
| 0.00%, 07/01/31 (a) (i) (j) (k) | 40 | 28 |
| 0.25%, 06/01/32 (a) (i) (j) | 60 | 51 |
| Itron, Inc. |  |  |
| 1.38%, 07/15/30 (a) (i) | 237 | 238 |
| Lenovo Group Limited |  |  |
| 2.50%, 08/26/29 (h) (i) | 1614 | 1942 |
| Life360, Inc. |  |  |
| 0.00%, 06/01/30 (a) (i) (j) (k) | 132 | 120 |
| Lumentum Holdings Inc. |  |  |
| 0.50%, 12/15/26 - 06/15/28 (a) (i) | 2148 | 15041 |
| 1.50%, 12/15/29 (a) (i) | 42 | 424 |
| 0.38%, 03/15/32 (a) (i) (j) | 106 | 407 |
| MACOM Technology Solutions Holdings, Inc. |  |  |
| 0.00%, 12/15/29 (i) (k) | 98 | 141 |
| Microchip Technology Incorporated |  |  |
| 0.00%, 02/15/30 (a) (i) (j) (k) | 207 | 200 |
| 0.75%, 06/01/30 (a) (i) | 1186 | 1164 |
| Mirion Technologies (US), Inc. |  |  |
| 0.25%, 06/01/30 (a) (i) (j) | 310 | 335 |
| MKS Inc. |  |  |
| 1.25%, 06/01/30 (a) (i) | 2137 | 3443 |
| Nebius Group N.V. |  |  |
| 2.00%, 06/05/29 (a) (i) (j) | 2745 | 5819 |
| 1.00%, 09/15/30 (a) (i) (j) | 198 | 212 |
| 1.25%, 03/15/31 (a) (i) (j) | 396 | 381 |
| 3.00%, 06/05/31 (a) (i) (j) | 2411 | 5232 |
| 2.75%, 09/15/32 (a) (i) (j) | 178 | 184 |
| Nutanix, Inc. |  |  |
| 0.50%, 12/15/29 (a) (i) | 278 | 249 |
| ON Semiconductor Corporation |  |  |
| 0.00%, 05/01/27 (a) (i) (k) | 784 | 1001 |
| 0.50%, 03/01/29 (a) (i) | 1822 | 1773 |
| OSI Systems, Inc. |  |  |
| 2.25%, 08/01/29 (a) (i) | 591 | 903 |
| 0.50%, 02/01/31 (a) (i) (j) | 862 | 874 |
| Pagaya Us Holding Company LLC |  |  |
| 6.13%, 10/01/29 (a) (i) | 778 | 889 |
| Pagerduty, Inc. |  |  |
| 1.50%, 10/15/28 (a) (i) | 50 | 45 |
| PAR Technology Corporation |  |  |
| 2.88%, 04/15/26 (a) (i) | 94 | 94 |
| 4.00%, 03/15/31 (a) (i) (j) | 99 | 103 |
| Penguin Solutions, Inc. |  |  |
| 2.00%, 02/01/29 (a) (i) (j) | 595 | 665 |
| 2.00%, 08/15/30 (a) (i) | 846 | 839 |
| Porch Group Inc |  |  |
| 6.75%, 10/01/28 (a) (i) (j) | 893 | 889 |
| Progress Software Corporation |  |  |
| 3.50%, 03/01/30 (a) (i) | 76 | 67 |
| Rapid7, Inc. |  |  |
| 0.25%, 03/15/27 (a) (i) | 1448 | 1362 |
| Rubrik, Inc. |  |  |
| 0.00%, 06/15/30 (a) (i) (j) (k) | 140 | 119 |
| Seagate HDD Cayman |  |  |
| 3.50%, 06/01/28 (a) (i) | 2282 | 10845 |
| Semtech Corporation |  |  |
| 1.63%, 11/01/27 (a) (i) | 740 | 1555 |
| 0.00%, 10/15/30 (a) (i) (j) (k) | 40 | 45 |
| Snowflake Inc. |  |  |
| 0.00%, 10/01/27 - 10/01/29 (a) (i) (k) | 1403 | 1671 |
| SolarEdge Technologies Ltd. |  |  |
| 2.25%, 07/01/29 (a) (i) | 1152 | 1970 |
| Super Micro Computer, Inc. |  |  |
| 2.25%, 07/15/28 (a) (i) | 834 | 712 |
| 3.50%, 03/01/29 (a) (i) | 301 | 238 |
| 0.00%, 06/15/30 (a) (i) (j) (k) | 1157 | 839 |
| TeraWulf Inc. |  |  |
| 2.75%, 02/01/30 (a) (i) (j) | 2066 | 4029 |
| Ultra Clean Holdings, Inc. |  |  |
| 0.00%, 03/15/31 (a) (i) (j) (k) | 99 | 104 |
| Unity Software Inc. |  |  |
| 0.00%, 11/15/26 - 03/15/30 (a) (i) (k) | 595 | 583 |
| Varonis Systems, Inc. |  |  |
| 1.00%, 09/15/29 (a) (i) | 986 | 852 |
| Veeco Instruments Inc. |  |  |
| 2.88%, 06/01/29 (a) (i) | 662 | 919 |
| Viavi Solutions Inc. |  |  |
| 0.63%, 03/01/31 (a) (i) (j) | 524 | 1303 |
| Vishay Intertechnology, Inc. |  |  |
| 2.25%, 09/15/30 (a) (i) | 1743 | 1657 |
| Western Digital Corporation |  |  |
| 3.00%, 11/15/28 (a) (i) | 3522 | 25182 |
| Workiva Inc. |  |  |
| 1.25%, 08/15/28 (a) (i) | 1359 | 1266 |
| Zscaler, Inc. |  |  |
| 0.00%, 07/15/28 (a) (i) (j) (k) | 97 | 88 |
| | | 157183 |
| **Industrials 4.2%** | **Industrials 4.2%** | **Industrials 4.2%** |
| Array Tech, Inc. |  |  |
| 1.00%, 12/01/28 (a) (i) | 39 | 35 |
| 2.88%, 07/01/31 (a) (i) (j) | 80 | 98 |
| Astronics Corporation |  |  |
| 0.00%, 01/15/31 (a) (i) (j) (k) | 399 | 553 |
| Bloom Energy Corporation |  |  |
| 3.00%, 06/01/28 - 06/01/29 (a) (i) | 2633 | 18062 |
| 0.00%, 11/15/30 (a) (i) (j) (k) | 202 | 215 |
| Energy Vault Holdings, Inc. |  |  |
| 5.25%, 03/01/31 (a) (i) (j) | 158 | 155 |
| Eos Energy Enterprises, Inc. |  |  |
| 6.75%, 06/15/30 (a) (i) (j) | 500 | 669 |
| 1.75%, 12/01/31 (a) (i) (j) | 514 | 300 |
| Fluence Energy, Inc. |  |  |
| 2.25%, 06/15/30 (a) (i) | 633 | 635 |
| Fluor Corporation |  |  |
| 1.13%, 08/15/29 (a) (i) | 1106 | 1349 |
| FREYR Battery |  |  |
| 5.25%, 12/01/30 (a) (i) | 60 | 66 |
| Grab Holdings Limited |  |  |
| 0.00%, 06/15/30 (a) (h) (i) (k) | 198 | 189 |
| Granite Construction Incorporated |  |  |
| 3.75%, 05/15/28 (a) (i) | 1021 | 2690 |
| Greenbrier Companies, Inc., The |  |  |
| 2.88%, 04/15/28 (a) (i) | 1333 | 1540 |
| Intuitive Machines, Inc. |  |  |
| 2.50%, 10/01/30 (a) (i) (j) | 935 | 1645 |
| JBT Marel Corporation |  |  |
| 0.38%, 09/15/30 (a) (i) (j) | 1509 | 1468 |
| Lyft, Inc. |  |  |
| 0.63%, 03/01/29 (a) (i) | 121 | 122 |
| 0.00%, 09/15/30 (a) (i) (j) (k) | 34 | 32 |
| Parsons Corporation |  |  |
| 2.63%, 03/01/29 (a) (i) | 807 | 796 |
| Pitney Bowes Inc. |  |  |
| 1.50%, 08/15/30 (a) (i) (j) | 258 | 264 |
| Planet Labs Inc. |  |  |
| 0.50%, 10/15/30 (a) (i) (j) | 1124 | 2851 |
| Plug Power Inc. |  |  |
| 6.75%, 12/01/33 (a) (i) (j) | 280 | 319 |
| Tetra Tech, Inc. |  |  |
| 2.25%, 08/15/28 (a) (i) | 492 | 513 |
| Uber Technologies, Inc. |  |  |
| 0.00%, 05/15/28 (a) (i) (j) (k) | 1284 | 1256 |
| Upwork Inc. |  |  |
| 0.25%, 08/15/26 (a) (i) | 1266 | 1227 |
| Xometry, Inc. |  |  |
| 1.00%, 02/01/27 (a) (i) | 1186 | 1234 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 0.75%, 06/15/30 (a) (i) (j) | 510 | 590 |
| | | 38873 |
| **Health Care 3.3%** | **Health Care 3.3%** | **Health Care 3.3%** |
| Alphatec Holdings, Inc. |  |  |
| 0.75%, 08/01/26 (a) (i) | 549 | 543 |
| ANI Pharmaceuticals, Inc. |  |  |
| 2.25%, 09/01/29 (a) (i) | 39 | 48 |
| Arrowhead Pharmaceuticals Inc |  |  |
| 0.00%, 01/15/32 (a) (i) (k) | 849 | 879 |
| Ascendis Pharma A/S |  |  |
| 2.25%, 04/01/28 (a) (i) | 198 | 290 |
| BioMarin Pharmaceutical Inc. |  |  |
| 1.25%, 05/15/27 (a) (i) | 926 | 887 |
| Bridgebio Pharma, Inc. |  |  |
| 2.50%, 03/15/27 (a) (i) | 1656 | 2986 |
| 2.25%, 02/01/29 (a) (i) | 99 | 111 |
| 1.75%, 03/01/31 (a) (i) | 99 | 169 |
| Cogent Biosciences, Inc. |  |  |
| 1.63%, 11/15/31 (a) (i) | 60 | 73 |
| Collegium Pharmaceutical, Inc. |  |  |
| 2.88%, 02/15/29 (a) (i) | 79 | 91 |
| CONMED Corporation |  |  |
| 2.25%, 06/15/27 (a) (i) | 2367 | 2287 |
| CorMedix Inc. |  |  |
| 4.00%, 08/01/30 (a) (i) (j) | 561 | 531 |
| CRISPR Therapeutics AG |  |  |
| 1.73%, 03/01/31 (a) (i) (j) | 884 | 871 |
| Cytokinetics, Incorporated |  |  |
| 1.75%, 10/01/31 (a) (i) (j) | 178 | 225 |
| DexCom, Inc. |  |  |
| 0.38%, 05/15/28 (a) (i) | 1484 | 1361 |
| Enovis Corporation |  |  |
| 3.88%, 10/15/28 (a) (i) | 920 | 891 |
| Exact Sciences Corporation |  |  |
| 2.00%, 03/01/30 (i) (j) | 558 | 787 |
| Guardant Health, Inc. |  |  |
| 0.00%, 11/15/27 (a) (i) (k) | 2412 | 2471 |
| Haemonetics Corporation |  |  |
| 2.50%, 06/01/29 (a) (i) | 474 | 451 |
| Hims & Hers Health, Inc. |  |  |
| 0.00%, 05/15/30 (a) (i) (j) (k) | 198 | 144 |
| Indivior Pharmaceuticals, Inc. |  |  |
| 0.63%, 03/15/31 (a) (i) (j) | 60 | 61 |
| Inotiv, Inc. |  |  |
| 3.25%, 10/15/27 (a) (i) | 701 | 162 |
| Ionis Pharmaceuticals, Inc. |  |  |
| 1.75%, 06/15/28 (a) (i) | 397 | 601 |
| 0.00%, 12/01/30 (a) (i) (j) (k) | 395 | 409 |
| Lantheus Holdings, Inc. |  |  |
| 2.63%, 12/15/27 (a) (i) | 941 | 1123 |
| LeMaitre Vascular, Inc. |  |  |
| 2.50%, 02/01/30 (a) (i) | 100 | 113 |
| Ligand Pharmaceuticals Incorporated |  |  |
| 0.75%, 10/01/30 (a) (i) (j) | 99 | 120 |
| LivaNova PLC |  |  |
| 2.50%, 03/15/29 (a) (i) | 759 | 880 |
| Mirum Pharmaceuticals, Inc. |  |  |
| 4.00%, 05/01/29 (a) (i) | 1391 | 4136 |
| Omnicell, Inc. |  |  |
| 1.00%, 12/01/29 (a) (i) | 100 | 98 |
| Pacira Pharmaceuticals, Inc. |  |  |
| 2.13%, 05/15/29 (a) (i) | 790 | 761 |
| Pharming Group N.V. |  |  |
| 4.50%, 04/25/29, EUR (h) (i) | 500 | 816 |
| PTC Therapeutics, Inc. |  |  |
| 1.50%, 09/15/26 (a) (i) | 1621 | 2142 |
| Sarepta Therapeutics, Inc. |  |  |
| 4.88%, 09/01/30 (a) (i) (j) | 299 | 244 |
| Tandem Diabetes Care, Inc. |  |  |
| 1.50%, 03/15/29 (a) (i) | 363 | 371 |
| Telix Pharmaceuticals Limited |  |  |
| 2.38%, 07/30/29, AUD (h) (i) | 500 | 341 |
| Tempus AI, Inc. |  |  |
| 0.75%, 07/15/30 (a) (i) (j) | 59 | 57 |
| TransMedics Group, Inc. |  |  |
| 1.50%, 06/01/28 (a) (i) | 1543 | 1984 |
| Zoetis Inc. |  |  |
| 0.25%, 06/15/29 (a) (i) (j) | 711 | 708 |
|  |  | 31223 |
| **Consumer Discretionary 2.5%** | **Consumer Discretionary 2.5%** | **Consumer Discretionary 2.5%** |
| Alibaba Group Holding Limited |  |  |
| 0.50%, 06/01/31 (a) (i) | 398 | 549 |
| Cheesecake Factory Incorporated, The |  |  |
| 0.38%, 06/15/26 (a) (i) | 200 | 198 |
| 2.00%, 03/15/30 (a) (i) | 365 | 367 |
| Delivery Hero SE |  |  |
| 1.50%, 01/15/28, EUR (h) (i) | 100 | 108 |
| 3.25%, 02/21/30, EUR (h) (i) | 100 | 108 |
| DoorDash, Inc. |  |  |
| 0.00%, 05/15/30 (a) (i) (j) (k) | 95 | 86 |
| ETSY, Inc. |  |  |
| 0.13%, 09/01/27 (a) (i) | 203 | 189 |
| 0.25%, 06/15/28 (a) (i) | 1475 | 1318 |
| Fisker Group Inc. |  |  |
| 0.00%, 09/15/26 (a) (c) (i) (j) (l) | 2160 | 9 |
| GameStop Corp. |  |  |
| 0.00%, 06/15/32 (a) (i) (j) (k) | 1149 | 1183 |
| Gol Finance LLP |  |  |
| 14.38%, 06/05/30 (a) (j) | 433 | 383 |
| Groupon, Inc. |  |  |
| 4.88%, 06/30/30 (a) (i) | 99 | 81 |
| H World Group Limited |  |  |
| 3.00%, 05/01/26 (a) (i) | 1698 | 2282 |
| Li Auto Inc. |  |  |
| 0.25%, 05/01/28 (a) (i) | 724 | 721 |
| Liberty Live Holdings, Inc. |  |  |
| 2.38%, 09/30/53 (a) (i) (j) | 2409 | 3827 |
| MakeMyTrip Limited |  |  |
| 0.00%, 07/01/30 (a) (i) (j) (k) | 197 | 167 |
| NCL Corporation Ltd. |  |  |
| 1.13%, 02/15/27 (a) (i) | 647 | 639 |
| 0.88%, 04/15/30 (a) (i) (j) | 198 | 206 |
| 0.75%, 09/15/30 (a) (i) (j) | 395 | 367 |
| Patrick Industries, Inc. |  |  |
| 1.75%, 12/01/28 (a) (i) | 447 | 776 |
| Peloton Interactive, Inc. |  |  |
| 5.50%, 12/01/29 (a) (i) | 100 | 132 |
| Realreal, Inc., The |  |  |
| 4.00%, 02/15/31 (a) (h) (i) (m) | 823 | 991 |
| Rivian Automotive, Inc. |  |  |
| 4.63%, 03/15/29 (a) (i) | 59 | 63 |
| Shift Technologies, Inc. |  |  |
| 0.00%, 05/15/26 (a) (c) (i) (j) (l) | 1305 | 1 |
| Stride, Inc. |  |  |
| 1.13%, 09/01/27 (a) (i) | 2368 | 4122 |
| Trip.com Group Limited |  |  |
| 0.75%, 06/15/29 (a) (i) | 237 | 244 |
| Wayfair Inc. |  |  |
| 1.00%, 08/15/26 (i) | 57 | 55 |
| 3.25%, 09/15/27 (a) (i) | 1740 | 2339 |
| 3.50%, 11/15/28 (a) (i) | 1241 | 2127 |
|  |  | 23638 |
| **Financials 2.4%** | **Financials 2.4%** | **Financials 2.4%** |
| ABRA Global Finance |  |  |
| 5.00%, 03/02/28 (a) (j) (m) (n) | 2740 | 2577 |
| 6.00%, 10/22/29 (a) (j) (n) | 270 | 256 |
| Affirm Holdings, Inc. |  |  |
| 0.00%, 11/15/26 (a) (i) (k) | 564 | 543 |
| 0.75%, 12/15/29 (a) (i) | 989 | 926 |
| Alpha Holding, S.A. de C.V |  |  |
| 0.00%, 12/31/27 (c) (j) (l) | 236 | 7 |
| Apollo Commercial Real Estate Finance, Inc. |  |  |
| 4.63%, 06/15/29 (j) | 1359 | 1353 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 06/01/26) (o) | 242 | 241 |
| 5.00%, (100, 12/01/27) (o) | 33 | 32 |
| Coinbase Global, Inc. |  |  |
| 0.00%, 10/01/32 (i) (j) (k) | 98 | 78 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Encore Capital Group, Inc. |  |  |
| 4.00%, 03/15/29 (a) (i) | 966 | 1211 |
| Galaxy Digital Holdings LP |  |  |
| 3.00%, 12/15/26 (a) (i) (j) | 1000 | 1047 |
| 2.50%, 12/01/29 (a) (i) (j) | 1250 | 1403 |
| 0.50%, 05/01/31 (a) (i) (j) | 99 | 70 |
| MoneyGram International, Inc. |  |  |
| 9.00%, 06/01/30 (j) | 268 | 186 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (j) | 261 | 279 |
| Operadora de Servicios Mega SA de CV SOFOM ER. |  |  |
| 0.00%, 12/31/27 (c) (j) (l) | 200 | 3 |
| Oscar Health, Inc. |  |  |
| 2.25%, 09/01/30 (a) (i) (j) | 376 | 336 |
| Ping An Insurance (Group) Company of China, Ltd. |  |  |
| 0.88%, 07/22/29 (h) (i) | 2900 | 4306 |
| SBL Holdings, Inc. |  |  |
| 6.50%, (100, 11/13/26) (j) (o) | 1193 | 1002 |
| Shift4 Payments, LLC |  |  |
| 0.50%, 08/01/27 (a) (i) | 1880 | 1767 |
| SoFi Technologies, Inc. |  |  |
| 0.00%, 10/15/26 (a) (i) (j) (k) | 757 | 777 |
| 1.25%, 03/15/29 (a) (i) (j) | 1440 | 2633 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/26 (c) (j) (l) | 200 | 1 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 0.00%, 12/31/44 (c) (h) (l) (n) | 263 | 1 |
| Upstart Holdings, Inc. |  |  |
| 2.00%, 10/01/29 (a) (i) | 519 | 502 |
| WisdomTree, Inc. |  |  |
| 3.25%, 08/15/29 (a) (i) | 79 | 106 |
| 4.50%, 10/01/31 (a) (i) (j) | 1031 | 1065 |
| | | 22708 |
| **Communication Services 1.0%** | **Communication Services 1.0%** | **Communication Services 1.0%** |
| AST Spacemobile, Inc. |  |  |
| 2.38%, 10/15/32 (a) (i) (j) | 455 | 669 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (j) | 636 | 655 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 1221 | 1316 |
| 3.88%, 11/30/30 (i) (n) | 298 | 1074 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 786 | 791 |
| 6.00%, 01/15/30 (j) | 1331 | 1339 |
| Liberty Media Corporation |  |  |
| 3.75%, 03/15/28 - 02/15/30 (a) (i) | 2637 | 308 |
| 4.00%, 11/15/29 (a) (i) | 1032 | 62 |
| Live Nation Entertainment, Inc. |  |  |
| 3.13%, 01/15/29 (a) (i) | 198 | 304 |
| Match Group FinanceCo 3, Inc. |  |  |
| 2.00%, 01/15/30 (a) (i) (j) | 1193 | 1058 |
| Snap Inc. |  |  |
| 0.13%, 03/01/28 (a) (i) | 1042 | 951 |
| Sphere Entertainment Co. |  |  |
| 3.50%, 12/01/28 (a) (i) | 100 | 333 |
| Ziff Davis, Inc. |  |  |
| 3.63%, 03/01/28 (a) (h) (i) | 409 | 400 |
|  |  | 9260 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| B2Gold Corp. |  |  |
| 2.75%, 02/01/30 (a) (i) (j) | 99 | 160 |
| Endeavour Silver Corp. |  |  |
| 0.25%, 01/15/31 (a) (i) (j) | 99 | 108 |
| Equinox Gold Corp. |  |  |
| 4.75%, 10/15/28 (a) (i) | 1376 | 3316 |
| First Majestic Silver Corp. |  |  |
| 0.38%, 01/15/27 (a) (i) | 119 | 170 |
| 0.13%, 01/15/31 (a) (i) (j) | 99 | 126 |
| Fortuna Mining Corp. |  |  |
| 3.75%, 06/30/29 (a) (i) | 539 | 938 |
| Silvercorp Metals Inc. |  |  |
| 4.75%, 12/15/29 (a) (i) | 716 | 1867 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (c) (j) (l) (n) | 44 | 1 |
| 13.50%, 12/31/27 (c) (h) (l) (n) | 62 | 1 |
| 11.00%, 12/31/28 (c) (j) (l) (n) | 52 | 1 |
| 11.00%, 12/31/28 (c) (h) (l) (n) | 222 | 2 |
|  |  | 6690 |
| **Energy 0.6%** | **Energy 0.6%** | **Energy 0.6%** |
| Denison Mines Corp. |  |  |
| 4.25%, 09/15/31 (a) (i) (j) | 432 | 671 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (j) | 214 | 214 |
| Golar LNG Limited |  |  |
| 2.75%, 12/15/30 (a) (i) (j) | 198 | 234 |
| Green Plains Inc. |  |  |
| 2.25%, 03/15/27 (a) (i) | 40 | 40 |
| 5.25%, 11/01/30 (a) (i) | 59 | 82 |
| Solaris Energy Infrastructure, Inc. |  |  |
| 4.75%, 05/01/30 (a) (i) | 1355 | 3164 |
| 0.25%, 10/01/31 (a) (i) | 99 | 124 |
| Transocean Inc |  |  |
| 4.63%, 09/30/29 (a) (i) | 98 | 198 |
| World Kinect Corporation |  |  |
| 3.25%, 07/01/28 (a) (i) | 395 | 411 |
|  |  | 5138 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| Evergy, Inc. |  |  |
| 4.50%, 12/15/27 (a) (i) | 2251 | 3024 |
| Ormat Technologies, Inc. |  |  |
| 0.00%, 03/15/31 (a) (i) (j) (k) | 594 | 614 |
| 1.50%, 03/15/31 (a) (i) (j) | 396 | 410 |
| PG&E Corporation |  |  |
| 4.25%, 12/01/27 (a) (i) | 199 | 207 |
|  |  | 4255 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| Compass, Inc. |  |  |
| 0.25%, 04/15/31 (a) (i) (j) | 318 | 264 |
| HAT Holdings I LLC |  |  |
| 3.75%, 08/15/28 (a) (i) (j) | 60 | 84 |
| Kennedy-Wilson, Inc. |  |  |
| 4.75%, 02/01/30 | 717 | 717 |
| 5.00%, 03/01/31 | 956 | 954 |
| Kite Realty Group, L.P. |  |  |
| 0.75%, 04/01/27 (a) (i) (j) | 79 | 85 |
| Open Doors Technology Inc. |  |  |
| 7.00%, 05/15/30 (a) (i) (j) | 384 | 1271 |
| Pebblebrook Hotel Trust |  |  |
| 1.75%, 12/15/26 (a) (i) | 195 | 191 |
| StorageVault Canada Inc. |  |  |
| 5.00%, 03/31/28, CAD (i) | 740 | 531 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 112 | 112 |
|  |  | 4209 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Herbalife Nutrition Ltd. |  |  |
| 4.25%, 06/15/28 (a) (i) | 268 | 319 |
| MGPI Processing, Inc. |  |  |
| 1.88%, 11/15/41 (a) (i) | 1132 | 1084 |
| Oddity Finance LLC |  |  |
| 0.00%, 06/15/30 (a) (i) (j) (k) | 749 | 509 |
| Premium Brands Holdings Corporation |  |  |
| 5.50%, 12/31/32, CAD (i) | 79 | 57 |
| Spectrum Brands, Inc. |  |  |
| 3.38%, 06/01/29 (a) (i) | 159 | 156 |
|  |  | 2125 |
| Total Corporate Bonds And Notes (cost $283,300) | Total Corporate Bonds And Notes (cost $283,300) | 305302 |
| **PRIVATE INVESTMENT FUNDS 8.9%** | **PRIVATE INVESTMENT FUNDS 8.9%** | **PRIVATE INVESTMENT FUNDS 8.9%** |
| WCM Partners Fund (h) (p) | 55039 | 83210 |
| Total Private Investment Funds (cost $56,042) | Total Private Investment Funds (cost $56,042) | 83210 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.1%** |
| 1345 Trust 2025-AOA |  |  |
| Series 2025-D-AOA, REMIC, 6.67%, (1 Month Term SOFR + 3.00%), 06/15/27 (q) | 80 | 80 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AASET 2024-2 Ltd. |  |  |
| Series 2024-B-2A, 6.61%, 09/16/31 (m) | 134 | 135 |
| AASET MT-1 Ltd. |  |  |
| Series 2025-B-3A, 5.73%, 02/16/32 (j) (m) | 392 | 387 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2006-CW1 |  |  |
| Series 2006-A2C-CW1, REMIC, 4.05%, (1 Month Term SOFR + 0.39%), 07/25/36 (m) (q) (r) | 1612 | 1334 |
| ACORE 2026-FL1 Issuer, LLC |  |  |
| Series 2026-D-FL1, 6.43%, (1 Month Term SOFR + 2.75%), 11/20/30 (m) (q) | 280 | 279 |
| ACREC 2026-FL4 LLC |  |  |
| Series 2026-D-FL4, REMIC, 6.33%, (1 Month Term SOFR + 2.65%), 01/18/43 (m) (q) | 260 | 260 |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd. |  |  |
| Series 2021-E-FL1, 6.79%, (1 Month Term SOFR + 3.11%), 10/20/36 (q) | 260 | 259 |
| Affirm Asset Securitization Trust 2025-X2 |  |  |
| Series 2025-D-X2, 5.23%, 07/15/28 | 250 | 250 |
| Apidos CLO XXIV |  |  |
| Series 2016-DR-24A, 9.73%, (3 Month Term SOFR + 6.06%), 10/21/30 (q) | 500 | 496 |
| Arbor Multifamily Mortgage Securities Trust 2021-MF3 |  |  |
| Series 2021-E-MF3, REMIC, 2.00%, 10/16/54 | 273 | 212 |
| Arbor Realty Commercial Real Estate Notes 2022-Fl1, Ltd. |  |  |
| Series 2022-C-FL1, 5.97%, (SOFR 30-Day Average + 2.30%), 01/15/37 (q) | 350 | 350 |
| Argentina, Republic of |  |  |
| Series 2022-E-CRE6, 7.07%, (SOFR 30-Day Average + 3.40%), 01/21/37 (q) | 330 | 323 |
| Avant Credit Card Master Trust |  |  |
| Series 2025-D-1A, 5.72%, 04/15/31 | 250 | 245 |
| Bain Capital Credit CLO 2022-3, Limited |  |  |
| Series 2022-E-3A, 11.02%, (3 Month Term SOFR + 7.35%), 07/17/35 (q) | 500 | 410 |
| Bank 2019-BNK17 |  |  |
| Interest Only, Series 2019-XG-BN17, REMIC, 1.50%, 04/17/52 | 1978 | 71 |
| Bank 2025-BNK51 |  |  |
| Series 2025-C-BNK51, REMIC, 5.95%, 01/17/36 | 119 | 116 |
| Interest Only, Series 2025-XD-BNK51, REMIC, 2.34%, 12/16/67 (q) | 1930 | 305 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-D-5YR9, REMIC, 4.00%, 09/17/29 | 325 | 294 |
| Bank5 2025-5YR16 |  |  |
| Interest Only, Series 2025-XD-5YR19, REMIC, 2.01%, 12/17/58 (q) | 3833 | 295 |
| Bank5 2025-5YR17 |  |  |
| Series 2025-C-5YR17, REMIC, 5.89%, 10/18/30 (q) | 277 | 276 |
| Interest Only, Series 2025-XD-5YR17, REMIC, 2.02%, 11/18/58 (q) | 5000 | 372 |
| Bank5 2026-5YR20 |  |  |
| Series 2026-D-5YR20, REMIC, 4.50%, 02/18/31 | 178 | 153 |
| BBCMS Mortgage Trust 2024-5C27 |  |  |
| Interest Only, Series 2024-XD-5C27, REMIC, 2.97%, 07/17/57 (q) | 3110 | 243 |
| BDS 2025-FL15 LLC |  |  |
| Series 2025-D-FL15, 6.08%, (1 Month Term SOFR + 2.40%), 09/19/30 (m) (q) | 230 | 230 |
| BDS 2025-FL16 LLC |  |  |
| Series 2025-D-FL16, 6.18%, (1 Month Term SOFR + 2.50%), 06/22/43 (m) (q) | 320 | 320 |
| Benchmark 2018-B4 Mortgage Trust |  |  |
| Series 2018-D-B4, REMIC, 2.91%, 07/17/28 (q) | 377 | 268 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B14, REMIC, 0.88%, 12/15/62 (q) | 15039 | 268 |
| Benchmark 2021-B31 Mortgage Trust |  |  |
| Series 2021-E-B31, REMIC, 2.25%, 12/17/54 | 617 | 337 |
| Benchmark 2025-V16 Mortgage Trust |  |  |
| Series 2025-D-V16, REMIC, 4.50%, 08/16/58 | 160 | 138 |
| Benchmark 2025-V18 Mortgage Trust |  |  |
| Series 2025-C-V18, REMIC, 6.14%, 10/18/30 (q) | 276 | 275 |
| Benchmark 2026-V20 Mortgage Trust |  |  |
| Series 2026-D-V20, REMIC, 4.50%, 01/17/31 | 210 | 179 |
| BMO 2025-5C12 Mortgage Trust |  |  |
| Interest Only, Series 2025-XD-5C12, REMIC, 2.28%, 10/15/58 (q) | 2643 | 225 |
| BMO 2026-C14 Mortgage Trust |  |  |
| Series 2026-D-C14, REMIC, 4.50%, 02/17/59 | 100 | 76 |
| Brant Point CLO 2023-2, Ltd. |  |  |
| Series 2019-ER-2A, 10.40%, (3 Month Term SOFR + 6.73%), 07/17/34 (q) | 500 | 355 |
| BRSP 2026-Fl3 Ltd. |  |  |
| Series 2026-D-FL3, 6.53%, (1 Month Term SOFR + 2.85%), 08/19/43 (m) (q) | 280 | 280 |
| BRSP Ltd. |  |  |
| Series 2024-C-FL2, 7.22%, (1 Month Term SOFR + 3.54%), 02/19/30 (q) | 317 | 316 |
| BSPRT 2025-FL12 Issuer, LLC |  |  |
| Series 2025-D-FL12, 6.37%, (1 Month Term SOFR + 2.69%), 04/17/43 (q) | 250 | 250 |
| Business Jet Securities 2024-2, LLC |  |  |
| Series 2024-C-2A, 7.97%, 09/15/30 | 365 | 361 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-D-BCAT, REMIC, 6.32%, (1 Month Term SOFR + 2.65%), 08/16/27 (q) | 115 | 115 |
| BX Commercial Mortgage Trust 2026-CSMO |  |  |
| Series 2026-D-CSMO, REMIC, 6.07%, (1 Month Term SOFR + 2.40%), 02/15/28 (q) | 210 | 210 |
| BX Commercial Mortgage Trust 2026-XL6 |  |  |
| Series 2026-E-XL6, REMIC, 6.67%, (1 Month Term SOFR + 3.00%), 03/15/28 (q) | 240 | 240 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (q) | 170 | 157 |
| BX Trust 2022-LBA6 |  |  |
| Series 2022-E-LBA6, REMIC, 6.37%, (1 Month Term SOFR + 2.70%), 01/18/39 (q) | 120 | 120 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-E-ROIC, REMIC, 6.61%, (1 Month Term SOFR + 2.94%), 03/15/27 (q) | 195 | 194 |
| Canyon CLO 2020-1 Ltd. |  |  |
| Series 2020-DR2-1A, 6.77%, (3 Month Term SOFR + 3.10%), 07/15/34 (q) | 500 | 484 |
| Carlyle Global Market Strategies CLO 2014-2-R, Ltd. |  |  |
| Series 2014-D-2RA, 9.26%, (3 Month Term SOFR + 5.61%), 05/15/31 (q) | 1000 | 993 |
| Carlyle US CLO 2019-1 Ltd. |  |  |
| Series 2019-DR2-1A, 9.92%, (3 Month Term SOFR + 6.25%), 04/21/31 (q) | 500 | 475 |
| Cascade MH Asset Trust 2019-MH1 |  |  |
| Series 2019-M-MH1, REMIC, 5.99%, 11/25/44 | 4100 | 3892 |
| Castlelake Aircraft Securitization Trust 2018-1 |  |  |
| Series 2018-C-1, 6.63%, 06/15/43 (m) | 1066 | 790 |
| CF 2019-CF2 Mortgage Trust |  |  |
| Interest Only, Series 2019-XG-CF2, REMIC, 1.02%, 11/18/52 (q) | 3080 | 82 |
| CHL Mortgage Pass-Through Trust 2007-HY3 |  |  |
| Series 2007-A1-13, REMIC, 6.00%, 08/25/37 | 947 | 423 |
| CIFC Funding 2021-V Ltd. |  |  |
| Series 2021-D1R-5A, 6.65%, (3 Month Term SOFR + 2.75%), 01/15/38 (q) | 500 | 496 |
| Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
| Interest Only, Series 2018-XF-B2, REMIC, 1.55%, 03/10/51 (q) | 2522 | 61 |
| Clas 2019-1 Limited |  |  |
| Series 2019-E-1A, 0.00%, 04/15/39 (g) (q) | 1000 | 113 |
| Clover CLO 2021-3 LLC |  |  |
| Series 2021-DR-3A, 6.22%, (3 Month Term SOFR + 2.55%), 01/25/35 (q) | 500 | 477 |
| COMM 2005-C6 |  |  |
| Series 2025-E-ELP, REMIC, 6.67%, 11/15/30 (q) | 160 | 158 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-D-HCLV, REMIC, 5.90%, (1 Month Term SOFR + 2.47%), 09/15/33 (q) | 1000 | 304 |
| CSAIL 2016-C5 Commercial Mortgage Trust |  |  |
| Series 2016-C-C5, REMIC, 4.55%, 11/18/48 (q) | 42 | 41 |
| CSAIL 2019-C16 Commercial Mortgage Trust |  |  |
| Series 2019-C-C16, REMIC, 4.24%, 06/15/29 (q) | 350 | 326 |
| CSMC 2021-B33 |  |  |
| Series 2021-C-B33, REMIC, 3.77%, 10/10/31 (q) | 338 | 284 |
| DBC 2025-DBC Mortgage Trust |  |  |
| Series 2025-D-DBC, REMIC, 6.27%, (1 Month Term SOFR + 2.65%), 11/15/27 (q) | 190 | 190 |
| DOLP Trust 2021-NYC |  |  |
| Series 2021-F-NYC, REMIC, 3.70%, 05/12/31 | 375 | 286 |
| Dryden 40 Senior Loan Fund |  |  |
| Series 2015-ER-40A, 9.66%, (3 Month Term SOFR + 6.01%), 08/15/31 (j) (q) | 500 | 413 |
| EFMT 2025-INV2 |  |  |
| Series 2025-B2-INV2, REMIC, 7.50%, 05/25/70 (q) | 2500 | 2456 |
| EFMT 2025-INV5 |  |  |
| Series 2025-B2-INV5, REMIC, 7.20%, 12/25/70 (q) | 2000 | 1918 |
| Extended Stay America Trust 2026-ESH2 |  |  |
| Series 2026-F-ESH2, REMIC, 7.42%, (1 Month Term SOFR + 3.75%), 02/15/43 (q) | 208 | 209 |
| FIVE 2023-V1 Mortgage Trust |  |  |
| Series 2023-E-V1, REMIC, 6.56%, 02/11/28 (q) | 417 | 390 |
| FS Rialto 2021-FL3 Issuer, Ltd. |  |  |
| Series 2021-D-FL3, 6.29%, (1 Month Term SOFR + 2.61%), 11/18/36 (q) | 330 | 330 |
| FS Rialto 2024-FL9 Issuer, LLC |  |  |
| Series 2024-D-FL9, 7.62%, (1 Month Term SOFR + 3.94%), 10/19/39 (q) | 300 | 294 |
| GS Mortgage Securities Trust 2015-GC28 |  |  |
| Series 2015-D-GC28, REMIC, 4.57%, 02/12/48 (q) | 337 | 338 |
| GS Mortgage Securities Trust 2018-GS9 |  |  |
| Series 2018-D-GS9, REMIC, 3.00%, 03/10/28 | 1000 | 573 |
| GS Mortgage Securities Trust 2019-GC38 |  |  |
| Series 2019-D-GC38, REMIC, 3.00%, 02/12/29 | 242 | 207 |
| GS Mortgage Securities Trust 2021-GSA3 |  |  |
| Interest Only, Series 2021-XF-GSA3, REMIC, 1.52%, 12/17/54 (q) | 3608 | 247 |
| GS Mortgage-Backed Securities Trust 2025-NQM6 |  |  |
| Series 2025-B1-NQM6, REMIC, 6.60%, 02/25/66 (q) | 1000 | 982 |
| Series 2025-B2-NQM6, REMIC, 7.47%, 02/25/66 (q) | 1000 | 978 |
| GSAA Home Equity Trust 2007-9 |  |  |
| Series 2007-A2A-9, REMIC, 6.50%, 10/25/37 | 1543 | 846 |
| Hilton Grand Vacations Trust 2025-3EXT |  |  |
| Series 2025-D-3EXT, 7.38%, 10/25/44 | 450 | 454 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-G-UES, REMIC, 4.60%, 05/06/32 (q) | 114 | 113 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP |  |  |
| Interest Only, Series 2019-XG-MFP, REMIC, 0.50%, 07/15/36 (q) | 347 | 3 |
| Series 2019-G-MFP, REMIC, 7.77%, (1 Month Term SOFR + 4.10%), 07/15/36 (q) | 347 | 61 |
| Jol Air Limited |  |  |
| Series 2019-B-1, 4.95%, 04/15/26 | 99 | 99 |
| JPMBB Commercial Mortgage Securities Trust 2014-C24 |  |  |
| Interest Only, Series 2014-XA-C24, REMIC, 0.85%, 11/18/47 (q) | 1349 | 6 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Interest Only, Series 2015-XA-C32, REMIC, 1.13%, 11/18/48 (q) | 6531 | 16 |
| LCM XVII Limited Partnership |  |  |
| Series ER-17A, 9.93%, (3 Month Term SOFR + 6.26%), 10/15/31 (q) | 500 | 259 |
| Lehman Mortgage Trust 2006-5 |  |  |
| Series 2006-1A6-5, REMIC, 4.29%, (1 Month Term SOFR + 0.61%), 09/25/36 (q) | 655 | 211 |
| Lehman Mortgage Trust 2007-2 |  |  |
| Interest Only, Series 2007-2A13-2, REMIC, 2.90%, (6.58% - (1 Month Term SOFR \* 1)), 03/25/37 (q) | 10889 | 944 |
| Series 2007-2A1-2, REMIC, 4.10%, (1 Month Term SOFR + 0.42%), 03/25/37 (q) | 10801 | 1891 |
| LMNT CRE 2025-FL3 LLC |  |  |
| Series 2025-D-FL3, 7.27%, (1 Month Term SOFR + 3.60%), 07/21/43 (q) | 300 | 303 |
| LMRK Issuer Co. 2 LLC |  |  |
| Series 2025-C-1A, 8.12%, 09/16/30 | 350 | 355 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-E-11MD, REMIC, 6.84%, 10/18/30 (q) (r) | 80 | 79 |
| Mariner Finance Issuance Trust 2024-B |  |  |
| Series 2024-A-BA, 4.91%, 10/21/30 | 250 | 251 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2025-C-2A, 7.83%, 08/20/30 | 275 | 280 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-D-FL7, 6.34%, (1 Month Term SOFR + 2.66%), 10/21/36 (q) | 290 | 289 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-D-FL14, REMIC, 8.51%, (1 Month Term SOFR + 4.84%), 03/19/39 (q) | 300 | 300 |
| Series 2024-E-FL14, REMIC, 9.96%, (1 Month Term SOFR + 6.29%), 03/19/39 (q) | 400 | 401 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-D-FL15, 7.71%, (1 Month Term SOFR + 4.04%), 08/18/41 (q) | 350 | 350 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-E-FL17, 7.17%, (1 Month Term SOFR + 3.49%), 02/21/40 (q) | 400 | 398 |
| MF1 2026-FL21 LLC |  |  |
| Series 2026-D-FL21, 6.18%, (1 Month Term SOFR + 2.50%), 02/19/41 (q) | 320 | 320 |
| Morgan Stanley Capital I Trust 2016-UBS11 |  |  |
| Interest Only, Series 2016-XA-UB11, REMIC, 1.68%, 08/17/49 (q) | 10098 | 6 |
| Morgan Stanley Mortgage Loan Trust 2006-13ARX |  |  |
| Series 2006-A1-13AX, REMIC, 0.43%, (1 Month Term SOFR + 0.29%), 10/25/36 (m) (q) (r) | 3970 | 1093 |
| Natixis Commercial Mortgage Securities Trust 2019-10K |  |  |
| Series 2019-E-10K, REMIC, 4.27%, 05/17/29 (q) | 160 | 147 |
| New Residential Mortgage Loan Trust 2025-NQM5 |  |  |
| Series 2025-B2-NQM5, REMIC, 7.39%, 08/25/65 (q) | 1000 | 970 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2006-5A1-AR1, REMIC, 0.49%, (1 Month Term SOFR + 0.65%), 02/25/36 (m) (q) (r) | 6532 | 607 |
| Octagon 57 Ltd. |  |  |
| Series 2021-E-1A, 10.53%, (3 Month Term SOFR + 6.86%), 10/16/34 (q) | 1500 | 1338 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-ER-1A, 10.93%, (3 Month Term SOFR + 7.26%), 01/20/35 (q) | 1000 | 756 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-ER-1A, 9.68%, (3 Month Term SOFR + 6.01%), 07/17/30 (q) | 500 | 410 |
| Series 2013-SUB-1A, REMIC, 0.00%, 07/17/30 (j) (q) | 1500 |  |
| PFP 2024-11 Ltd. |  |  |
| Series 2024-C-11, 6.67%, (1 Month Term SOFR + 2.99%), 09/19/39 (q) | 293 | 293 |
| PFP 2026-13 Ltd. |  |  |
| Series 2026-D-13, 6.08%, (1 Month Term SOFR + 2.40%), 08/18/43 (m) (q) | 330 | 330 |
| PRKCM 2022-AFC2 Trust |  |  |
| Series 2022-M1-AFC2, REMIC, 6.10%, 08/25/26 (q) | 2000 | 1995 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PRPM 2025-8, LLC |  |  |
| Series 2025-A2-8, 7.20%, 10/25/30 (m) (r) | 2350 | 2332 |
| PRPM 2025-NQM6 Trust |  |  |
| Series 2025-B1-NQM6, REMIC, 6.96%, 12/25/29 (q) | 909 | 903 |
| RFR Trust 2025-SGRM |  |  |
| Series 2025-E-SGRM, REMIC, 7.51%, 03/11/29 (q) | 160 | 161 |
| SG Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-B2-2, REMIC, 3.94%, 12/25/61 (q) | 4191 | 2750 |
| SoFi Professional Loan Program 2018-C Trust |  |  |
| Series 2018-R1-C, REMIC, 0.00%, 01/25/48 (g) | 50 | 393 |
| Sound Point CLO XXXII Ltd. |  |  |
| Series 2021-E-4A, 10.63%, (3 Month Term SOFR + 6.96%), 10/25/34 (q) | 500 | 333 |
| Spruce Hill Mortgage Loan Trust 2020-SH1 |  |  |
| Series 2020-B2-SH1, REMIC, 4.68%, 01/28/50 (q) | 1200 | 1135 |
| Starwood Mortgage Residential Trust 2021-4 |  |  |
| Series 2021-B2-4, REMIC, 4.14%, 08/25/56 (q) (r) | 3767 | 2973 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2004-2A2-19, REMIC, 4.92%, 01/25/35 (q) | 917 | 831 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-B-FL2, 5.59%, (1 Month Term SOFR + 1.91%), 04/16/38 (m) (q) | 100 | 100 |
| Series 2021-C-FL2, 5.89%, (1 Month Term SOFR + 2.21%), 04/16/38 (m) (q) | 300 | 300 |
| STWD 2025-FL4 LLC |  |  |
| Series 2025-D-FL4, 6.33%, (1 Month Term SOFR + 2.65%), 12/19/42 (m) (q) | 250 | 250 |
| THL Credit Wind River 2014-3 CLO Ltd. |  |  |
| Series 2014-ER2-3A, 10.15%, (3 Month Term SOFR + 6.48%), 10/22/31 (q) | 500 | 425 |
| Tricon American Homes 2020-SFR1 Trust |  |  |
| Series 2020-F-SFR1, REMIC, 4.88%, 07/17/26 | 5000 | 4984 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 6 | 6 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2025-B-3A, 6.00%, 11/15/55 | 500 | 495 |
| Velocity Commercial Capital Loan Trust 2018-2 |  |  |
| Series 2018-M5-2, REMIC, 6.36%, 06/25/26 | 92 | 85 |
| Series 2018-M6-2, REMIC, 7.05%, 08/25/27 | 213 | 187 |
| Series 2018-M4-2, REMIC, 5.32%, 10/25/48 | 162 | 151 |
| Velocity Commercial Capital Loan Trust 2019-1 |  |  |
| Series 2019-M4-1, REMIC, 4.61%, 03/25/27 (q) | 277 | 236 |
| Series 2019-M5-1, REMIC, 5.70%, 08/25/27 (q) | 162 | 133 |
| Series 2019-M6-1, REMIC, 6.79%, 08/25/28 (q) | 233 | 186 |
| Verus Securitization Trust 2024-5 |  |  |
| Series 2024-B2-5, REMIC, 7.80%, 06/25/69 (q) | 1250 | 1243 |
| Verus Securitization Trust 2024-7 |  |  |
| Series 2024-B2-7, REMIC, 7.80%, 09/25/69 (q) | 1250 | 1240 |
| Verus Securitization Trust 2025-4 |  |  |
| Series 2025-B1-4, REMIC, 7.45%, 05/25/70 (q) | 1000 | 1012 |
| Verus Securitization Trust 2025-6 |  |  |
| Series 2025-B2-6, 7.33%, 07/25/70 (q) | 600 | 589 |
| Verus Securitization Trust 2026-1 |  |  |
| Series 2026-B2-1, REMIC, 6.95%, 01/25/71 (q) | 1000 | 964 |
| Verus Securitization Trust 2026-2 |  |  |
| Series 2026-B2-2, REMIC, 6.86%, 02/25/71 (q) | 1300 | 1241 |
| Vital Care Issuer LLC |  |  |
| Series 2025-A2-1A, 6.74%, 01/30/56 | 250 | 252 |
| Voya CLO Ltd. |  |  |
| Series 2019-E-2A, 10.53%, (3 Month Term SOFR + 6.86%), 07/20/32 (q) | 500 | 487 |
| Wells Fargo & Company |  |  |
| Series 2016-D-C33, REMIC, 3.12%, 03/17/59 | 456 | 443 |
| Wells Fargo Commercial Mortgage Trust 2018-C46 |  |  |
| Series 2018-C-C46, REMIC, 5.12%, 08/17/28 (q) | 280 | 264 |
| Wells Fargo Commercial Mortgage Trust 2024-C63 |  |  |
| Interest Only, Series 2024-XD-C63, REMIC, 2.51%, 08/17/57 (q) | 1840 | 277 |
| Wells Fargo Commercial Mortgage Trust 2025-5C6 |  |  |
| Series 2025-D-5C6, REMIC, 4.25%, 10/18/30 | 275 | 241 |
| Wells Fargo Commercial Mortgage Trust 2025-C65 |  |  |
| Interest Only, Series 2025-XD-C65, REMIC, 2.52%, 10/18/58 (q) | 1580 | 266 |
| Wells Fargo Commercial Mortgage Trust 2026-5C8 |  |  |
| Series 2026-D-5C8, REMIC, 4.50%, 02/18/31 | 500 | 427 |
| WFRBS Commercial Mortgage Trust 2013-C14 |  |  |
| Series 2013-AS-C14, REMIC, 3.49%, 06/15/46 | 30 | 29 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $89,534) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $89,534) | 75767 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 5.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 5.4%** |
| **Collateralized Mortgage Obligations 4.9%** | **Collateralized Mortgage Obligations 4.9%** | **Collateralized Mortgage Obligations 4.9%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2022-1B2-R01, REMIC, 9.66%, (SOFR 30-Day Average + 6.00%), 12/26/41 (q) | 1250 | 1281 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1B2-R03, REMIC, 13.51%, (SOFR 30-Day Average + 9.85%), 03/25/42 (q) | 1000 | 1072 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series SW-4170, REMIC, 0.26%, (3.94% - (SOFR 30-Day Average \* 1)), 01/15/33 (q) | 201 | 183 |
| Interest Only, Series SG-3972, REMIC, 2.11%, (5.79% - (SOFR 30-Day Average \* 1)), 12/15/41 (q) | 2250 | 216 |
| Series MS-4096, REMIC, 0.41%, (2.51% - (SOFR 30-Day Average \* 0.57)), 08/15/42 (q) | 129 | 70 |
| Series SB-4118, REMIC, 0.46%, (2.56% - (SOFR 30-Day Average \* 0.57)), 10/15/42 (q) | 77 | 41 |
| Interest Only, Series IO-5343, REMIC, 3.50%, 10/15/42 | 4709 | 469 |
| Series SJ-4141, REMIC, 0.00%, (4.63% - (SOFR 30-Day Average \* 1.5)), 12/15/42 (q) | 92 | 47 |
| Series ST-4666, REMIC, 0.38%, (6.80% - (SOFR 30-Day Average \* 1.75)), 12/15/42 (q) | 119 | 71 |
| Interest Only, Series CI-5156, REMIC, 3.00%, 02/25/50 | 3128 | 544 |
| Interest Only, Series JI-5138, REMIC, 3.50%, 03/25/50 | 8178 | 1546 |
| Interest Only, Series HI-5023, REMIC, 3.00%, 10/25/50 | 2180 | 354 |
| Interest Only, Series TI-5057, REMIC, 3.00%, 11/25/50 | 2860 | 456 |
| Interest Only, Series LI-5077, REMIC, 3.00%, 02/25/51 | 4112 | 641 |
| Interest Only, Series CI-5293, REMIC, 2.50%, 04/25/51 | 5188 | 807 |
| Interest Only, Series QI-5547, REMIC, 3.00%, 04/25/51 | 2711 | 490 |
| Interest Only, Series AI-5127, REMIC, 3.00%, 06/25/51 | 3430 | 579 |
| Interest Only, Series IN-5180, REMIC, 3.00%, 07/25/51 | 1937 | 395 |
| Interest Only, Series GI-5132, REMIC, 3.00%, 08/25/51 | 5513 | 918 |
| Interest Only, Series PI-5133, REMIC, 3.00%, 08/25/51 | 3281 | 497 |
| Interest Only, Series CI-5531, REMIC, 3.50%, 09/25/51 | 5213 | 952 |
| Interest Only, Series IA-5353, REMIC, 2.50%, 10/25/51 | 5029 | 552 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C7-427, 2.50%, 08/25/35 | 6025 | 443 |
| Interest Only, Series C1-437, 1.50%, 05/25/37 | 13517 | 702 |
| Interest Only, Series C34-431, 1.50%, 06/25/37 | 9593 | 486 |
| Interest Only, Series C22-425, 4.00%, 09/25/47 | 3393 | 562 |
| Interest Only, Series C34-436, 3.00%, 07/25/52 | 2114 | 361 |
| Series 2012-GS-125, REMIC, 0.47%, (2.56% - (SOFR 30-Day Average \* 0.57)), 11/25/42 (q) | 811 | 486 |
| Interest Only, Series 2018-SA-54, REMIC, 2.47%, (6.14% - (SOFR 30-Day Average \* 1)), 08/25/48 (q) | 1744 | 141 |
| Interest Only, Series 2021-IN-85, REMIC, 2.50%, 02/25/50 | 3899 | 616 |
| Interest Only, Series 2020-AS-54, REMIC, 2.37%, (6.04% - (SOFR 30-Day Average \* 1)), 08/25/50 (q) | 1807 | 218 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series 2020-SA-74, REMIC, 0.44%, (4.10% - (SOFR 30-Day Average \* 1)), 10/25/50 (q) | 4880 | 190 |
| Interest Only, Series 2020-SA-77, REMIC, 0.44%, (4.10% - (SOFR 30-Day Average \* 1)), 11/25/50 (q) | 6441 | 222 |
| Interest Only, Series 2020-IB-80, REMIC, 2.50%, 11/25/50 | 3837 | 607 |
| Interest Only, Series 2020-WI-75, REMIC, 2.50%, 11/25/50 | 3074 | 483 |
| Interest Only, Series 2024-IE-22, REMIC, 2.50%, 11/25/50 | 3783 | 604 |
| Interest Only, Series 2021-S-82, REMIC, 0.09%, (3.75% - (SOFR 30-Day Average \* 1)), 01/25/51 (q) | 6556 | 177 |
| Interest Only, Series 2020-HI-96, REMIC, 3.00%, 01/25/51 | 2124 | 355 |
| Interest Only, Series 2021-MI-3, REMIC, 3.50%, 02/25/51 | 3079 | 583 |
| Interest Only, Series 2021-PI-20, REMIC, 2.50%, 04/25/51 | 3704 | 584 |
| Interest Only, Series 2024-IO-32, REMIC, 2.50%, 04/25/51 | 630 | 94 |
| Interest Only, Series 2021-IO-43, REMIC, 2.50%, 06/25/51 | 3881 | 600 |
| Interest Only, Series 2021-WI-56, REMIC, 2.50%, 09/25/51 | 3768 | 467 |
| Interest Only, Series 2021-LI-66, REMIC, 2.50%, 10/25/51 | 3324 | 550 |
| Interest Only, Series 2021-MI-74, REMIC, 2.50%, 11/25/51 | 3167 | 345 |
| Interest Only, Series 2023-IO-59, REMIC, 2.50%, 12/25/51 | 4712 | 493 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2013-SA-195, REMIC, 1.06%, 01/20/42 (q) | 2849 | 107 |
| Interest Only, Series 2018-HS-97, REMIC, 2.41%, (6.09% - (1 Month Term SOFR \* 1)), 07/20/48 (q) | 158 | 18 |
| Interest Only, Series 2018-SD-91, REMIC, 2.41%, (6.09% - (1 Month Term SOFR \* 1)), 07/20/48 (q) | 1224 | 130 |
| Interest Only, Series 2018-SA-111, REMIC, 0.76%, (4.44% - (1 Month Term SOFR \* 1)), 08/20/48 (q) | 1851 | 71 |
| Interest Only, Series 2018-SH-105, REMIC, 2.46%, (6.14% - (1 Month Term SOFR \* 1)), 08/20/48 (q) | 1192 | 125 |
| Interest Only, Series 2018-SK-124, REMIC, 2.41%, (6.09% - (1 Month Term SOFR \* 1)), 09/20/48 (q) | 1428 | 153 |
| Interest Only, Series 2018-SA-166, REMIC, 2.36%, (6.04% - (1 Month Term SOFR \* 1)), 12/20/48 (q) | 1321 | 134 |
| Interest Only, Series 2019-SH-92, REMIC, 2.31%, (5.99% - (1 Month Term SOFR \* 1)), 07/20/49 (q) | 1293 | 139 |
| Interest Only, Series 2022-IB-218, REMIC, 3.00%, 07/20/50 | 558 | 95 |
| Interest Only, Series 2020-SC-115, REMIC, 0.41%, (4.09% - (1 Month Term SOFR \* 1)), 08/20/50 (q) | 3310 | 128 |
| Interest Only, Series 2020-BS-112, REMIC, 2.46%, (6.14% - (1 Month Term SOFR \* 1)), 08/20/50 (q) | 2673 | 327 |
| Interest Only, Series 2020-SD-142, REMIC, 2.51%, (6.19% - (1 Month Term SOFR \* 1)), 09/20/50 (q) | 2234 | 310 |
| Interest Only, Series 2020-TI-151, REMIC, 2.50%, 10/20/50 | 3726 | 571 |
| Interest Only, Series 2022-AI-112, REMIC, 2.50%, 10/20/50 | 1258 | 194 |
| Interest Only, Series 2020-SH-146, REMIC, 2.51%, (6.19% - (1 Month Term SOFR \* 1)), 10/20/50 (q) | 2092 | 298 |
| Interest Only, Series 2020-MI-154, REMIC, 3.00%, 10/20/50 | 3191 | 551 |
| Interest Only, Series 2020-AI-173, REMIC, 2.50%, 11/20/50 | 3839 | 588 |
| Interest Only, Series 2020-DI-167, REMIC, 2.50%, 11/20/50 | 4082 | 594 |
| Interest Only, Series 2020-HI-173, REMIC, 2.50%, 11/20/50 | 3987 | 606 |
| Interest Only, Series 2020-KI-175, REMIC, 2.50%, 11/20/50 | 4670 | 703 |
| Interest Only, Series 2020-YI-165, REMIC, 2.50%, 11/20/50 | 3963 | 610 |
| Interest Only, Series 2020-SD-167, REMIC, 2.51%, (6.19% - (1 Month Term SOFR \* 1)), 11/20/50 (q) | 2187 | 305 |
| Interest Only, Series 2020-BI-188, REMIC, 2.50%, 12/20/50 | 4086 | 632 |
| Interest Only, Series 2020-SU-189, REMIC, 2.51%, (6.19% - (1 Month Term SOFR \* 1)), 12/20/50 (q) | 2038 | 276 |
| Interest Only, Series 2020-UH-191, REMIC, 3.50%, 12/20/50 | 2961 | 566 |
| Interest Only, Series 2021-DI-30, REMIC, 2.50%, 02/20/51 | 6900 | 1007 |
| Interest Only, Series 2021-SA-97, REMIC, 0.00%, (2.60% - (SOFR 30-Day Average \* 1)), 06/20/51 (q) | 7641 | 69 |
| Interest Only, Series 2021-SB-107, REMIC, 0.00%, (3.10% - (SOFR 30-Day Average \* 1)), 06/20/51 (q) | 5179 | 79 |
| Interest Only, Series 2021-SB-97, REMIC, 0.00%, (3.64% - (1 Month Term SOFR \* 1)), 06/20/51 (q) | 2943 | 70 |
| Interest Only, Series 2021-IP-160, REMIC, 2.50%, 06/20/51 | 3242 | 384 |
| Interest Only, Series 2021-BI-149, REMIC, 3.00%, 08/20/51 | 3274 | 526 |
| Interest Only, Series 2021-NI-138, REMIC, 3.00%, 08/20/51 | 3697 | 475 |
| Interest Only, Series 2021-SA-158, REMIC, 0.03%, (3.70% - (SOFR 30-Day Average \* 1)), 09/20/51 (q) | 4486 | 122 |
| Interest Only, Series 2021-BI-160, REMIC, 3.00%, 09/20/51 | 3378 | 565 |
| Interest Only, Series 2021-IA-159, REMIC, 3.00%, 09/20/51 | 3309 | 531 |
| Interest Only, Series 2021-VI-161, REMIC, 3.00%, 09/20/51 | 4326 | 577 |
| Interest Only, Series 2024-KI-48, REMIC, 2.50%, 10/20/51 | 3715 | 540 |
| Interest Only, Series 2025-JI-62, REMIC, 2.50%, 10/20/51 | 4670 | 557 |
| Interest Only, Series 2021-LI-177, REMIC, 3.00%, 10/20/51 | 4936 | 676 |
| Interest Only, Series 2021-SL-196, REMIC, 0.00%, (2.65% - (SOFR 30-Day Average \* 1)), 11/20/51 (q) | 12252 | 105 |
| Interest Only, Series 2022-IO-83, REMIC, 2.50%, 11/20/51 | 4029 | 591 |
| Interest Only, Series 2023-GI-19, REMIC, 3.00%, 11/20/51 | 3437 | 525 |
| Interest Only, Series 2021-SN-213, REMIC, 0.00%, (3.20% - (SOFR 30-Day Average \* 1)), 12/20/51 (q) | 7123 | 127 |
| Interest Only, Series 2021-SC-221, REMIC, 0.13%, (3.80% - (SOFR 30-Day Average \* 1)), 12/20/51 (q) | 7432 | 195 |
| Interest Only, Series 2022-IO-137, REMIC, 3.00%, 01/20/52 | 3638 | 527 |
| Interest Only, Series 2024-CI-79, REMIC, 3.50%, 02/20/52 | 3210 | 547 |
| Interest Only, Series 2020-BI-H19, REMIC, 2.25%, 11/20/70 (q) | 4215 | 376 |
| Interest Only, Series 2021-QI-H08, REMIC, 0.23%, 05/20/71 (q) | 21035 | 642 |
| Government National Mortgage Association Guaranteed Remic Pass-Through Securities, The |  |  |
| Interest Only, Series 2025-MI-48, REMIC, 2.50%, 06/20/51 | 5904 | 884 |
| Interest Only, Series 2022-IO-207, REMIC, 3.00%, 08/20/51 | 4865 | 809 |
| Interest Only, Series 2025-GI-173, REMIC, 3.00%, 11/20/51 | 7740 | 974 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series 2024-BI-6, REMIC, 3.00%, 12/20/51 | 3452 | 546 |
| Interest Only, Series 2025-IA-120, REMIC, 4.00%, 03/20/52 | 6982 | 1318 |
| Government National Mortgage Association REMIC Trust 2019-085 |  |  |
| Interest Only, Series 2019-IH-90, REMIC, 3.00%, 05/20/48 | 3430 | 506 |
| Government National Mortgage Association REMIC Trust 2024-025 |  |  |
| Interest Only, Series 2024-DI-24, REMIC, 3.50%, 11/20/51 | 2913 | 526 |
| | | 46157 |
| **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, 0.78%, 12/25/27 (q) | 7684 | 54 |
| Interest Only, Series 2019-X-M5, REMIC, 0.49%, 02/25/29 (q) | 11184 | 125 |
| Interest Only, Series 2019-X-M7, REMIC, 0.33%, 05/25/29 (q) | 8638 | 74 |
| Interest Only, Series 2019-X-M12, REMIC, 0.56%, 06/25/29 (q) | 7707 | 118 |
| Interest Only, Series 2019-X-M25, REMIC, 0.12%, 11/25/29 (q) | 24095 | 95 |
| Interest Only, Series 2022-X2-M4, REMIC, 0.18%, 05/25/30 (q) | 34805 | 240 |
| Interest Only, Series 2020-X2-M13, REMIC, 1.22%, 09/25/30 (q) | 3196 | 100 |
| Interest Only, Series 2019-X2-M21, REMIC, 1.28%, 02/25/31 (q) | 3346 | 150 |
| Interest Only, Series 2019-2XA-M24, REMIC, 1.15%, 03/25/31 (q) | 3376 | 153 |
| Interest Only, Series 2021-X1-M23, REMIC, 0.53%, 11/25/31 (q) | 11940 | 200 |
| Interest Only, Series 2020-X4-M10, REMIC, 0.88%, 07/25/32 (q) | 11532 | 438 |
| FREMF 2018-KF56 Mortgage Trust |  |  |
| Series 2018-C-KF56, REMIC, 9.63%, (SOFR 30-Day Average + 5.91%), 11/25/28 (q) (r) | 246 | 235 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2021-IO-94, REMIC, 0.83%, 02/16/63 (q) | 6631 | 394 |
| Interest Only, Series 2021-IO-52, REMIC, 0.72%, 04/16/63 (q) | 4416 | 223 |
| Interest Only, Series 2023-IO-179, REMIC, 0.61%, 09/16/63 (q) | 9479 | 410 |
| Interest Only, Series 2022-IO-48, REMIC, 0.71%, 01/16/64 (q) | 7218 | 438 |
| Interest Only, Series 2025-IO-21, REMIC, 0.95%, 04/16/65 (q) | 1431 | 100 |
| Interest Only, Series 2024-AI-170, REMIC, 0.76%, 10/16/65 (q) | 5859 | 363 |
| Interest Only, Series 2024-IO-158, REMIC, 1.08%, 12/16/65 (q) | 7755 | 587 |
| Interest Only, Series 2024-IO-170, REMIC, 1.00%, 03/16/66 (q) | 1662 | 117 |
|  |  | 4614 |
| Total Government And Agency Obligations (cost $57,752) | Total Government And Agency Obligations (cost $57,752) | 50771 |
| **OTHER EQUITY INTERESTS 0.3%** | **OTHER EQUITY INTERESTS 0.3%** | **OTHER EQUITY INTERESTS 0.3%** |
| Acropolis Infrastructure Acquisition Corp. (c) (g) (s) | 17 |  |
| Altaba Inc. (c) (g) (s) | 2007 | 2519 |
| Amyris, Inc. (c) (g) (i) (s) | 2856 |  |
| Danimer Scientific, Inc. (c) (g) (i) (s) | 672 |  |
| Pershing Square Tontine Holdings, Ltd. (c) (g) (s) | 31 |  |
| Zalatoris Acquisition Escrow (c) (g) (s) | 13 |  |
| Total Other Equity Interests (cost $4,413) | Total Other Equity Interests (cost $4,413) | 2519 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.1%** | **SENIOR FLOATING RATE INSTRUMENTS 0.1%** | **SENIOR FLOATING RATE INSTRUMENTS 0.1%** |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Lealand Finance Company B.V. |  |  |
| 2020 Make Whole Term Loan, 6.79%, (1 Month Term SOFR + 3.00%), 06/30/27 (q) | 5 | 4 |
| 2020 Letter Of Credit, 8.25%, (SOFR + 4.75%), 06/30/27 (g) (q) | 321 | 266 |
| 2020 Take Back Term Loan, 7.79%, (1 Month Term SOFR + 4.00%), 12/31/27 (n) (q) | 431 | 353 |
| Lealand Reficar Term Loan |  |  |
| Term Loan, 11.17%, (SOFR +7.50), 06/30/27 (d) (n) (q) | 4 | 4 |
|  |  | 627 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Avaya, Inc. |  |  |
| 2023 Exit Term Loan, 11.17%, (1 Month Term SOFR + 7.50%), 08/01/28 (q) | 266 | 236 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 7.54%, (1 Month Term SOFR + 3.75%), 09/08/26 (q) | 32 | 23 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (c) (g) (l) (q) | 43 |  |
| Vision Solutions, Inc. |  |  |
| 2021 Incremental Term Loan, 7.93%, (3 Month Term SOFR + 4.00%), 04/24/28 (q) | 32 | 24 |
|  |  | 47 |
| Total Senior Floating Rate Instruments (cost $1,110) | Total Senior Floating Rate Instruments (cost $1,110) | 910 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (c) (g) | 2 | 4 |
| Aimei Health Technology Co., Ltd. (c) | 15 | 5 |
| Akouos, Inc. (c) (g) | 14 | 7 |
| AmpliTech Group, Inc. (c) | 13 | 2 |
| Axiom Intelligence Acquisition Corp 1 (c) | 8 | 1 |
| Barclays PLC (c) | 42 | 4 |
| BEST SPAC I Acquisition Corp. (c) | 2 |  |
| Bristol-Myers Squibb Company (c) (g) | 25 | 25 |
| Cal Redwood Acquisition Corp. (c) | 7 | 1 |
| Cayson Acquisition Corp. (c) | 7 | 1 |
| Drugs Made In America Acquisition Corp. (c) | 25 | 1 |
| Emmis Acquisition Corp. (c) | 8 | 1 |
| ESH Acquisition Corp. (c) | 16 | 2 |
| GSR IV Acquisition Corp. (c) | 4 | 8 |
| Inhibrx, Inc. (c) (g) | 11 | 8 |
| Jena Acquisition Corporation II (c) | 18 | 2 |
| K&F Growth Acquisition Corp. II (c) | 11 | 1 |
| Kochav Defense Acquisition Corp. (c) | 52 | 11 |
| Lakeshore Acquisition III Corp. (c) | 20 | 4 |
| Mountain Lake Acquisition Corp. (c) | 33 | 9 |
| Oyster Enterprises II Acquisition Corp (c) | 43 | 6 |
| Pershing Square SPARC Holdings, Ltd. (c) (g) | 7 | 2 |
| Sizzle Acquisition Corp. (c) | 50 | 10 |
| Soulpower Acquisition Corp. (c) | 37 | 7 |
| Tavia Acquisition Corp. (c) | 19 | 3 |
| Thayer Ventures Acquisition Corporation II (c) | 13 | 2 |
| Treehouse Foods, Inc. (c) (g) | 29 | 50 |
| UY Scuti Acquisition Corp. (c) | 16 | 2 |
| Total Rights (cost $174) | Total Rights (cost $174) | 179 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| AA Mission Acquisition Corp. II (c) | 15 | 2 |
| Agriculture & Natural Solutions Acquisition Corp. (c) | 7 | 1 |
| Alchemy Investments Acquisition Corp 1 (c) | 9 | 1 |
| Aldel Financial II Inc. (c) | 14 | 4 |
| Altenergy Acquisition Corp. (c) | 3 |  |
| Archimedes Tech Spac Partners II Co. (c) | 9 | 5 |
| Armada Acquisition Corp. II (c) | 6 | 4 |
| Berto Acquisition Corp. (c) | 2 |  |
| Blue Water Acquisition Corp. III (c) | 9 | 4 |
| Cartesian Growth Corp III (c) | 5 | 3 |
| Cartesian Growth Corporation II (c) | 3 |  |
| Copley Acquisition Corp. (c) | 19 | 3 |
| Dune Acquisition Corporation II (c) | 22 | 6 |
| Electriq Power Holdings, Inc. (c) (g) | 4 |  |
| Fact II Acquisition Corp. (c) | 3 | 1 |
| Galata Acquisition Corp. II (c) | 3 | 1 |
| GameStop Corp. (a) (c) | 1 | 3 |
| Gesher Acquisition Corp. II (c) | 5 | 1 |
| Goal Acquisitions Corp. (c) (g) | 45 |  |
| Gores Holdings X, Inc. (c) | 6 | 3 |
| Graf Global Corp. (c) | 4 | 1 |
| iLearningEngines, Inc. (c) (g) | 14 |  |
| Iron Horse Acquisitions Corp. (c) (g) | 11 | 1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Jaws Mustang Acquisition Corp. (c) | 12 |  |
| Keen Vision Acquisition Corporation (c) | 25 | 1 |
| Launch Two Acquisition Corp. (c) | 6 | 1 |
| LightWave Acquisition Corp. (c) | 11 | 3 |
| Live Oak Acquisition Corp V (c) | 4 | 5 |
| Maxeon Solar Technologies, Ltd. (c) (g) | 81 |  |
| New Providence Acquisition Corp. III (c) | 17 | 3 |
| Newbury Street Acquisition Corporation (c) | 10 | 2 |
| NewHold Investment Corp. III (c) | 5 | 2 |
| Open Doors Technology Inc. - Series A (a) (c) |  |  |
| Open Doors Technology Inc. - Series K (a) (c) |  |  |
| Open Doors Technology Inc. - Series Z (a) (c) |  |  |
| Oxley Bridge Acquisition Ltd. (c) | 5 | 1 |
| Perimeter Acquisition Corp. I (c) | 3 | 2 |
| Pioneer Acquisition I Corp (c) | 20 | 4 |
| Republic Digital Acquisition Company (c) | 2 | 1 |
| Roman DBDR Acquisition Corp. II (c) | 7 | 1 |
| Ross Acquisition Corp. II (c) (g) | 1 |  |
| SIM Acquisition Corp. I (c) | 23 | 6 |
| Spark I Acquisition Corp. (c) | 10 | 2 |
| Stellar V Capital Corp. (c) | 5 | 1 |
| Target Global Acquisition I Corp. (c) (g) | 6 |  |
| Tevogen Bio Holdings Inc. (c) | 4 |  |
| Texas Ventures Acquisition III Corp (c) | 5 | 3 |
| Titan Acquisition Corp. (c) | 34 | 9 |
| Voyager Acquisition Corp. (c) | 8 | 1 |
| Wen Acquisition Corp. (c) | 9 | 3 |
| Total Warrants (cost $114) | Total Warrants (cost $114) | 95 |
| **SHORT TERM INVESTMENTS 29.5%** | **SHORT TERM INVESTMENTS 29.5%** | **SHORT TERM INVESTMENTS 29.5%** |
| **Investment Companies 24.1%** | **Investment Companies 24.1%** | **Investment Companies 24.1%** |
| JNL Government Money Market Fund - Class I, 3.53% (t) (u) | 224678 | 224678 |
| **U.S. Treasury Bill 5.0%** | **U.S. Treasury Bill 5.0%** | **U.S. Treasury Bill 5.0%** |
| Treasury, United States Department of |  |  |
| 3.72%, 04/16/26 (v) | 24600 | 24563 |
| 3.57%, 07/09/26 (v) | 22800 | 22573 |
|  |  | 47136 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 3.63% (t) (u) | 3543 | 3543 |
| Total Short Term Investments (cost $275,363) | Total Short Term Investments (cost $275,363) | 275357 |
| **Total Investments 127.6% (cost $1,065,061)** | **Total Investments 127.6% (cost $1,065,061)** | **1190067** |
| **Total Securities Sold Short (34.0)% (proceeds $265,431)** | **Total Securities Sold Short (34.0)% (proceeds $265,431)** | **(317010)** |
| **Total Purchased Options 0.0% (cost $64)** | **Total Purchased Options 0.0% (cost $64)** | **5** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (265) |
| **Other Assets and Liabilities, Net 6.4%** | **Other Assets and Liabilities, Net 6.4%** | **59518** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **932315** |

---

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

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

(c) Non-income producing security.

(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) Shares subject to merger appraisal rights.

(f) All or a portion of the security was on loan as of March 31, 2026.

(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) 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) Convertible security.

(j) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $89,569 and 9.6% of the Fund.

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

(l) As of March 31, 2026, 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 March 31, 2026.

(n) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

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

(p) 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.

(q) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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.

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

(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 March 31, 2026.

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

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (34.0%)** | **SECURITIES SOLD SHORT (34.0%)** | **SECURITIES SOLD SHORT (34.0%)** |
| **COMMON STOCKS (27.6%)** | **COMMON STOCKS (27.6%)** | **COMMON STOCKS (27.6%)** |
| **Information Technology (15.9%)** | **Information Technology (15.9%)** | **Information Technology (15.9%)** |
| A10 Networks, Inc. | (1) | (29) |
| Adtran Holdings, Inc. | (25) | (320) |
| Advanced Energy Industries, Inc. | (5) | (1738) |
| Akamai Technologies, Inc. | (8) | (930) |
| Alarm.Com Holdings, Inc. | (1) | (29) |
| Applied Digital Corporation | (149) | (3529) |
| Applied Optoelectronics, Inc. | (37) | (3147) |
| ASML Holding N.V. - ADR | (3) | (4577) |
| Aurora Innovations Inc. - Class A | (63) | (260) |
| Avnet, Inc. | (4) | (219) |
| Bitdeer Technologies Group - Class A | (3) | (30) |
| Blackline, Inc. | (6) | (204) |
| Box, Inc. - Class A | (1) | (28) |
| Camtek Ltd. |  | (59) |
| Canadian Solar Inc. | (11) | (153) |
| Check Point Software Technologies Ltd. |  | (35) |
| Cipher Mining Inc. | (270) | (3475) |
| Cleanspark Inc. | (5) | (39) |
| Cloudflare, Inc. - Class A | (11) | (2173) |
| Cohu, Inc. | (29) | (896) |
| CommVault Systems, Inc. |  | (4) |
| Core Scientific, Inc. | (171) | (2564) |
| Coreweave, Inc. - Class A | (1) | (49) |
| Datadog, Inc. - Class A |  | (25) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| DigitalOcean Holdings, Inc. | (29) | (2474) |
| Dropbox, Inc. - Class A | (21) | (472) |
| Fastly, Inc. - Class A | (43) | (1259) |
| Guidewire Software, Inc. |  | (40) |
| Impinj, Inc. |  | (39) |
| Indie Semiconductor, Inc. - Class A | (204) | (656) |
| InterDigital, Inc. | (27) | (8106) |
| IREN Limited | (225) | (7713) |
| Itron, Inc. | (1) | (92) |
| KLA Corporation | (5) | (7375) |
| Lenovo Group Limited | (960) | (1136) |
| Life360, Inc. | (1) | (41) |
| Lumentum Holdings Inc. | (23) | (15835) |
| MACOM Technology Solutions Holdings, Inc. |  | (101) |
| Microchip Technology Incorporated | (4) | (238) |
| Mirion Technologies (US), Inc. - Class A | (9) | (176) |
| MKS Inc. | (12) | (2734) |
| Nebius Group N.V. - Class A (a) | (93) | (9630) |
| NetApp, Inc. | (57) | (5828) |
| Nutanix, Inc. - Class A | (1) | (51) |
| ON Semiconductor Corporation | (19) | (1200) |
| OSI Systems, Inc. | (4) | (1114) |
| Pagaya Technologies, Ltd. - Class A | (47) | (551) |
| Palo Alto Networks, Inc. | (1) | (216) |
| Penguin Solutions, Inc. | (37) | (646) |
| Progress Software Corporation |  | (9) |
| Rubrik, Inc. - Class A | (1) | (28) |
| Seagate Technology Holdings Public Limited Company | (52) | (20365) |
| Semtech Corporation | (19) | (1435) |
| Snowflake Inc. - Class A | (6) | (894) |
| SolarEdge Technologies Ltd. | (30) | (1515) |
| Super Micro Computer, Inc. | (25) | (561) |
| TeraWulf Inc. | (220) | (3169) |
| Ultra Clean Holdings, Inc. | (1) | (57) |
| Unity Software Inc. | (2) | (39) |
| Varonis Systems, Inc. | (4) | (82) |
| Veeco Instruments Inc. | (18) | (594) |
| Viavi Solutions Inc. | (36) | (1192) |
| Vishay Intertechnology, Inc. | (30) | (541) |
| Western Digital Corporation | (93) | (25152) |
| Workiva Inc. - Class A | (2) | (147) |
| Zscaler, Inc. |  | (3) |
| | | (148018) |
| **Industrials (3.7%)** | **Industrials (3.7%)** | **Industrials (3.7%)** |
| ACCO Brands Corporation | (200) | (599) |
| Array Tech, Inc. | (9) | (64) |
| Astronics Corporation | (6) | (407) |
| Bloom Energy Corporation - Class A | (131) | (17778) |
| Cintas Corporation | (1) | (142) |
| Deluxe Corporation | (54) | (1494) |
| Energy Vault Holdings, Inc. | (26) | (86) |
| Eos Energy Enterprises, Inc. - Class A | (112) | (557) |
| Fluence Energy, Inc. - Class A | (23) | (322) |
| Fluor Corporation | (18) | (841) |
| FREYR Battery | (7) | (31) |
| Grab Holdings Limited - Class A | (14) | (50) |
| Granite Construction Incorporated | (22) | (2600) |
| Greenbrier Companies, Inc., The | (15) | (781) |
| Intuitive Machines, Inc. - Class A | (63) | (1176) |
| JBT Marel Corporation | (5) | (587) |
| Lyft, Inc. - Class A | (4) | (57) |
| Masco Corporation | (21) | (1255) |
| Millerknoll, Inc. | (30) | (439) |
| Parsons Corporation | (3) | (188) |
| Pitney Bowes Inc. | (14) | (152) |
| Planet Labs Inc. - Class A | (88) | (2448) |
| Plug Power Inc. | (83) | (187) |
| Tetra Tech, Inc. | (6) | (180) |
| Union Pacific Corporation | (1) | (307) |
| Werner Enterprises, Inc. | (22) | (636) |
| Xometry, Inc. - Class A | (17) | (689) |
|  |  | (34053) |
| **Consumer Discretionary (2.9%)** | **Consumer Discretionary (2.9%)** | **Consumer Discretionary (2.9%)** |
| Alibaba Group Holding Limited - ADR | (3) | (399) |
| AutoZone, Inc. | (1) | (3006) |
| Best Buy Co., Inc. | (48) | (3102) |
| Cheesecake Factory Incorporated, The | (3) | (157) |
| Cricut, Inc. - Class A | (195) | (728) |
| D.R. Horton, Inc. | (8) | (1096) |
| DoorDash, Inc. - Class A |  | (23) |
| GameStop Corp. - Class A | (27) | (615) |
| Groupon, Inc. | (1) | (12) |
| H World Group Limited - ADR | (45) | (2270) |
| Home Depot, Inc., The | (13) | (4134) |
| Lennar Corporation - Class A | (7) | (635) |
| Li Auto Inc. - ADR | (1) | (23) |
| MakeMyTrip Limited |  | (13) |
| Mister Car Wash, Inc. | (107) | (745) |
| Norwegian Cruise Line Holdings Ltd. | (14) | (271) |
| Patrick Industries, Inc. | (6) | (706) |
| Peloton Interactive, Inc. - Class A | (17) | (74) |
| Realreal, Inc., The | (64) | (584) |
| Rivian Automotive, Inc. - Class A | (2) | (31) |
| Stride, Inc. | (40) | (3526) |
| Toll Brothers, Inc. | (13) | (1801) |
| Trip.com Group Limited - ADR | (2) | (81) |
| Wayfair Inc. - Class A | (44) | (3341) |
|  |  | (27373) |
| **Health Care (1.7%)** | **Health Care (1.7%)** | **Health Care (1.7%)** |
| Alphatec Holdings, Inc. | (1) | (12) |
| ANI Pharmaceuticals, Inc. |  | (31) |
| Arrowhead Pharmaceuticals Inc | (8) | (488) |
| Ascendis Pharma A/S - ADR | (1) | (230) |
| BioMarin Pharmaceutical Inc. |  | (16) |
| Boston Scientific Corporation |  | (28) |
| Bridgebio Pharma, Inc. | (38) | (2849) |
| Cogent Biosciences, Inc. | (1) | (42) |
| Collegium Pharmaceutical, Inc. | (1) | (48) |
| CorMedix Inc. | (27) | (180) |
| CRISPR Therapeutics AG | (8) | (364) |
| Cytokinetics, Incorporated | (2) | (134) |
| DexCom, Inc. | (1) | (88) |
| Enovis Corporation | (5) | (111) |
| Guardant Health, Inc. | (8) | (742) |
| Haemonetics Corporation | (1) | (70) |
| Hims & Hers Health, Inc. - Class A | (2) | (36) |
| Indivior Pharmaceuticals, Inc. | (1) | (31) |
| Inotiv, Inc. | (53) | (14) |
| Ionis Pharmaceuticals, Inc. | (9) | (672) |
| Lantheus Holdings, Inc. | (7) | (555) |
| LeMaitre Vascular, Inc. | (1) | (59) |
| Ligand Pharmaceuticals Incorporated |  | (78) |
| LivaNova PLC | (7) | (464) |
| Mirum Pharmaceuticals, Inc. | (42) | (3925) |
| Omnicell, Inc. | (1) | (32) |
| Pacira Pharmaceuticals, Inc. | (9) | (213) |
| Pharming Group N.V. | (317) | (537) |
| PTC Therapeutics, Inc. | (26) | (1758) |
| Sarepta Therapeutics, Inc. | (3) | (75) |
| Tandem Diabetes Care, Inc. | (6) | (120) |
| Telix Pharmaceuticals Limited | (7) | (65) |
| Tempus AI, Inc. - Class A |  | (21) |
| TransMedics Group, Inc. | (12) | (1228) |
| Zoetis Inc. - Class A | (3) | (297) |
|  |  | (15613) |
| **Financials (1.2%)** | **Financials (1.2%)** | **Financials (1.2%)** |
| Affirm Holdings, Inc. - Class A | (5) | (235) |
| American Coastal Insurance Corporation | (54) | (606) |
| Baldwin Insurance Group, Inc. , The - Class A | (23) | (515) |
| Coinbase Global, Inc. - Class A |  | (30) |
| Encore Capital Group, Inc. | (11) | (773) |
| Galaxy Digital Inc. - Class A | (48) | (889) |
| HA Sustainable Infrastructure Capital, Inc. | (2) | (69) |
| Oscar Health, Inc. - Class A | (10) | (110) |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | (496) | (3834) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| Shift4 Payments, LLC - Class A |  | (11) |
| SoFi Technologies, Inc. | (142) | (2250) |
| Upstart Holdings, Inc. | (7) | (188) |
| Western Union Company, The | (85) | (741) |
| WisdomTree, Inc. | (35) | (516) |
| | | (10767) |
| **Materials (0.7%)** | **Materials (0.7%)** | **Materials (0.7%)** |
| B2Gold Corp. | (26) | (120) |
| Endeavour Silver Corp. | (6) | (60) |
| Equinox Gold Corp. | (203) | (2942) |
| First Majestic Silver Corp. | (10) | (206) |
| Fortuna Mining Corp. | (71) | (704) |
| Sherwin-Williams Company, The | (3) | (821) |
| Silvercorp Metals Inc. | (140) | (1509) |
|  |  | (6362) |
| **Communication Services (0.6%)** | **Communication Services (0.6%)** | **Communication Services (0.6%)** |
| AST Spacemobile, Inc. - Class A | (6) | (471) |
| EchoStar Corporation - Class A | (8) | (950) |
| Live Nation Entertainment, Inc. | (22) | (3423) |
| Match Group, Inc. | (2) | (54) |
| Optimum Communications, Inc. - Class A | (500) | (650) |
| Sirius XM Holdings Inc. | (2) | (54) |
| Sphere Entertainment Co. - Class A | (3) | (319) |
| Ziff Davis, Inc. | (1) | (40) |
|  |  | (5961) |
| **Energy (0.5%)** | **Energy (0.5%)** | **Energy (0.5%)** |
| Denison Mines Corp. | (128) | (455) |
| Devon Energy Corporation | (17) | (868) |
| Golar LNG Limited | (3) | (141) |
| Green Plains Inc. | (4) | (60) |
| Solaris Energy Infrastructure, Inc. - Class A | (48) | (2729) |
| Transocean Ltd. (a) | (26) | (173) |
| World Kinect Corporation | (7) | (159) |
|  |  | (4585) |
| **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** |
| Evergy, Inc. | (33) | (2727) |
| Ormat Technologies, Inc. | (3) | (354) |
| PG&E Corporation | (3) | (55) |
|  |  | (3136) |
| **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** |
| Compass, Inc. - Class A | (12) | (89) |
| Kite Realty Naperville, LLC | (2) | (57) |
| Open Doors Technology Inc. - Class A | (233) | (1092) |
| StorageVault Canada Inc. | (5) | (16) |
|  |  | (1254) |
| **Consumer Staples (0.0%)** | **Consumer Staples (0.0%)** | **Consumer Staples (0.0%)** |
| Herbalife Nutrition Ltd. | (10) | (153) |
| Oddity Tech Ltd. - Class A | (3) | (41) |
| Premium Brands Holdings Corporation |  | (9) |
| Spectrum Brands Holdings, Inc. |  | (35) |
|  |  | (238) |
| Total Common Stocks (proceeds $219,057) | Total Common Stocks (proceeds $219,057) | (257360) |
| **INVESTMENT COMPANIES (5.1%)** | **INVESTMENT COMPANIES (5.1%)** | **INVESTMENT COMPANIES (5.1%)** |
| State Street SPDR S&P 500 ETF | (58) | (37475) |
| VanEck Semiconductor ETF | (25) | (9731) |
| Total Investment Companies (proceeds $33,948) | Total Investment Companies (proceeds $33,948) | (47206) |
| **GOVERNMENT AND AGENCY OBLIGATIONS (1.2%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.2%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.2%)** |
| **U.S. Treasury Note (1.2%)** | **U.S. Treasury Note (1.2%)** | **U.S. Treasury Note (1.2%)** |
| Treasury, United States Department of |  |  |
| 3.38%, 02/29/28 | (3409) | (3383) |
| 3.50%, 03/15/29 | (2586) | (2564) |
| 3.50%, 09/30/29 | (2939) | (2905) |
| 3.50%, 02/28/31 | (2116) | (2075) |
| 3.88%, 09/30/32 | (153) | (151) |
| 3.75%, 02/28/33 | (206) | (201) |
| Total Government And Agency Obligations (proceeds $11,262) | Total Government And Agency Obligations (proceeds $11,262) | (11279) |
| **CORPORATE BONDS AND NOTES (0.0%)** | **CORPORATE BONDS AND NOTES (0.0%)** | **CORPORATE BONDS AND NOTES (0.0%)** |
| **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |
| Cracker Barrel Old Country Store, Inc. |  |  |
| 1.75%, 09/15/30 (b) (c) | (99) | (77) |
| Total Corporate Bonds And Notes (proceeds $77) | Total Corporate Bonds And Notes (proceeds $77) | (77) |
| **SHORT TERM INVESTMENTS (0.1%)** | **SHORT TERM INVESTMENTS (0.1%)** | **SHORT TERM INVESTMENTS (0.1%)** |
| **Treasury Securities (0.1%)** | **Treasury Securities (0.1%)** | **Treasury Securities (0.1%)** |
| Treasury, United States Department of |  |  |
| 3.70%, 12/24/26 | (1117) | (1088) |
| Total Short Term Investments (proceeds $1,087) | Total Short Term Investments (proceeds $1,087) | (1088) |
| **Total Securities Sold Short (34.0%) (proceeds $265,431)** | **Total Securities Sold Short (34.0%) (proceeds $265,431)** | **(317010)** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Convertible security.

(c) The Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. Determinations of liquidity are unaudited. As of March 31, 2026, the value and the percentage of net assets of these liquid securities was $77 and 0.0%, respectively.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 235012 | 186211 | 196545 | 1984 |  |  | 224678 | 24.1 |
| JNL Government Money Market Fund, 3.63% - Class SL | 1154 | 6686 | 4297 | 7 |  |  | 3543 | 0.4 |
|  | 236166 | 192897 | 200842 | 1991 |  |  | 228221 | 24.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 3331 | 3962 | 0.4 |
| AMS-Osram AG, 10.50%, 03/30/29 | 07/17/25 | 256 | 254 |  |
| Delivery Hero SE | 01/21/22 | 349 | 118 |  |
| Delivery Hero SE, 1.50%, 01/15/28 | 02/05/24 | 92 | 108 |  |
| Delivery Hero SE, 3.25%, 02/21/30 | 07/22/24 | 97 | 108 |  |
| Grab Holdings Limited, 0.00%, 06/15/30 | 02/10/26 | 197 | 189 |  |
| Lenovo Group Limited, 2.50%, 08/26/29 | 03/26/25 | 2017 | 1942 | 0.2 |
| Meridan Management Ltd. | 03/05/21 | 317 |  |  |
| Nebius Group N.V. - Class A | 11/17/25 | (9280) | (9630) | (1.0) |
| Pharming Group N.V., 4.50%, 04/25/29 | 09/24/24 | 651 | 816 | 0.1 |
| Ping An Insurance (Group) Company of China, Ltd., 0.88%, 07/22/29 | 12/06/24 | 4320 | 4306 | 0.5 |
| Realreal, Inc., The, 4.00%, 02/15/31 | 08/26/25 | 1000 | 991 | 0.1 |
| Telix Pharmaceuticals Limited, 2.38%, 07/30/29 | 03/13/26 | 338 | 341 |  |
| Transocean Ltd. | 03/27/26 | (177) | (173) |  |
| Unigel Luxembourg S.A., 13.50%, 12/31/27 | 02/11/25 | 62 | 1 |  |
| Unigel Luxembourg S.A., 11.00%, 12/31/28 | 02/11/25 | 120 | 2 |  |
| Unigel Netherlands Holding Corporation B.V., 0.00%, 12/31/44 | 02/11/25 | 26 | 1 |  |
| WCM Partners Fund | 02/27/25 | 56042 | 83210 | 8.9 |
| Ziff Davis, Inc., 3.63%, 03/01/28 | 08/19/25 | 400 | 400 | 0.1 |
|  |  | 60158 | 86946 | 9.3 |

---

---

| | | |
|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund —Unfunded Commitments** | **JNL Multi-Manager Alternative Fund —Unfunded Commitments** | **JNL Multi-Manager Alternative Fund —Unfunded Commitments** |
| | **Unfunded Commitment ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Lealand Finance Company B.V., 2020 Senior Letter Of Credit | 163 | 48 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 55 | July 2026 | 11489 | 5 | (79) |
| United States 5 Year Note | 21 | July 2026 | 2300 | 3 | (29) |
| United States Long Bond | 30 | June 2026 | 3511 | 11 | (95) |
|  |  |  |  | 19 | (203) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States Ultra Bond | (27) | June 2026 | (3238) | (6) | 91 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| B2Gold Corp. | Call | 5.00 | 04/17/26 | 10 | 5 |  |
| Bridgebio Pharma, Inc. | Call | 90.00 | 04/17/26 | 18 | 162 | 1 |
| Bridgebio Pharma, Inc. | Call | 85.00 | 04/17/26 | 11 | 94 | 1 |
| Clearwater Analytics Holdings, Inc. | Put | 17.50 | 06/18/26 | 2 | 4 |  |
| Dropbox, Inc. | Call | 30.00 | 04/17/26 | 18 | 54 |  |
| Galaxy Digital Inc. | Call | 35.00 | 04/17/26 | 18 | 63 |  |
| Guardant Health, Inc. | Call | 135.00 | 04/17/26 | 16 | 216 |  |
| Indie Semiconductor, Inc. | Call | 5.50 | 05/15/26 | 37 | 20 |  |
| Indie Semiconductor, Inc. | Call | 4.00 | 05/15/26 | 73 | 29 | 1 |
| Pagaya Technologies, Ltd. | Put | 10.00 | 04/17/26 | 37 | 37 | 1 |
| Shift4 Payments, LLC | Call | 85.00 | 04/17/26 | 13 | 111 |  |
| State Street SPDR S&P 500 ETF | Call | 660.00 | 04/01/26 | 40 | 2640 | 1 |
|  |  |  |  |  |  | 5 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Bridgebio Pharma, Inc. | Put | 65.00 | 04/17/26 | 18 | 117 | (2) |
| Chart Industries, Inc. | Call | 210.00 | 06/18/26 | 1 | 21 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| DigitalBridge Group, Inc. | Call | 16.00 | 04/17/26 | 1247 | 1995 | (11) |
| DigitalBridge Group, Inc. | Call | 16.00 | 06/18/26 | 24 | 38 | (1) |
| Electronic Arts Inc. | Call | 210.00 | 06/18/26 | 4 | 84 |  |
| Guardant Health, Inc. | Put | 85.00 | 04/17/26 | 16 | 136 | (4) |
| Masimo Corporation | Call | 180.00 | 09/18/26 | 20 | 360 | (1) |
| Warner Bros. Discovery, Inc. | Call | 29.00 | 04/17/26 | 380 | 1102 |  |
| Warner Bros. Discovery, Inc. | Call | 30.00 | 04/17/26 | 254 | 762 |  |
| Warner Bros. Discovery, Inc. | Call | 28.00 | 04/17/26 | 72 | 202 | (1) |
| Warner Bros. Discovery, Inc. | Call | 25.00 | 04/17/26 | 101 | 253 | (24) |
| Warner Bros. Discovery, Inc. | Call | 27.00 | 04/17/26 | 50 | 135 | (3) |
|  |  |  |  |  |  | (47) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 04/22/26 | JPY | 183340 | 1158 | 5 |
| USD/AUD | SSB | 06/25/26 | AUD | (159) | (110) | 3 |
| USD/CAD | SSB | 06/25/26 | CAD | (277) | (200) | 3 |
| USD/EUR | JPM | 04/01/26 | EUR | (210) | (243) | 6 |
| USD/EUR | SSB | 04/08/26 | EUR | (1281) | (1482) | (3) |
| USD/EUR | SSB | 06/25/26 | EUR | (274) | (318) |  |
| USD/GBP | GSC | 04/15/26 | GBP | (1592) | (2107) | 26 |
| USD/GBP | GSC | 08/12/26 | GBP | (1199) | (1586) | 42 |
| USD/GBP | GSC | 11/18/26 | GBP | (1688) | (2228) | 54 |
| USD/JPY | GSC | 04/22/26 | JPY | (183340) | (1157) | 7 |
|  |  |  |  |  | (8273) | 143 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | (192) |
| Ozon Holdings PLC‡ (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (48131) | (558) | 6 |
| Public Joint Stock Company Children's World‡ (MT) | GSC | Federal Funds Effective Rate +0.96% (MT) | TBD | 560770 | 284 | (283) |
| Public Joint Stock Company Sberbank of Russia‡ (MT) | GSC | Federal Funds Effective Rate +0.96% (MT) | TBD | 41476 |  | 20 |
| VK Company Limited‡ (MT) | MSC | Federal Funds Effective Rate -2.13% (MT) | TBD | (137620) | (249) | 11 |
|  |  |  |  |  |  | (438) |

---

‡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 | 12/27/26 |  |  | 23 |
| Beazley Ireland Holdings PLC (MT) | OBFR +0.85% (Q) | GSC | 02/09/27 | 1503 |  | 36 |
| CyberArk Software Ltd. (MT) | OBFR +0.61% (M) | GSC | 02/13/27 | 647 |  | (1) |
| Just Group PLC (MT) | OBFR +0.85% (Q) | GSC | 08/01/26 | 2045 |  | 53 |
| Schroders PLC (MT) | OBFR +1.00% (Q) | GSC | 02/17/27 | 2185 |  | (19) |
| Webster Financial Corporation (MT) | OBFR +0.61% (Q) | GSC | 02/12/27 | 406 |  | (15) |
| Electronic Arts Inc. (MT) | OBFR +0.38% (Q) | JPM | 01/26/27 | 136 |  |  |
| Webster Financial Corporation (MT) | OBFR +0.38% (Q) | JPM | 02/24/27 | 681 |  | (31) |
|  |  |  |  |  |  | 46 |
| **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** |
| Banco Santander, S.A. (MT) | OBFR -0.45% (Q) | GSC | 02/12/27 | (2030) |  | 85 |
| Boston Scientific Corporation (MT) | OBFR -0.35% (Q) | GSC | 03/12/27 | (295) |  | 31 |
| Devon Energy Corporation (MT) | OBFR -0.35% (Q) | GSC | 03/11/27 | (1598) |  | (178) |
| Former Charter Communications Parent, Inc. (MT) | OBFR -0.35% (Q) | GSC | 01/29/27 | (627) |  | 76 |
| Galderma Group AG (MT) | OBFR -0.35% (Q) | GSC | 03/12/27 | (1805) |  | 242 |
| Kimberly-Clark Corporation (MT) | OBFR -0.35% (Q) | GSC | 03/06/27 | (242) |  | 17 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements (continued)** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements (continued)** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements (continued)** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements (continued)** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements (continued)** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements (continued)** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Skyworks Solutions, Inc. (MT) | OBFR -0.35% (Q) | GSC | 02/18/27 | (613) |  | 61 |
| Transocean Ltd. (MT) | OBFR -0.35% (M) | GSC | 03/12/27 | (344) |  | (31) |
| Union Pacific Corporation (MT) | OBFR -0.35% (M) | GSC | 11/05/26 | (3135) |  | (244) |
| VICI Properties Inc. (MT) | OBFR -0.35% (Q) | GSC | 02/03/27 | (13) |  |  |
| Banco Santander, S.A. (MT) | OBFR -0.77% (Q) | JPM | 02/24/27 | (527) |  | 47 |
| Devon Energy Corporation (MT) | OBFR -0.25% (Q) | JPM | 03/11/27 | (277) |  | (34) |
| Skyworks Solutions, Inc. (MT) | OBFR -0.25% (Q) | JPM | 02/26/27 | (162) |  | 16 |
| Union Pacific Corporation (MT) | OBFR -0.25% (Q) | JPM | 08/22/26 | (2325) |  | (70) |
|  |  |  |  |  |  | 18 |

---

‡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 March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | 354649 | 40637 | 671 |  | 395957 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 305302 |  |  | 305302 |
| &nbsp;&nbsp;Private Investment Funds |  |  |  | 83210 | 83210 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 75261 | 506 |  | 75767 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 50771 |  |  | 50771 |
| &nbsp;&nbsp;Other Equity Interests |  |  | 2519 |  | 2519 |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>2</sup> |  | 644 | 314 |  | 958 |
| &nbsp;&nbsp;Rights | 83 |  | 96 |  | 179 |
| &nbsp;&nbsp;Warrants | 94 |  | 1 |  | 95 |
| &nbsp;&nbsp;Short Term Investments | 228221 | 47136 |  |  | 275357 |
|  | 583047 | 519751 | 4107 | 83210 | 1190115 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Common Stocks | (251788) | (5572) |  |  | (257360) |
| &nbsp;&nbsp;Investment Companies | (47206) |  |  |  | (47206) |
| &nbsp;&nbsp;Government And Agency Obligations |  | (11279) |  |  | (11279) |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | (77) |  |  | (77) |
| &nbsp;&nbsp;Short Term Investments |  | (1088) |  |  | (1088) |
|  | (298994) | (18016) |  |  | (317010) |
| **Assets - Investments in Other Financial Instruments<sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 91 |  |  |  | 91 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 5 |  |  |  | 5 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 146 |  |  | 146 |
| &nbsp;&nbsp;OTC Contracts for Difference |  |  | 37 |  | 37 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 664 | 23 |  | 687 |
|  | 96 | 810 | 60 |  | 966 |
| **Liabilities - Investments in Other Financial Instruments<sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (203) |  |  |  | (203) |
| &nbsp;&nbsp;Exchange Traded Written Options | (35) |  | (12) |  | (47) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (3) |  |  | (3) |
| &nbsp;&nbsp;OTC Contracts for Difference |  |  | (475) |  | (475) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (623) |  |  | (623) |
|  | (238) | (626) | (487) |  | (1351) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 91.5%** | **COMMON STOCKS 91.5%** | **COMMON STOCKS 91.5%** |
| **China 14.4%** | **China 14.4%** | **China 14.4%** |
| Alibaba Group Holding Limited (a) | 1334 | 20741 |
| Anhui Conch Cement Company Limited - Class A | 1245 | 4200 |
| Anhui Gujing Distillery Company Limited - Class B | 288 | 2578 |
| Baidu, Inc. - Class A - ADR (b) (c) | 21 | 2353 |
| Bank of Ningbo Co., Ltd. - Class A | 1737 | 7659 |
| Bilibili Inc (b) (c) | 135 | 3036 |
| China Construction Bank Corporation - Class H | 8813 | 9518 |
| China Hongqiao Group Limited | 1546 | 6987 |
| China Pacific Insurance (Group) Co., Ltd. - Class H | 1375 | 5649 |
| China Resources Land Limited | 1189 | 4384 |
| Chongqing Brewery Co., Ltd. - Class A | 309 | 2548 |
| Contemporary Amperex Technology Co., Limited - Class A | 186 | 10951 |
| eDraco Travel Limited (a) | 3496 | 8070 |
| Fuyao Glass Industry Group Co., Ltd. - Class A | 160 | 1331 |
| Haitian International Holdings Limited | 2783 | 7226 |
| Hosa International Limited (b) (d) | 7408 |  |
| iQIYI, Inc. - Class A - ADR (b) (c) | 1966 | 2654 |
| J&T Global Express Limited (b) (c) | 6693 | 8663 |
| Jack Technology Co., Ltd. - Class A | 775 | 4317 |
| Jiangsu Zhongtian Technology Co., Ltd. - Class A | 3588 | 15881 |
| KE Holdings Inc. | 692 | 3404 |
| Kweichow Moutai Co., Ltd. - Class A | 21 | 4396 |
| NetEase, Inc. | 410 | 9111 |
| PDD Holdings Inc. - ADR (b) | 100 | 10222 |
| PICC Property and Casualty Company Limited - Class H | 1414 | 2609 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 1021 | 7891 |
| Precision Tsugami (China) Corporation Limited (a) | 508 | 2231 |
| SANY Heavy Industry Co., Ltd. - Class A | 1954 | 5477 |
| Tencent Holdings Limited | 354 | 22275 |
| Wanhua Chemical Group Co., Ltd. - Class A | 304 | 3514 |
|  |  | 199876 |
| **Taiwan 13.6%** | **Taiwan 13.6%** | **Taiwan 13.6%** |
| ADDCN Technology Co., Ltd. | 608 | 3155 |
| ASE Technology Holding Co., Ltd. | 688 | 7395 |
| Chroma ATE Inc. | 135 | 6491 |
| Eclat Textile Corporation Ltd. | 386 | 4044 |
| GFC, Ltd. | 82 | 298 |
| Kerry TJ Logistics Company Limited | 1275 | 1225 |
| Lite-On Technology Corporation | 2337 | 10637 |
| Lumax International Corp., Ltd. | 834 | 3038 |
| MediaTek Inc. | 312 | 15079 |
| Sporton International Inc. | 1307 | 7864 |
| Taiwan Semiconductor Manufacturing Company Limited | 2075 | 118921 |
| Universal Microwave Technology, Inc. | 241 | 11290 |
|  |  | 189437 |
| **India 11.0%** | **India 11.0%** | **India 11.0%** |
| Adani Energy Solutions Limited (b) | 314 | 3186 |
| Adani Enterprises Limited | 272 | 5183 |
| Adani Green Energy (UP) Limited (b) | 429 | 3782 |
| Adani Ports and Special Economic Zone Limited | 305 | 4330 |
| Adani Power Limited (b) | 3863 | 6301 |
| Ashok Leyland Limited | 3599 | 6080 |
| Bharti Airtel Limited | 393 | 7539 |
| Coal India Ltd Govt Of India Undertaking | 60 | 289 |
| Computer Age Management Services Limited | 653 | 4401 |
| Federal Bank Ltd., The | 4279 | 11960 |
| GMR Airports Limited (b) | 2726 | 2490 |
| HDFC Bank Limited | 25 | 199 |
| HDFC Bank Limited - ADR | 130 | 3241 |
| Hindalco Industries Limited | 717 | 6785 |
| ICICI Bank Limited | 1755 | 22761 |
| ICICI Bank Limited - ADR | 47 | 1229 |
| Indraprastha Gas Limited | 2384 | 3713 |
| ITC Hotels Limited (b) | 423 | 627 |
| ITC Limited | 2285 | 7027 |
| JSW Energy Limited | 183 | 923 |
| JSW Steel Limited | 225 | 2708 |
| KFIN Technologies Limited | 224 | 2124 |
| Lodha Developers Limited | 27 | 195 |
| Meesho Limited (b) | 589 | 884 |
| Oracle Financial Services Software Limited | 29 | 2120 |
| Patanjali Foods Limited | 459 | 2244 |
| Phoenix Mills Limited, The | 254 | 4088 |
| Power Finance Corporation Limited | 732 | 2995 |
| Reliance Industries Limited | 619 | 8984 |
| Shree Cement Limited | 23 | 5707 |
| Shriram Finance Limited | 987 | 9331 |
| State Bank of India | 288 | 3054 |
| Sun Pharma Advanced Research Company Limited | 201 | 3785 |
| Tata Capital Limited (b) | 975 | 3182 |
|  |  | 153447 |
| **Brazil 10.8%** | **Brazil 10.8%** | **Brazil 10.8%** |
| American Beverage Co Ambev - ADR (c) | 1402 | 4095 |
| B3 S.A. - Brasil, Bolsa, Balcao | 778 | 2763 |
| Banco BTG Pactual S.A. | 572 | 6245 |
| BRBI BR Partners S.A. | 1290 | 4811 |
| Caixa Seguridade Participacoes S/A | 4026 | 14162 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 537 | 6069 |
| Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp | 592 | 18122 |
| Companhia Paranaense De Energia | 584 | 1741 |
| Embraer S.A. | 186 | 2760 |
| Embraer S.A. - ADR | 50 | 2942 |
| Eneva S.A. (b) | 759 | 3599 |
| Equatorial Energia S.A. | 390 | 3079 |
| Gps Participacoes E Empreendimentos S.A. | 2715 | 8686 |
| Inter & Co, Inc. - Class A | 1291 | 10273 |
| NU Holdings Ltd. - Class A (b) | 252 | 3620 |
| Petroleo Brasileiro S/A Petrobras. - ADR | 1000 | 20760 |
| Prio S.A. (b) | 1274 | 16312 |
| Rede D'or Sao Luiz S.A. | 891 | 6692 |
| Tegma Gestao Logistica S/A | 1370 | 8254 |
| Vale S.A. - ADR | 120 | 1916 |
| Vivara Participacoes S.A. | 527 | 2625 |
|  |  | 149526 |
| **South Korea 9.7%** | **South Korea 9.7%** | **South Korea 9.7%** |
| Coupang, Inc. - Class A (b) | 232 | 4373 |
| Coway Co., Ltd. | 55 | 2609 |
| Hanwha Aerospace Co., Ltd. | 5 | 4490 |
| HD Hyundai Marine Solution Co., Ltd. | 88 | 10602 |
| Hyundai Motor Company | 13 | 3928 |
| Hyundai Rotem Company | 26 | 2985 |
| JVM Co., Ltd. | 107 | 1665 |
| Leeno Industrial Inc. | 33 | 2137 |
| Nice Information Service Co., Ltd. | 632 | 6676 |
| S-1 Corporation | 136 | 7667 |
| Samsung Electronics Co., Ltd. | 271 | 31802 |
| Samsung Fire & Marine Insurance Co., Ltd. | 5 | 1399 |
| Samsung Life Insurance Co., Ltd. | 53 | 7549 |
| Shinhan Financial Group Co., Ltd. | 156 | 9207 |
| SK Hynix Inc. | 42 | 24038 |
| SK Square Co., Ltd. (b) | 28 | 9175 |
| ST Pharm Co., Ltd. | 48 | 4708 |
|  |  | 135010 |
| **Mexico 4.4%** | **Mexico 4.4%** | **Mexico 4.4%** |
| America Movil, S.A.B. De C.V. | 2053 | 2610 |
| BBB Foods Inc. - Class A (b) | 152 | 5371 |
| CEMEX S.A.B. de C.V. - ADR | 1520 | 17386 |
| Corporacion Moctezuma S.A.B. de C.V. (c) | 2249 | 9914 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. (c) | 247 | 6064 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. - Series B - ADR | 10 | 2571 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Series B - ADR | 3 | 910 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 338 | 3738 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 483 | 5169 |
| Qualitas Controladora, S.A.B. de C.V. (c) | 710 | 6815 |
|  |  | 60548 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Singapore 3.1%** | **Singapore 3.1%** | **Singapore 3.1%** |
| DBS Group Holdings Ltd. | 73 | 3249 |
| Haw Par Corporation Limited (c) | 779 | 10268 |
| Riverstone Holdings Limited (c) | 7989 | 4276 |
| Sea Limited - Class A - ADR (b) | 129 | 10646 |
| Seatrium Limited (c) | 3773 | 7005 |
| Singapore Technologies Engineering Ltd. | 69 | 580 |
| Singapore Telecommunications Limited | 1800 | 6951 |
|  |  | 42975 |
| **Indonesia 2.0%** | **Indonesia 2.0%** | **Indonesia 2.0%** |
| PT Bank Mandiri (Persero) Tbk. | 21579 | 6048 |
| PT. Avia Avian | 191903 | 4159 |
| PT. Bank Central Asia Tbk | 15576 | 5965 |
| PT. Bank Rakyat Indonesia (Persero) Tbk | 21602 | 4253 |
| PT. Dayamitra Telekomunikasi | 55657 | 1791 |
| PT. Sarana Menara Nusantara | 162116 | 4682 |
| PT. Semen Indonesia Tbk Disingkat Pt Semen Indonesia (persero) Tbk | 5256 | 769 |
|  |  | 27667 |
| **Hong Kong 2.0%** | **Hong Kong 2.0%** | **Hong Kong 2.0%** |
| AIA Group Limited | 606 | 6672 |
| Futu Holdings Limited - ADR (b) | 33 | 4504 |
| Melco Resorts & Entertainment Limited - ADR (b) | 572 | 3249 |
| Wasion Holdings Limited | 2292 | 8302 |
| Xinyi Glass Holdings Limited (c) | 3920 | 4915 |
|  |  | 27642 |
| **Thailand 1.9%** | **Thailand 1.9%** | **Thailand 1.9%** |
| Airports of Thailand Public Company Limited | 1227 | 1966 |
| Bangkok Dusit Medical Services Public Company Limited. | 2577 | 1469 |
| Humanica Public Company Limited | 9601 | 1204 |
| KASIKORNBANK Public Company Limited | 331 | 1929 |
| Krungthai Bank Public Company Limited | 2758 | 2957 |
| Siam Commercial Bank Public Company Limited, The | 755 | 3313 |
| True Corporation Public Company Limited - NVDR | 23918 | 10545 |
| Union Auction Public Company Limited | 24952 | 3803 |
|  |  | 27186 |
| **South Africa 1.7%** | **South Africa 1.7%** | **South Africa 1.7%** |
| Capitec Bank Holdings | 26 | 6371 |
| Clicks Group | 253 | 4350 |
| FirstRand Limited (c) | 1985 | 10118 |
| Woolworths Holdings Limited | 794 | 2395 |
|  |  | 23234 |
| **Saudi Arabia 1.6%** | **Saudi Arabia 1.6%** | **Saudi Arabia 1.6%** |
| Al Rajhi Banking and Investment Corporation | 112 | 3187 |
| BUPA Arabia for Cooperative Insurance Company | 84 | 3945 |
| Saudi Arabian Oil Company (a) | 474 | 3462 |
| Saudi British Bank | 107 | 1070 |
| Saudi National Bank, The | 955 | 10643 |
|  |  | 22307 |
| **Malaysia 1.5%** | **Malaysia 1.5%** | **Malaysia 1.5%** |
| Carlsberg Brewery Malaysia Berhad | 977 | 4073 |
| CIMB Group Holdings Berhad | 4417 | 8269 |
| Heineken Malaysia Berhad | 1499 | 8405 |
|  |  | 20747 |
| **Poland 1.5%** | **Poland 1.5%** | **Poland 1.5%** |
| Allegro.eu (a) (b) | 916 | 6555 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 112 | 2639 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 354 | 6159 |
| XTB Spolka Akcyjna | 210 | 5382 |
|  |  | 20735 |
| **United Arab Emirates 1.5%** | **United Arab Emirates 1.5%** | **United Arab Emirates 1.5%** |
| Adnoc Drilling Company PJSC | 4184 | 5845 |
| Adnoc Gas | 3068 | 2677 |
| Aldar Properties - P J S C | 526 | 1121 |
| Alpha Dhabi Holding | 1329 | 2497 |
| First Abu Dhabi Bank P.J.S.C. | 638 | 2955 |
| International Holdings Company P.J.S.C. - Dubai Branch (b) | 52 | 5560 |
| NMC Health PLC (d) | 119 |  |
|  |  | 20655 |
| **Greece 1.4%** | **Greece 1.4%** | **Greece 1.4%** |
| Eurobank S.A. (b) | 330 | 1315 |
| National Bank of Greece S.A. - Class R | 152 | 2338 |
| Optima Bank S.A. | 451 | 4443 |
| Piraeus Bank S.A. (b) | 1471 | 11984 |
|  |  | 20080 |
| **United States of America 1.4%** | **United States of America 1.4%** | **United States of America 1.4%** |
| Coca-Cola Company, The | 39 | 2960 |
| Cognizant Technology Solutions Corporation - Class A | 88 | 5406 |
| ESAB Corporation | 33 | 3153 |
| Philip Morris International Inc. | 50 | 8281 |
|  |  | 19800 |
| **Peru 1.2%** | **Peru 1.2%** | **Peru 1.2%** |
| Credicorp Ltd. | 37 | 12660 |
| Ferreycorp S.A.A. | 3940 | 4608 |
|  |  | 17268 |
| **United Kingdom 1.0%** | **United Kingdom 1.0%** | **United Kingdom 1.0%** |
| BP P.L.C. | 1188 | 9337 |
| Unilever PLC - ADR | 73 | 4169 |
|  |  | 13506 |
| **Switzerland 0.9%** | **Switzerland 0.9%** | **Switzerland 0.9%** |
| Coca-Cola HBC AG | 56 | 3148 |
| Glencore PLC | 658 | 4995 |
| VAT Group AG (a) | 8 | 4883 |
|  |  | 13026 |
| **France 0.9%** | **France 0.9%** | **France 0.9%** |
| TotalEnergies SE | 139 | 12762 |
| **Hungary 0.8%** | **Hungary 0.8%** | **Hungary 0.8%** |
| OTP Bank Nyrt. | 98 | 10541 |
| **Netherlands 0.7%** | **Netherlands 0.7%** | **Netherlands 0.7%** |
| Prosus N.V. - Class N (c) | 206 | 9547 |
| **Sweden 0.6%** | **Sweden 0.6%** | **Sweden 0.6%** |
| Epiroc Aktiebolag - Class B | 388 | 8292 |
| **Kazakhstan 0.5%** | **Kazakhstan 0.5%** | **Kazakhstan 0.5%** |
| Joint Stock Company Kaspi.Kz - ADR (a) | 101 | 7486 |
| **Argentina 0.4%** | **Argentina 0.4%** | **Argentina 0.4%** |
| Grupo Financiero Galicia S.A. - Class B - ADR (c) | 36 | 1701 |
| Tenaris S.A. | 134 | 3928 |
|  |  | 5629 |
| **Turkey 0.3%** | **Turkey 0.3%** | **Turkey 0.3%** |
| TAV Havalimanlari Holding Anonim Sirketi - Class A | 638 | 4452 |
| **Philippines 0.2%** | **Philippines 0.2%** | **Philippines 0.2%** |
| International Container Terminal Services, Inc. | 262 | 3009 |
| **Austria 0.2%** | **Austria 0.2%** | **Austria 0.2%** |
| Erste Group Bank AG | 21 | 2293 |
| **Belgium 0.1%** | **Belgium 0.1%** | **Belgium 0.1%** |
| Anheuser-Busch InBev | 15 | 1013 |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Banco Internacional | 5044 | 917 |
| **Italy 0.1%** | **Italy 0.1%** | **Italy 0.1%** |
| Eni S.P.A. | 29 | 832 |
| Eni S.P.A. - ADR (c) | 1 | 38 |
|  |  | 870 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom - ADR (a) (b) (d) | 627 |  |
| Public Joint Stock Company Lukoil Oil Company - ADR (a) (b) (d) | 47 |  |
| Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel (a) (b) (d) | 200 |  |
| Public Joint Stock Company Mobile Telesystems - ADR (a) (b) (d) | 101 |  |
| Public Joint Stock Company Novatek (a) (b) (d) | 150 |  |
| Public Joint Stock Company Novatek - GDR (a) (b) (d) | 1 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Public Joint Stock Company Sberbank of Russia (a) (b) (d) | 544 |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS (a) (b) (d) | 2990 |  |
| Total Common Stocks (cost $1,107,897) | Total Common Stocks (cost $1,107,897) | 1271483 |
| **PREFERRED STOCKS 3.6%** | **PREFERRED STOCKS 3.6%** | **PREFERRED STOCKS 3.6%** |
| **Brazil 2.5%** | **Brazil 2.5%** | **Brazil 2.5%** |
| Banco Bradesco S/A. (e) | 1821 | 6742 |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Preferred Class C (b) | 139 | 1521 |
| Gerdau S.A. | 1803 | 6600 |
| Itau Unibanco Holding S.A. (e) | 728 | 6114 |
| Petroleo Brasileiro S/A Petrobras. (e) | 1465 | 13736 |
|  |  | 34713 |
| **South Korea 1.1%** | **South Korea 1.1%** | **South Korea 1.1%** |
| Samsung Electronics Co., Ltd., 1.00% (f) | 192 | 15267 |
| Total Preferred Stocks (cost $41,270) | Total Preferred Stocks (cost $41,270) | 49980 |
| **SHORT TERM INVESTMENTS 5.5%** | **SHORT TERM INVESTMENTS 5.5%** | **SHORT TERM INVESTMENTS 5.5%** |
| **Investment Companies 4.7%** | **Investment Companies 4.7%** | **Investment Companies 4.7%** |
| JNL Government Money Market Fund - Class I, 3.53% (g) (h) | 43217 | 43217 |
| T. Rowe Price Government Reserve Fund, 3.66% (g) (h) | 22115 | 22115 |
|  |  | 65332 |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 3.63% (g) (h) | 11317 | 11317 |
| Total Short Term Investments (cost $76,649) | Total Short Term Investments (cost $76,649) | 76649 |
| **Total Investments 100.6% (cost $1,225,816)** | **Total Investments 100.6% (cost $1,225,816)** | **1398112** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (7) |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(8743)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1389362** |

---

(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 March 31, 2026.

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

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 12479 | 155670 | 124932 | 297 |  |  | 43217 | 3.1 |
| JNL Government Money Market Fund, 3.63% - Class SL | 11786 | 32962 | 33431 | 134 |  |  | 11317 | 0.8 |
| T. Rowe Price Government Reserve Fund, 3.66% | 24838 | 29368 | 32091 | 157 |  |  | 22115 | 1.6 |
|  | 49103 | 218000 | 190454 | 588 |  |  | 76649 | 5.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 18391 | 20741 | 1.5 |
| Allegro.eu | 09/01/22 | 5636 | 6555 | 0.5 |
| eDraco Travel Limited | 06/06/23 | 8395 | 8070 | 0.6 |
| Joint Stock Company Kaspi.Kz | 01/19/24 | 8180 | 7486 | 0.5 |
| Precision Tsugami (China) Corporation Limited | 02/02/26 | 2735 | 2231 | 0.2 |
| Public Joint Stock Company Gazprom | 06/24/21 | 5367 |  |  |
| Public Joint Stock Company Lukoil Oil Company | 01/15/21 | 3890 |  |  |
| 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 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 | 3380 | 3462 | 0.2 |
| VAT Group AG | 04/15/25 | 2880 | 4883 | 0.3 |
|  |  | 69746 | 53428 | 3.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/ZAR | CIT | 04/01/26 | ZAR | (13911) | (822) | (7) |
| USD/ZAR | SSB | 04/01/26 | ZAR | (1451) | (86) | (1) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| ZAR/USD | BOA | 04/01/26 | ZAR | 877 | 52 | 1 |
|  |  |  |  |  | (856) | (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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 303007 | 968476 |  | 1271483 |
| &nbsp;&nbsp;Preferred Stocks | 34713 | 15267 |  | 49980 |
| &nbsp;&nbsp;Short Term Investments | 76649 |  |  | 76649 |
|  | 414369 | 983743 |  | 1398112 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1 |  | 1 |
|  |  | 1 |  | 1 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 90.7%** | **SENIOR FLOATING RATE INSTRUMENTS 90.7%** | **SENIOR FLOATING RATE INSTRUMENTS 90.7%** |
| **Industrials 28.0%** | **Industrials 28.0%** | **Industrials 28.0%** |
| Acosta, Inc. |  |  |
| 2024 Term Loan B, 9.22%, (6 Month Term SOFR + 5.50%), 08/21/31 (a) | 333 | 324 |
| Advantage Sales & Marketing, Inc. |  |  |
| 2026 First Out Term Loan, 9.66%, (3 Month Term SOFR + 6.00%), 04/19/30 (a) | 507 | 380 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2026 Term Loan B, 0.00%, (3 Month Term SOFR + 2.75%), 07/31/28 (a) (b) | 25 | 25 |
| 2026 Term Loan B, 6.41%, (3 Month Term SOFR + 2.75%), 07/31/28 (a) | 2118 | 2112 |
| 2026 Term Loan B, 6.41%, (3 Month Term SOFR + 2.75%), 07/31/28 (a) | 2119 | 2112 |
| Air Canada |  |  |
| 2024 Term Loan B, 5.42%, (3 Month Term SOFR + 1.75%), 03/14/31 (a) | 249 | 247 |
| Air Comm Corporation, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 11/21/31 (a) (b) | 27 | 27 |
| 2025 Term Loan, 6.42%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 537 | 537 |
| 2025 Term Loan, 6.44%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 7 | 7 |
| AIT Worldwide Logistics, Inc |  |  |
| 2025 Repriced Term Loan, 7.67%, (3 Month Term SOFR + 4.00%), 04/08/30 (a) | 544 | 545 |
| AlixPartners, LLP |  |  |
| 2025 USD Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 07/29/32 (a) | 4050 | 4008 |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 08/06/32 (a) (b) | 750 | 750 |
| 2025 USD Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/06/32 (a) | 4518 | 4516 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 07/31/31 (a) | 2142 | 2140 |
| American Airlines, Inc. |  |  |
| 2025 Term Loan, 5.92%, (3 Month Term SOFR + 2.25%), 04/20/28 (a) | 1638 | 1620 |
| 2023 1st Lien Term Loan, 5.91%, (3 Month Term SOFR + 2.25%), 05/29/29 (a) | 843 | 816 |
| 2025 Term Loan B, 6.42%, (3 Month Term SOFR + 3.25%), 05/09/32 (a) | 278 | 275 |
| Anticimex International AB |  |  |
| 2025 USD Term Loan, 6.56%, (3 Month Term SOFR + 2.90%), 10/31/31 (a) | 752 | 753 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 669 | 668 |
| Arcwood Environmental, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 03/20/33 (a) (b) | 290 | 290 |
| Arsenal AIC Parent LLC |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 08/19/30 (a) | 2065 | 2068 |
| Artera Services, LLC |  |  |
| 2024 Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 02/07/31 (a) | 1079 | 917 |
| Arthur US Finco Inc |  |  |
| Term Loan B, 8.92%, (3 Month Term SOFR + 5.25%), 11/08/30 (a) | 718 | 638 |
| Astro Acquisition, LLC |  |  |
| 2025 Term Loan B, 7.12%, (6 Month Term SOFR + 3.25%), 08/14/32 (a) | 905 | 908 |
| Aurora Lux Finco S.A.R.L |  |  |
| 2025 Term Loan B, 8.92%, (3 Month Term SOFR + 5.25%), 09/05/32 (a) | 758 | 693 |
| Azuria Water Solutions, Inc. |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 05/17/28 (a) | 2134 | 2111 |
| Term Loan, 0.00%, (SOFR + 2.75%), 12/31/49 (a) (b) | 1790 | 1769 |
| Barnes Group Inc |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.75%), 12/11/31 (a) | 1619 | 1615 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.93%, (1 Month Term SOFR + 3.25%), 12/26/30 (a) | 1304 | 1283 |
| 2026 10th Amendment Term Loan, 7.17%, (1 Month Term SOFR + 3.50%), 12/29/32 (a) | 1730 | 1701 |
| Beach Acquisition Bidco LLC |  |  |
| USD Term Loan B, 6.92%, (3 Month Term SOFR + 3.25%), 06/25/32 (a) | 1925 | 1927 |
| Biomarin Pharmaceutical Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 1.75%), 01/28/33 (a) (b) | 445 | 444 |
| Bleriot US Bidco Inc. |  |  |
| 2023 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 10/31/28 (a) | 265 | 265 |
| BrightView Landscapes, LLC |  |  |
| 2025 Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 04/20/29 (a) | 2469 | 2459 |
| Calpine Construction Finance Company, L.P. |  |  |
| 2025 Repriced Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 07/31/30 (a) | 2064 | 2064 |
| Cast and Crew Payroll, LLC |  |  |
| 2021 Incremental Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 12/30/28 (a) | 1132 | 433 |
| CD&R Hydra Buyer Inc. |  |  |
| 2024 Term Loan B, 7.77%, (1 Month Term SOFR + 4.00%), 03/15/31 (a) | 1678 | 1676 |
| Chart Industries, Inc. |  |  |
| 2024 Term Loan B, 6.16%, (3 Month Term SOFR + 2.50%), 03/15/30 (a) | 574 | 572 |
| CHG Healthcare Services Inc. |  |  |
| 2025 Term Loan B1, 6.42%, (3 Month Term SOFR + 2.75%), 09/29/28 (a) | 754 | 754 |
| Chromalloy Corporation |  |  |
| 2024 Term Loan B, 6.91%, (3 Month Term SOFR + 3.25%), 03/21/31 (a) | 374 | 373 |
| 2024 Term Loan B, 6.91%, (3 Month Term SOFR + 3.25%), 03/21/31 (a) | 1 | 1 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 2024 Term Loan, 7.79%, (1 Month Term SOFR + 4.00%), 08/20/28 (a) | 2888 | 2892 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 3.17%), 03/30/29 (a) (b) | 410 | 390 |
| Term Loan B, 6.85%, (1 Month Term SOFR + 3.17%), 03/30/29 (a) | 4321 | 4112 |
| 2025 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 03/27/32 (a) (b) | 11 | 10 |
| 2025 Delayed Draw Term Loan, 6.92%, (1 Month Term SOFR + 3.25%), 03/27/32 (a) | 37 | 34 |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 03/27/32 (a) | 3303 | 3076 |
| Columbus McKinnon Corporation |  |  |
| 2026 Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 01/21/33 (a) (b) | 375 | 373 |
| 2026 Term Loan B, 7.16%, (3 Month Term SOFR + 3.50%), 01/21/33 (a) | 2342 | 2330 |
| Congruex Group LLC |  |  |
| Term Loan, 0.00%, (1 Month Term SOFR + 1.50%), 04/26/29 (a) (b) | 20 | 13 |
| Term Loan, 5.17%, (1 Month Term SOFR + 1.50%), 04/26/29 (a) | 191 | 129 |
| Constant Contact Inc |  |  |
| Term Loan, 7.93%, (3 Month Term SOFR + 4.00%), 02/10/28 (a) | 1345 | 1248 |
| Construction Partners Inc |  |  |
| Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 10/30/31 (a) | 350 | 350 |
| Core & Main LP |  |  |
| 2024 Term Loan E, 5.68%, (1 Month Term SOFR + 2.00%), 02/09/31 (a) | 211 | 211 |
| Cornerstone Building Brands, Inc. |  |  |
| 2021 Term Loan B, 7.02%, (3 Month Term SOFR + 3.25%), 04/12/28 (a) | 1304 | 735 |
| 2022 Term Loan, 9.30%, (3 Month Term SOFR + 5.63%), 08/01/28 (a) | 88 | 47 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2024 Term Loan B, 8.17%, (3 Month Term SOFR + 4.50%), 05/05/31 (a) | 254 | 121 |
| Corpay Technologies Operating Company LLC |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 10/03/32 (a) | 524 | 523 |
| Corporation Service Company |  |  |
| Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 08/10/29 (a) | 508 | 504 |
| CPI Holdco B LLC |  |  |
| 2025 Add-on Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 05/19/31 (a) | 1939 | 1924 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.17%, (1 Month Term SOFR + 4.50%), 09/18/28 (a) | 421 | 421 |
| CQP Holdco LP |  |  |
| 2026 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 12/31/32 (a) | 4226 | 4203 |
| Crown Equipment Corporation |  |  |
| 2025 1st Lien Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 10/10/31 (a) | 297 | 297 |
| Crown Subsea Communications Holding,Inc. |  |  |
| 2026 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 01/30/31 (a) | 2711 | 2717 |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 6.90%, (3 Month Term SOFR + 3.25%), 07/02/31 (a) | 1210 | 1156 |
| 2nd Lien Term Loan, 8.90%, (3 Month Term SOFR + 5.25%), 07/02/32 (a) | 250 | 230 |
| Deep Blue Operating I LLC |  |  |
| Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 09/17/32 (a) | 2213 | 2218 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2025 Term Loan, 6.92%, (1 Month Term SOFR + 3.75%), 07/01/32 (a) | 844 | 843 |
| 2025 2nd Lien Term Loan, 9.17%, (1 Month Term SOFR + 5.50%), 07/24/33 (a) | 120 | 117 |
| Disco Parent, Inc. |  |  |
| 2025 Term Loan B, 6.67%, (3 Month Term SOFR + 3.25%), 08/01/32 (a) | 384 | 376 |
| Dycom Investments Inc |  |  |
| 2026 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 01/20/33 (a) | 370 | 371 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 5.67%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 533 | 533 |
| 2024 1st Lien Term Loan B2, 5.67%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 203 | 203 |
| Echo Global Logistics, Inc. |  |  |
| Term Loan, 7.52%, (1 Month Term SOFR + 3.75%), 11/09/28 (a) | 1094 | 1070 |
| EMG Utica, LLC |  |  |
| 2025 Term Loan B, 7.17%, (3 Month Term SOFR + 4.00%), 10/24/29 (a) | 342 | 342 |
| Employbridge Holding Company |  |  |
| 2025 First Out Term Loan, 9.17%, (3 Month Term SOFR + 5.50%), 01/19/30 (a) | 1870 | 1346 |
| Emrld Borrower LP |  |  |
| Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 05/04/30 (a) | 99 | 99 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.12%, (6 Month Term SOFR + 2.25%), 06/18/31 (a) | 1449 | 1445 |
| Ensemble RCM, LLC |  |  |
| 2026 Term Loan B, 0.00%, (3 Month Term SOFR + 3.00%), 01/28/33 (a) (b) | 155 | 153 |
| 2026 Term Loan B, 6.66%, (3 Month Term SOFR + 3.00%), 01/28/33 (a) | 5928 | 5853 |
| Esdec Solar Group B.V. |  |  |
| Term Loan B, 8.93%, (3 Month Term SOFR + 5.00%), 08/23/28 (a) (c) | 417 | 175 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 09/15/31 (a) | 4958 | 4791 |
| Fortress Intermediate 3, Inc |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 06/27/31 (a) | 2877 | 2852 |
| Garda World Security Corporation |  |  |
| 2026 Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 02/01/29 (a) | 1247 | 1238 |
| Genesee & Wyoming Inc. (New) |  |  |
| 2024 Term Loan, 5.42%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 700 | 696 |
| Genmab AS |  |  |
| Term Loan B, 6.70%, (3 Month Term SOFR + 3.00%), 11/19/32 (a) | 863 | 865 |
| Global Medical Response, Inc. |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.50%), 10/02/28 (a) (b) | 375 | 373 |
| 2025 Term Loan B, 7.17%, (3 Month Term SOFR + 3.50%), 10/02/28 (a) | 4873 | 4851 |
| Gloves Buyer, Inc. |  |  |
| 2025 Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 01/16/32 (a) | 2511 | 2500 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 05/30/31 (a) | 3242 | 3013 |
| Green Infrastructure Partners Inc |  |  |
| USD Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 09/18/32 (a) | 1908 | 1904 |
| Griffon Corporation |  |  |
| 2024 Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 01/24/29 (a) | 384 | 385 |
| Groupe Solmax Inc. |  |  |
| Term Loan, 8.54%, (1 Month Term SOFR + 4.75%), 06/28/28 (a) | 667 | 537 |
| Term Loan, 8.68%, (3 Month Term SOFR + 4.75%), 06/28/28 (a) | 776 | 625 |
| GTCR Everest Borrower, LLC |  |  |
| 2026 Term Loan B, 6.16%, (3 Month Term SOFR + 2.50%), 09/05/31 (a) | 3728 | 3699 |
| Harbourvest Partners, LLC |  |  |
| 2025 Repriced Term Loan B, 5.65%, (3 Month Term SOFR + 2.00%), 04/22/30 (a) | 439 | 438 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 6.41%, (3 Month Term SOFR + 2.75%), 02/03/32 (a) | 798 | 788 |
| Hilcorp Energy I L.P. |  |  |
| Term Loan B, 5.43%, (1 Month Term SOFR + 2.00%), 02/05/30 (a) | 1573 | 1571 |
| Horizon US Finco LP |  |  |
| Term Loan B, 0.00%, (6 Month Term SOFR + 4.50%), 12/16/31 (a) (b) (c) |  |  |
| Term Loan B, 8.20%, (6 Month Term SOFR + 4.50%), 12/16/31 (a) (c) | 784 | 729 |
| ICON Luxembourg S.A.R.L. |  |  |
| 2024 LUX Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 07/03/28 (a) | 198 | 198 |
| IVC Acquisition Ltd. |  |  |
| 2025 USD Repriced Term Loan B, 0.00%, (3 Month Term SOFR + 3.75%), 12/06/28 (a) (b) | 280 | 278 |
| 2025 USD Repriced Term Loan B, 7.42%, (3 Month Term SOFR + 3.75%), 12/06/28 (a) | 762 | 758 |
| John Bean Technologies Corp |  |  |
| Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 01/02/32 (a) | 188 | 188 |
| Johnstone Supply LLC |  |  |
| 2026 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 06/09/31 (a) | 478 | 474 |
| Jupiter Borrower, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 03/25/33 (a) (b) | 1110 | 1107 |
| Jupiter Buyer, Inc. |  |  |
| 2024 Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 10/10/31 (a) | 701 | 700 |
| Kaman Corporation |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) (b) | 96 | 96 |
| 2025 Delayed Draw Term Loan, 6.15%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) | 12 | 12 |
| 2025 Delayed Draw Term Loan, 6.15%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) | 11 | 11 |
| 2025 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 01/30/32 (a) | 1010 | 1010 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 01/30/32 (a) | 245 | 245 |
| Karman Holdings LLC |  |  |
| 2026 Term Loan B, 6.46%, (3 Month Term SOFR + 2.75%), 04/01/32 (a) | 1251 | 1251 |
| Kenan Advantage Group, Inc. |  |  |
| 2024 Term Loan B4, 6.92%, (1 Month Term SOFR + 3.25%), 01/25/29 (a) | 2279 | 2249 |
| KNS Acquisition Corp. |  |  |
| 2024 Term Loan A, 8.79%, (1 Month Term SOFR + 5.00%), 04/19/30 (a) | 340 | 334 |
| 2024 Term Loan B, 10.04%, (1 Month Term SOFR + 6.25%), 10/19/30 (a) | 326 | 287 |
| Kohler Energy Co LLC |  |  |
| 2026 USD Term Loan B, 6.66%, (3 Month Term SOFR + 3.00%), 05/01/31 (a) | 3451 | 3443 |
| LaserShip, Inc. |  |  |
| 2024 New Money Term Loan A, 9.92%, (3 Month Term SOFR + 6.25%), 01/02/29 (a) | 122 | 123 |
| 2024 Term Loan B, 5.43%, (3 Month Term SOFR + 1.50%), 08/10/29 (a) | 357 | 261 |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 7.52%, (1 Month Term SOFR + 3.75%), 06/06/31 (a) | 741 | 591 |
| 2025 Incremental Term Loan, 8.67%, (1 Month Term SOFR + 5.00%), 06/06/31 (a) | 253 | 213 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 6.17%, (1 Month Term SOFR + 3.00%), 04/14/31 (a) | 375 | 370 |
| LSF12 Phoenix Holdco LLC |  |  |
| Term Loan, 0.00%, (SOFR + 4.50%), 03/05/33 (a) (b) | 1081 | 1067 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.13%, (6 Month Term SOFR + 2.50%), 06/15/28 (a) | 844 | 843 |
| 2025 Repriced Term Loan, 6.38%, (3 Month Term SOFR + 2.75%), 03/26/32 (a) | 3329 | 3334 |
| Madison Safety & Flow LLC |  |  |
| 2025 1st Lien Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 09/26/31 (a) | 2781 | 2779 |
| MajorDrive Holdings IV LLC |  |  |
| Term Loan B, 7.93%, (3 Month Term SOFR + 4.00%), 05/12/28 (a) | 1048 | 948 |
| Maximus, Inc. |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 05/21/31 (a) | 192 | 191 |
| Modena Buyer LLC |  |  |
| Term Loan, 7.92%, (3 Month Term SOFR + 4.25%), 04/03/31 (a) | 2361 | 2112 |
| MRP Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 05/22/32 (a) (b) | 24 | 24 |
| Delayed Draw Term Loan, 6.92%, (3 Month Term SOFR + 3.25%), 05/22/32 (a) | 36 | 36 |
| Term Loan, 6.92%, (3 Month Term SOFR + 3.25%), 05/22/32 (a) | 465 | 465 |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 02/19/32 (a) | 298 | 298 |
| Nielsen Consumer Inc. |  |  |
| 2025 USD 1st Lien Term Loan, 5.92%, (1 Month Term SOFR + 2.50%), 10/04/30 (a) | 670 | 660 |
| Nuvei Technologies Corp. |  |  |
| 2025 Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 11/17/31 (a) | 1183 | 1158 |
| OMNIA Partners LLC |  |  |
| 2024 Term Loan B, 6.43%, (3 Month Term SOFR + 2.75%), 07/25/30 (a) | 949 | 948 |
| OneSky Flight, LLC |  |  |
| 2026 Term Loan B, 6.43%, (1 Month Term SOFR + 2.75%), 02/04/33 (a) | 2532 | 2523 |
| Optiv Security, Inc. |  |  |
| 2023 Term Loan, 8.92%, (3 Month Term SOFR + 5.25%), 08/17/26 (a) | 595 | 393 |
| Osaic Holdings, Inc. |  |  |
| 2026 Term Loan B, 6.16%, (3 Month Term SOFR + 2.50%), 07/30/32 (a) | 4339 | 4254 |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 7.04%, (1 Month Term SOFR + 3.25%), 06/18/28 (a) | 1136 | 1115 |
| Parexel International Corporation |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 12/09/31 (a) | 2559 | 2548 |
| Park River Holdings Inc |  |  |
| 2025 Term Loan, 8.16%, (3 Month Term SOFR + 4.50%), 09/24/32 (a) | 545 | 532 |
| Phoenix Aviation Capital, LLC |  |  |
| Term Loan B, 6.92%, (3 Month Term SOFR + 3.25%), 10/09/30 (a) | 3000 | 2951 |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 02/13/32 (a) | 953 | 944 |
| Pinnacle Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (SOFR + 2.50%), 09/11/32 (a) (b) | 85 | 86 |
| Term Loan, 6.16%, (3 Month Term SOFR + 2.50%), 09/11/32 (a) | 1925 | 1927 |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 7.42%, (3 Month Term SOFR + 3.75%), 01/31/32 (a) | 1069 | 1060 |
| PRA Health Sciences, Inc. |  |  |
| 2024 US Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 07/03/28 (a) | 49 | 49 |
| Prime Security Services Borrower, LLC |  |  |
| 2025 Incremental Term Loan B, 5.41%, (1 Month Term SOFR + 1.75%), 03/08/32 (a) | 1990 | 1960 |
| Propulsion (BC) Finco S.a.r.l. |  |  |
| 2025 Repriced Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 11/21/32 (a) | 1972 | 1972 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 0.00%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) (b) | 750 | 736 |
| 2024 Extended Term Loan B, 8.42%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) | 850 | 835 |
| QuidelOrtho Corporation |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 08/21/30 - 12/31/49 (a) (b) | 335 | 319 |
| Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 08/13/32 (a) | 4346 | 4336 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B2, 5.92%, (1 Month Term SOFR + 2.25%), 03/18/29 (a) | 2972 | 2968 |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 01/30/32 (a) | 1793 | 1789 |
| QXO Inc |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 04/30/32 (a) | 186 | 185 |
| Rand Parent, LLC |  |  |
| 2025 Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 03/18/30 (a) | 2292 | 2286 |
| Relativity ODA LLC |  |  |
| 2026 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 01/15/33 (a) | 1623 | 1601 |
| Roper Industrial Products Investment Company LLC |  |  |
| 2026 USD Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 11/22/29 (a) | 3390 | 3387 |
| SGH2 LLC |  |  |
| 2025 USD Term Loan B, 8.17%, (3 Month Term SOFR + 4.50%), 07/16/32 (a) | 284 | 278 |
| Shift4 Payments, LLC |  |  |
| 2025 Repriced Term Loan B, 5.65%, (3 Month Term SOFR + 2.00%), 06/30/32 (a) | 95 | 94 |
| Southern Veterinary Partners, LLC |  |  |
| 2025 Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 12/04/31 (a) | 1564 | 1549 |
| Spectris Plc |  |  |
| USD Term Loan, 6.60%, (3 Month Term SOFR + 2.75%), 09/26/32 (a) | 608 | 608 |
| Star Parent Inc. |  |  |
| Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 09/19/30 (a) | 2928 | 2892 |
| Stonepeak Nile Parent LLC |  |  |
| 2025 Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 04/09/32 (a) | 3086 | 3078 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Student Transportation of America Holdings, Inc |  |  |
| 2025 Term Loan, 6.40%, (3 Month Term SOFR + 2.75%), 06/24/32 (a) | 2928 | 2933 |
| Superannuation and Investments US LLC |  |  |
| 2026 Term Loan, 6.17%, (1 Month Term SOFR + 2.50%), 12/01/28 (a) | 2173 | 2170 |
| Tiger Acquisition, LLC |  |  |
| 2025 Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 08/14/32 (a) | 453 | 453 |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 6.38%, (6 Month Term SOFR + 2.75%), 04/30/30 (a) | 4150 | 4157 |
| Term Loan, 0.00%, (SOFR + 2.75%), 12/31/49 (a) (b) | 1599 | 1601 |
| TKC Holdings, Inc. |  |  |
| 2026 Term Loan, 8.18%, (1 Month Term SOFR + 4.50%), 08/17/30 (a) | 2500 | 2482 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.17%, (1 Month Term SOFR + 2.50%), 02/28/31 (a) | 5652 | 5651 |
| 2025 Term Loan M, 6.17%, (1 Month Term SOFR + 2.50%), 08/13/32 (a) | 4040 | 4039 |
| 2024 Term Loan L, 6.17%, (1 Month Term SOFR + 2.50%), 09/05/32 (a) | 488 | 487 |
| 2026 Term Loan N, 6.16%, (3 Month Term SOFR + 2.50%), 02/13/33 (a) | 360 | 360 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 6.17%, (3 Month Term SOFR + 2.50%), 02/16/28 (a) | 3969 | 3966 |
| United Airlines, Inc. |  |  |
| 2026 Term Loan B, 5.43%, (1 Month Term SOFR + 1.75%), 02/22/31 (a) | 3005 | 2992 |
| US Fertility Enterprises LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 3.50%), 12/11/32 (a) (b) | 36 | 35 |
| 2025 Term Loan, 7.15%, (3 Month Term SOFR + 3.50%), 12/11/32 (a) | 234 | 234 |
| Van Pool Transportation LLC |  |  |
| 2026 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 08/06/30 (a) (b) | 12 | 12 |
| 2026 Term Loan, 6.41%, (3 Month Term SOFR + 2.75%), 08/06/30 (a) | 248 | 248 |
| Vantor Holdings Inc |  |  |
| 1st Lien Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 02/26/33 (a) | 3000 | 2936 |
| Veritiv Corporation |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 4.00%), 11/30/30 (a) (b) | 1000 | 970 |
| VistaJet Malta Finance P.L.C. |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 3.75%), 03/27/31 (a) (b) | 185 | 183 |
| 2025 Term Loan B, 7.41%, (3 Month Term SOFR + 3.75%), 03/27/31 (a) | 1713 | 1693 |
| VM Consolidated, Inc. |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 10/03/32 (a) | 363 | 363 |
| VSE Corporation |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 03/17/33 (a) (b) | 440 | 439 |
| Wash Multifamily Parent Inc |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/07/32 (a) | 330 | 331 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 2.25%), 01/20/31 (a) (b) | 25 | 25 |
| 2024 Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 01/20/31 (a) | 2379 | 2374 |
| WestJet Loyalty LP |  |  |
| Term Loan B, 6.42%, (3 Month Term SOFR + 3.25%), 02/01/31 (a) | 1728 | 1675 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 10/19/29 (a) (b) | 25 | 24 |
| 2024 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 10/19/29 (a) | 918 | 881 |
| 2026 Incremental Term Loan B, 7.17%, (3 Month Term SOFR + 3.50%), 02/04/33 (a) | 960 | 911 |
| | | 244810 |
| **Information Technology 15.5%** | **Information Technology 15.5%** | **Information Technology 15.5%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B4, 6.17%, (3 Month Term SOFR + 2.50%), 01/24/31 (a) | 5771 | 5680 |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 5.92%, (1 Month Term SOFR + 2.25%), 02/07/31 (a) | 3458 | 3387 |
| Arches Buyer Inc. |  |  |
| 2021 Term Loan B, 7.02%, (1 Month Term SOFR + 3.25%), 12/06/27 (a) | 2474 | 2462 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 0.00%, (1 Month Term SOFR + 3.00%), 12/11/28 (a) (b) | 25 | 24 |
| 2025 Repriced Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 12/11/28 (a) | 2209 | 2154 |
| Athenahealth Group, Inc. |  |  |
| 2022 Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 01/27/29 (a) (b) | 25 | 25 |
| 2022 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 01/27/29 (a) | 6114 | 5992 |
| AZZ Inc. |  |  |
| Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 05/06/29 (a) | 135 | 135 |
| BCPE Pequod Buyer Inc |  |  |
| USD Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 09/19/31 (a) | 3676 | 3561 |
| Bingo Holdings I LLC |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 4.75%), 06/11/32 (a) (b) | 1393 | 1356 |
| Term Loan B, 8.42%, (3 Month Term SOFR + 4.75%), 06/11/32 (a) | 605 | 589 |
| Boxer Parent Company Inc. |  |  |
| 2025 USD Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 07/30/31 (a) | 3546 | 3279 |
| CACI International, Inc. |  |  |
| 2026 Incremental Term Loan B2, 5.42%, (1 Month Term SOFR + 1.75%), 02/26/33 (a) | 175 | 175 |
| Calabrio, Inc. |  |  |
| 2025 First Out Term Loan, 7.67%, (3 Month Term SOFR + 4.00%), 10/24/32 (a) | 1500 | 1166 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 6.92%, (3 Month Term SOFR + 3.25%), 07/06/29 (a) | 605 | 430 |
| Chamberlain Group Inc |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 07/22/32 (a) | 607 | 600 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2031), 6.92%, (3 Month Term SOFR + 3.25%), 03/24/31 (a) | 3501 | 3197 |
| 2025 Term Loan B (2032), 6.92%, (3 Month Term SOFR + 3.25%), 08/07/32 (a) | 2788 | 2543 |
| CompoSecure Holdings LLC |  |  |
| Term Loan, 5.93%, (1 Month Term SOFR + 2.25%), 01/07/33 (a) | 1597 | 1590 |
| CoorsTek Inc |  |  |
| Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 10/10/32 (a) | 374 | 375 |
| Cyberswift US Finco, LLC |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 4.00%), 09/22/32 (a) (b) | 45 | 44 |
| Term Loan B, 7.65%, (3 Month Term SOFR + 4.00%), 09/22/32 (a) | 190 | 187 |
| Dayforce, Inc. |  |  |
| 2026 Term Loan, 0.00%, (3 Month Term SOFR + 3.00%), 10/07/32 (a) (b) | 375 | 354 |
| 2026 Term Loan, 6.66%, (3 Month Term SOFR + 3.00%), 10/07/32 (a) | 3985 | 3765 |
| DCert Buyer, Inc. |  |  |
| 2021 2nd Lien Term Loan, 10.67%, (1 Month Term SOFR + 7.00%), 02/16/29 (a) | 250 | 189 |
| Delta TopCo, Inc. |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 11/30/29 (a) | 2808 | 2712 |
| ECL Entertainment, LLC |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 08/30/30 (a) | 290 | 288 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.17%, (1 Month Term SOFR + 2.75%), 10/29/29 (a) | 1550 | 1505 |
| EP Purchaser, LLC |  |  |
| 2021 Term Loan B, 7.29%, (3 Month Term SOFR + 3.50%), 11/06/28 (a) | 69 | 43 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan F, 6.17%, (1 Month Term SOFR + 2.50%), 05/23/31 (a) | 5067 | 4965 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 7.77%, (3 Month Term SOFR + 4.00%), 08/17/27 (a) | 2265 | 2195 |
| Gen Digital Inc. |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 1.75%), 01/28/29 (a) (b) | 25 | 25 |
| 2024 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 01/28/29 (a) | 1842 | 1822 |
| Genesys Cloud Services Holdings II LLC |  |  |
| 2025 USD Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 01/23/32 (a) | 3040 | 2905 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B7, 5.42%, (1 Month Term SOFR + 1.75%), 05/21/31 (a) | 1139 | 1117 |
| Kaseya Inc. |  |  |
| 2025 1st Lien Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 03/05/32 (a) | 2893 | 2694 |
| 2025 2nd Lien Term Loan B, 8.67%, (1 Month Term SOFR + 5.00%), 03/07/33 (a) | 800 | 633 |
| KnowBe4, Inc. |  |  |
| 2025 Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 07/21/32 (a) | 1052 | 935 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 03/01/29 (a) | 2074 | 1846 |
| MH Sub I, LLC |  |  |
| 2023 Term Loan, 7.92%, (1 Month Term SOFR + 4.25%), 04/13/28 (a) | 2254 | 1931 |
| 2021 2nd Lien Term Loan, 9.92%, (1 Month Term SOFR + 6.25%), 02/12/29 (a) | 60 | 40 |
| 2024 Term Loan B4, 7.92%, (1 Month Term SOFR + 4.25%), 12/11/31 (a) | 6074 | 4022 |
| Mitchell International, Inc. |  |  |
| 2026 Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 06/17/31 (a) | 792 | 754 |
| Term Loan, 0.00%, (SOFR + 3.00%), 12/31/49 (a) (b) | 150 | 143 |
| MKS Instruments, Inc. |  |  |
| 2026 USD Term Loan B, 5.41%, (1 Month Term SOFR + 1.75%), 01/27/33 (a) | 295 | 295 |
| MPH Acquisition Holdings LLC |  |  |
| 2025 Second Out Term Loan, 0.00%, (3 Month Term SOFR + 4.60%), 12/31/30 (a) (b) | 2257 | 1993 |
| 2025 Second Out Term Loan, 8.53%, (3 Month Term SOFR + 4.60%), 12/31/30 (a) | 741 | 654 |
| NCR Atleos LLC |  |  |
| 2025 Term Loan B, 6.69%, (3 Month Term SOFR + 3.00%), 04/16/29 (a) | 316 | 315 |
| Open Text Corporation |  |  |
| 2023 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 01/31/30 (a) | 3582 | 3500 |
| Peraton Corp. |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 3.75%), 02/22/28 (a) (b) | 25 | 21 |
| Term Loan B, 7.52%, (3 Month Term SOFR + 3.75%), 02/22/28 (a) | 5293 | 4508 |
| 2nd Lien Term Loan B1, 0.00%, (3 Month Term SOFR + 7.75%), 02/01/29 (a) (b) | 60 | 43 |
| 2nd Lien Term Loan B1, 11.52%, (3 Month Term SOFR + 7.75%), 02/01/29 (a) | 235 | 168 |
| Ping Identity Corporation |  |  |
| 2025 Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 10/31/32 (a) | 445 | 439 |
| PointClickCare Technologies, Inc. |  |  |
| 2025 Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 11/03/31 (a) | 1384 | 1376 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 7.68%, (3 Month Term SOFR + 4.00%), 06/03/28 (a) | 4467 | 3920 |
| Priority Holdings, LLC |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.75%), 07/22/32 (a) | 227 | 221 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 0.00%, (3 Month Term SOFR + 3.25%), 10/28/30 (a) (b) | 1000 | 753 |
| 2024 1st Lien Term Loan B, 6.92%, (3 Month Term SOFR + 3.25%), 10/28/30 (a) | 1080 | 813 |
| 2025 2nd Lien Incremental Term Loan, 8.67%, (3 Month Term SOFR + 5.00%), 11/22/32 (a) | 430 | 250 |
| Project Boost Purchaser LLC |  |  |
| 2025 Refinancing Term Loan, 6.42%, (3 Month Term SOFR + 2.75%), 07/02/31 (a) | 563 | 542 |
| Proofpoint, Inc. |  |  |
| 2025 Repriced Term Loan, 6.67%, (3 Month Term SOFR + 3.00%), 08/31/28 (a) | 4364 | 4218 |
| Qnity Electronics Inc |  |  |
| Term Loan B, 5.70%, (6 Month Term SOFR + 2.00%), 08/11/32 (a) | 3282 | 3274 |
| Rackspace Finance, LLC |  |  |
| 2024 First Lien Second Out Term Loan, 6.54%, (1 Month Term SOFR + 2.75%), 03/15/28 (a) | 1212 | 561 |
| 2024 First Lien First Out Term Loan, 10.04%, (1 Month Term SOFR + 6.25%), 05/15/28 (a) | 187 | 185 |
| RealPage, Inc |  |  |
| 2024 Incremental Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 04/24/28 (a) | 1895 | 1836 |
| Red Planet Borrower, LLC |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 08/07/32 (a) | 1606 | 1568 |
| Renaissance Holding Corp. |  |  |
| 2024 1st Lien Term Loan, 7.67%, (3 Month Term SOFR + 4.00%), 04/05/30 (a) | 1597 | 1127 |
| Resilience Parent LLC |  |  |
| 1st Lien Term Loan, 6.13%, (3 Month Term SOFR + 2.50%), 01/21/33 (a) | 525 | 522 |
| Rocket Software, Inc. |  |  |
| 2023 USD Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 11/28/28 (a) (b) | 750 | 718 |
| 2023 USD Term Loan B, 7.42%, (1 Month Term SOFR + 3.75%), 11/28/28 (a) | 4901 | 4691 |
| SonarSource Financing LLC |  |  |
| Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 12/17/30 (a) | 430 | 392 |
| Sovos Compliance, LLC |  |  |
| 2025 Repriced Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 08/13/29 (a) (b) | 335 | 317 |
| 2025 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/13/29 (a) | 486 | 461 |
| SS&C Technologies Inc. |  |  |
| 2024 Term Loan B8, 0.00%, (1 Month Term SOFR + 2.00%), 05/09/31 (a) (b) | 375 | 374 |
| 2024 Term Loan B8, 5.67%, (1 Month Term SOFR + 2.00%), 05/09/31 (a) | 2690 | 2678 |
| TCP Sunbelt Acquisition Co. |  |  |
| 2024 Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 10/11/31 (a) | 405 | 404 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 2.50%), 01/30/31 (a) (b) | 775 | 740 |
| 2024 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 01/30/31 (a) | 7550 | 7204 |
| VS Buyer, LLC |  |  |
| 2025 Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 04/12/31 (a) | 2752 | 2683 |
| World Wide Technology Holding Co. LLC |  |  |
| 2025 Repriced Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 03/01/30 (a) | 3135 | 3117 |
| Zelis Payments Buyer, Inc. |  |  |
| Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 09/28/29 (a) | 2670 | 2581 |
| 5th Amendment Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 10/24/31 (a) (b) | 25 | 24 |
| 5th Amendment Term Loan, 6.92%, (1 Month Term SOFR + 3.25%), 10/24/31 (a) | 2289 | 2211 |
|  |  | 135531 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** | **Consumer Discretionary 10.5%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 5.42%, (1 Month Term SOFR + 1.75%), 09/23/30 (a) | 3885 | 3874 |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 0.00%, (1 Month Term SOFR + 2.25%), 12/21/28 (a) (b) | 25 | 25 |
| 2024 1st Lien Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 12/21/28 (a) | 2510 | 2503 |
| Adient US LLC |  |  |
| 2024 Term Loan B2, 5.67%, (1 Month Term SOFR + 2.25%), 01/31/31 (a) | 1066 | 1063 |
| Allison Transmission, Inc. |  |  |
| 2025 Incremental Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 11/06/32 (a) | 240 | 241 |
| American Axle and Manufacturing, Inc. |  |  |
| 2025 Incremental Term Loan C, 7.01%, (3 Month Term SOFR + 3.25%), 02/24/32 (a) | 361 | 359 |
| American Trailer World Corp. |  |  |
| Term Loan B, 7.52%, (1 Month Term SOFR + 3.75%), 02/17/28 (a) | 2326 | 1963 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 7.43%, (1 Month Term SOFR + 3.75%), 06/26/31 (a) | 671 | 672 |
| Asplundh Tree Expert, LLC |  |  |
| 2024 Incremental Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 05/09/31 (a) | 442 | 442 |
| Autokiniton US Holdings, Inc. |  |  |
| 2024 Term Loan B, 7.79%, (1 Month Term SOFR + 4.00%), 04/06/28 (a) | 1726 | 1701 |
| Avis Budget Car Rental, LLC |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 07/10/32 (a) | 328 | 322 |
| Belron Finance 2019 LLC |  |  |
| 2026 Repriced Term Loan B, 5.66%, (3 Month Term SOFR + 2.00%), 10/16/31 (a) | 2770 | 2768 |
| Bombardier Recreational Products, Inc. |  |  |
| 2023 Term Loan B3, 5.92%, (1 Month Term SOFR + 2.25%), 12/13/29 (a) | 537 | 537 |
| Caesars Entertainment Inc. |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 01/25/30 (a) | 3904 | 3787 |
| 2024 Term Loan B1, 5.92%, (1 Month Term SOFR + 2.25%), 01/24/31 (a) | 1240 | 1201 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/06/30 (a) | 2940 | 2928 |
| 2025 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 01/14/32 (a) | 1845 | 1839 |
| CWGS Group, LLC |  |  |
| 2021 Term Loan B, 6.29%, (1 Month Term SOFR + 2.50%), 05/25/28 (a) | 752 | 717 |
| EG America LLC |  |  |
| 2026 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 01/30/31 (a) | 3291 | 3288 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 01/13/29 (a) (d) | 6119 | 5991 |
| Flynn Restaurant Group LP |  |  |
| 2025 Incremental Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 01/17/32 (a) (b) | 380 | 373 |
| 2025 Incremental Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 01/17/32 (a) | 770 | 755 |
| Four Seasons Hotels Limited |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 09/22/32 (a) | 87 | 88 |
| Fugue Finance B.V. |  |  |
| 2026 USD Term Loan B, 5.92%, (SOFR + 2.25%), 01/09/32 (a) | 570 | 562 |
| GEN II Fund Services LLC |  |  |
| 2024 Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 11/19/31 (a) | 416 | 410 |
| Golden Entertainment, Inc. |  |  |
| 2023 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 05/18/30 (a) | 766 | 766 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 01/20/32 (a) | 13159 | 13119 |
| GVC Holdings (Gibraltar) Limited |  |  |
| 2025 Term Loan B6 (2029), 5.95%, (3 Month Term SOFR + 2.25%), 10/31/29 (a) | 2803 | 2800 |
| 2025 Term Loan B5 (2032), 5.95%, (3 Month Term SOFR + 2.25%), 07/30/32 (a) | 497 | 497 |
| Harbor Freight Tools USA, Inc. |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 06/05/31 (a) | 990 | 979 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2021 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 05/20/28 (a) | 614 | 613 |
| 2024 Incremental Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 01/10/31 (a) | 2309 | 2300 |
| HNI Corp |  |  |
| Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 11/19/32 (a) | 269 | 271 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 01/14/32 (a) | 2481 | 2467 |
| IRB Holding Corp |  |  |
| 2025 Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 12/15/30 (a) | 2961 | 2952 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 0.00%, (1 Month Term SOFR + 3.50%), 04/26/30 (a) (b) | 25 | 25 |
| 2025 Repriced Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 04/26/30 (a) | 3726 | 3674 |
| Lippert Colipper |  |  |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 03/25/32 (a) | 312 | 311 |
| Openlane Inc |  |  |
| Term Loan B, 6.14%, (3 Month Term SOFR + 2.50%), 10/01/32 (a) | 160 | 159 |
| P.F. Chang's China Bistro Inc. |  |  |
| 2019 Term Loan B, 9.92%, (1 Month Term SOFR + 6.25%), 09/03/29 (a) | 330 | 234 |
| 2019 Term Loan B, 9.92%, (1 Month Term SOFR + 6.25%), 09/03/29 (a) | 1 | 1 |
| PCI Gaming Authority |  |  |
| Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 05/15/26 (a) | 113 | 113 |
| Peer Holding III B.V. |  |  |
| 2025 USD Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 09/29/32 (a) | 2788 | 2760 |
| PetSmart, Inc. |  |  |
| 2025 USD Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 08/09/32 (a) | 2000 | 1984 |
| Pye-Barker Fire & Safety, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 2.50%), 12/10/32 (a) (b) | 56 | 56 |
| 2025 Term Loan, 6.20%, (3 Month Term SOFR + 2.50%), 12/10/32 (a) | 374 | 374 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 6.29%, (1 Month Term SOFR + 2.50%), 10/15/28 (a) | 791 | 768 |
| RVR Dealership Holdings, LLC |  |  |
| 2026 Term Loan B, 8.18%, (1 Month Term SOFR + 4.50%), 02/09/33 (a) | 810 | 780 |
| Sabre GLBL Inc. |  |  |
| 2024 Term Loan B1, 9.77%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) | 484 | 379 |
| Somnigroup International Inc |  |  |
| Term Loan B, 5.91%, (SOFR + 2.25%), 10/24/31 (a) | 819 | 820 |
| Spin Holdco Inc. |  |  |
| 2026 First Lien Second Out Term Loan, 0.00%, (3 Month Term SOFR + 4.00%), 09/04/30 (a) (b) | 25 | 20 |
| 2026 First Lien Second Out Term Loan, 7.93%, (3 Month Term SOFR + 4.00%), 09/04/30 (a) | 3145 | 2461 |
| 2026 First Lien First Out Term Loan, 9.10%, (3 Month Term SOFR + 5.43%), 09/30/30 (a) | 540 | 549 |
| Splat Super Holdco, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 5.00%), 06/24/32 (a) (b) | 11 | 10 |
| 2025 Term Loan, 8.67%, (1 Month Term SOFR + 5.00%), 06/24/32 (a) | 249 | 224 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 03/07/31 (a) | 1340 | 1339 |
| Sweetwater Borrower, LLC |  |  |
| 2026 Term Loan B, 7.66%, (1 Month Term SOFR + 4.00%), 02/17/33 (a) | 935 | 934 |
| Tenneco, Inc. |  |  |
| 2022 Term Loan B, 8.76%, (3 Month Term SOFR + 5.00%), 11/17/28 (a) | 1496 | 1456 |
| 2022 Term Loan B, 8.77%, (3 Month Term SOFR + 5.00%), 11/17/28 (a) | 4 | 4 |
| Tory Burch LLC |  |  |
| Term Loan B, 7.04%, (1 Month Term SOFR + 3.25%), 04/14/28 (a) | 1087 | 1086 |
| Varsity Brands, Inc. |  |  |
| 2025 1st Lien Term Loan, 0.00%, (3 Month Term SOFR + 3.00%), 08/26/31 (a) (b) | 165 | 164 |
| 2025 1st Lien Term Loan, 6.67%, (3 Month Term SOFR + 3.00%), 08/26/31 (a) | 873 | 869 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 01/30/31 (a) | 474 | 469 |
| Weber-Stephen Products LLC |  |  |
| 2025 Term Loan B, 7.47%, (3 Month Term SOFR + 3.75%), 09/17/32 (a) | 800 | 780 |
| WH Borrower, LLC |  |  |
| 2025 Term Loan B, 8.16%, (3 Month Term SOFR + 4.50%), 02/12/32 (a) | 2453 | 2452 |
| Term Loan, 0.00%, (SOFR + 4.50%), 12/31/49 (a) (b) | 395 | 395 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 08/03/28 (a) | 1117 | 1115 |
| | | 91938 |
| **Communication Services 9.9%** | **Communication Services 9.9%** | **Communication Services 9.9%** |
| 19th Holdings Golf, LLC |  |  |
| 2022 Term Loan B, 7.02%, (1 Month Term SOFR + 3.25%), 01/27/29 (a) | 1138 | 1135 |
| 888 Acquisitions Limited |  |  |
| USD Term Loan B, 9.05%, (6 Month Term SOFR + 5.25%), 07/01/28 (a) | 822 | 761 |
| Academy, Ltd. |  |  |
| 2021 Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 11/05/27 (a) | 156 | 156 |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.35%, (3 Month Term SOFR + 5.50%), 02/10/27 (a) (d) | 5290 | 3293 |
| Allwyn Entertainment Financing US LLC |  |  |
| 2025 1st Lien Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 11/10/32 (a) | 2000 | 1960 |
| Altice Financing SA |  |  |
| 2022 USD Term Loan, 8.67%, (3 Month Term SOFR + 5.00%), 10/31/27 (a) | 2467 | 1784 |
| Altice France S.A. |  |  |
| 2025 USD Term Loan B13, 9.05%, (3 Month Term SOFR + 5.38%), 05/14/29 (a) | 743 | 737 |
| 2025 USD Term Loan B14, 0.00%, (3 Month Term SOFR + 6.88%), 05/31/31 (a) (b) | 500 | 500 |
| 2025 USD Term Loan B14, 10.55%, (3 Month Term SOFR + 6.88%), 05/31/31 (a) | 6935 | 6939 |
| AP Core Holdings II, LLC |  |  |
| High-Yield Term Loan B2, 0.00%, (3 Month Term SOFR + 5.50%), 07/21/27 (a) (b) | 25 | 24 |
| Amortization Term Loan B1, 9.43%, (3 Month Term SOFR + 5.50%), 07/21/27 (a) | 1358 | 1320 |
| High-Yield Term Loan B2, 9.43%, (3 Month Term SOFR + 5.50%), 07/21/27 (a) | 895 | 870 |
| Arcis Golf LLC |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 11/24/28 (a) | 371 | 371 |
| Aventiv Technologies, LLC |  |  |
| 2024 PIK Third Out Term Loan, 9.02%, (3 Month Term SOFR + 5.09%), 09/30/26 (a) | 1136 | 655 |
| 2024 Incremental Second Out Term Loan, 11.43%, (3 Month Term SOFR + 7.50%), 09/30/26 (a) (c) | 237 | 237 |
| 2025 5th Amendment Incremental Bridge Loan, 13.94%, (3 Month Term SOFR + 10.00%), 09/30/26 (a) | 494 | 513 |
| 2024 Bridge Term Loan, 13.95%, (3 Month Term SOFR + 10.00%), 09/30/26 (a) | 202 | 209 |
| BetClic Everest Group |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 12/09/31 (a) (b) | 240 | 239 |
| Charter Communications Operating, LLC |  |  |
| 2024 Term Loan B5, 5.91%, (3 Month Term SOFR + 2.25%), 11/21/31 (a) | 1980 | 1979 |
| Ciena Corporation |  |  |
| 2025 Repriced Term Loan B, 5.43%, (1 Month Term SOFR + 1.75%), 10/24/30 (a) | 131 | 131 |
| Cimpress Public Limited Company |  |  |
| 2024 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/17/28 (a) | 1242 | 1239 |
| City Football Group Limited |  |  |
| 2024 Term Loan, 6.93%, (3 Month Term SOFR + 3.50%), 07/21/30 (a) | 1713 | 1706 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.27%, (3 Month Term SOFR + 3.50%), 06/18/29 (a) | 5125 | 4786 |
| Coherent Corp |  |  |
| 2025 Term Loan B2, 5.42%, (1 Month Term SOFR + 1.75%), 07/02/29 (a) | 448 | 448 |
| Coral-US Co-Borrower, LLC |  |  |
| 2025 Term Loan B7, 6.92%, (3 Month Term SOFR + 3.25%), 01/24/32 (a) | 360 | 353 |
| Crown Finance US, Inc. |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 4.50%), 10/31/31 (a) (b) | 25 | 25 |
| 2025 Term Loan B, 8.17%, (1 Month Term SOFR + 4.50%), 12/02/31 (a) | 2387 | 2359 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 8.25%, (Prime Rate + 1.50%), 04/15/27 (a) | 1745 | 1534 |
| Dave & Buster's, Inc. |  |  |
| 2024 Term Loan B, 6.94%, (3 Month Term SOFR + 3.25%), 06/29/29 (a) | 447 | 389 |
| 2024 1st Lien Term Loan B, 6.94%, (3 Month Term SOFR + 3.25%), 09/26/31 (a) | 783 | 651 |
| Dotdash Meredith Inc |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.50%), 06/05/32 (a) (b) | 1500 | 1413 |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 06/05/32 (a) | 598 | 564 |
| Eagle Broadband Investments LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 10/19/27 (a) (b) | 1400 | 1331 |
| EOC Borrower, LLC |  |  |
| Term Loan B, 6.42%, (1 Month Term SOFR + 3.00%), 01/28/32 (a) | 1470 | 1463 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 5.42%, (3 Month Term SOFR + 1.75%), 11/30/30 (a) | 2194 | 2167 |
| 2025 Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 05/22/32 (a) | 2675 | 2642 |
| GOGO Intermediate Holdings LLC |  |  |
| Term Loan B, 7.54%, (1 Month Term SOFR + 3.75%), 04/21/28 (a) | 2000 | 1739 |
| Gray Television, Inc. |  |  |
| 2024 Term Loan B, 8.92%, (1 Month Term SOFR + 5.25%), 05/22/29 (a) | 62 | 62 |
| Herschend Entertainment Company, LLC |  |  |
| 2026 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/27/32 (a) | 223 | 223 |
| Iridium Satellite LLC |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 09/20/30 (a) | 2930 | 2862 |
| Kingpin Intermediate Holdings LLC |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 09/16/32 (a) | 661 | 600 |
| Level 3 Financing Inc. |  |  |
| 2025 Repriced Term Loan B4, 6.92%, (1 Month Term SOFR + 3.25%), 03/29/32 (a) | 1455 | 1453 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Life Time Fitness Inc |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 11/05/31 (a) | 609 | 608 |
| Live Nation Entertainment, Inc. |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 10/19/32 (a) | 214 | 214 |
| Neptune BidCo US Inc |  |  |
| 2026 USD Term Loan B, 0.00%, (3 Month Term SOFR + 5.00%), 01/28/33 (a) (b) | 300 | 286 |
| Neptune BidCo US Inc. |  |  |
| 2026 USD Term Loan B, 8.76%, (3 Month Term SOFR + 5.00%), 01/28/33 (a) | 3075 | 2930 |
| Nexstar Broadcasting, Inc. |  |  |
| 2025 Term Loan B5, 0.00%, (1 Month Term SOFR + 2.50%), 06/23/32 (a) (b) | 359 | 355 |
| 2025 Term Loan B5, 6.17%, (1 Month Term SOFR + 2.50%), 06/23/32 (a) | 577 | 570 |
| Nexstar Media Group, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 12/31/49 (a) (b) | 2883 | 2848 |
| Oak-Eagle AcquireCo Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 03/23/33 (a) (b) | 3502 | 3480 |
| Recess Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 02/21/30 (a) | 468 | 469 |
| SBA Senior Finance II LLC |  |  |
| 2024 Term Loan B, 5.43%, (1 Month Term SOFR + 1.75%), 01/20/31 (a) | 348 | 349 |
| Securus Technologies Holdings, Inc. |  |  |
| 2023 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR +9.05%), 09/30/26 (a) (b) (c) (d) | 497 | 1 |
| Sinclair Television Group Inc. |  |  |
| 2025 Term Loan B6, 7.09%, (1 Month Term SOFR + 3.30%), 12/31/29 (a) | 199 | 178 |
| 2025 Term Loan B7, 7.87%, (1 Month Term SOFR + 4.10%), 12/31/30 (a) | 384 | 341 |
| Telesat Canada |  |  |
| Term Loan B5, 6.68%, (3 Month Term SOFR + 2.75%), 11/22/26 (a) | 3000 | 2387 |
| TKO Worldwide Holdings, LLC |  |  |
| 2025 Term Loan, 5.66%, (3 Month Term SOFR + 2.00%), 11/21/31 (a) | 4194 | 4188 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 8.59%, (3 Month Term SOFR + 5.00%), 01/17/31 (a) | 157 | 113 |
| TripAdvisor Inc |  |  |
| Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 07/01/31 (a) | 212 | 200 |
| Univision Communications Inc. |  |  |
| 2022 Term Loan B, 7.04%, (1 Month Term SOFR + 3.25%), 05/06/28 (a) | 2431 | 2396 |
| 2024 Term Loan B, 7.29%, (1 Month Term SOFR + 3.50%), 01/31/29 (a) | 1130 | 1118 |
| 2022 First Lien Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 06/10/29 (a) | 518 | 516 |
| Versant Media Group Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 10/24/30 (a) (b) | 120 | 120 |
| Term Loan B, 7.16%, (3 Month Term SOFR + 3.50%), 10/24/30 (a) | 1050 | 1048 |
| ViaSat, Inc. |  |  |
| Term Loan, 8.29%, (1 Month Term SOFR + 4.50%), 02/23/29 (a) | 1543 | 1545 |
| 2023 Term Loan, 8.29%, (1 Month Term SOFR + 4.50%), 05/30/30 (a) | 1635 | 1635 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.05%, (SOFR + 3.17%), 03/06/31 (a) | 1700 | 1546 |
| Voyager Parent, LLC |  |  |
| Repriced Term Loan B, 7.91%, (3 Month Term SOFR + 4.25%), 07/01/32 (a) | 2443 | 2425 |
| Windstream Services, LLC |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 09/24/32 (a) | 908 | 907 |
| | | 86595 |
| **Financials 9.2%** | **Financials 9.2%** | **Financials 9.2%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 0.00%, (1 Month Term SOFR + 3.00%), 11/06/30 (a) (b) | 150 | 145 |
| 2024 1st Lien Term Loan B6, 6.67%, (1 Month Term SOFR + 3.00%), 11/06/30 (a) | 8400 | 8125 |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 06/07/32 (a) (b) | 595 | 576 |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 06/07/32 (a) | 1545 | 1495 |
| Albion Financing 3 SARL |  |  |
| 2025 USD Term Loan, 6.66%, (3 Month Term SOFR + 3.00%), 05/21/31 (a) | 2556 | 2552 |
| Alera Group, Inc. |  |  |
| 2026 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 05/30/32 (a) | 4411 | 4272 |
| Alliant Holdings Intermediate, LLC |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 2.50%), 09/19/31 (a) (b) | 30 | 30 |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 09/19/31 (a) | 1706 | 1692 |
| AmWINS Group, Inc. |  |  |
| 2026 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 01/30/32 (a) | 760 | 754 |
| Aretec Group, Inc. |  |  |
| 2025 Repriced Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 08/09/30 (a) | 1129 | 1114 |
| Asurion LLC |  |  |
| 2021 Second Lien Term Loan B4, 9.04%, (1 Month Term SOFR + 5.25%), 01/15/29 (a) | 1570 | 1558 |
| 2024 Term Loan B12, 0.00%, (1 Month Term SOFR + 4.25%), 09/12/30 (a) (b) | 375 | 371 |
| 2024 Term Loan B12, 7.92%, (1 Month Term SOFR + 4.25%), 09/12/30 (a) | 4352 | 4302 |
| 2025 Term Loan B13, 7.92%, (1 Month Term SOFR + 4.25%), 09/19/30 (a) | 499 | 492 |
| 2026 Term Loan B14, 0.00%, (3 Month Term SOFR + 3.75%), 02/13/33 (a) (b) | 1250 | 1207 |
| 2026 Term Loan B14, 7.41%, (3 Month Term SOFR + 3.75%), 02/13/33 (a) | 3158 | 3049 |
| Azorra Soar TLB Finance Ltd. |  |  |
| 2026 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 10/18/29 (a) | 435 | 434 |
| Boots Group Bidco Ltd. |  |  |
| USD Term Loan, 6.92%, (3 Month Term SOFR + 3.50%), 07/22/32 (a) | 334 | 335 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 6.17%, (1 Month Term SOFR + 2.75%), 05/10/31 (a) | 760 | 741 |
| CFC Bidco 2022 Ltd. |  |  |
| Term Loan B, 7.16%, (3 Month Term SOFR + 3.75%), 05/30/32 (a) | 390 | 371 |
| Charlotte Buyer, Inc. |  |  |
| 2025 Repriced Term Loan B, 7.92%, (1 Month Term SOFR + 4.25%), 02/11/28 (a) | 1144 | 1133 |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 5.67%, (3 Month Term SOFR + 2.00%), 10/31/31 (a) | 2070 | 2071 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 02/21/31 (a) | 5485 | 5042 |
| 2024 Fixed Term Loan B, 7.63%, 02/21/31 | 980 | 912 |
| Herc Holdings Inc |  |  |
| 2026 Term Loan B, 5.43%, (1 Month Term SOFR + 1.75%), 06/02/32 (a) | 1995 | 1996 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 2.50%), 06/20/30 (a) (b) | 25 | 25 |
| 2025 Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 06/20/30 (a) | 5276 | 5261 |
| Hudson River Trading LLC |  |  |
| 2026 Repriced Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 03/18/30 (a) | 2873 | 2858 |
| Hyperion Refinance S.a.r.l. |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 04/18/30 (a) (b) | 1500 | 1461 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| IMC Financing LLC |  |  |
| Term Loan B, 6.67%, (1 Month Term SOFR + 3.50%), 06/02/32 (a) | 2010 | 2013 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 0.00%, (3 Month Term SOFR + 2.00%), 12/10/31 (a) (b) | 25 | 25 |
| 2024 Term Loan B1, 5.67%, (3 Month Term SOFR + 2.00%), 12/10/31 (a) | 6755 | 6623 |
| Jump Financial, LLC |  |  |
| 2025 1st Lien Term Loan B, 7.17%, (3 Month Term SOFR + 3.50%), 02/26/32 (a) | 1398 | 1396 |
| NEXUS Buyer LLC |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.50%), 07/31/31 (a) (b) | 25 | 24 |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 07/31/31 (a) | 2058 | 1975 |
| 2025 Incremental Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 07/31/31 (a) | 223 | 215 |
| 2025 2nd Lien Term Loan B, 9.42%, (1 Month Term SOFR + 5.75%), 01/30/32 (a) | 290 | 280 |
| Novae LLC |  |  |
| 1st Lien Term Loan, 8.85%, (3 Month Term SOFR + 5.00%), 01/19/29 (a) (d) | 347 | 306 |
| Opal Bidco SAS |  |  |
| USD Term Loan B4, 6.69%, (3 Month Term SOFR + 3.00%), 04/28/32 (a) | 3234 | 3230 |
| Orion US Finco Inc. |  |  |
| 1st Lien Term Loan, 7.15%, (3 Month Term SOFR + 3.50%), 05/21/32 (a) | 280 | 277 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 09/11/31 (a) | 2447 | 2441 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 02/16/28 (a) | 2877 | 2820 |
| St. George Warehousing & Trucking Co. of CA, Inc. |  |  |
| 2026 Interim New Money DIP Delayed Draw Term Loan, 8.00%, (3 Month Term SOFR + 8.00%), 07/07/26 (a) (c) | 299 | 299 |
| 2026 FLFO DIP Term Loan, 8.00%, (3 Month Term SOFR + 8.00%), 07/13/26 (a) (c) | 299 | 299 |
| 2026 FLSO DIP Term Loan, 8.00%, (3 Month Term SOFR + 8.00%), 07/13/26 (a) (c) | 24 | 24 |
| 2024 Second Out Term Loan, 11.30%, (3 Month Term SOFR + 7.50%), 10/03/29 (a) (c) | 906 | 8 |
| 2024 UnSub FLFO, 12.05%, (3 Month Term SOFR + 8.25%), 10/07/29 (a) (c) | 141 | 141 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 5.42%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 962 | 957 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 05/06/31 (a) | 2206 | 2173 |
| USI, Inc. |  |  |
| 2024 Term Loan C, 5.92%, (3 Month Term SOFR + 2.25%), 09/27/30 (a) | 107 | 107 |
| Virtu Financial LLC |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 06/21/31 (a) | 540 | 539 |
| | | 80546 |
| **Health Care 6.0%** | **Health Care 6.0%** | **Health Care 6.0%** |
| Accelerated Health Systems, LLC |  |  |
| 2022 Term Loan B, 8.07%, (3 Month Term SOFR + 4.25%), 02/01/29 (a) | 947 | 480 |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 7.54%, (1 Month Term SOFR + 3.75%), 12/23/27 (a) | 1592 | 1488 |
| 2023 Term Loan B5, 9.42%, (1 Month Term SOFR + 5.75%), 12/23/27 (a) | 672 | 641 |
| Alkermes, Inc. |  |  |
| 2026 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 01/28/31 (a) | 255 | 257 |
| Amneal Pharmaceuticals LLC |  |  |
| 2026 Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 08/01/32 (a) | 3432 | 3440 |
| Aveanna Healthcare, LLC |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.75%), 09/11/32 (a) | 204 | 204 |
| Bausch & Lomb Corporation |  |  |
| 2025 Repriced Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 01/15/31 (a) | 4229 | 4235 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 6.25%), 09/25/30 (a) (b) | 25 | 24 |
| 2025 Term Loan B, 9.92%, (1 Month Term SOFR + 6.25%), 09/25/30 (a) | 2906 | 2800 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.17%, (3 Month Term SOFR + 2.25%), 11/08/32 (a) | 859 | 858 |
| DaVita, Inc. |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 05/09/31 (a) | 610 | 611 |
| Elanco Animal Health Incorporated |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 10/28/32 (a) | 250 | 250 |
| Embecta Corp |  |  |
| Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 01/27/29 (a) | 342 | 342 |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 04/23/31 (a) (b) | 375 | 373 |
| 2024 1st Lien Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 04/23/31 (a) | 641 | 637 |
| ExamWorks BidCo Inc. |  |  |
| 2026 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 11/01/35 (a) | 380 | 379 |
| Fitness International, LLC |  |  |
| 2024 Term Loan B, 8.17%, (1 Month Term SOFR + 4.50%), 01/30/29 (a) | 309 | 309 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) (b) | 14 | 14 |
| 2024 Delayed Draw Term Loan, 7.17%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) | 20 | 20 |
| 2024 Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 10/16/31 (a) | 267 | 268 |
| Heartland Dental, LLC |  |  |
| 2025 Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 07/31/32 (a) (b) | 115 | 115 |
| 2025 Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 07/31/32 (a) | 263 | 262 |
| Help At Home, Inc. |  |  |
| 2024 Term Loan B, 8.67%, (1 Month Term SOFR + 5.00%), 09/20/31 (a) | 1167 | 993 |
| Hologic Inc |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 12/31/49 (a) (b) | 4125 | 4074 |
| Insulet Corporation |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 08/04/31 (a) | 1295 | 1303 |
| Jazz Financing Lux S.a.r.l. |  |  |
| 2024 1st Lien Term Loan B2, 5.92%, (1 Month Term SOFR + 2.25%), 05/05/28 (a) | 4333 | 4344 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.42%, (3 Month Term SOFR + 3.75%), 05/16/31 (a) | 4163 | 4161 |
| Loire Finco Luxembourg S.a.r.l. |  |  |
| 2025 USD Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 01/31/30 (a) | 203 | 202 |
| Lumexa Imaging, Inc. |  |  |
| Term Loan B, 6.70%, (3 Month Term SOFR + 3.00%), 12/12/32 (a) | 175 | 175 |
| MED ParentCo LP |  |  |
| 2025 Repriced Term Loan B, 0.00%, (1 Month Term SOFR + 3.00%), 04/15/31 (a) (b) | 375 | 375 |
| 2025 Repriced Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 04/15/31 (a) | 702 | 701 |
| Medline Borrower, LP |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 10/23/28 (a) | 1174 | 1176 |
| 2025 Incremental Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 10/23/30 (a) | 372 | 373 |
| National Mentor Holdings, Inc. |  |  |
| 2025 1st Lien Term Loan B, 9.67%, (1 Month Term SOFR + 6.00%), 12/05/30 (a) | 938 | 932 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2025 Delayed Draw Term Loan, 9.71%, (3 Month Term SOFR + 6.00%), 12/05/30 (a) | 402 | 399 |
| Organon & Co |  |  |
| 2024 USD Term Loan, 5.92%, (1 Month Term SOFR + 2.25%), 05/19/31 (a) | 801 | 761 |
| Padagis LLC |  |  |
| Term Loan B, 8.66%, (3 Month Term SOFR + 4.75%), 06/30/28 (a) | 2253 | 2067 |
| Phoenix Guarantor Inc |  |  |
| 2024 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 02/21/31 (a) | 2684 | 2682 |
| Radiology Partners Inc |  |  |
| 2025 Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 06/26/32 (a) | 1241 | 1220 |
| Raven Acquisition Holdings LLC |  |  |
| Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 10/25/31 (a) | 3885 | 3807 |
| Select Medical Corp |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 12/31/31 (a) (b) | 676 | 674 |
| Sotera Health Holdings, LLC |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/30/31 (a) | 452 | 452 |
| TEAM Services Holding Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 5.25%), 12/31/49 (a) (b) | 150 | 142 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 7.78%, (1 Month Term SOFR + 4.00%), 09/22/28 (a) | 2356 | 2355 |
| United FP Holdings, LLC |  |  |
| 2019 1st Lien Term Loan, 7.93%, (3 Month Term SOFR + 4.00%), 12/30/26 (a) | 962 | 921 |
| 2019 2nd Lien Term Loan, 12.43%, (3 Month Term SOFR + 8.50%), 12/30/27 (a) | 155 | 116 |
| | | 52412 |
| **Materials 4.4%** | **Materials 4.4%** | **Materials 4.4%** |
| Aruba Investments Holdings, LLC |  |  |
| 2020 USD Term Loan, 7.77%, (3 Month Term SOFR + 4.00%), 10/28/27 (a) | 630 | 600 |
| 2022 USD Incremental Term Loan, 8.42%, (3 Month Term SOFR + 4.75%), 11/04/27 (a) | 334 | 318 |
| Bakelite US Holdco, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 12/16/31 (a) (b) | 190 | 183 |
| Berlin Packaging LLC |  |  |
| 2025 Term Loan B7, 6.91%, (3 Month Term SOFR + 3.25%), 06/07/31 (a) | 1053 | 1012 |
| 2025 Term Loan B7, 6.92%, (3 Month Term SOFR + 3.25%), 06/07/31 (a) | 124 | 119 |
| Charter NEX US, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.75%), 11/29/30 (a) | 669 | 665 |
| Chemours Company (The) |  |  |
| 2025 USD Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 09/30/32 (a) | 1252 | 1241 |
| Consolidated Energy Finance, S.A. |  |  |
| 2024 Term Loan B, 8.20%, (6 Month Term SOFR + 4.50%), 11/07/30 (a) | 970 | 927 |
| 2026 Incremental Term Loan, 8.42%, (3 Month Term SOFR + 4.75%), 11/18/30 (a) | 295 | 281 |
| Discovery Purchaser Corporation |  |  |
| Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 08/04/29 (a) | 1797 | 1766 |
| Graham Packaging Company Inc. |  |  |
| 2026 Term Loan B, 0.00%, (1 Month Term SOFR + 2.25%), 01/14/33 (a) (b) | 1150 | 1137 |
| 2026 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 01/14/33 (a) | 1104 | 1092 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 03/15/29 (a) | 1685 | 1608 |
| 2022 USD 2nd Lien Term Loan, 11.21%, (1 Month Term SOFR + 7.44%), 02/09/30 (a) | 106 | 99 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2026 USD Term Loan, 10.67%, (3 Month Term SOFR + 5.00%), 01/30/31 (a) | 3323 | 2683 |
| Kodiak Building Partners Inc. |  |  |
| 2024 Term Loan B, 7.42%, (1 Month Term SOFR + 3.75%), 11/26/31 (a) | 2424 | 2423 |
| Lonza Group AG |  |  |
| USD Term Loan B, 0.00%, (3 Month Term SOFR + 3.92%), 04/29/28 (a) (b) | 25 | 22 |
| USD Term Loan B, 7.70%, (3 Month Term SOFR + 3.92%), 04/29/28 (a) | 2856 | 2487 |
| M2S Group Holdings Inc |  |  |
| Term Loan B, 8.42%, (3 Month Term SOFR + 4.75%), 08/21/31 (a) | 905 | 881 |
| Mativ Holdings Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 4.50%), 03/26/33 (a) (b) (c) | 385 | 370 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.17%, (3 Month Term SOFR + 5.50%), 03/25/30 (a) | 319 | 321 |
| New Arclin U.S. Holding Corp. |  |  |
| 2021 Term Loan, 7.27%, (1 Month Term SOFR + 3.50%), 09/22/28 (a) | 1006 | 996 |
| Nouryon Finance B.V. |  |  |
| 2024 USD Term Loan B2, 6.92%, (3 Month Term SOFR + 3.25%), 04/03/28 (a) | 650 | 637 |
| 2024 USD Term Loan B1, 7.04%, (6 Month Term SOFR + 3.25%), 04/03/28 (a) | 371 | 363 |
| Pretium PKG Holdings, Inc. |  |  |
| 2026 1st Out Exit Term Loan, 8.92%, (3 Month Term SOFR + 5.25%), 03/02/31 (a) | 534 | 530 |
| Proampac PG Borrower LLC |  |  |
| 2026 USD Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 02/20/33 (a) | 2273 | 2189 |
| Solstice Advanced Materials Inc |  |  |
| Term Loan B, 5.42%, (3 Month Term SOFR + 1.75%), 09/16/32 (a) | 360 | 362 |
| Spa Holdings 3 Oy |  |  |
| USD Term Loan B, 7.93%, (3 Month Term SOFR + 4.00%), 03/18/28 (a) | 292 | 289 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) (b) | 885 | 802 |
| 2024 Term Loan B, 9.41%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) | 4941 | 4480 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 09/24/32 (a) | 2878 | 2786 |
| SupplyOne, Inc |  |  |
| 2024 Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 03/27/31 (a) | 201 | 202 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 6.92%, (1 Month Term SOFR + 3.25%), 01/29/28 (a) | 1161 | 1101 |
| W.R. Grace & Co.-Conn. |  |  |
| 2025 Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 08/11/32 (a) | 423 | 421 |
| Wilsonart LLC |  |  |
| 2024 Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 07/25/31 (a) | 1918 | 1663 |
| Windsor Holdings III, LLC |  |  |
| 2025 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 08/01/30 (a) | 1845 | 1815 |
|  |  | 38871 |
| **Consumer Staples 2.9%** | **Consumer Staples 2.9%** | **Consumer Staples 2.9%** |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Repriced Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 12/23/30 (a) | 391 | 391 |
| BW Gas & Convenience Holdings, LLC |  |  |
| 2021 Term Loan B, 7.29%, (1 Month Term SOFR + 3.50%), 03/17/28 (a) | 486 | 484 |
| C&S Wholesale Grocers Inc |  |  |
| Term Loan B, 8.67%, (3 Month Term SOFR + 5.00%), 08/05/30 (a) | 657 | 641 |
| Cardenas Markets, Inc. |  |  |
| 2022 Term Loan, 10.52%, (3 Month Term SOFR + 6.75%), 07/20/29 (a) | 1013 | 773 |
| Celsius Holdings, Inc |  |  |
| 2025 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 04/01/32 (a) | 302 | 302 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Chobani, LLC |  |  |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 10/23/32 (a) | 768 | 768 |
| Del Monte Foods, Inc. |  |  |
| 2025 PIK Roll-Up Term Loan, 13.28%, (1 Month Term SOFR + 9.60%), 06/01/26 (a) (c) | 357 | 135 |
| 2025 PIK Roll-Up Term Loan, 13.28%, (1 Month Term SOFR + 9.60%), 06/01/26 (a) (c) | 215 | 81 |
| 2024 First Out Term Loan, 0.00%, (3 Month Term SOFR + 8.00%), 08/31/28 (a) (e) (f) | 178 | 84 |
| 2025 PIK Term Loan, 0.00%, (1 Month Term SOFR + 8.00%), 11/02/28 (a) (e) (f) | 165 | 78 |
| 2024 Second Out Term Loan, 0.00%, (3 Month Term SOFR + 4.25%), 02/15/29 (a) (e) (f) | 1118 | 34 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) | 1261 | 1262 |
| 2025 Incremental Term Loan, 7.92%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) (c) | 782 | 777 |
| Fiesta Purchaser, Inc. |  |  |
| 2025 Repriced Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 02/12/31 (a) | 769 | 748 |
| Flora Food Management US Corp. |  |  |
| Term Loan, 0.00%, (SOFR + 4.25%), 10/31/30 (a) (b) | 1500 | 1465 |
| Froneri Lux Finco Sarl |  |  |
| 2024 USD Term Loan B4, 5.88%, (6 Month Term SOFR + 2.25%), 09/16/31 (a) | 347 | 340 |
| Golden State Food LLC |  |  |
| 2026 Term Loan B, 7.17%, (3 Month Term SOFR + 3.50%), 12/04/31 (a) | 2563 | 2563 |
| Naked Juice LLC |  |  |
| 2025 FLSO Term Loan, 7.02%, (3 Month Term SOFR + 3.25%), 01/24/29 (a) | 818 | 432 |
| 2025 FLFO Term Loan, 9.17%, (3 Month Term SOFR + 5.50%), 01/24/29 (a) | 988 | 980 |
| 2025 FLTO Term Loan, 9.77%, (3 Month Term SOFR + 6.00%), 01/24/30 (a) | 875 | 181 |
| Newly Weds Foods Inc |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 03/05/32 (a) | 898 | 896 |
| Nourish Buyer I Inc |  |  |
| 2026 Repriced Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 07/09/32 (a) | 713 | 714 |
| Olaplex, Inc |  |  |
| 2022 Term Loan, 7.27%, (3 Month Term SOFR + 3.50%), 02/17/29 (a) | 140 | 140 |
| Pegasus BidCo BV |  |  |
| 2025 USD Repriced Term Loan B, 6.40%, (3 Month Term SOFR + 2.75%), 07/12/29 (a) | 3000 | 2986 |
| Primary Products Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 6.90%, (3 Month Term SOFR + 3.25%), 04/01/29 (a) | 432 | 428 |
| Primo Brands Corporation |  |  |
| 2025 Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 03/31/28 (a) | 3958 | 3959 |
| Term Loan, 0.00%, (SOFR + 2.75%), 03/19/31 (a) (b) | 3459 | 3463 |
| | | 25105 |
| **Energy 2.1%** | **Energy 2.1%** | **Energy 2.1%** |
| AL NGPL Holdings, LLC |  |  |
| Term Loan B, 5.65%, (3 Month Term SOFR + 2.25%), 04/16/28 (a) | 1239 | 1236 |
| BCP Renaissance Parent LLC |  |  |
| 2024 Term Loan B3, 5.92%, (3 Month Term SOFR + 2.50%), 10/31/28 (a) | 1177 | 1171 |
| BIP PipeCo Holdings LLC |  |  |
| Term Loan B, 5.91%, (3 Month Term SOFR + 2.25%), 12/05/30 (a) | 1002 | 1002 |
| Blackfin Pipeline LLC |  |  |
| Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 09/29/32 (a) | 3292 | 3306 |
| Colossus Acquireco LLC |  |  |
| Term Loan B, 5.41%, (SOFR + 1.75%), 06/12/32 (a) | 1990 | 1982 |
| Crescent Midstream Operating LLC |  |  |
| Term Loan B, 7.41%, (3 Month Term SOFR + 3.75%), 02/13/33 (a) | 552 | 553 |
| Delek US Holdings, Inc. |  |  |
| 2022 Term Loan B, 7.27%, (1 Month Term SOFR + 3.50%), 11/10/29 (a) | 559 | 559 |
| GIP Pilot Acquisition Partners LP |  |  |
| 2025 Term Loan B, 5.65%, (3 Month Term SOFR + 2.00%), 10/04/30 (a) | 2067 | 2066 |
| Par Petroleum, LLC |  |  |
| 2025 Term Loan B, 6.93%, (3 Month Term SOFR + 3.25%), 02/28/30 (a) | 411 | 411 |
| Pelican Pipeline LLC |  |  |
| Term Loan B, 6.37%, (3 Month Term SOFR + 2.75%), 03/18/33 (a) | 2000 | 2000 |
| Prairie ECI Acquiror LP |  |  |
| 2026 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/01/29 (a) | 250 | 250 |
| Rockpoint Gas Storage Partners LP |  |  |
| 2025 Repriced Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 09/18/31 (a) | 677 | 677 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 2024 Contingency Reserve Delayed Draw Term Loan, 5.90%, (1 Month Term SOFR + 2.23%), 05/25/29 (a) | 85 | 85 |
| Base Term Loan, 5.90%, (1 Month Term SOFR + 2.23%), 05/25/29 (a) | 678 | 675 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2026 Term Loan B, 5.42%, (3 Month Term SOFR + 1.75%), 06/16/32 (a) | 2826 | 2809 |
|  |  | 18782 |
| **Utilities 1.6%** | **Utilities 1.6%** | **Utilities 1.6%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 5.42%, (1 Month Term SOFR + 2.00%), 09/19/31 (a) | 297 | 296 |
| Cogentrix Finance Holdco I LLC |  |  |
| Repriced Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 02/26/32 (a) | 421 | 421 |
| Hamilton Projects Acquiror, LLC |  |  |
| 2025 Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/30/31 (a) | 198 | 198 |
| Invenergy Thermal Operating I LLC |  |  |
| 2025 Term Loan B, 6.41%, (SOFR + 2.75%), 05/06/32 (a) | 650 | 650 |
| 2025 Term Loan C, 6.41%, (SOFR + 3.50%), 05/06/32 (a) | 41 | 41 |
| Lightning Power LLC |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 08/08/31 (a) | 3649 | 3653 |
| New Fortress Energy Inc |  |  |
| 2025 Incremental Term Loan B, 0.00%, (3 Month Term SOFR + 5.50%), 10/30/28 (a) (b) | 1245 | 693 |
| 2025 Incremental Term Loan B, 9.17%, (3 Month Term SOFR + 5.50%), 10/30/28 (a) | 2234 | 1243 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 5.52%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 486 | 487 |
| Talen Energy Supply, LLC |  |  |
| 2023 Term Loan B, 6.15%, (3 Month Term SOFR + 2.50%), 05/27/30 (a) | 1607 | 1608 |
| 2024-1 Incremental Term Loan, 6.15%, (3 Month Term SOFR + 2.50%), 12/10/31 (a) | 2030 | 2033 |
| 2025 Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 10/09/32 (a) | 973 | 972 |
| Vistra Zero Operating Company, LLC |  |  |
| Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 03/20/31 (a) | 1388 | 1380 |
|  |  | 13675 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| Brand Industrial Services Inc |  |  |
| 2024 Term Loan B, 8.16%, (3 Month Term SOFR + 4.50%), 08/01/30 (a) | 2080 | 1780 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 2025 Term Loan, 6.17%, (1 Month Term SOFR + 2.50%), 01/31/30 (a) | 129 | 130 |
| Greystar Real Estate Partners, LLC |  |  |
| 2025 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 08/21/30 (a) | 2228 | 2228 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vestis Corporation |  |  |
| 2024 Term Loan, 5.92%, (3 Month Term SOFR + 2.25%), 02/18/31 (a) | 1492 | 1436 |
| | | 5574 |
| Total Senior Floating Rate Instruments (cost $819,203) | Total Senior Floating Rate Instruments (cost $819,203) | 793839 |
| **CORPORATE BONDS AND NOTES 4.7%** | **CORPORATE BONDS AND NOTES 4.7%** | **CORPORATE BONDS AND NOTES 4.7%** |
| **Energy 1.0%** | **Energy 1.0%** | **Energy 1.0%** |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (g) | 85 | 83 |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (g) | 1750 | 1807 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (g) | 1380 | 1443 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (g) | 1155 | 1123 |
| NGL Energy Operating LLC |  |  |
| 8.38%, 02/15/32 (g) | 1450 | 1490 |
| Plains All American Pipeline, L.P. |  |  |
| 8.02%(3 Month Term SOFR + 4.37%), (a) (h) | 570 | 568 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (g) (h) | 810 | 807 |
| 9.50%, 02/01/29 (g) | 1000 | 1081 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (g) | 40 | 41 |
|  |  | 8443 |
| **Financials 0.9%** | **Financials 0.9%** | **Financials 0.9%** |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/26) (h) | 1795 | 1778 |
| Asurion LLC |  |  |
| 8.38%, 02/01/34 (g) | 2580 | 2513 |
| CrossCountry Intermediate HoldCo, LLC |  |  |
| 6.75%, 12/01/32 (g) | 1264 | 1189 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.13%, 05/15/31 (g) | 1213 | 1231 |
| 7.88%, 04/01/33 (g) | 1146 | 1074 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (g) | 500 | 488 |
|  |  | 8273 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| CCO Holdings, LLC |  |  |
| 7.00%, 02/01/33 (g) | 1394 | 1399 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (g) | 1633 | 1692 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (g) | 1132 | 982 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (g) | 1727 | 1719 |
| Dotdash Meredith, Inc. |  |  |
| 7.63%, 06/15/32 (g) | 250 | 231 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 603 | 650 |
| Liberty Media Corporation |  |  |
| 8.25%, 02/01/30 | 1500 | 59 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (g) | 75 | 79 |
|  |  | 6811 |
| **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (g) | 1500 | 1465 |
| Cooper-Standard Automotive Inc. |  |  |
| 9.25%, 03/01/31 (g) | 225 | 211 |
| Sabre GLBL Inc. |  |  |
| 11.13%, 07/15/30 (g) | 806 | 683 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (g) | 300 | 278 |
| TKC Holdings, Inc. |  |  |
| 12.00%, 02/15/31 (g) | 1182 | 1219 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (g) | 285 | 294 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 995 | 661 |
|  |  | 4811 |
| **Industrials 0.3%** | **Industrials 0.3%** | **Industrials 0.3%** |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (g) | 65 | 38 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (g) | 3000 | 3069 |
|  |  | 3107 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (g) | 1133 | 1161 |
| Organon & Co. |  |  |
| 5.13%, 04/30/31 (g) | 65 | 53 |
| Radiology Partners, Inc. |  |  |
| 8.50%, 07/15/32 (g) | 1250 | 1267 |
|  |  | 2481 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Central Parent Inc. |  |  |
| 8.00%, 06/15/29 (g) | 1690 | 1256 |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (g) | 1125 | 1086 |
| Oak-Eagle Acquireco, Inc. |  |  |
| 7.25%, 07/01/33 (g) | 65 | 67 |
|  |  | 2409 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| MPT Operating Partnership, L.P. |  |  |
| 5.00%, 10/15/27 | 615 | 572 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (g) (i) | 1949 | 1776 |
|  |  | 2348 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| First Quantum Minerals Ltd. |  |  |
| 6.38%, 02/15/36 (g) | 2126 | 2034 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (g) | 846 | 744 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (g) | 125 | 53 |
|  |  | 797 |
| Total Corporate Bonds And Notes (cost $42,766) | Total Corporate Bonds And Notes (cost $42,766) | 41514 |
| **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** | **COMMON STOCKS 0.2%** |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Elevate Textiles Inc (e) | 62 | 82 |
| Fusion Parent, LLC (c) (e) | 8 | 191 |
| LuxCo 3 (c) (e) | 43 | 706 |
|  |  | 979 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Clear Channel Outdoor Holdings, Inc. (e) | 112 | 267 |
| iHeartMedia, Inc. - Class A (e) | 48 | 140 |
|  |  | 407 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| New Fortress Energy Inc. - Class A (e) | 9 | 5 |
| New Kleo Holdco (c) (e) | 82 | 124 |
| Vantage Drilling International (c) |  | 5 |
|  |  | 134 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Inotiv, Inc. (e) | 3 | 1 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Constellis Holdings, Inc. (c) (e) | 21 |  |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| AFGlobal Corporation (c) (j) | 39 |  |
| FG Parent, LLC (c) | 8 |  |
| Total Common Stocks (cost $6,090) | Total Common Stocks (cost $6,090) | 1521 |
| **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, 6.67%, (3 Month Term SOFR + 3.00%), 03/30/38 (a) | 125 | 124 |
| Birch Grove CLO 12 Ltd. |  |  |
| Series 2025-D1-12A, 6.42%, (3 Month Term SOFR + 2.75%), 04/22/38 (a) | 150 | 148 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Brant Point CLO 2025-8 Ltd. |  |  |
| Series 2025-D1-8A, 6.85%, (3 Month Term SOFR + 2.85%), 03/31/38 (a) | 100 | 98 |
| CIFC Funding 2018-IV Ltd. |  |  |
| Series 2018-D2R-4A, 7.63%, (3 Month Term SOFR + 3.75%), 01/17/38 (a) | 100 | 95 |
| Flatiron RR CLO 30 Ltd. |  |  |
| Series 2025-E-30A, REMIC, 8.92%, (3 Month Term SOFR + 5.25%), 04/15/38 (a) | 200 | 194 |
| Palmer Square CLO 2021-2 Ltd. |  |  |
| Series 2021-DR2-2A, 7.81%, (3 Month Term SOFR + 4.14%), 04/15/38 (a) | 100 | 97 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $775) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $775) | 756 |
| **SHORT TERM INVESTMENTS 6.7%** | **SHORT TERM INVESTMENTS 6.7%** | **SHORT TERM INVESTMENTS 6.7%** |
| **Investment Companies 6.7%** | **Investment Companies 6.7%** | **Investment Companies 6.7%** |
| JNL Government Money Market Fund - Class I, 3.53% (k) (l) | 59000 | 59000 |
| Total Short Term Investments (cost $59,000) | Total Short Term Investments (cost $59,000) | 59000 |
| **Total Investments 102.4% (cost $927,834)** | **Total Investments 102.4% (cost $927,834)** | **896630** |
| **Other Assets and Liabilities, Net (2.4)%** | **Other Assets and Liabilities, Net (2.4)%** | **(21061)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **875569** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) This senior floating rate interest will settle after March 31, 2026. If a reference rate and spread is presented, it will go into effect upon settlement.

(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) 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 March 31, 2026, 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 March 31, 2026, the value and the percentage of net assets of these securities was $37,226 and 4.3% of the Fund.

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

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

(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) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 45179 | 96986 | 83165 | 435 |  |  | 59000 | 6.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |  |

---

---

| | | |
|:---|:---|:---|
| **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 ($)** | **Unrealized Appreciation / (Depreciation)($)** |
| Azuria Water Solutions, Inc., Term Loan, SOFR + 2.75% | 239 | (2) |
| Pinnacle Buyer LLC, Delayed Draw Term Loan, SOFR + 2.50% | 286 |  |
| Raven Acquisition Holdings LLC, Delayed Draw Term Loan, 3 Month Term SOFR + 3.25% | 280 | (4) |
|  | 805 | (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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 790563 | 3276 | 793839 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 41514 |  | 41514 |
| &nbsp;&nbsp;Common Stocks | 495 |  | 1026 | 1521 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 756 |  | 756 |
| &nbsp;&nbsp;Short Term Investments | 59000 |  |  | 59000 |
|  | 59495 | 832833 | 4302 | 896630 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>1</sup> |  | (6) |  | (6) |
|  |  | (6) |  | (6) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** |
| **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** |
| **Japan 20.4%** | **Japan 20.4%** | **Japan 20.4%** |
| Alfresa Holdings Corporation | 167 | 2677 |
| Alps Alpine Co., Ltd. | 387 | 5217 |
| Asahi Intecc Co., Ltd. | 52 | 1099 |
| Brother Industries, Ltd. | 196 | 3618 |
| Chiyoda Corporation (a) (b) | 866 | 5010 |
| Chugin Financial Group, Inc. | 174 | 3108 |
| Daiichikosho Co., Ltd. | 87 | 931 |
| Electric Power Development Co., Ltd. - Class D | 55 | 1528 |
| Fuso Chemical Co., Ltd. | 194 | 3460 |
| Hanwa Co., Ltd. | 240 | 2400 |
| Hino Motors, Ltd. (a) (c) | 1476 | 3599 |
| Integral Corporation (b) | 116 | 2346 |
| Japan Steel Works, Ltd., The | 55 | 3027 |
| Kaga Electronics Co., Ltd. | 43 | 1024 |
| Kobe Steel, Ltd. | 155 | 1873 |
| Konica Minolta, Inc. | 236 | 785 |
| Kyoto Financial Group, Inc. | 182 | 4774 |
| Kyushu Electric Power Co., Inc. | 574 | 6614 |
| Mazda Motor Corporation (b) | 210 | 1411 |
| Medipal Holdings Corporation | 134 | 2500 |
| Meiko Electronics Co., Ltd. | 24 | 3896 |
| Micronics Japan Co., Ltd. | 55 | 3429 |
| Mitsubishi Motors Corporation (b) | 1538 | 3033 |
| Mitsui Kinzoku Company, Limited | 18 | 3328 |
| Nippon Shinyaku Co., Ltd. | 185 | 6044 |
| NS United Kaiun Kaisha, Ltd. | 57 | 2671 |
| PayPay Corp - ADR (a) (b) | 172 | 3679 |
| Persol Holdings Co., Ltd. | 987 | 1445 |
| Rakuten Bank, Ltd. (a) | 94 | 3388 |
| Sankyo Co., Ltd. | 150 | 1846 |
| Santen Pharmaceutical Co., Ltd. | 160 | 1802 |
| Seiko Epson Corporation. | 84 | 1035 |
| Sekisui House Reit, Inc. | 4 | 2342 |
| Shibaura Mechatronics Corporation | 130 | 3448 |
| Ship Healthcare Holdings, Inc. | 106 | 1625 |
| Sinfonia Technology Co., Ltd. | 52 | 3542 |
| Suzuken Co., Ltd. | 74 | 2807 |
| The 77 Bank, Ltd. | 176 | 3478 |
| The Chugoku Electric Power Co.,Inc. (b) | 425 | 2702 |
| Timee, Inc. (a) (b) | 362 | 3029 |
| Tohoku-Electric Power Co.,Inc. | 346 | 2587 |
| Tokai Rika Co., Ltd. | 52 | 989 |
| Tokyo Tatemono Co., Ltd. | 40 | 926 |
| Tokyu Fudosan Holdings Corporation | 110 | 932 |
| Toyo Tire Corporation | 136 | 3158 |
| Toyoda Gosei | 53 | 1371 |
| Toyota Boshoku Corporation | 202 | 3150 |
| transcosmos inc. | 54 | 1333 |
| Valor Holdings Co., Ltd. | 105 | 2440 |
| Yamada Holdings Co., Ltd. | 695 | 2302 |
| Yonex Co., Ltd. | 147 | 2785 |
| Zeon Corporation | 111 | 1258 |
|  |  | 138801 |
| **Canada 9.9%** | **Canada 9.9%** | **Canada 9.9%** |
| 5N Plus Inc. (a) | 397 | 9042 |
| AGF Management Limited - Class B | 581 | 8461 |
| Air Canada (a) | 140 | 1830 |
| Boardwalk Real Estate Investment Trust | 21 | 955 |
| Canadian Apartment Properties Real Estate Investment Trust | 62 | 1583 |
| Celestica Inc. (a) | 5 | 1337 |
| Centerra Gold Inc. | 365 | 6487 |
| Cogeco Communications | 29 | 1486 |
| Definity Financial Corporation | 105 | 4950 |
| Extendicare Inc. (b) | 84 | 1596 |
| Finning International Inc. | 133 | 8226 |
| Fortuna Mining Corp. (a) | 358 | 3557 |
| Killam Apartment Real Estate Investment Trust - Class A | 101 | 1157 |
| Linamar Corporation | 31 | 1911 |
| MDA Space Ltd. (a) | 109 | 2767 |
| RioCan Real Estate Investment Trust | 86 | 1169 |
| Russel Metals Inc. | 68 | 2362 |
| SECURE Waste Infrastructure Corp. (b) | 318 | 4988 |
| Sprott Inc. | 26 | 3639 |
|  |  | 67503 |
| **United Kingdom 7.3%** | **United Kingdom 7.3%** | **United Kingdom 7.3%** |
| Babcock International Group PLC | 370 | 5713 |
| Computacenter PLC | 49 | 1955 |
| Conduit Holdings Limited | 186 | 1036 |
| Cranswick PLC | 58 | 3996 |
| Currys PLC | 1359 | 2253 |
| Drax Group PLC | 480 | 5642 |
| easyJet PLC | 1021 | 4717 |
| FirstGroup PLC | 556 | 1222 |
| Genus PLC | 92 | 2905 |
| Inchcape PLC | 211 | 2099 |
| Jet2 PLC | 274 | 4080 |
| Keller Group PLC | 130 | 3291 |
| Rightmove PLC | 362 | 2066 |
| Shawbrook Group PLC (a) | 770 | 3279 |
| St. James's Place PLC | 207 | 3276 |
| Zigup PLC | 470 | 2395 |
|  |  | 49925 |
| **South Korea 7.0%** | **South Korea 7.0%** | **South Korea 7.0%** |
| APR Co., Ltd. | 14 | 3185 |
| BGF Co., Ltd. | 13 | 1171 |
| BNK Financial Group Inc. | 264 | 3148 |
| CJ Logistics Corporation | 35 | 2402 |
| GS Holdings Corp. | 52 | 2199 |
| Hanwha Corporation | 65 | 4697 |
| IM Financial Group Co., Ltd. | 90 | 1004 |
| JB Financial Group Co., Ltd. | 140 | 2742 |
| Kumho Tire Co., Inc. (a) | 282 | 1117 |
| LG Innotek Co., Ltd. | 37 | 7410 |
| LIG Nex1 Co., Ltd. | 6 | 2603 |
| LX International Corp. | 127 | 3813 |
| Samsung Engineering Co., Ltd. | 309 | 7499 |
| Samsung Securities Co., Ltd. | 19 | 1210 |
| VITZRO CELL, Co., Ltd. | 109 | 2603 |
| Youngone Corporation | 22 | 1127 |
|  |  | 47930 |
| **Taiwan 6.7%** | **Taiwan 6.7%** | **Taiwan 6.7%** |
| Arcadyan Technology Corporation | 308 | 1485 |
| Chicony Electronics Co., Ltd. | 951 | 3625 |
| Everlight Electronics Co., Ltd. | 1513 | 3210 |
| Fitipower Integrated Technology Inc. | 230 | 1113 |
| ITE Tech. Inc. | 267 | 978 |
| Jentech Precision Industrial Co., Ltd. | 26 | 3228 |
| Lite-On Technology Corporation | 653 | 2973 |
| Primax Electronics Ltd. | 758 | 1681 |
| Simplo Technology Co., Ltd. | 510 | 5380 |
| Supreme Electronics Co., Ltd. | 3131 | 7437 |
| Synnex Technology International Corporation | 615 | 1474 |
| T3EX Global Holdings Corp. | 469 | 1002 |
| Taiwan Surface Mounting Technology Corp. | 544 | 1603 |
| Universal Microwave Technology, Inc. | 87 | 4073 |
| Wah Lee Industrial Corp. | 286 | 1066 |
| WNC Corporation | 514 | 2833 |
| WT Microelectronics Co., Ltd. | 329 | 2290 |
|  |  | 45451 |
| **Germany 5.0%** | **Germany 5.0%** | **Germany 5.0%** |
| Aixtron SE | 147 | 5687 |
| AlzChem Group AG | 17 | 3392 |
| Aroundtown S.A. | 257 | 680 |
| AUTO1 Group SE (a) | 148 | 2625 |
| DEUTZ Aktiengesellschaft | 220 | 2202 |
| ELMOS Semiconductor Aktiengesellschaft | 19 | 3173 |
| Nordex SE (a) | 127 | 6841 |
| Scout24 SE (d) | 49 | 3752 |
| TUI AG (d) | 710 | 5532 |
|  |  | 33884 |
| **India 4.4%** | **India 4.4%** | **India 4.4%** |
| Dr. Lal Pathlabs Limited | 81 | 1136 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Federal Bank Ltd., The | 1203 | 3363 |
| Godfrey Phillips India Limited | 73 | 1458 |
| Indian Energy Exchange Limited | 1924 | 2368 |
| Lic Housing Finance Limited | 257 | 1363 |
| Multi Commodity Exchange of India Limited | 93 | 2422 |
| National Aluminium Co Ltd. | 2268 | 9437 |
| Power Finance Corporation Limited | 1114 | 4556 |
| PTC India Limited | 411 | 696 |
| Redington Limited | 1463 | 3163 |
| | | 29962 |
| **China 4.0%** | **China 4.0%** | **China 4.0%** |
| FinVolution Group - Class A - ADR | 588 | 2817 |
| Fufeng Group Limited | 1825 | 1622 |
| Harbin Electric Co., Ltd. - Class H | 1565 | 4220 |
| Joyy Inc. - Class A - ADR | 93 | 5448 |
| TCL Electronics Holdings Limited | 3981 | 6513 |
| Weibo Corporation - Class A - ADR (b) | 314 | 2748 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 1294 | 3849 |
|  |  | 27217 |
| **Italy 3.5%** | **Italy 3.5%** | **Italy 3.5%** |
| Avio S.P.A. (b) | 103 | 3971 |
| Lottomatica Group S.p.A. | 301 | 8671 |
| SeSa S.P.A. (b) | 10 | 898 |
| Sol S.P.A. | 49 | 3329 |
| Unipol Assicurazioni S.P.A. | 288 | 6716 |
|  |  | 23585 |
| **Australia 3.4%** | **Australia 3.4%** | **Australia 3.4%** |
| AGL Energy Limited | 335 | 2294 |
| Charter Hall Retail REIT | 392 | 1036 |
| Lynas Rare Earths Limited (a) | 284 | 3769 |
| Neuren Pharmaceuticals Limited (a) | 267 | 2222 |
| NRW Holdings Limited | 236 | 872 |
| Perenti Limited | 1260 | 1708 |
| Regis Resources Limited | 1388 | 6591 |
| Superloop Limited (a) | 1843 | 4191 |
| Vault Minerals Limited (a) | 267 | 791 |
|  |  | 23474 |
| **Indonesia 3.1%** | **Indonesia 3.1%** | **Indonesia 3.1%** |
| PT. Adaro Andalan Indonesia Tbk (a) | 3528 | 2349 |
| PT. Alamtri Resources Indonesia Tbk | 46631 | 7151 |
| PT. Aneka Tambang | 30798 | 6441 |
| PT. Indo Tambangraya Megah Tbk | 971 | 1699 |
| PT. Japfa Comfeed Indonesia Tbk. | 10622 | 1483 |
| PT. Perusahaan Gas Negara | 15177 | 1660 |
|  |  | 20783 |
| **Brazil 2.4%** | **Brazil 2.4%** | **Brazil 2.4%** |
| Companhia de Saneamento de Minas Gerais - Copasa MG | 292 | 3245 |
| Embraer S.A. | 306 | 4552 |
| Inter & Co, Inc. - Class A | 346 | 2755 |
| OdontoPrev S.A. | 609 | 1567 |
| Prio S.A. (a) | 350 | 4475 |
|  |  | 16594 |
| **Israel 2.1%** | **Israel 2.1%** | **Israel 2.1%** |
| Bezeq Israel Communications Company Ltd. | 600 | 1435 |
| EL AL Israel Airlines Ltd. | 180 | 790 |
| G City Ltd. | 453 | 1690 |
| Tel Aviv Stock Exchange Ltd., The | 66 | 2956 |
| ZIM Integrated Shipping Services Ltd. | 290 | 7632 |
|  |  | 14503 |
| **Sweden 2.1%** | **Sweden 2.1%** | **Sweden 2.1%** |
| Ambea AB (publ) (d) | 69 | 964 |
| Apotea AB (publ) (b) | 402 | 2704 |
| Attendo International AB (d) | 326 | 3502 |
| Bonesupport Holding AB (a) | 135 | 2812 |
| Hemnet AB | 154 | 1737 |
| MIPS AB | 99 | 2427 |
|  |  | 14146 |
| **Switzerland 2.0%** | **Switzerland 2.0%** | **Switzerland 2.0%** |
| Kuros Biosciences AG (a) | 90 | 2562 |
| Montana Aerospace AG (a) | 95 | 3097 |
| R&S Group Holding AG (b) | 92 | 2386 |
| SMG Swiss Marketplace Group Holding AG | 74 | 2548 |
| Sportradar Group AG - Class A (a) | 185 | 3105 |
|  |  | 13698 |
| **Norway 1.8%** | **Norway 1.8%** | **Norway 1.8%** |
| Aker Solutions ASA (d) | 383 | 1833 |
| Hoegh Autoliners ASA | 171 | 2488 |
| MPC Container Ships ASA | 897 | 2132 |
| Norwegian Air Shuttle ASA | 560 | 830 |
| Protector Forsikring ASA | 73 | 3533 |
| Wallenius Wilhelmsen ASA | 102 | 1301 |
|  |  | 12117 |
| **Hong Kong 1.5%** | **Hong Kong 1.5%** | **Hong Kong 1.5%** |
| Hysan Development Company Limited | 594 | 1425 |
| VSTECS Holdings Limited | 5382 | 5933 |
| Wasion Holdings Limited | 814 | 2948 |
|  |  | 10306 |
| **Singapore 1.3%** | **Singapore 1.3%** | **Singapore 1.3%** |
| AEM Holdings Ltd. | 1949 | 6476 |
| Mpact Treasury Company Pte. Ltd. (d) | 1458 | 1500 |
| Yangzijiang Financial Holding Ltd. (a) | 3649 | 715 |
|  |  | 8691 |
| **Spain 1.1%** | **Spain 1.1%** | **Spain 1.1%** |
| Atalaya Mining PLC | 298 | 2819 |
| Grenergy Renovables S.A. (a) | 34 | 4554 |
|  |  | 7373 |
| **New Zealand 1.0%** | **New Zealand 1.0%** | **New Zealand 1.0%** |
| OceanaGold Corporation | 223 | 7034 |
| **United States of America 0.7%** | **United States of America 0.7%** | **United States of America 0.7%** |
| Millicom International Cellular S.A. | 64 | 4774 |
| **Malaysia 0.7%** | **Malaysia 0.7%** | **Malaysia 0.7%** |
| Kumpulan Sime Darby Berhad | 8149 | 4573 |
| **France 0.7%** | **France 0.7%** | **France 0.7%** |
| Exail Technologies (a) (b) | 33 | 4543 |
| **Denmark 0.6%** | **Denmark 0.6%** | **Denmark 0.6%** |
| ALK-Abello A/S - Class B | 87 | 2755 |
| Dampskibsselskabet NORDEN A/S | 35 | 1623 |
|  |  | 4378 |
| **Mexico 0.6%** | **Mexico 0.6%** | **Mexico 0.6%** |
| Vista Energy, S.A.B. De C.V. - Series A - ADR (a) | 56 | 4218 |
| **Czech Republic 0.6%** | **Czech Republic 0.6%** | **Czech Republic 0.6%** |
| CSG N.V. - Class A (a) | 153 | 4192 |
| **South Africa 0.6%** | **South Africa 0.6%** | **South Africa 0.6%** |
| Life Healthcare Group Holdings | 1882 | 1290 |
| Telkom S.A. Ltd. | 812 | 2838 |
|  |  | 4128 |
| **Netherlands 0.5%** | **Netherlands 0.5%** | **Netherlands 0.5%** |
| Cementir Holding N.V. (b) | 210 | 3751 |
| **Thailand 0.5%** | **Thailand 0.5%** | **Thailand 0.5%** |
| Regional Container Lines Public Co Ltd. | 3573 | 3430 |
| **Lithuania 0.5%** | **Lithuania 0.5%** | **Lithuania 0.5%** |
| Baltic Classifieds Group PLC | 1397 | 3392 |
| **Austria 0.5%** | **Austria 0.5%** | **Austria 0.5%** |
| ASTA Energy Solutions AG (a) | 69 | 3167 |
| **Finland 0.4%** | **Finland 0.4%** | **Finland 0.4%** |
| Nokian Renkaat Oyj (b) | 258 | 2726 |
| **Greece 0.4%** | **Greece 0.4%** | **Greece 0.4%** |
| Motor Oil (Hellas) Corinth Refineries S.A. - Class R | 59 | 2591 |
| **Ireland 0.4%** | **Ireland 0.4%** | **Ireland 0.4%** |
| COSMO Pharmaceuticals N.V. - Class N | 24 | 2536 |
| **Belgium 0.4%** | **Belgium 0.4%** | **Belgium 0.4%** |
| Aedifica | 12 | 957 |
| Proximus | 178 | 1440 |
|  |  | 2397 |
| **Portugal 0.3%** | **Portugal 0.3%** | **Portugal 0.3%** |
| NOS, SGPS, S.A. | 329 | 2076 |
| **Turkey 0.2%** | **Turkey 0.2%** | **Turkey 0.2%** |
| Torunlar Gayrimenkul Yatirim Ortakligi Anonim Sirketi | 634 | 1225 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** |
| Dubai Residential REIT | 2958 | 886 |
| Total Common Stocks (cost $607,388) | Total Common Stocks (cost $607,388) | 671960 |
| **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** |
| **Brazil 0.3%** | **Brazil 0.3%** | **Brazil 0.3%** |
| Banco do Estado do Rio Grande do Sul S/A. - Preferred Class B | 380 | 1265 |
| Metalgrafica Iguacu S A | 546 | 899 |
|  |  | 2164 |
| **Italy 0.2%** | **Italy 0.2%** | **Italy 0.2%** |
| Danieli & C. Officine Meccaniche S.p.A. | 19 | 960 |
| Total Preferred Stocks (cost $3,216) | Total Preferred Stocks (cost $3,216) | 3124 |
| **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, 3.53% (e) (f) | 2305 | 2305 |
| Total Short Term Investments (cost $2,305) | Total Short Term Investments (cost $2,305) | 2305 |
| **Total Investments 99.5% (cost $612,909)** | **Total Investments 99.5% (cost $612,909)** | **677389** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **3709** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **681098** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 15656 | 78883 | 92234 | 91 |  |  | 2305 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 1833 | 0.3 |
| Ambea AB (publ) | 09/25/25 | 957 | 964 | 0.1 |
| Attendo International AB | 02/16/26 | 3670 | 3502 | 0.5 |
| Mpact Treasury Company Pte. Ltd. | 06/21/24 | 1334 | 1500 | 0.2 |
| Scout24 SE | 01/05/24 | 5285 | 3752 | 0.6 |
| TUI AG | 12/22/23 | 5916 | 5532 | 0.8 |
|  |  | 18333 | 17083 | 2.5 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 126438 | 541923 | 3599 | 671960 |
| &nbsp;&nbsp;Preferred Stocks | 2164 | 960 |  | 3124 |
| &nbsp;&nbsp;Short Term Investments | 2305 |  |  | 2305 |
|  | 130907 | 542883 | 3599 | 677389 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 96.9%** | **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** |
| **Industrials 21.7%** | **Industrials 21.7%** | **Industrials 21.7%** |
| AAON, Inc. | 51 | 4204 |
| AeroVironment, Inc. (a) | 8 | 1464 |
| AGCO Corporation | 28 | 3221 |
| Alamo Group Inc. | 18 | 2961 |
| AMETEK, Inc. | 19 | 4073 |
| API Group Corporation (a) | 91 | 3693 |
| Axon Enterprise, Inc. (a) | 8 | 3567 |
| Bloom Energy Corporation - Class A (a) | 11 | 1490 |
| CACI International Inc. - Class A (a) | 14 | 7567 |
| Carlisle Companies Incorporated | 29 | 9759 |
| Carrier Global Corporation | 75 | 4250 |
| Comfort Systems USA, Inc. | 8 | 11542 |
| Copart, Inc. (a) | 121 | 4031 |
| CSX Corporation | 146 | 5993 |
| Delta Air Lines, Inc. | 89 | 5886 |
| Equifax Inc. | 28 | 5083 |
| ESAB Corporation | 39 | 3721 |
| Expeditors International of Washington, Inc. - Class A | 29 | 4217 |
| Fastenal Company | 127 | 5916 |
| FTI Consulting, Inc. (a) | 24 | 4189 |
| Graco Inc. | 34 | 2836 |
| Hubbell Incorporated | 10 | 5091 |
| IDEX Corporation | 50 | 9534 |
| Karman Holdings Inc. (a) (b) | 36 | 2906 |
| Knight-Swift Transportation Holdings Inc. - Class A | 85 | 4877 |
| L3Harris Technologies, Inc. | 11 | 3935 |
| Landstar System, Inc. | 71 | 11402 |
| Lincoln Electric Holdings, Inc. | 31 | 7671 |
| McGrath RentCorp | 60 | 6585 |
| Mine Safety Appliances Company, LLC | 18 | 2869 |
| Nordson Corporation | 12 | 3193 |
| Nvent Electric Public Limited Company | 13 | 1538 |
| Old Dominion Freight Line, Inc. | 21 | 4132 |
| Regal Rexnord Corporation | 22 | 4082 |
| Republic Services, Inc. | 15 | 3384 |
| Rollins, Inc. | 87 | 4641 |
| Simpson Manufacturing Co., Inc. | 51 | 8735 |
| SS&C Technologies Holdings, Inc. | 67 | 4510 |
| StandardAero, Inc. (a) | 141 | 3655 |
| TFI International Inc. (b) | 34 | 3733 |
| Toro Company, The | 45 | 4205 |
| UFP Industries, Inc. | 42 | 3825 |
| Veralto Corporation | 32 | 2829 |
| W.W. Grainger, Inc. | 4 | 4690 |
| Waste Connections, Inc. | 25 | 3980 |
| Westinghouse Air Brake Technologies Corporation | 21 | 5199 |
| Xylem Inc. | 71 | 8520 |
|  |  | 229384 |
| **Information Technology 14.0%** | **Information Technology 14.0%** | **Information Technology 14.0%** |
| Akamai Technologies, Inc. (a) | 85 | 9797 |
| Amphenol Corporation - Class A | 105 | 13275 |
| Astera Labs, Inc. (a) | 14 | 1545 |
| Autodesk, Inc. (a) | 14 | 3468 |
| CDW Corp. | 19 | 2348 |
| Check Point Software Technologies Ltd. (a) | 13 | 1846 |
| Cloudflare, Inc. - Class A (a) | 73 | 14989 |
| Constellation Software Inc. | 3 | 4423 |
| Credo Technology Group Holding Ltd. (a) | 15 | 1417 |
| Datadog, Inc. - Class A (a) | 70 | 8214 |
| F5, Inc. (a) | 9 | 2727 |
| Fair Isaac Corporation (a) | 5 | 5259 |
| GitLab Inc. - Class A (a) | 124 | 2683 |
| Keysight Technologies, Inc. (a) | 18 | 5174 |
| Microchip Technology Incorporated | 83 | 5363 |
| MKS Inc. | 10 | 2281 |
| MongoDB, Inc. - Class A (a) | 10 | 2325 |
| Monolithic Power Systems, Inc. | 7 | 8083 |
| Nutanix, Inc. - Class A (a) | 128 | 4861 |
| Okta, Inc. - Class A (a) | 58 | 4589 |
| Palo Alto Networks, Inc. (a) | 17 | 2685 |
| Procore Technologies, Inc. (a) | 64 | 3665 |
| PTC Inc. (a) | 30 | 4294 |
| Pure Storage, Inc. - Class A (a) | 127 | 7502 |
| Rubrik, Inc. - Class A (a) | 54 | 2644 |
| Synopsys, Inc. (a) | 17 | 6542 |
| Trimble Inc. (a) | 125 | 8164 |
| Vertex, Inc. - Class A (a) | 218 | 2588 |
| Zebra Technologies Corporation - Class A (a) | 12 | 2472 |
| Zscaler, Inc. (a) | 19 | 2657 |
|  |  | 147880 |
| **Financials 13.7%** | **Financials 13.7%** | **Financials 13.7%** |
| American Financial Group, Inc. | 29 | 3704 |
| Arch Capital Group Ltd. (a) | 56 | 5395 |
| Brown & Brown, Inc. | 112 | 7338 |
| Commerce Bancshares, Inc. | 224 | 11016 |
| Corpay Inc (a) | 20 | 5935 |
| Cullen/Frost Bankers, Inc. | 28 | 3783 |
| Fairfax Financial Holdings Limited | 6 | 9467 |
| First Citizens BancShares, Inc. - Class A | 4 | 7051 |
| Goosehead Insurance, Inc. - Class A (a) | 85 | 3629 |
| Hamilton Lane Incorporated - Class A | 35 | 3520 |
| Hartford Insurance Group, Inc., The | 39 | 5315 |
| Houlihan Lokey, Inc. - Class A | 70 | 10026 |
| Kinsale Capital Group, Inc. | 9 | 3212 |
| LPL Financial Holdings Inc. | 10 | 2738 |
| Morningstar, Inc. | 19 | 3134 |
| MSCI Inc. - Class A | 7 | 3611 |
| Old Republic International Corporation | 96 | 3818 |
| Raymond James Financial, Inc. | 33 | 4778 |
| Ryan Specialty Group Holdings, Inc. - Class A | 101 | 3391 |
| Toast, Inc. - Class A (a) | 363 | 9637 |
| Tradeweb Markets Inc. - Class A | 65 | 7648 |
| Truist Financial Corporation | 121 | 5549 |
| White Mountains Insurance Group Ltd. | 4 | 9526 |
| Willis Towers Watson Public Limited Company | 42 | 12081 |
|  |  | 145302 |
| **Consumer Discretionary 11.4%** | **Consumer Discretionary 11.4%** | **Consumer Discretionary 11.4%** |
| AutoZone, Inc. (a) | 1 | 4509 |
| BorgWarner Inc. | 63 | 3408 |
| Carnival Corporation | 259 | 6702 |
| CAVA Group, Inc. (a) | 45 | 3641 |
| Chewy, Inc. - Class A (a) | 119 | 3221 |
| Domino's Pizza, Inc. | 24 | 8380 |
| Expedia Group, Inc. | 29 | 6717 |
| Floor & Decor Holdings, Inc. - Class A (a) | 76 | 3861 |
| Genuine Parts Company | 42 | 4427 |
| Global-E Online Ltd. (a) | 113 | 3486 |
| Hilton Worldwide Holdings Inc. | 12 | 3505 |
| Lennar Corporation - Class A | 51 | 4421 |
| Lithia Motors, Inc. - Class A | 25 | 6187 |
| Lowe`s Companies, Inc. | 24 | 5706 |
| MercadoLibre, Inc. (a) | 5 | 8177 |
| Murphy USA Inc. | 14 | 7038 |
| On Holding AG - Class A (a) | 151 | 5144 |
| Penske Automotive Group, Inc. (b) | 25 | 3742 |
| Planet Fitness, Inc. - Class A (a) | 13 | 967 |
| Texas Roadhouse, Inc. - Class A | 24 | 3980 |
| TopBuild Corp. (a) | 27 | 9429 |
| Tractor Supply Company | 89 | 4032 |
| Williams-Sonoma, Inc. | 20 | 3710 |
| Wingstop Inc. | 17 | 2696 |
| Wyndham Hotels & Resorts, Inc. | 45 | 3623 |
|  |  | 120709 |
| **Health Care 11.2%** | **Health Care 11.2%** | **Health Care 11.2%** |
| Agilent Technologies, Inc. | 28 | 3134 |
| Bio-Techne Corporation | 63 | 3303 |
| Cooper Companies, Inc., The (a) | 178 | 12694 |
| Edwards Lifesciences Corporation (a) | 46 | 3700 |
| GE HealthCare Technologies Inc. | 80 | 5682 |
| HealthEquity, Inc. (a) | 63 | 5246 |
| IDEXX Laboratories, Inc. (a) | 11 | 6398 |
| Insulet Corporation (a) | 26 | 5372 |
| IQVIA Holdings Inc (a) | 18 | 3142 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Labcorp Holdings Inc. | 58 | 15547 |
| Medline Inc. - Class A (a) | 92 | 4100 |
| Mettler-Toledo International Inc. (a) | 3 | 3910 |
| Molina Healthcare, Inc. (a) | 31 | 4106 |
| Penumbra, Inc. (a) | 17 | 5648 |
| Quest Diagnostics Incorporated | 26 | 5135 |
| Repligen Corporation (a) | 23 | 2733 |
| Revvity, Inc. | 46 | 3986 |
| Smith & Nephew PLC - ADR (b) | 111 | 3534 |
| Steris Public Limited Company | 13 | 2786 |
| Veeva Systems Inc. - Class A (a) | 33 | 5709 |
| Waters Corporation (a) | 12 | 3693 |
| West Pharmaceutical Services, Inc. | 36 | 9079 |
| | | 118637 |
| **Consumer Staples 8.7%** | **Consumer Staples 8.7%** | **Consumer Staples 8.7%** |
| Albertsons Companies, Inc. - Class A | 275 | 4681 |
| Archer-Daniels-Midland Company | 71 | 5146 |
| BJ's Wholesale Club Holdings, Inc. (a) | 138 | 13658 |
| Cal-Maine Foods, Inc. | 104 | 8259 |
| Casey's General Stores, Inc. | 5 | 3668 |
| Celsius Holdings, Inc. (a) | 213 | 7547 |
| Coca-Cola Consolidated, Inc. | 36 | 6873 |
| e.l.f. Beauty, Inc. (a) | 42 | 2515 |
| Estee Lauder Companies Inc., The - Class A | 110 | 7918 |
| Freshpet, Inc. (a) | 45 | 2670 |
| Keurig Dr Pepper Inc. | 288 | 7583 |
| Kroger Co., The | 92 | 6641 |
| Sprouts Farmers Market, Inc. (a) | 38 | 2897 |
| United Natural Foods, Inc. (a) | 99 | 4456 |
| US Foods Holding Corp. (a) | 83 | 7617 |
|  |  | 92129 |
| **Materials 5.0%** | **Materials 5.0%** | **Materials 5.0%** |
| Amrize AG | 225 | 12656 |
| AptarGroup, Inc. | 79 | 10026 |
| CF Industries Holdings, Inc. | 22 | 2847 |
| DuPont de Nemours, Inc. | 92 | 4227 |
| Franco-Nevada Corporation | 7 | 1779 |
| International Flavors & Fragrances Inc. | 79 | 5752 |
| Packaging Corporation of America | 28 | 6043 |
| RPM International Inc. | 57 | 5616 |
| Steel Dynamics, Inc. | 25 | 4487 |
|  |  | 53433 |
| **Energy 3.7%** | **Energy 3.7%** | **Energy 3.7%** |
| Baker Hughes Company - Class A | 51 | 3112 |
| Chord Energy Corporation | 28 | 3967 |
| Coterra Energy Inc. | 47 | 1659 |
| Devon Energy Corporation | 113 | 5708 |
| EOG Resources, Inc. | 47 | 6795 |
| Expand Energy Corporation | 40 | 4413 |
| Matador Resources Company | 79 | 4987 |
| SLB Limited | 72 | 3690 |
| Texas Pacific Land Corporation | 11 | 5351 |
|  |  | 39682 |
| **Communication Services 3.1%** | **Communication Services 3.1%** | **Communication Services 3.1%** |
| Atlanta Braves Holdings, Inc. - Series C (a) | 141 | 6012 |
| News Corporation - Class A | 185 | 4622 |
| Reddit, Inc. - Class A (a) | 24 | 3270 |
| Sphere Entertainment Co. - Class A (a) | 16 | 5221 |
| The New York Times Company - Class A | 68 | 5661 |
| Universal Music Group N.V. - ADR | 507 | 4865 |
| Warner Music Group Corp. - Class A | 124 | 3157 |
|  |  | 32808 |
| **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** |
| Camden Property Trust | 38 | 3731 |
| Equity Lifestyle Properties, Inc. | 73 | 4557 |
| Lamar Advertising Company - Class A | 44 | 5526 |
| Mid-America Apartment Communities, Inc. | 47 | 5680 |
| NNN REIT, Inc. | 120 | 5059 |
| St. Joe Company, The | 65 | 4066 |
|  |  | 28619 |
| **Utilities 1.7%** | **Utilities 1.7%** | **Utilities 1.7%** |
| Alliant Energy Corporation | 100 | 7147 |
| American Water Works Company, Inc. | 36 | 4858 |
| CMS Energy Corporation | 74 | 5764 |
|  |  | 17769 |
| Total Common Stocks (cost $1,014,191) | Total Common Stocks (cost $1,014,191) | 1026352 |
| **SHORT TERM INVESTMENTS 3.7%** | **SHORT TERM INVESTMENTS 3.7%** | **SHORT TERM INVESTMENTS 3.7%** |
| **Investment Companies 3.0%** | **Investment Companies 3.0%** | **Investment Companies 3.0%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 32270 | 32270 |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 7336 | 7336 |
| Total Short Term Investments (cost $39,606) | Total Short Term Investments (cost $39,606) | 39606 |
| **Total Investments 100.6% (cost $1,053,797)** | **Total Investments 100.6% (cost $1,053,797)** | **1065958** |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(6462)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1059496** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 22398 | 124717 | 114845 | 256 |  |  | 32270 | 3.0 |
| JNL Government Money Market Fund, 3.63% - Class SL | 7337 | 33743 | 33744 | 77 |  |  | 7336 | 0.7 |
|  | 29735 | 158460 | 148589 | 333 |  |  | 39606 | 3.7 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1026352 |  |  | 1026352 |
| &nbsp;&nbsp;Short Term Investments | 39606 |  |  | 39606 |
|  | 1065958 |  |  | 1065958 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** |
| **COMMON STOCKS 97.5%** | **COMMON STOCKS 97.5%** | **COMMON STOCKS 97.5%** |
| **Industrials 29.3%** | **Industrials 29.3%** | **Industrials 29.3%** |
| AAON, Inc. | 355 | 29373 |
| Advanced Drainage Systems, Inc. | 138 | 18941 |
| AeroVironment, Inc. (a) | 4 | 821 |
| Alliance Laundry Holdings Inc. (a) (b) | 200 | 4154 |
| Ameresco, Inc. - Class A (a) | 115 | 2922 |
| Amprius Technologies Operating, Inc. (a) | 52 | 876 |
| Applied Industrial Technologies, Inc. | 57 | 15012 |
| Archer Aviation Inc. - Class A (a) (b) | 99 | 511 |
| Argan, Inc. | 10 | 5714 |
| Axon Enterprise, Inc. (a) | 12 | 5241 |
| BETA Technologies, Inc. - Class A (a) (b) | 40 | 583 |
| Bloom Energy Corporation - Class A (a) | 25 | 3385 |
| Booz Allen Hamilton Holding Corporation - Class A | 100 | 7783 |
| Cardinal Infrastructure Group Inc. - Class A (a) | 32 | 1289 |
| Carpenter Technology Corporation | 50 | 19984 |
| Casella Waste Systems, Inc. - Class A (a) | 136 | 10787 |
| CECO Environmental Corp. (a) | 48 | 2835 |
| Comfort Systems USA, Inc. | 3 | 4054 |
| Construction Partners, Inc. - Class A (a) | 58 | 6463 |
| Crane Company | 8 | 1370 |
| CSW Industrials, Inc. | 12 | 3082 |
| Curtiss-Wright Corporation | 7 | 4679 |
| Donaldson Company, Inc. | 87 | 7416 |
| Ducommun Incorporated (a) | 54 | 6547 |
| Dycom Industries, Inc. (a) | 29 | 9811 |
| Electrovaya Inc. (a) | 61 | 479 |
| Enerpac Tool Group Corp. - Class A | 404 | 14721 |
| Enovix Corporation (a) (b) | 149 | 774 |
| Enpro Inc. | 26 | 6436 |
| Eos Energy Enterprises, Inc. - Class A (a) (b) | 376 | 1863 |
| ESCO Technologies Inc. | 25 | 7059 |
| Everus Construction Group, Inc. (a) | 33 | 3880 |
| Federal Signal Corporation | 16 | 1717 |
| Flowserve Corporation | 24 | 1735 |
| Forgent Power Solutions, Inc. - Class A (a) | 811 | 23730 |
| FTAI Aviation Ltd. | 77 | 18804 |
| FTI Consulting, Inc. (a) | 16 | 2844 |
| Griffon Corporation | 52 | 3809 |
| HEICO Corporation - Class A | 74 | 15589 |
| IES Holdings, Inc. (a) | 11 | 5117 |
| JBT Marel Corporation | 9 | 1171 |
| Karman Holdings Inc. (a) (b) | 190 | 15136 |
| Knight-Swift Transportation Holdings Inc. - Class A | 45 | 2600 |
| Kornit Digital Ltd. (a) | 263 | 3860 |
| Kratos Defense & Security Solutions, Inc. (a) | 125 | 8791 |
| Legence Corp. - Class A (a) | 43 | 2416 |
| Limbach Holdings, Inc. (a) | 46 | 3572 |
| Loar Holdings Inc. (a) | 205 | 11771 |
| Mayville Engineering Company, Inc. (a) | 23 | 407 |
| McGrath RentCorp | 20 | 2188 |
| Mercury Systems, Inc. (a) | 264 | 19286 |
| Modine Manufacturing Company (a) | 92 | 19882 |
| Montrose Environmental Group, Inc. (a) | 528 | 11552 |
| MOOG Inc. - Class A | 11 | 3340 |
| MYR Group Inc. (a) | 7 | 1843 |
| Newpark Resources, Inc. (a) | 155 | 2251 |
| NextPower LLC - Class A (a) | 179 | 21493 |
| Omega Flex, Inc. | 34 | 1055 |
| Planet Labs Inc. - Class A (a) | 201 | 5624 |
| Primoris Services Corporation | 92 | 13188 |
| Qxo, Inc. (a) | 147 | 2849 |
| RBC Bearings Incorporated (a) | 6 | 3337 |
| Red Cat Holdings, Inc. (a) (b) | 43 | 564 |
| Regal Rexnord Corporation | 49 | 9209 |
| Saia, Inc. (a) | 73 | 25912 |
| Simpson Manufacturing Co., Inc. | 86 | 14824 |
| SiteOne Landscape Supply, Inc. (a) | 123 | 16429 |
| SOLV Energy, Inc. - Class A (a) | 59 | 1785 |
| SPX Technologies, Inc. (a) | 13 | 2616 |
| Sterling Infrastructure, Inc. (a) | 41 | 16823 |
| Tecogen Inc. (a) (b) | 35 | 88 |
| Terex Corporation | 30 | 1776 |
| Toro Company, The | 54 | 5001 |
| UL Solutions Inc. - Class A | 180 | 15380 |
| Verisk Analytics, Inc. | 53 | 10128 |
| Vicor Corporation (a) | 9 | 1427 |
| Voyager Technologies, Inc. - Class A (a) (b) | 120 | 2807 |
| VSE Corporation | 38 | 6986 |
| Watts Water Technologies, Inc. - Class A | 32 | 9209 |
| Xometry, Inc. - Class A (a) | 19 | 791 |
| York Space Systems Inc. (a) | 91 | 2011 |
| Zurn Elkay Water Solutions Corporation | 28 | 1275 |
|  |  | 584843 |
| **Health Care 22.0%** | **Health Care 22.0%** | **Health Care 22.0%** |
| Alkermes Public Limited Company (a) | 159 | 5629 |
| Apogee Therapeutics, Inc. (a) | 81 | 6834 |
| Arcutis Biotherapeutics, Inc. (a) | 203 | 4787 |
| Arrowhead Pharmaceuticals Inc (a) | 115 | 7234 |
| AtriCure, Inc. (a) | 179 | 5103 |
| AxoGen, Inc. (a) | 341 | 11302 |
| Axsome Therapeutics, Inc. (a) | 65 | 11102 |
| BillionToOne, Inc. - Class A (a) (b) | 56 | 4384 |
| Bio-Techne Corporation | 88 | 4585 |
| Bridgebio Pharma, Inc. (a) | 124 | 9147 |
| Canticle Pharmaceuticals, Inc. (a) | 27 | 13948 |
| Caredx, Inc. (a) | 471 | 8174 |
| Celcuity Inc. (a) | 15 | 1672 |
| CG Oncology, Inc. (a) | 43 | 2883 |
| Crinetics Pharmaceuticals, Inc. (a) | 178 | 6480 |
| Cryoport, Inc. (a) | 69 | 575 |
| Cytokinetics, Incorporated (a) | 49 | 3210 |
| Definium Therapeutics, Inc. (a) | 112 | 2111 |
| Denali Therapeutics Inc. (a) | 137 | 2637 |
| Dianthus Therapeutics, Inc. (a) | 14 | 1137 |
| Edgewise Therapeutics, Inc. (a) | 113 | 3573 |
| Ensign Group, Inc., The | 72 | 14564 |
| Establishment Labs Holdings Inc. (a) | 139 | 7894 |
| GeneDx Holdings Corp. - Class A (a) | 18 | 1181 |
| Glaukos Corporation (a) | 94 | 10136 |
| Globus Medical, Inc. - Class A (a) | 93 | 8029 |
| Guardant Health, Inc. (a) | 198 | 18290 |
| HealthEquity, Inc. (a) | 308 | 25812 |
| Heartflow, Inc. (a) (b) | 313 | 7615 |
| Hinge Health, Inc. - Class A (a) | 253 | 9768 |
| IDEAYA Biosciences, Inc. (a) | 112 | 3745 |
| Immunome, Inc. (a) | 83 | 1825 |
| Indivior Pharmaceuticals, Inc. (a) | 47 | 1444 |
| Inspire Medical Systems, Inc. (a) | 42 | 2175 |
| Iradimed Corporation | 96 | 9210 |
| Irhythm Holdings, Inc. (a) | 107 | 12680 |
| Kiniksa Pharmaceuticals International, PLC - Class A (a) | 14 | 676 |
| Kymera Therapeutics, Inc. (a) | 112 | 9285 |
| LeMaitre Vascular, Inc. | 179 | 19526 |
| Ligand Pharmaceuticals Incorporated (a) | 20 | 3937 |
| Mirum Pharmaceuticals, Inc. (a) | 47 | 4377 |
| Natera, Inc. (a) | 7 | 1312 |
| National Research Corporation (b) | 64 | 1082 |
| Nuvalent, Inc. - Class A (a) | 15 | 1579 |
| Omnicell, Inc. (a) | 134 | 4463 |
| Option Care Health, Inc. (a) | 93 | 2503 |
| Orthopediatrics Corp. (a) | 232 | 3674 |
| Owlet, Inc. - Class A (a) (b) | 448 | 2304 |
| Palvella Therapeutics Inc. (a) | 21 | 2587 |
| Phreesia, Inc. (a) | 124 | 1040 |
| Praxis Precision Medicines, Inc. (a) | 18 | 5906 |
| Procept Biorobotics Corporation (a) | 56 | 1404 |
| Protagonist Therapeutics, Inc. (a) | 77 | 8126 |
| PTC Therapeutics, Inc. (a) | 120 | 8197 |
| RadNet, Inc. (a) | 247 | 13801 |
| Repligen Corporation (a) | 57 | 6672 |
| Revolution Medicines, Inc. (a) | 50 | 4898 |
| Rhythm Pharmaceuticals, Inc. (a) | 56 | 4901 |
| Scholar Rock Holding Corporation (a) | 57 | 2783 |
| Septerna, Inc (a) (b) | 91 | 2182 |
| SI-BONE, Inc. (a) | 484 | 6108 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Spyre Therapeutics, Inc. (a) | 67 | 3388 |
| Stevanato Group Societa' Per Azioni | 343 | 4718 |
| Stoke Therapeutics, Inc. (a) | 19 | 606 |
| Structure Therapeutics Inc. - ADR (a) | 30 | 1439 |
| Tarsus Pharmaceuticals, Inc. (a) | 28 | 1999 |
| Tempus AI, Inc. - Class A (a) (b) | 124 | 5627 |
| Travere Therapeutics, Inc. (a) | 60 | 1782 |
| Twist Bioscience Corporation (a) | 27 | 1300 |
| U.S. Physical Therapy, Inc. | 57 | 4262 |
| Vaxcyte, Inc. (a) | 100 | 5804 |
| Veracyte, Inc. (a) | 90 | 2914 |
| Viking Therapeutics, Inc. (a) | 60 | 1953 |
| Wave Life Sciences Ltd. (a) | 165 | 1195 |
| Waystar Holding Corp. (a) | 329 | 7932 |
| West Pharmaceutical Services, Inc. | 64 | 15996 |
| Xenon Pharmaceuticals Inc. (a) | 81 | 4701 |
| | | 439814 |
| **Information Technology 17.9%** | **Information Technology 17.9%** | **Information Technology 17.9%** |
| ACI Worldwide, Inc. (a) | 158 | 6481 |
| Advanced Energy Industries, Inc. | 92 | 29702 |
| Agilysys, Inc. (a) | 63 | 4454 |
| Alkami Technology, Inc. (a) (b) | 318 | 4981 |
| Allegro Microsystems Inc. (a) | 78 | 2451 |
| AppFolio, Inc. - Class A (a) | 22 | 3483 |
| Arlo Technologies, Inc. (a) | 352 | 5007 |
| Badger Meter, Inc. | 35 | 5324 |
| Bentley Systems, Incorporated - Class B (b) | 286 | 10057 |
| Camtek Ltd. (a) (b) | 16 | 2356 |
| Cellebrite Di Ltd. (a) | 283 | 3902 |
| Coherent Corp. (a) | 14 | 3218 |
| Credo Technology Group Holding Ltd. (a) | 61 | 5760 |
| Descartes Systems Group Inc., The (a) | 200 | 14338 |
| Digital Turbine USA, Inc. (a) (b) | 2784 | 8017 |
| DigitalOcean Holdings, Inc. (a) | 16 | 1413 |
| Dynatrace, Inc. (a) | 236 | 8745 |
| Fabrinet (a) | 20 | 10529 |
| Guidewire Software, Inc. (a) | 58 | 8641 |
| Impinj, Inc. (a) | 13 | 1304 |
| Indie Semiconductor, Inc. - Class A (a) (b) | 5458 | 17571 |
| InterDigital, Inc. | 14 | 4128 |
| Itron, Inc. (a) | 23 | 2057 |
| JFROG Ltd. (a) | 53 | 2508 |
| Lattice Semiconductor Corporation (a) | 58 | 5340 |
| LightPath Technologies, Inc. - Class A (a) | 97 | 970 |
| Lumentum Holdings Inc. (a) | 7 | 4964 |
| MACOM Technology Solutions Holdings, Inc. (a) | 27 | 6064 |
| Mirion Technologies (US), Inc. - Class A (a) | 298 | 5537 |
| nCino OpCo, Inc. (a) | 784 | 11742 |
| Netskope, Inc. - Class A (a) (b) | 375 | 3185 |
| Nlight, Inc. (a) | 63 | 3620 |
| Novanta Inc. (a) | 171 | 20248 |
| NVE Corporation | 8 | 509 |
| Onto Innovation Inc. (a) | 46 | 9274 |
| OSI Systems, Inc. (a) | 19 | 4895 |
| Porch Group Inc - Class A (a) | 2303 | 16514 |
| Procore Technologies, Inc. (a) | 161 | 9164 |
| Rambus Inc. (a) | 151 | 13024 |
| Semtech Corporation (a) | 137 | 10522 |
| SentinelOne, Inc. - Class A (a) | 271 | 3489 |
| ServiceTitan, Inc. - Class A (a) | 196 | 12442 |
| Silicon Motion, Inc. - ADR | 70 | 7892 |
| Sitime Corporation (a) | 23 | 7890 |
| Teledyne Technologies Incorporated (a) | 25 | 14990 |
| TeraWulf Inc. (a) (b) | 114 | 1652 |
| Tower Semiconductor Ltd. (a) | 10 | 1811 |
| TTM Technologies, Inc. (a) | 50 | 4833 |
| Ultra Clean Holdings, Inc. (a) | 30 | 1872 |
| Unusual Machines, Inc. (a) (b) | 153 | 1892 |
| Varonis Systems, Inc. (a) | 177 | 3801 |
| Zeta Global Holdings Corp. - Class A (a) | 105 | 1678 |
|  |  | 356241 |
| **Consumer Discretionary 11.5%** | **Consumer Discretionary 11.5%** | **Consumer Discretionary 11.5%** |
| Birkenstock Holding PLC (a) (b) | 162 | 5787 |
| Boot Barn Holdings, Inc. (a) | 86 | 12689 |
| Brinker International, Inc. (a) | 10 | 1468 |
| BRP Inc. | 21 | 1498 |
| Brunello Cucinelli S.p.A. | 64 | 5614 |
| CAVA Group, Inc. (a) (b) | 56 | 4565 |
| Cavco Industries, Inc. (a) | 10 | 4801 |
| DK Crown Holdings Inc. - Class A (a) | 241 | 5202 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 193 | 2690 |
| FIGS, Inc. - Class A (a) | 86 | 1273 |
| First Watch Restaurant Group, Inc. (a) | 107 | 1117 |
| Floor & Decor Holdings, Inc. - Class A (a) | 75 | 3797 |
| Garrett Motion Inc. | 57 | 1041 |
| Genius Sports Limited (a) | 608 | 2695 |
| Gigacloud Technology Inc. - Class A (a) | 67 | 3029 |
| Global-E Online Ltd. (a) | 59 | 1824 |
| Installed Building Products, Inc. (b) | 94 | 24829 |
| Kura Sushi USA, Inc. - Class A (a) (b) | 97 | 6717 |
| Liberty Live Holdings, Inc. - Series C (a) | 121 | 11367 |
| Life Time Group Holdings, Inc. (a) | 124 | 3341 |
| Lindblad Expeditions, LLC (a) | 151 | 2612 |
| National Vision Holdings, Inc. (a) | 108 | 2802 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 165 | 15163 |
| Patrick Industries, Inc. | 36 | 4080 |
| Planet Fitness, Inc. - Class A (a) | 112 | 8328 |
| Revolve Group Inc. - Class A (a) | 229 | 5190 |
| RH (a) | 43 | 6030 |
| Rush Street Interactive, Inc. - Class A (a) | 86 | 1875 |
| SharkNinja, Inc. (a) | 226 | 23941 |
| Smith Douglas Homes Corp. - Class A (a) (b) | 75 | 954 |
| Sportradar Group AG - Class A (a) | 112 | 1876 |
| Texas Roadhouse, Inc. - Class A | 97 | 16067 |
| TopBuild Corp. (a) | 33 | 11666 |
| Travel + Leisure Co. | 30 | 2068 |
| Universal Technical Institute, Inc. (a) | 71 | 2562 |
| Victoria's Secret & Co. (a) | 37 | 1729 |
| Warby Parker Inc. - Class A (a) | 32 | 670 |
| Wingstop Inc. | 66 | 10239 |
| Wynn Resorts, Limited | 64 | 6517 |
|  |  | 229713 |
| **Financials 8.4%** | **Financials 8.4%** | **Financials 8.4%** |
| Bancorp, Inc., The (a) | 44 | 2373 |
| BankUnited, Inc. | 29 | 1321 |
| Chime Financial, Inc. - Class A (a) | 174 | 3259 |
| Coastal Financial Corporation (a) | 19 | 1431 |
| Customers Bancorp, Inc. (a) | 29 | 2025 |
| Dave Inc. - Class A (a) | 31 | 5367 |
| Ethos Technologies Inc. - Class A (a) (b) | 67 | 751 |
| Evercore Inc. - Class A | 52 | 15502 |
| Figure Technology Solutions, Inc. - Class A (a) | 83 | 2827 |
| FirstCash, Inc. | 7 | 1364 |
| Goosehead Insurance, Inc. - Class A (a) | 91 | 3890 |
| Hamilton Lane Incorporated - Class A | 29 | 2876 |
| Houlihan Lokey, Inc. - Class A | 94 | 13490 |
| Jack Henry & Associates, Inc. | 61 | 9715 |
| Kinsale Capital Group, Inc. | 27 | 9164 |
| LendingClub Corporation (a) | 49 | 699 |
| Marex Group PLC | 117 | 5227 |
| MarketAxess Holdings Inc. | 8 | 1261 |
| Moelis & Company - Class A | 195 | 11109 |
| Morningstar, Inc. | 9 | 1596 |
| Primerica, Inc. | 25 | 6202 |
| Ryan Specialty Group Holdings, Inc. - Class A | 426 | 14362 |
| ServisFirst Bancshares, Inc. | 76 | 5532 |
| Skyward Specialty Insurance Group, Inc. (a) | 99 | 4310 |
| StepStone Group Inc. - Class A | 232 | 11031 |
| StoneX Group Inc. (a) | 109 | 8769 |
| Toast, Inc. - Class A (a) | 33 | 885 |
| Triumph Financial, Inc. (a) | 77 | 4596 |
| UMB Financial Corporation | 76 | 8602 |
| Victory Capital Holdings, Inc. - Class A | 121 | 7946 |
|  |  | 167482 |
| **Consumer Staples 2.2%** | **Consumer Staples 2.2%** | **Consumer Staples 2.2%** |
| BBB Foods Inc. - Class A (a) | 55 | 1957 |
| Celsius Holdings, Inc. (a) | 170 | 6030 |
| Freshpet, Inc. (a) | 21 | 1231 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Once Upon a Farm, PBC (a) (b) | 250 | 4082 |
| Performance Food Group Company (a) | 79 | 6810 |
| PriceSmart, Inc. | 13 | 1911 |
| Primo Brands Corporation - Class A | 295 | 5559 |
| The Chefs' Warehouse, Inc. (a) | 169 | 10064 |
| Turning Point Brands, Inc. | 29 | 2508 |
| Vita Coco Company, Inc., The (a) | 63 | 3006 |
| Vital Farms, Inc. (a) (b) | 84 | 1184 |
| | | 44342 |
| **Energy 2.0%** | **Energy 2.0%** | **Energy 2.0%** |
| Cameco Corporation | 29 | 3120 |
| Centrus Energy Corp. - Class A (a) (b) | 4 | 633 |
| Chord Energy Corporation | 12 | 1775 |
| Energy Fuels Inc. (a) (b) | 257 | 4684 |
| Innovex International, Inc. (a) | 42 | 1020 |
| Matador Resources Company | 74 | 4657 |
| PBF Energy Inc. - Class A | 33 | 1584 |
| Range Resources Corporation | 103 | 4676 |
| Solaris Energy Infrastructure, Inc. - Class A | 47 | 2639 |
| TechnipFMC PLC | 80 | 5552 |
| Tidewater Inc. (a) | 22 | 1813 |
| Transocean Ltd. (a) (c) | 211 | 1402 |
| Uranium Energy Corp. (a) | 460 | 6211 |
|  |  | 39766 |
| **Communication Services 1.5%** | **Communication Services 1.5%** | **Communication Services 1.5%** |
| IMAX Corporation (a) | 38 | 1441 |
| Liberty Media Corporation - Series A (a) | 84 | 6566 |
| Magnite, Inc. (a) | 825 | 9796 |
| The New York Times Company - Class A | 135 | 11322 |
|  |  | 29125 |
| **Materials 1.4%** | **Materials 1.4%** | **Materials 1.4%** |
| Almonty Industries Inc. (a) | 108 | 1566 |
| Avient Corporation | 191 | 6943 |
| Hawkins, Inc. | 24 | 3655 |
| KRC Materials, Inc. (a) | 22 | 1830 |
| Materion Corporation | 39 | 5679 |
| Methanex Corporation | 34 | 2023 |
| MP Materials Corp. - Class A (a) (b) | 23 | 1100 |
| Pan American Silver Corp. | 40 | 2181 |
| United States Antimony Corporation (a) (b) | 166 | 1456 |
| United States Lime & Minerals, Inc. | 16 | 2122 |
|  |  | 28555 |
| **Real Estate 1.2%** | **Real Estate 1.2%** | **Real Estate 1.2%** |
| American Healthcare REIT, Inc. | 187 | 8800 |
| Compass, Inc. - Class A (a) | 293 | 2135 |
| CoStar Group, Inc. (a) | 19 | 771 |
| EastGroup Properties, Inc. | 49 | 9076 |
| Terreno Realty Corporation | 60 | 3692 |
|  |  | 24474 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Ormat Technologies, Inc. | 12 | 1366 |
| Total Common Stocks (cost $1,868,410) | Total Common Stocks (cost $1,868,410) | 1945721 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Flexion Therapeutics, Inc. (a) (b) (d) | 491 | 5 |
| Total Rights (cost $0) | Total Rights (cost $0) | 5 |
| **SHORT TERM INVESTMENTS 5.2%** | **SHORT TERM INVESTMENTS 5.2%** | **SHORT TERM INVESTMENTS 5.2%** |
| **Securities Lending Collateral 2.6%** | **Securities Lending Collateral 2.6%** | **Securities Lending Collateral 2.6%** |
| JNL Government Money Market Fund - Class SL, 3.63% (e) (f) | 52428 | 52428 |
| **Investment Companies 2.6%** | **Investment Companies 2.6%** | **Investment Companies 2.6%** |
| JNL Government Money Market Fund - Class I, 3.53% (e) (f) | 52185 | 52185 |
| Total Short Term Investments (cost $104,613) | Total Short Term Investments (cost $104,613) | 104613 |
| **Total Investments 102.7% (cost $1,973,023)** | **Total Investments 102.7% (cost $1,973,023)** | **2050339** |
| **Other Assets and Liabilities, Net (2.7)%** | **Other Assets and Liabilities, Net (2.7)%** | **(53939)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1996400** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 41657 | 301120 | 290592 | 520 |  |  | 52185 | 2.6 |
| JNL Government Money Market Fund, 3.63% - Class SL | 34194 | 236498 | 218264 | 415 |  |  | 52428 | 2.6 |
|  | 75851 | 537618 | 508856 | 935 |  |  | 104613 | 5.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Small Cap Growth Fund — Restricted Securities** | **JNL Multi-Manager Small Cap Growth Fund — Restricted Securities** | **JNL Multi-Manager Small Cap Growth Fund — Restricted Securities** | **JNL Multi-Manager Small Cap Growth Fund — Restricted Securities** | **JNL Multi-Manager Small Cap Growth Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Transocean Ltd. | 03/17/26 | 1386 | 1402 | 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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1939231 | 6490 |  | 1945721 |
| &nbsp;&nbsp;Rights |  |  | 5 | 5 |
| &nbsp;&nbsp;Short Term Investments | 104613 |  |  | 104613 |
|  | 2043844 | 6490 | 5 | 2050339 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.0%** | **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** |
| **Industrials 23.3%** | **Industrials 23.3%** | **Industrials 23.3%** |
| ACV Auctions Inc. - Class A (a) | 271 | 1150 |
| Armstrong World Industries, Inc. | 63 | 10298 |
| Blue Bird Global Corporation (a) | 81 | 4614 |
| BrightView Holdings, Inc. (a) | 630 | 7430 |
| CACI International Inc. - Class A (a) | 6 | 3291 |
| Cadre Holdings, Inc. | 434 | 13308 |
| CBIZ, Inc. (a) | 121 | 3260 |
| CNH Industrial N.V. | 231 | 2546 |
| CoreCivic, Inc. (a) | 580 | 10960 |
| CSW Industrials, Inc. | 17 | 4362 |
| DNOW Inc. (a) | 245 | 2922 |
| Enerpac Tool Group Corp. - Class A | 242 | 8838 |
| ESAB Corporation | 63 | 6114 |
| GXO Logistics Inc. (a) | 193 | 9995 |
| Hayward Holdings, Inc. (a) | 486 | 6505 |
| Helios Technologies, Inc. | 45 | 2926 |
| Hillman Solutions Corp. - Class A (a) | 2297 | 19112 |
| HNI Corporation | 152 | 5064 |
| Hub Group, Inc. - Class A | 74 | 2683 |
| Huntington Ingalls Industries, Inc. | 12 | 4525 |
| Huron Consulting Group Inc. (a) | 61 | 7842 |
| ICF International, Inc. | 81 | 5284 |
| IES Holdings, Inc. (a) | 28 | 13292 |
| Insperity, Inc. | 346 | 9359 |
| Janus International Group, Inc. (a) | 1375 | 7081 |
| Kadant Inc. | 16 | 4771 |
| Korn Ferry | 30 | 1893 |
| Landstar System, Inc. | 112 | 17926 |
| Limbach Holdings, Inc. (a) | 59 | 4634 |
| Masterbrand, Inc. (a) (b) | 477 | 3961 |
| Maximus, Inc. | 139 | 8925 |
| McGrath RentCorp | 112 | 12398 |
| Middleby Corporation, The (a) | 46 | 6088 |
| Mine Safety Appliances Company, LLC | 52 | 8503 |
| Modine Manufacturing Company (a) | 105 | 22572 |
| MOOG Inc. - Class A | 24 | 6981 |
| MYR Group Inc. (a) | 63 | 17801 |
| Owens Corning | 35 | 3798 |
| Paycom Software, Inc. | 141 | 17095 |
| Powell Industries, Inc. | 9 | 4782 |
| Rentokil Initial PLC - ADR (b) | 180 | 5678 |
| Rush Enterprises, Inc. - Class A | 77 | 5069 |
| Science Applications International Corporation | 33 | 3096 |
| Simpson Manufacturing Co., Inc. | 26 | 4490 |
| Tecnoglass Inc. | 77 | 3421 |
| Timken Company, The | 71 | 7122 |
| UFP Industries, Inc. | 48 | 4383 |
| U-Haul Holding Company - Series N | 194 | 8671 |
| Unifirst Corporation | 31 | 7705 |
| V2X, Inc. (a) | 157 | 10755 |
| Verra Mobility Corporation - Class A (a) | 769 | 10995 |
| WESCO International, Inc. | 8 | 2073 |
| Willscot Holdings Corporation - Class A | 162 | 2819 |
|  |  | 391166 |
| **Financials 22.3%** | **Financials 22.3%** | **Financials 22.3%** |
| Amalgamated Financial Corp. | 108 | 4185 |
| Assured Guaranty Ltd. | 249 | 20256 |
| Atlantic Union Bank | 116 | 4151 |
| AXIS Capital Holdings Limited | 60 | 6117 |
| Axos Financial, Inc. (a) | 63 | 5326 |
| Bancorp, Inc., The (a) | 183 | 9841 |
| Bank of Hawaii Corporation | 90 | 6694 |
| Bank OZK | 64 | 2931 |
| BankUnited, Inc. | 163 | 7358 |
| Beacon Financial Corporation | 74 | 2221 |
| Burford Capital Limited - Class C | 880 | 3976 |
| CNA Financial Corporation | 85 | 3925 |
| CNO Financial Group, Inc. | 110 | 4515 |
| Columbia Banking System, Inc. | 353 | 9677 |
| Commerce Bancshares, Inc. | 194 | 9524 |
| Essent Group Ltd. | 157 | 9165 |
| Euronet Worldwide, Inc. (a) | 173 | 11482 |
| F.N.B. Corporation | 338 | 5651 |
| Federated Hermes, Inc. - Class B | 53 | 2987 |
| First American Financial Corporation | 166 | 10002 |
| First Citizens BancShares, Inc. - Class A | 9 | 16110 |
| First Hawaiian, Inc. | 277 | 6827 |
| Genworth Financial, Inc. - Class A (a) | 963 | 7817 |
| Glacier Bancorp, Inc. | 215 | 9620 |
| Hanover Insurance Group Inc, The | 36 | 6175 |
| Independent Bank Corp. | 76 | 5716 |
| International Bancshares Corporation | 80 | 5357 |
| Live Oak Bancshares, Inc. | 103 | 3405 |
| MarketAxess Holdings Inc. | 36 | 5873 |
| Marqeta, Inc. - Class A (a) | 783 | 3194 |
| P10, Inc. - Class A | 244 | 1770 |
| Pathward Financial, Inc. | 43 | 3839 |
| QCR Holdings, Inc. | 54 | 4615 |
| Radian Group Inc. | 56 | 1838 |
| Skyward Specialty Insurance Group, Inc. (a) | 475 | 20755 |
| Stewart Information Services Corporation | 198 | 12188 |
| Texas Capital Bancshares, Inc. (a) | 50 | 4720 |
| Triumph Financial, Inc. (a) | 90 | 5342 |
| UMB Financial Corporation | 95 | 10736 |
| Virtu Financial, Inc. - Class A | 291 | 12791 |
| WAFD, Inc. | 178 | 5584 |
| Wealthfront Corporation (a) | 544 | 5033 |
| Wex, Inc. (a) | 30 | 4516 |
| White Mountains Insurance Group Ltd. | 20 | 44148 |
| Wintrust Financial Corporation | 120 | 16699 |
| WSFS Financial Corporation | 152 | 9957 |
|  |  | 374609 |
| **Information Technology 10.9%** | **Information Technology 10.9%** | **Information Technology 10.9%** |
| ACI Worldwide, Inc. (a) | 388 | 15903 |
| ACM Research, Inc. - Class A (a) | 215 | 8454 |
| Alkami Technology, Inc. (a) (b) | 207 | 3243 |
| Arrow Electronics, Inc. (a) | 22 | 3116 |
| ASGN Incorporated (a) | 281 | 10895 |
| Axcelis Technologies, Inc. (a) | 188 | 17483 |
| CCC Intelligent Solutions Holdings Inc. (a) | 647 | 3880 |
| Cleanspark Inc. (a) (b) | 262 | 2228 |
| Cognex Corporation | 173 | 8487 |
| DigitalOcean Holdings, Inc. (a) | 98 | 8422 |
| ePlus inc. | 225 | 16890 |
| Formfactor, Inc. (a) | 131 | 12706 |
| Globant S.A. (a) | 64 | 2962 |
| Insight Enterprises, Inc. (a) | 64 | 4261 |
| InterDigital, Inc. | 45 | 13590 |
| Itron, Inc. (a) | 60 | 5419 |
| Napco Security Technologies, Inc. | 165 | 6487 |
| Plexus Corp. (a) | 12 | 2492 |
| Power Integrations, Inc. | 119 | 6086 |
| Silicon Motion, Inc. - ADR | 159 | 17854 |
| TD SYNNEX Corporation | 30 | 5075 |
| Vontier Corporation | 213 | 7543 |
|  |  | 183476 |
| **Consumer Discretionary 10.8%** | **Consumer Discretionary 10.8%** | **Consumer Discretionary 10.8%** |
| Dorman Products, Inc. (a) | 58 | 6066 |
| Dream Finders Homes, Inc. - Class A (a) | 408 | 5685 |
| Frontdoor, Inc. (a) | 183 | 9671 |
| Grand Canyon Education, Inc. (a) | 73 | 12370 |
| Group 1 Automotive, Inc. | 33 | 10921 |
| Hasbro, Inc. | 51 | 4815 |
| LCI Industries | 41 | 5047 |
| Les Vetements de Sport Gildan Inc. - Class A | 232 | 12916 |
| LGI Homes, Inc. (a) | 49 | 1957 |
| Lithia Motors, Inc. - Class A | 54 | 13664 |
| LKQ Corporation | 120 | 3520 |
| M/I Homes, Inc. (a) | 37 | 4532 |
| Malibu Boats, Inc. - Class A (a) | 241 | 6246 |
| Meritage Homes Corporation | 20 | 1247 |
| Murphy USA Inc. | 21 | 10365 |
| OneSpaWorld Holdings Limited (b) | 440 | 10098 |
| Patrick Industries, Inc. | 94 | 10493 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pursuit Attractions And Hospitality, Inc. (a) | 78 | 2842 |
| United Parks And Resorts Inc. (a) | 139 | 4529 |
| Vail Resorts, Inc. (b) | 35 | 4460 |
| Valvoline, Inc. (a) (b) | 294 | 9914 |
| Winmark Corporation | 12 | 5229 |
| Winnebago Industries, Inc. | 211 | 6527 |
| YETI Holdings, Inc. (a) | 527 | 19264 |
| | | 182378 |
| **Health Care 10.7%** | **Health Care 10.7%** | **Health Care 10.7%** |
| Acadia Healthcare Company, Inc. (a) | 149 | 3486 |
| AdaptHealth LLC - Class A (a) | 1147 | 13645 |
| Addus HomeCare Corporation (a) | 106 | 9922 |
| Alphatec Holdings, Inc. (a) | 268 | 2917 |
| Arcellx Inc. (a) | 30 | 3487 |
| BioMarin Pharmaceutical Inc. (a) | 88 | 4967 |
| C4 Therapeutics, Inc. (a) | 472 | 1240 |
| Charles River Laboratories International, Inc. (a) | 52 | 8942 |
| Chemed Corporation | 5 | 1815 |
| CONMED Corporation | 190 | 6723 |
| Cooper Companies, Inc., The (a) | 133 | 9525 |
| CRISPR Therapeutics AG (a) (b) | 72 | 3433 |
| Dentsply Sirona Inc. | 386 | 4477 |
| Embecta Corp. | 197 | 1746 |
| Encompass Health Corporation | 40 | 3906 |
| Enovis Corporation (a) | 72 | 1646 |
| Evolent Health, Inc. - Class A (a) | 137 | 312 |
| Haemonetics Corporation (a) | 88 | 4984 |
| Icon Public Limited Company (a) | 27 | 2981 |
| ICU Medical, Inc. (a) | 107 | 13845 |
| Inspire Medical Systems, Inc. (a) | 10 | 525 |
| Integer Holdings Corporation (a) | 87 | 7619 |
| Janux Therapeutics, Inc. (a) | 41 | 575 |
| Lantheus Holdings, Inc. (a) | 164 | 12441 |
| MoonLake Immunotherapeutics AG - Class A (a) | 109 | 2040 |
| Pennant Group, Inc., The (a) | 248 | 7571 |
| Perrigo Company Public Limited Company | 303 | 3256 |
| Praxis Precision Medicines, Inc. (a) | 16 | 5250 |
| Relay Therapeutics, Inc. (a) | 382 | 3803 |
| Smith & Nephew PLC - ADR (b) | 176 | 5606 |
| Tango Therapeutics, Inc. (a) (b) | 211 | 4409 |
| Teleflex Incorporated | 104 | 12492 |
| UFP Technologies, Inc. (a) | 24 | 4629 |
| Varex Imaging Corporation (a) | 238 | 2530 |
| Vericel Corporation (a) | 96 | 3095 |
|  |  | 179840 |
| **Materials 4.4%** | **Materials 4.4%** | **Materials 4.4%** |
| AptarGroup, Inc. | 80 | 10084 |
| Century Aluminum Company (a) | 164 | 9611 |
| Commercial Metals Company | 45 | 2793 |
| Element Solutions Inc. | 487 | 16641 |
| H.B. Fuller Company | 148 | 9114 |
| Hecla Mining Company | 123 | 2294 |
| International Flavors & Fragrances Inc. | 86 | 6246 |
| KRC Materials, Inc. (a) | 48 | 3891 |
| Quaker Chemical Corporation | 60 | 7434 |
| SSR Mining Inc. (a) | 209 | 6159 |
|  |  | 74267 |
| **Real Estate 4.3%** | **Real Estate 4.3%** | **Real Estate 4.3%** |
| Americold Realty Trust, Inc. (b) | 350 | 4011 |
| Apple Hospitality REIT, Inc. | 346 | 3987 |
| Brandywine Realty Trust | 618 | 1676 |
| Cushman & Wakefield Ltd. (a) | 610 | 7479 |
| Getty Realty Corp. (b) | 182 | 5782 |
| Highwoods Properties, Inc. | 279 | 5981 |
| Howard Hughes Holdings Inc. (a) | 38 | 2380 |
| Independence Realty Trust, Inc. | 89 | 1328 |
| Mid-America Apartment Communities, Inc. | 57 | 6987 |
| Rayonier Inc. | 208 | 4287 |
| Ryman Hospitality Properties, Inc. | 179 | 16527 |
| STAG Industrial, Inc. | 152 | 5465 |
| Terreno Realty Corporation | 93 | 5703 |
|  |  | 71593 |
| **Consumer Staples 3.7%** | **Consumer Staples 3.7%** | **Consumer Staples 3.7%** |
| Bellring Intermediate Holdings, Inc. (a) | 167 | 2685 |
| BJ's Wholesale Club Holdings, Inc. (a) | 144 | 14139 |
| Cal-Maine Foods, Inc. | 135 | 10659 |
| Dole Public Limited Company | 175 | 2500 |
| Ingles Markets, Incorporated - Class A | 51 | 4594 |
| Ingredion Incorporated | 48 | 5379 |
| Interparfums, Inc. | 68 | 6173 |
| Nomad Foods Limited | 523 | 5023 |
| PriceSmart, Inc. | 37 | 5531 |
| Simply Good Foods Company, The (a) | 145 | 2080 |
| Sprouts Farmers Market, Inc. (a) | 43 | 3309 |
|  |  | 62072 |
| **Energy 3.6%** | **Energy 3.6%** | **Energy 3.6%** |
| Atlas Energy Solutions Inc. (b) | 392 | 5141 |
| CNX Resources Corporation (a) | 200 | 7718 |
| CVR Energy, Inc. (a) | 55 | 1854 |
| Delek US Holdings, Inc. | 132 | 5952 |
| DHT Holdings, Inc. | 295 | 5386 |
| DMC Global Inc. (a) | 153 | 798 |
| Gulfport Energy Corporation (a) | 24 | 5150 |
| HF Sinclair Corporation | 66 | 4097 |
| Matador Resources Company | 46 | 2930 |
| Permian Resources Corporation - Class A | 344 | 7329 |
| RPC, Inc. | 903 | 6390 |
| SM Energy Company | 72 | 2236 |
| Talos Energy Inc. (a) | 259 | 4084 |
| Weatherford International Public Limited Company | 25 | 2330 |
|  |  | 61395 |
| **Utilities 2.7%** | **Utilities 2.7%** | **Utilities 2.7%** |
| Avista Corporation | 56 | 2250 |
| Black Hills Corporation | 71 | 4914 |
| Hawaiian Electric Industries, Inc. (a) | 647 | 9603 |
| IDACORP, Inc. | 12 | 1779 |
| MDU Resources Group, Inc. | 265 | 5491 |
| NorthWestern Corporation | 40 | 2661 |
| Portland General Electric Company | 106 | 5590 |
| Southwest Gas Holdings, Inc. | 58 | 4998 |
| Spire Inc. | 45 | 4069 |
| Talen Energy Corporation (a) | 5 | 1462 |
| UGI Corporation | 74 | 2714 |
|  |  | 45531 |
| **Communication Services 1.3%** | **Communication Services 1.3%** | **Communication Services 1.3%** |
| IDT Corporation - Class B | 79 | 3895 |
| Lumen Technologies, Inc. (a) | 262 | 1819 |
| Sphere Entertainment Co. - Class A (a) | 25 | 8035 |
| Telephone and Data Systems, Inc. | 157 | 6630 |
| TripAdvisor, Inc. (a) | 116 | 1236 |
|  |  | 21615 |
| Total Common Stocks (cost $1,518,917) | Total Common Stocks (cost $1,518,917) | 1647942 |
| **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** |
| **Investment Companies 1.8%** | **Investment Companies 1.8%** | **Investment Companies 1.8%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 31461 | 31461 |
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 14761 | 14761 |
| Total Short Term Investments (cost $46,222) | Total Short Term Investments (cost $46,222) | 46222 |
| **Total Investments 100.7% (cost $1,565,139)** | **Total Investments 100.7% (cost $1,565,139)** | **1694164** |
| **Other Assets and Liabilities, Net (0.7)%** | **Other Assets and Liabilities, Net (0.7)%** | **(11832)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1682332** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 34521 | 148530 | 151590 | 396 |  |  | 31461 | 1.8 |
| JNL Government Money Market Fund, 3.63% - Class SL | 11073 | 127000 | 123312 | 145 |  |  | 14761 | 0.9 |
|  | 45594 | 275530 | 274902 | 541 |  |  | 46222 | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1647942 |  |  | 1647942 |
| &nbsp;&nbsp;Short Term Investments | 46222 |  |  | 46222 |
|  | 1694164 |  |  | 1694164 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** |
| **COMMON STOCKS 95.4%** | **COMMON STOCKS 95.4%** | **COMMON STOCKS 95.4%** |
| **Health Care 15.2%** | **Health Care 15.2%** | **Health Care 15.2%** |
| Becton, Dickinson and Company | 32 | 5076 |
| Brookdale Senior Living Inc. (a) | 2305 | 31530 |
| Cardinal Health, Inc. | 106 | 22336 |
| Cigna Group, The | 70 | 18800 |
| Eli Lilly and Company | 15 | 13695 |
| GE HealthCare Technologies Inc. | 74 | 5305 |
| Illumina, Inc. (a) | 64 | 7903 |
| Johnson & Johnson | 95 | 23205 |
| Labcorp Holdings Inc. | 32 | 8522 |
| McKesson Corporation | 20 | 17411 |
| Novartis AG - ADR | 112 | 17149 |
| Tenet Healthcare Corporation (a) | 90 | 16899 |
| Teva Pharmaceutical Industries Ltd. - ADR (a) | 864 | 26028 |
|  |  | 213859 |
| **Information Technology 14.8%** | **Information Technology 14.8%** | **Information Technology 14.8%** |
| AppLovin Corporation - Class A (a) | 126 | 50116 |
| Microsoft Corporation | 64 | 23795 |
| NVIDIA Corporation | 238 | 41596 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 73 | 24599 |
| Western Digital Corporation | 255 | 68989 |
|  |  | 209095 |
| **Financials 13.7%** | **Financials 13.7%** | **Financials 13.7%** |
| Allstate Corporation, The | 84 | 17489 |
| American Express Company | 27 | 8205 |
| American International Group, Inc. | 129 | 9738 |
| Arthur J. Gallagher & Co. | 29 | 6352 |
| Berkshire Hathaway Inc. - Class B (a) | 53 | 25706 |
| Cincinnati Financial Corporation | 70 | 11089 |
| CME Group Inc. - Class A | 43 | 12637 |
| Fairfax Financial Holdings Limited | 5 | 8840 |
| First Citizens BancShares, Inc. - Class A | 3 | 6472 |
| LPL Financial Holdings Inc. | 39 | 11609 |
| Old Republic International Corporation | 174 | 6928 |
| Progressive Corporation, The | 130 | 25749 |
| Reinsurance Group of America, Incorporated | 111 | 22743 |
| RenaissanceRe Holdings Ltd. | 25 | 7451 |
| Wells Fargo & Company | 47 | 3737 |
| Willis Towers Watson Public Limited Company | 29 | 8491 |
|  |  | 193236 |
| **Industrials 10.5%** | **Industrials 10.5%** | **Industrials 10.5%** |
| CACI International Inc. - Class A (a) | 5 | 2636 |
| Carlisle Companies Incorporated | 11 | 3581 |
| Deere & Company | 8 | 4256 |
| Delta Air Lines, Inc. | 79 | 5225 |
| FedEx Corporation | 50 | 17852 |
| General Electric Company | 64 | 18073 |
| Huntington Ingalls Industries, Inc. | 43 | 16309 |
| Lockheed Martin Corporation | 6 | 3557 |
| Rolls-Royce Holdings PLC - ADR (b) | 1295 | 19963 |
| Siemens Energy AG | 277 | 46881 |
| Union Pacific Corporation | 37 | 9082 |
|  |  | 147415 |
| **Consumer Staples 8.8%** | **Consumer Staples 8.8%** | **Consumer Staples 8.8%** |
| Altria Group, Inc. | 327 | 21598 |
| BJ's Wholesale Club Holdings, Inc. (a) | 125 | 12270 |
| Coca-Cola Company, The | 201 | 15320 |
| Keurig Dr Pepper Inc. | 178 | 4697 |
| Kroger Co., The | 241 | 17443 |
| PepsiCo, Inc. | 40 | 6273 |
| Philip Morris International Inc. | 279 | 46047 |
|  |  | 123648 |
| **Utilities 7.3%** | **Utilities 7.3%** | **Utilities 7.3%** |
| American Electric Power Company, Inc. | 147 | 19225 |
| American Water Works Company, Inc. | 114 | 15563 |
| Atmos Energy Corporation | 41 | 7599 |
| CenterPoint Energy, Inc. | 225 | 9717 |
| Constellation Energy Group, Inc. | 22 | 6289 |
| Duke Energy Corporation | 77 | 10075 |
| Exelon Corporation | 254 | 12446 |
| NextEra Energy, Inc. | 140 | 13038 |
| XCEL Energy Inc. | 114 | 9032 |
|  |  | 102984 |
| **Communication Services 6.8%** | **Communication Services 6.8%** | **Communication Services 6.8%** |
| AT&T Inc. | 1024 | 29681 |
| Meta Platforms, Inc. - Class A | 21 | 11946 |
| Spotify Technology S.A. (a) | 31 | 14809 |
| Universal Music Group N.V. - ADR (b) | 472 | 4527 |
| Verizon Communications Inc. | 547 | 27476 |
| Walt Disney Company, The | 82 | 7878 |
|  |  | 96317 |
| **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** |
| Amazon.com, Inc. (a) | 195 | 40789 |
| Lennar Corporation - Class A | 30 | 2595 |
| Lithia Motors, Inc. - Class A | 15 | 3807 |
| LVMH Moet Hennessy Louis Vuitton - ADR | 48 | 5252 |
| Sea Limited - Class A - ADR (a) | 203 | 16792 |
| Tapestry, Inc. | 192 | 27032 |
|  |  | 96267 |
| **Energy 6.5%** | **Energy 6.5%** | **Energy 6.5%** |
| BP P.L.C. - ADR | 263 | 12353 |
| Chevron Corporation | 80 | 16525 |
| Devon Energy Corporation | 284 | 14274 |
| Enbridge Inc. | 215 | 11618 |
| Exxon Mobil Corporation | 99 | 16767 |
| Occidental Petroleum Corporation | 313 | 20315 |
|  |  | 91852 |
| **Real Estate 2.9%** | **Real Estate 2.9%** | **Real Estate 2.9%** |
| American Healthcare REIT, Inc. | 379 | 17871 |
| Mid-America Apartment Communities, Inc. | 48 | 5830 |
| Welltower Inc. | 89 | 17661 |
|  |  | 41362 |
| **Materials 2.1%** | **Materials 2.1%** | **Materials 2.1%** |
| Amrize AG | 121 | 6772 |
| Corteva, Inc. | 160 | 13374 |
| CRH Public Limited Company | 86 | 9027 |
|  |  | 29173 |
| Total Common Stocks (cost $1,128,616) | Total Common Stocks (cost $1,128,616) | 1345208 |
| **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 1.2%** | **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| JNL Government Money Market Fund - Class I, 3.53% (d) (e) | 14003 | 14003 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (d) (e) | 3681 | 3681 |
| Total Short Term Investments (cost $17,684) | Total Short Term Investments (cost $17,684) | 17684 |
| **Total Investments 96.6% (cost $1,146,300)** | **Total Investments 96.6% (cost $1,146,300)** | **1362905** |
| **Other Assets and Liabilities, Net 3.4%** | **Other Assets and Liabilities, Net 3.4%** | **47319** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1410224** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 29672 | 118020 | 133689 | 170 |  |  | 14003 | 1.0 |
| JNL Government Money Market Fund, 3.63% - Class SL | 13135 | 100206 | 109660 | 126 |  |  | 3681 | 0.3 |
|  | 42807 | 218226 | 243349 | 296 |  |  | 17684 | 1.3 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1298327 | 46881 |  | 1345208 |
| &nbsp;&nbsp;Rights |  |  | 13 | 13 |
| &nbsp;&nbsp;Short Term Investments | 17684 |  |  | 17684 |
|  | 1316011 | 46881 | 13 | 1362905 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **Information Technology 32.5%** | **Information Technology 32.5%** | **Information Technology 32.5%** |
| Accenture Public Limited Company - Class A | 6 | 1180 |
| Adobe Inc. (a) | 4 | 966 |
| Advanced Micro Devices, Inc. (a) | 16 | 3230 |
| Akamai Technologies, Inc. (a) | 1 | 154 |
| Amphenol Corporation - Class A | 12 | 1512 |
| Analog Devices, Inc. | 5 | 1507 |
| Apple Inc. | 143 | 36246 |
| Applied Materials, Inc. | 8 | 2637 |
| AppLovin Corporation - Class A (a) | 3 | 1051 |
| Arista Networks, Inc. (a) | 10 | 1236 |
| Autodesk, Inc. (a) | 2 | 496 |
| Broadcom Inc. | 46 | 14276 |
| Cadence Design Systems, Inc. (a) | 3 | 732 |
| CDW Corp. | 1 | 158 |
| Ciena Corporation (a) | 1 | 534 |
| Cisco Systems, Inc. | 38 | 2982 |
| Cognizant Technology Solutions Corporation - Class A | 5 | 287 |
| Coherent Corp. (a) | 2 | 432 |
| Corning Incorporated | 8 | 1036 |
| CrowdStrike Holdings, Inc. - Class A (a) | 2 | 956 |
| Datadog, Inc. - Class A (a) | 3 | 378 |
| Dell Technologies Inc. - Class C | 3 | 482 |
| EPAM Systems, Inc. (a) | 1 | 68 |
| F5, Inc. (a) | 1 | 168 |
| Fair Isaac Corporation (a) |  | 248 |
| First Solar, Inc. (a) | 1 | 210 |
| Fortinet, Inc. (a) | 6 | 501 |
| Gartner, Inc. (a) | 1 | 105 |
| Gen Digital Inc. | 6 | 103 |
| GoDaddy Inc. - Class A (a) | 1 | 109 |
| Hewlett Packard Enterprise Company | 13 | 311 |
| HP, Inc. | 9 | 172 |
| Intel Corporation (a) | 46 | 2014 |
| International Business Machines Corporation | 9 | 2209 |
| Intuit Inc. | 3 | 1176 |
| Jabil Inc. | 1 | 267 |
| Keysight Technologies, Inc. (a) | 2 | 473 |
| KLA Corporation | 1 | 1874 |
| Lam Research Corporation | 12 | 2592 |
| Lumentum Holdings Inc. (a) | 1 | 488 |
| Microchip Technology Incorporated | 5 | 343 |
| Micron Technology, Inc. | 11 | 3698 |
| Microsoft Corporation | 72 | 26754 |
| Monolithic Power Systems, Inc. |  | 515 |
| Motorola Solutions, Inc. | 2 | 695 |
| NetApp, Inc. | 2 | 191 |
| NVIDIA Corporation | 236 | 41228 |
| NXP Semiconductors N.V. | 2 | 483 |
| ON Semiconductor Corporation (a) | 4 | 237 |
| Oracle Corporation | 17 | 2426 |
| Palantir Technologies Inc. - Class A (a) | 22 | 3259 |
| Palo Alto Networks, Inc. (a) | 8 | 1262 |
| PTC Inc. (a) | 1 | 167 |
| Qnity Electronics, Inc. | 2 | 240 |
| Qualcomm Incorporated | 10 | 1345 |
| Roper Technologies, Inc. | 1 | 371 |
| Salesforce, Inc. | 9 | 1699 |
| SanDisk LLC (a) | 1 | 914 |
| Seagate Technology Holdings Public Limited Company | 2 | 833 |
| ServiceNow, Inc. (a) | 10 | 1059 |
| Skyworks Solutions, Inc. | 1 | 74 |
| Super Micro Computer, Inc. (a) | 5 | 115 |
| Synopsys, Inc. (a) | 2 | 737 |
| TE Connectivity Public Limited Company | 3 | 603 |
| Teledyne Technologies Incorporated (a) |  | 284 |
| Teradyne, Inc. | 2 | 456 |
| Texas Instruments Incorporated | 9 | 1720 |
| Trimble Inc. (a) | 2 | 144 |
| Tyler Technologies, Inc. (a) |  | 147 |
| VeriSign, Inc. | 1 | 196 |
| Western Digital Corporation | 3 | 892 |
| Workday, Inc. - Class A (a) | 2 | 272 |
| Zebra Technologies Corporation - Class A (a) |  | 99 |
|  |  | 179014 |
| **Financials 12.4%** | **Financials 12.4%** | **Financials 12.4%** |
| AFLAC Incorporated | 5 | 500 |
| Allstate Corporation, The | 3 | 530 |
| American Express Company | 5 | 1571 |
| American International Group, Inc. | 5 | 392 |
| Ameriprise Financial, Inc. | 1 | 403 |
| AON Public Limited Company - Class A | 2 | 673 |
| Apollo Global Management, Inc. | 5 | 506 |
| Arch Capital Group Ltd. (a) | 4 | 338 |
| Ares Management Corporation - Class A | 2 | 223 |
| Arthur J. Gallagher & Co. | 3 | 546 |
| Assurant, Inc. | 1 | 109 |
| Bank of America Corporation | 64 | 3139 |
| Bank of New York Mellon Corporation, The (b) | 7 | 789 |
| Berkshire Hathaway Inc. - Class B (a) | 18 | 8553 |
| BlackRock, Inc. | 1 | 1357 |
| Blackstone Inc. - Class A | 7 | 835 |
| Block, Inc. - Class A (a) | 5 | 320 |
| Brown & Brown, Inc. | 3 | 180 |
| Capital One Financial Corporation | 6 | 1101 |
| CBOE Global Markets, Inc. | 1 | 285 |
| Charles Schwab Corporation, The | 16 | 1531 |
| Chubb Limited | 4 | 1152 |
| Cincinnati Financial Corporation | 1 | 231 |
| Citigroup Inc. | 17 | 1920 |
| Citizens Financial Group, Inc. | 4 | 247 |
| CME Group Inc. - Class A | 4 | 1041 |
| Coinbase Global, Inc. - Class A (a) | 2 | 384 |
| Corpay Inc (a) | 1 | 205 |
| Erie Indemnity Company - Class A |  | 62 |
| Everest Group, Ltd. |  | 126 |
| FactSet Research Systems Inc. |  | 81 |
| Fidelity National Information Services, Inc. | 5 | 233 |
| Fifth Third Bancorp | 9 | 408 |
| Fiserv, Inc. (a) | 5 | 287 |
| Franklin Resources, Inc. (c) | 3 | 68 |
| Global Payments Inc. | 2 | 157 |
| Globe Life Inc. | 1 | 115 |
| Goldman Sachs Group, Inc., The | 3 | 2475 |
| Hartford Insurance Group, Inc., The | 3 | 372 |
| Huntington Bancshares Incorporated | 20 | 310 |
| Interactive Brokers Group, Inc. - Class A | 4 | 285 |
| Intercontinental Exchange, Inc. | 6 | 874 |
| Invesco Ltd. | 4 | 106 |
| Jack Henry & Associates, Inc. | 1 | 106 |
| JPMorgan Chase & Co. | 26 | 7719 |
| KeyCorp | 9 | 189 |
| KKR & Co. Inc. - Class A | 7 | 616 |
| Loews Corporation | 2 | 179 |
| M&T Bank Corporation | 1 | 297 |
| Marsh & Mclennan Companies, Inc. | 5 | 810 |
| MasterCard Incorporated - Class A | 8 | 3958 |
| MetLife, Inc. | 5 | 383 |
| Moody's Corporation | 1 | 646 |
| Morgan Stanley | 12 | 1918 |
| MSCI Inc. - Class A | 1 | 391 |
| Nasdaq, Inc. | 4 | 369 |
| Northern Trust Corporation | 2 | 245 |
| PayPal Holdings, Inc. | 9 | 412 |
| Principal Financial Group, Inc. | 2 | 177 |
| Progressive Corporation, The | 6 | 1123 |
| Prudential Financial, Inc. | 3 | 331 |
| Raymond James Financial, Inc. | 2 | 255 |
| Regions Financial Corporation | 9 | 227 |
| Robinhood Markets, Inc. - Class A (a) | 8 | 535 |
| S&P Global Inc. | 3 | 1264 |
| State Street Corporation | 3 | 346 |
| Synchrony Financial | 3 | 235 |
| T. Rowe Price Group, Inc. | 2 | 191 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The PNC Financial Services Group, Inc. | 4 | 811 |
| Travelers Companies, Inc., The | 2 | 621 |
| Truist Financial Corporation | 12 | 556 |
| U.S. Bancorp | 15 | 790 |
| Visa Inc. - Class A | 16 | 4945 |
| W. R. Berkley Corporation | 3 | 190 |
| Wells Fargo & Company | 30 | 2389 |
| Willis Towers Watson Public Limited Company | 1 | 267 |
| | | 68511 |
| **Communication Services 10.2%** | **Communication Services 10.2%** | **Communication Services 10.2%** |
| Alphabet Inc. - Class A | 57 | 16298 |
| Alphabet Inc. - Class C | 45 | 13048 |
| AT&T Inc. | 68 | 1972 |
| Comcast Corporation - Class A | 35 | 994 |
| EchoStar Corporation - Class A (a) (c) | 1 | 153 |
| Electronic Arts Inc. | 2 | 440 |
| Former Charter Communications Parent, Inc. - Class A (a) | 1 | 187 |
| Fox Corporation - Class A | 2 | 109 |
| Fox Corporation - Class B | 1 | 75 |
| Live Nation Entertainment, Inc. (a) | 2 | 234 |
| Meta Platforms, Inc. - Class A | 21 | 12173 |
| Netflix, Inc. (a) | 41 | 3950 |
| News Corporation - Class A | 4 | 91 |
| News Corporation - Class B | 1 | 25 |
| Omnicom Group Inc. | 3 | 237 |
| Paramount Skydance Corporation - Class B (c) | 2 | 22 |
| Take-Two Interactive Software, Inc. (a) | 2 | 333 |
| TKO Group Holdings Inc. - Class A | 1 | 129 |
| T-Mobile US, Inc. | 5 | 967 |
| Trade Desk, Inc., The - Class A (a) | 4 | 94 |
| Verizon Communications Inc. | 41 | 2057 |
| Walt Disney Company, The | 17 | 1660 |
| Warner Bros. Discovery, Inc. - Series A (a) | 24 | 662 |
|  |  | 55910 |
| **Consumer Discretionary 9.8%** | **Consumer Discretionary 9.8%** | **Consumer Discretionary 9.8%** |
| Airbnb, Inc. - Class A (a) | 4 | 523 |
| Amazon.com, Inc. (a) | 95 | 19797 |
| Aptiv PLC (a) | 2 | 142 |
| AutoZone, Inc. (a) |  | 537 |
| Best Buy Co., Inc. | 2 | 121 |
| Booking Holdings Inc. |  | 1318 |
| Carnival Corporation | 11 | 291 |
| Carvana Co. - Class A (a) | 1 | 433 |
| Chipotle Mexican Grill, Inc. (a) | 13 | 407 |
| D.R. Horton, Inc. | 3 | 367 |
| Darden Restaurants, Inc. | 1 | 217 |
| Deckers Outdoor Corporation (a) | 1 | 133 |
| Domino's Pizza, Inc. |  | 107 |
| DoorDash, Inc. - Class A (a) | 4 | 553 |
| eBay Inc. | 4 | 395 |
| Expedia Group, Inc. | 1 | 260 |
| Ford Motor Company | 38 | 435 |
| Garmin Ltd. | 2 | 365 |
| General Motors Company | 9 | 653 |
| Genuine Parts Company | 1 | 140 |
| Hasbro, Inc. | 1 | 115 |
| Hilton Worldwide Holdings Inc. | 2 | 670 |
| Home Depot, Inc., The | 10 | 3193 |
| Las Vegas Sands Corp. | 3 | 159 |
| Lennar Corporation - Class A | 2 | 183 |
| Lowe`s Companies, Inc. | 5 | 1293 |
| Lululemon Athletica Inc. (a) | 1 | 166 |
| Marriott International, Inc. - Class A | 2 | 694 |
| McDonald's Corporation | 7 | 2158 |
| MGM Resorts International (a) | 2 | 73 |
| Nike, Inc. - Class B | 12 | 608 |
| Norwegian Cruise Line Holdings Ltd. (a) | 4 | 82 |
| NVR, Inc. (a) |  | 178 |
| O'Reilly Automotive, Inc. (a) | 8 | 758 |
| Pool Corporation |  | 68 |
| PulteGroup, Inc. | 2 | 228 |
| Ralph Lauren Corporation - Class A |  | 128 |
| Ross Stores, Inc. | 3 | 687 |
| Royal Caribbean Cruises Ltd. | 2 | 678 |
| Starbucks Corporation | 11 | 997 |
| Tapestry, Inc. | 2 | 284 |
| Tesla Inc. (a) | 27 | 10172 |
| TJX Companies, Inc., The | 11 | 1724 |
| Tractor Supply Company | 5 | 237 |
| Ulta Beauty, Inc. (a) |  | 222 |
| Williams-Sonoma, Inc. | 1 | 204 |
| Wynn Resorts, Limited | 1 | 80 |
| Yum! Brands, Inc. | 3 | 427 |
|  |  | 53660 |
| **Health Care 9.4%** | **Health Care 9.4%** | **Health Care 9.4%** |
| Abbott Laboratories | 17 | 1741 |
| AbbVie Inc. | 17 | 3748 |
| Agilent Technologies, Inc. | 3 | 315 |
| Align Technology, Inc. (a) | 1 | 108 |
| Amgen Inc. | 5 | 1839 |
| Baxter International Inc. | 5 | 82 |
| Becton, Dickinson and Company | 3 | 440 |
| Biogen Inc. (a) | 1 | 256 |
| Bio-Techne Corporation | 1 | 75 |
| Boston Scientific Corporation (a) | 14 | 901 |
| Bristol-Myers Squibb Company | 20 | 1207 |
| Cardinal Health, Inc. | 2 | 486 |
| Cencora, Inc. | 2 | 594 |
| Centene Corporation (a) | 5 | 148 |
| Charles River Laboratories International, Inc. (a) | 1 | 87 |
| Cigna Group, The | 3 | 680 |
| Cooper Companies, Inc., The (a) | 2 | 128 |
| CVS Health Corporation | 12 | 885 |
| Danaher Corporation | 6 | 1153 |
| Davita Inc. (a) (c) |  | 56 |
| DexCom, Inc. (a) | 4 | 233 |
| Edwards Lifesciences Corporation (a) | 6 | 458 |
| Elevance Health, Inc. | 2 | 623 |
| Eli Lilly and Company | 8 | 7091 |
| GE HealthCare Technologies Inc. | 4 | 317 |
| Gilead Sciences, Inc. | 12 | 1678 |
| HCA Healthcare, Inc. | 2 | 719 |
| Henry Schein, Inc. (a) | 1 | 72 |
| Hologic, Inc. (a) | 2 | 164 |
| Humana Inc. | 1 | 204 |
| IDEXX Laboratories, Inc. (a) | 1 | 432 |
| Incyte Corporation (a) | 2 | 148 |
| Insulet Corporation (a) | 1 | 139 |
| Intuitive Surgical, Inc. (a) | 3 | 1594 |
| IQVIA Holdings Inc (a) | 2 | 284 |
| Johnson & Johnson | 23 | 5732 |
| Labcorp Holdings Inc. | 1 | 210 |
| McKesson Corporation | 1 | 1033 |
| Medtronic, Inc. | 13 | 1086 |
| Merck & Co., Inc. | 24 | 2912 |
| Mettler-Toledo International Inc. (a) |  | 248 |
| Moderna, Inc. (a) | 3 | 171 |
| Pfizer Inc. | 55 | 1550 |
| Quest Diagnostics Incorporated | 1 | 202 |
| Regeneron Pharmaceuticals, Inc. | 1 | 764 |
| ResMed Inc. | 1 | 324 |
| Revvity, Inc. | 1 | 92 |
| Solventum Corporation (a) | 1 | 95 |
| Steris Public Limited Company | 1 | 218 |
| Stryker Corporation | 3 | 1096 |
| Thermo Fisher Scientific Inc. | 4 | 1794 |
| UnitedHealth Group Incorporated | 9 | 2390 |
| Universal Health Services, Inc. - Class B | 1 | 96 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 1110 |
| Viatris Inc. | 11 | 147 |
| Waters Corporation (a) | 1 | 287 |
| West Pharmaceutical Services, Inc. | 1 | 183 |
| Zimmer Biomet Holdings, Inc. | 2 | 181 |
| Zoetis Inc. - Class A | 4 | 478 |
|  |  | 51484 |
| **Industrials 8.9%** | **Industrials 8.9%** | **Industrials 8.9%** |
| 3M Company | 5 | 748 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| A. O. Smith Corporation | 1 | 77 |
| Allegion Public Limited Company | 1 | 125 |
| AMETEK, Inc. | 2 | 481 |
| Automatic Data Processing, Inc. | 4 | 793 |
| Axon Enterprise, Inc. (a) | 1 | 325 |
| Boeing Company, The (a) | 8 | 1520 |
| Broadridge Financial Solutions, Inc. | 1 | 184 |
| Builders FirstSource, Inc. (a) | 1 | 92 |
| C.H. Robinson Worldwide, Inc. | 1 | 187 |
| Carrier Global Corporation | 8 | 437 |
| Caterpillar Inc. | 5 | 3199 |
| Cintas Corporation | 3 | 556 |
| Comfort Systems USA, Inc. |  | 473 |
| Copart, Inc. (a) | 9 | 294 |
| CSX Corporation | 18 | 734 |
| Cummins Inc. | 1 | 715 |
| Deere & Company | 2 | 1381 |
| Delta Air Lines, Inc. | 6 | 414 |
| Dover Corporation | 1 | 265 |
| Eaton Corporation Public Limited Company | 4 | 1352 |
| EMCOR Group, Inc. |  | 324 |
| Emerson Electric Co. | 6 | 722 |
| Equifax Inc. | 1 | 208 |
| Expeditors International of Washington, Inc. - Class A | 1 | 183 |
| Fastenal Company | 11 | 523 |
| FedEx Corporation | 2 | 750 |
| Fortive Corporation | 3 | 171 |
| GE Vernova Inc. | 3 | 2291 |
| Generac Holdings Inc. (a) | 1 | 110 |
| General Dynamics Corporation | 2 | 848 |
| General Electric Company | 10 | 2891 |
| Honeywell International Inc. | 6 | 1403 |
| Howmet Aerospace Inc. | 4 | 896 |
| Hubbell Incorporated | 1 | 261 |
| Huntington Ingalls Industries, Inc. |  | 147 |
| IDEX Corporation | 1 | 133 |
| Illinois Tool Works Inc. | 3 | 665 |
| Ingersoll Rand Inc. | 4 | 281 |
| J.B. Hunt Transport Services, Inc. | 1 | 149 |
| Jacobs Solutions Inc. | 1 | 142 |
| Johnson Controls International Public Limited Company | 6 | 780 |
| L3Harris Technologies, Inc. | 2 | 631 |
| Leidos Holdings, Inc. | 1 | 192 |
| Lennox International Inc. |  | 145 |
| Lockheed Martin Corporation | 2 | 1194 |
| Masco Corporation | 2 | 125 |
| Nordson Corporation | 1 | 144 |
| Norfolk Southern Corporation | 2 | 623 |
| Northrop Grumman Corporation | 1 | 879 |
| Old Dominion Freight Line, Inc. | 2 | 351 |
| Otis Worldwide Corporation | 4 | 297 |
| PACCAR Inc | 5 | 590 |
| Parker-Hannifin Corporation | 1 | 1107 |
| Paychex, Inc. | 3 | 287 |
| Pentair Public Limited Company | 2 | 142 |
| Quanta Services, Inc. | 1 | 803 |
| Republic Services, Inc. | 2 | 426 |
| Rockwell Automation, Inc. | 1 | 393 |
| Rollins, Inc. | 3 | 155 |
| RTX Corporation | 13 | 2522 |
| Snap-on Incorporated | 1 | 176 |
| Southwest Airlines Co. | 5 | 186 |
| Stanley Black & Decker, Inc. | 2 | 112 |
| Textron Inc. | 2 | 144 |
| Trane Technologies Public Limited Company | 2 | 891 |
| TransDigm Group Incorporated | 1 | 642 |
| Uber Technologies, Inc. (a) | 20 | 1438 |
| Union Pacific Corporation | 6 | 1406 |
| United Airlines Holdings, Inc. (a) | 3 | 298 |
| United Parcel Service, Inc. - Class B | 7 | 704 |
| United Rentals, Inc. | 1 | 452 |
| Veralto Corporation | 2 | 214 |
| Verisk Analytics, Inc. | 1 | 260 |
| Vertiv Holdings Co - Class A | 4 | 929 |
| W.W. Grainger, Inc. |  | 471 |
| Waste Management, Inc. | 4 | 828 |
| Westinghouse Air Brake Technologies Corporation | 2 | 414 |
| Xylem Inc. | 2 | 287 |
| | | 49088 |
| **Consumer Staples 5.2%** | **Consumer Staples 5.2%** | **Consumer Staples 5.2%** |
| Altria Group, Inc. | 16 | 1075 |
| Archer-Daniels-Midland Company | 5 | 342 |
| Brown-Forman Corporation - Class B | 2 | 44 |
| Bunge Global S.A. | 1 | 171 |
| Campbell's Company, The (c) | 2 | 40 |
| Church & Dwight Co., Inc. | 2 | 216 |
| Clorox Company, The | 1 | 127 |
| Coca-Cola Company, The | 38 | 2871 |
| Colgate-Palmolive Company | 8 | 673 |
| Conagra Brands, Inc. | 5 | 77 |
| Constellation Brands, Inc. - Class A | 1 | 208 |
| Costco Wholesale Corporation | 4 | 4307 |
| Dollar General Corporation | 2 | 257 |
| Dollar Tree, Inc. (a) | 2 | 200 |
| Estee Lauder Companies Inc., The - Class A | 2 | 173 |
| General Mills, Inc. | 5 | 195 |
| Hershey Company, The | 1 | 298 |
| Hormel Foods Corporation | 3 | 64 |
| J. M. Smucker Company, The | 1 | 106 |
| Kenvue Inc. | 18 | 317 |
| Keurig Dr Pepper Inc. | 13 | 352 |
| Kimberly-Clark Corporation | 3 | 312 |
| Kraft Heinz Company, The | 8 | 180 |
| Kroger Co., The | 6 | 402 |
| McCormick & Company, Incorporated | 2 | 123 |
| Molson Coors Beverage Company - Class B | 2 | 78 |
| Mondelez International, Inc. - Class A | 13 | 724 |
| Monster Beverage 1990 Corporation (a) | 7 | 498 |
| PepsiCo, Inc. | 13 | 2071 |
| Philip Morris International Inc. | 15 | 2510 |
| Procter & Gamble Company, The | 23 | 3258 |
| Sysco Corporation | 5 | 338 |
| Target Corporation | 4 | 539 |
| Tyson Foods, Inc. - Class A | 3 | 178 |
| Walmart Inc. | 43 | 5293 |
|  |  | 28617 |
| **Energy 4.0%** | **Energy 4.0%** | **Energy 4.0%** |
| Apa Corp. | 3 | 147 |
| Baker Hughes Company - Class A | 10 | 586 |
| Chevron Corporation | 18 | 3770 |
| ConocoPhillips | 12 | 1575 |
| Coterra Energy Inc. | 7 | 260 |
| Devon Energy Corporation | 6 | 304 |
| Diamondback Energy, Inc. | 2 | 374 |
| EOG Resources, Inc. | 5 | 765 |
| EQT Corporation | 6 | 391 |
| Expand Energy Corporation | 2 | 250 |
| Exxon Mobil Corporation | 41 | 6905 |
| Halliburton Company | 8 | 324 |
| Kinder Morgan, Inc. | 19 | 642 |
| Marathon Petroleum Corporation | 3 | 698 |
| Occidental Petroleum Corporation | 7 | 455 |
| ONEOK, Inc. | 6 | 556 |
| Phillips 66 | 4 | 712 |
| SLB Limited | 14 | 744 |
| Targa Resources Corp. | 2 | 515 |
| Texas Pacific Land Corporation | 1 | 268 |
| Valero Energy Corporation | 3 | 733 |
| Williams Companies, Inc., The | 12 | 869 |
|  |  | 21843 |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| AES Corporation, The | 7 | 101 |
| Alliant Energy Corporation | 3 | 182 |
| Ameren Corporation | 3 | 296 |
| American Electric Power Company, Inc. | 5 | 687 |
| American Water Works Company, Inc. | 2 | 257 |
| Atmos Energy Corporation | 2 | 296 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CenterPoint Energy, Inc. | 7 | 280 |
| CMS Energy Corporation | 3 | 232 |
| Consolidated Edison, Inc. | 3 | 391 |
| Constellation Energy Group, Inc. | 3 | 847 |
| Dominion Energy, Inc. | 8 | 505 |
| DTE Energy Company | 2 | 293 |
| Duke Energy Corporation | 8 | 995 |
| Edison International | 4 | 280 |
| Entergy Corporation | 4 | 493 |
| Evergy, Inc. | 2 | 176 |
| Eversource Energy | 4 | 254 |
| Exelon Corporation | 10 | 486 |
| FirstEnergy Corp. | 5 | 255 |
| NextEra Energy, Inc. | 20 | 1881 |
| NiSource Inc. | 4 | 209 |
| NRG Energy, Inc. | 2 | 301 |
| PG&E Corporation | 21 | 371 |
| Pinnacle West Capital Corporation (c) | 1 | 121 |
| PPL Corporation | 7 | 273 |
| Public Service Enterprise Group Incorporated | 5 | 394 |
| Sempra | 6 | 613 |
| The Southern Company | 11 | 1031 |
| Vistra Corp. | 3 | 468 |
| WEC Energy Group Inc. | 3 | 367 |
| XCEL Energy Inc. | 6 | 465 |
| | | 13800 |
| **Materials 2.1%** | **Materials 2.1%** | **Materials 2.1%** |
| Air Products and Chemicals, Inc. | 2 | 621 |
| Albemarle Corporation | 1 | 197 |
| Amcor Pty Ltd. | 5 | 180 |
| Avery Dennison Corporation | 1 | 126 |
| Ball Corporation | 3 | 157 |
| CF Industries Holdings, Inc. | 2 | 199 |
| Corteva, Inc. | 7 | 546 |
| CRH Public Limited Company | 7 | 687 |
| Dow Inc. | 7 | 287 |
| DuPont de Nemours, Inc. | 4 | 191 |
| Ecolab Inc. | 2 | 657 |
| Freeport-McMoRan Inc. | 14 | 817 |
| International Flavors & Fragrances Inc. | 3 | 185 |
| International Paper Company | 5 | 182 |
| Linde Public Limited Company | 5 | 2258 |
| LyondellBasell Industries N.V. - Class A | 2 | 199 |
| Martin Marietta Materials, Inc. | 1 | 354 |
| Mosaic Company, The | 3 | 76 |
| Newmont Corporation | 11 | 1152 |
| Nucor Corporation | 2 | 377 |
| Packaging Corporation of America | 1 | 185 |
| PPG Industries, Inc. | 2 | 231 |
| Sherwin-Williams Company, The | 2 | 718 |
| Smurfit Westrock Public Limited Company | 5 | 200 |
| Steel Dynamics, Inc. | 1 | 236 |
| Vulcan Materials Company | 1 | 347 |
|  |  | 11365 |
| **Real Estate 1.9%** | **Real Estate 1.9%** | **Real Estate 1.9%** |
| Alexandria Real Estate Equities, Inc. | 2 | 72 |
| American Tower Corporation | 5 | 778 |
| AvalonBay Communities, Inc. | 1 | 226 |
| BXP, Inc. | 2 | 78 |
| Camden Property Trust | 1 | 97 |
| CBRE Group, Inc. - Class A (a) | 3 | 385 |
| CoStar Group, Inc. (a) | 4 | 168 |
| Crown Castle Inc. | 4 | 345 |
| Digital Realty Trust, Inc. | 3 | 561 |
| Equinix, Inc. | 1 | 933 |
| Equity Residential | 3 | 201 |
| Essex Property Trust, Inc. | 1 | 149 |
| Extra Space Storage Inc. | 2 | 269 |
| Federal Realty Investment Trust | 1 | 89 |
| Healthpeak OP, LLC | 7 | 107 |
| Host Hotels & Resorts, Inc. | 6 | 111 |
| Invitation Homes Inc. | 6 | 142 |
| Iron Mountain Incorporated | 3 | 298 |
| Kimco Realty OP, LLC | 7 | 155 |
| Mid-America Apartment Communities, Inc. | 1 | 140 |
| ProLogis Inc. | 9 | 1201 |
| Public Storage Operating Company | 2 | 417 |
| Realty Income Corporation | 9 | 549 |
| Regency Centers Corporation | 2 | 113 |
| SBA Communications Corporation - Class A | 1 | 178 |
| Simon Property Group, Inc. | 3 | 595 |
| UDR, Inc. | 3 | 104 |
| Ventas, Inc. | 5 | 374 |
| VICI Properties Inc. | 10 | 281 |
| Welltower Inc. | 7 | 1341 |
| Weyerhaeuser Company | 7 | 166 |
|  |  | 10623 |
| Total Common Stocks (cost $333,950) | Total Common Stocks (cost $333,950) | 543915 |
| **INVESTMENT COMPANIES 1.5%** | **INVESTMENT COMPANIES 1.5%** | **INVESTMENT COMPANIES 1.5%** |
| iShares Core S&P 500 ETF | 13 | 8250 |
| Total Investment Companies (cost $8,454) | Total Investment Companies (cost $8,454) | 8250 |
| **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, 3.53% (b) (d) | 2560 | 2560 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.63% (b) (d) | 307 | 307 |
| Total Short Term Investments (cost $2,867) | Total Short Term Investments (cost $2,867) | 2867 |
| **Total Investments 100.9% (cost $345,271)** | **Total Investments 100.9% (cost $345,271)** | **555032** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **55** |
| **Other Assets and Liabilities, Net (0.9)%** | **Other Assets and Liabilities, Net (0.9)%** | **(4878)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **550209** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of March 31, 2026.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 795 | 17 | 39 | 4 | 22 | (6) | 789 | 0.1 |
| JNL Government Money Market Fund, 3.53% - Class I | 1680 | 30657 | 29777 | 15 |  |  | 2560 | 0.5 |
| JNL Government Money Market Fund, 3.63% - Class SL | 221 | 1030 | 944 | 6 |  |  | 307 | 0.1 |
|  | 2696 | 31704 | 30760 | 25 | 22 | (6) | 3656 | 0.7 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 6 | June 2026 | 2006 | 55 | (35) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 543915 |  |  | 543915 |
| &nbsp;&nbsp;Investment Companies | 8250 |  |  | 8250 |
| &nbsp;&nbsp;Short Term Investments | 2867 |  |  | 2867 |
|  | 555032 |  |  | 555032 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (35) |  |  | (35) |
|  | (35) |  |  | (35) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 96.1%** | **COMMON STOCKS 96.1%** | **COMMON STOCKS 96.1%** |
| **United States of America 55.7%** | **United States of America 55.7%** | **United States of America 55.7%** |
| Alphabet Inc. - Class A | 2 | 669 |
| Apple Inc. | 5 | 1148 |
| Broadcom Inc. | 1 | 372 |
| Cadence Design Systems, Inc. (a) | 2 | 415 |
| Calix, Inc. (a) | 8 | 380 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 315 |
| Cummins Inc. | 1 | 386 |
| Emerson Electric Co. | 3 | 421 |
| Fifth Third Bancorp | 8 | 369 |
| Flex Ltd. (a) | 5 | 332 |
| Huron Consulting Group Inc. (a) | 2 | 305 |
| LPL Financial Holdings Inc. | 1 | 357 |
| McKesson Corporation | 1 | 478 |
| Medtronic, Inc. | 5 | 389 |
| Merck & Co., Inc. | 4 | 537 |
| Microsoft Corporation | 2 | 692 |
| Mirion Technologies (US), Inc. - Class A (a) | 6 | 116 |
| NextEra Energy, Inc. | 8 | 772 |
| NVIDIA Corporation | 6 | 1036 |
| Qnity Electronics, Inc. | 2 | 271 |
| Rockwell Automation, Inc. | 2 | 555 |
| Steris Public Limited Company | 1 | 130 |
| Stryker Corporation | 1 | 450 |
| TE Connectivity Public Limited Company | 2 | 374 |
| Tetra Tech, Inc. | 13 | 385 |
| Veralto Corporation | 4 | 390 |
| Visa Inc. - Class A | 2 | 649 |
| Waste Management, Inc. | 3 | 791 |
| Welltower Inc. | 3 | 510 |
|  |  | 13994 |
| **United Kingdom 7.4%** | **United Kingdom 7.4%** | **United Kingdom 7.4%** |
| AstraZeneca PLC | 3 | 536 |
| Halma Public Limited Company | 12 | 618 |
| London Stock Exchange Group PLC | 3 | 352 |
| NatWest Group PLC | 47 | 351 |
|  |  | 1857 |
| **Japan 5.6%** | **Japan 5.6%** | **Japan 5.6%** |
| Daifuku Co., Ltd. | 11 | 405 |
| Hitachi, Ltd. | 13 | 372 |
| Nissan Chemical Corporation | 6 | 244 |
| Sumitomo Electric Industries, Ltd. | 7 | 374 |
|  |  | 1395 |
| **Brazil 4.4%** | **Brazil 4.4%** | **Brazil 4.4%** |
| Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp | 26 | 785 |
| NU Holdings Ltd. - Class A (a) | 21 | 309 |
|  |  | 1094 |
| **Taiwan 3.5%** | **Taiwan 3.5%** | **Taiwan 3.5%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 3 | 884 |
| **Canada 3.2%** | **Canada 3.2%** | **Canada 3.2%** |
| Cameco Corporation | 3 | 368 |
| Groupe WSP Global Inc. | 3 | 434 |
|  |  | 802 |
| **Italy 2.9%** | **Italy 2.9%** | **Italy 2.9%** |
| Bper Banca S.P.A. | 18 | 235 |
| Prysmian S.p.A. | 4 | 481 |
|  |  | 716 |
| **Hong Kong 2.4%** | **Hong Kong 2.4%** | **Hong Kong 2.4%** |
| AIA Group Limited | 55 | 602 |
| **South Korea 2.1%** | **South Korea 2.1%** | **South Korea 2.1%** |
| Samsung Electronics Co., Ltd. | 4 | 526 |
| **Switzerland 1.8%** | **Switzerland 1.8%** | **Switzerland 1.8%** |
| Galderma Group AG | 2 | 453 |
| **Austria 1.5%** | **Austria 1.5%** | **Austria 1.5%** |
| Erste Group Bank AG | 3 | 373 |
| **Netherlands 1.4%** | **Netherlands 1.4%** | **Netherlands 1.4%** |
| NXP Semiconductors N.V. | 2 | 359 |
| **China 1.4%** | **China 1.4%** | **China 1.4%** |
| Shenzhen Inovance Technology Co., Ltd. - Class A | 37 | 357 |
| **India 1.1%** | **India 1.1%** | **India 1.1%** |
| Apollo Hospitals Enterprise Limited | 3 | 269 |
| **Sweden 1.0%** | **Sweden 1.0%** | **Sweden 1.0%** |
| Sandvik Aktiebolag | 7 | 250 |
| **Finland 0.7%** | **Finland 0.7%** | **Finland 0.7%** |
| Metso Oyj | 11 | 187 |
| Total Common Stocks (cost $22,758) | Total Common Stocks (cost $22,758) | 24118 |
| **SHORT TERM INVESTMENTS 3.7%** | **SHORT TERM INVESTMENTS 3.7%** | **SHORT TERM INVESTMENTS 3.7%** |
| **Investment Companies 3.7%** | **Investment Companies 3.7%** | **Investment Companies 3.7%** |
| JNL Government Money Market Fund - Class I, 3.53% (b) (c) | 943 | 943 |
| Total Short Term Investments (cost $943) | Total Short Term Investments (cost $943) | 943 |
| **Total Investments 99.8% (cost $23,701)** | **Total Investments 99.8% (cost $23,701)** | **25061** |
| **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%** | **35** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **25107** |

---

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 1405 | 7532 | 7994 | 9 |  |  | 943 | 3.8 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 15 | 15 |  |  |  |  |  |
|  | 1405 | 7547 | 8009 | 9 |  |  | 943 | 3.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 04/22/26 | AUD | 552 | 381 | (1) |
| BRL/USD | CIT | 04/02/26 | BRL | 4825 | 931 | 11 |
| BRL/USD | UBS | 04/02/26 | BRL | 1131 | 218 | 3 |
| CAD/USD | MSC | 04/17/26 | CAD | 938 | 675 | (14) |
| CHF/USD | MSC | 04/16/26 | CHF | 214 | 268 | (10) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| CNY/USD | MSC | 05/22/26 | CNY | 2496 | 363 | (1) |
| EUR/USD | MSC | 04/16/26 | EUR | 1039 | 1202 | (38) |
| EUR/USD | MSC | 04/16/26 | EUR | 60 | 69 |  |
| GBP/USD | MSC | 04/24/26 | GBP | 77 | 102 |  |
| INR/USD | CIT | 05/13/26 | INR | 16804 | 176 | (8) |
| JPY/USD | MSC | 04/10/26 | JPY | 169219 | 1066 | (10) |
| JPY/USD | MSC | 04/10/26 | JPY | 30966 | 195 |  |
| KRW/USD | BOA | 04/14/26 | KRW | 247065 | 162 | (5) |
| KRW/USD | GSC | 04/14/26 | KRW | 97403 | 64 | (3) |
| KRW/USD | UBS | 04/14/26 | KRW | 353583 | 231 | (9) |
| MXN/USD | MSC | 05/21/26 | MXN | 867 | 48 | (1) |
| TWD/USD | UBS | 04/24/26 | TWD | 2054 | 64 | (1) |
| TWD/USD | UBS | 04/24/26 | TWD | 2028 | 64 |  |
| USD/BRL | CIT | 04/02/26 | BRL | (454) | (88) | (1) |
| USD/BRL | UBS | 04/02/26 | BRL | (5502) | (1062) |  |
| USD/BRL | CIT | 05/05/26 | BRL | (4825) | (925) | (11) |
| USD/CAD | MSC | 04/17/26 | CAD | (938) | (675) | 14 |
| USD/CHF | MSC | 04/16/26 | CHF | (159) | (199) | 9 |
| USD/EUR | MSC | 04/16/26 | EUR | (687) | (794) | 15 |
| USD/GBP | MSC | 04/24/26 | GBP | (841) | (1113) | 23 |
| USD/HKD | MSC | 06/18/26 | HKD | (3985) | (511) | 1 |
| USD/INR | GSC | 05/13/26 | INR | (5842) | (61) | 2 |
| USD/JPY | MSC | 04/10/26 | JPY | (211613) | (1335) | 15 |
| USD/KRW | BOA | 04/14/26 | KRW | (113690) | (74) | 4 |
| USD/KRW | GSC | 04/14/26 | KRW | (100586) | (66) | 4 |
| USD/KRW | MSC | 04/14/26 | KRW | (357714) | (233) | 13 |
| USD/KRW | UBS | 04/14/26 | KRW | (126061) | (82) | 5 |
| USD/SEK | MSC | 04/23/26 | SEK | (629) | (67) | 5 |
| USD/TWD | BOA | 04/24/26 | TWD | (4695) | (147) | 2 |
| USD/TWD | CIT | 04/24/26 | TWD | (2289) | (72) |  |
| USD/TWD | UBS | 04/24/26 | TWD | (2623) | (82) | 1 |
| ZAR/USD | MSC | 04/24/26 | ZAR | 991 | 58 | (3) |
|  |  |  |  |  | (1249) | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 17133 | 6985 |  | 24118 |
| &nbsp;&nbsp;Short Term Investments | 943 |  |  | 943 |
|  | 18076 | 6985 |  | 25061 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 127 |  | 127 |
|  |  | 127 |  | 127 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (116) |  | (116) |
|  |  | (116) |  | (116) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 95.0%** | **COMMON STOCKS 95.0%** | **COMMON STOCKS 95.0%** |
| **Information Technology 17.5%** | **Information Technology 17.5%** | **Information Technology 17.5%** |
| Accenture Public Limited Company - Class A | 29 | 5840 |
| Adobe Inc. (a) | 7 | 1787 |
| Advanced Micro Devices, Inc. (a) | 10 | 1943 |
| Apple Inc. | 12 | 3138 |
| Applied Materials, Inc. | 3 | 1041 |
| Arista Networks, Inc. (a) | 43 | 5267 |
| Astera Labs, Inc. (a) | 7 | 790 |
| Broadcom Inc. | 5 | 1518 |
| Cisco Systems, Inc. | 71 | 5521 |
| CrowdStrike Holdings, Inc. - Class A (a) | 5 | 1803 |
| Datadog, Inc. - Class A (a) | 5 | 645 |
| Fortinet, Inc. (a) | 19 | 1543 |
| HP, Inc. | 53 | 1021 |
| International Business Machines Corporation | 14 | 3290 |
| Intuit Inc. | 2 | 822 |
| Lam Research Corporation | 14 | 2931 |
| Micron Technology, Inc. | 5 | 1537 |
| Microsoft Corporation | 16 | 5880 |
| Motorola Solutions, Inc. | 5 | 2296 |
| NVIDIA Corporation | 34 | 5908 |
| Palantir Technologies Inc. - Class A (a) | 14 | 2014 |
| Palo Alto Networks, Inc. (a) | 14 | 2320 |
| Roper Technologies, Inc. | 6 | 2125 |
| Salesforce, Inc. | 11 | 1987 |
| ServiceNow, Inc. (a) | 23 | 2369 |
| Teledyne Technologies Incorporated (a) | 1 | 581 |
| Zoom Communications, Inc. - Class A (a) | 57 | 4568 |
| Zscaler, Inc. (a) | 1 | 154 |
|  |  | 70639 |
| **Health Care 13.7%** | **Health Care 13.7%** | **Health Care 13.7%** |
| Abbott Laboratories | 43 | 4458 |
| Boston Scientific Corporation (a) | 31 | 1963 |
| Cardinal Health, Inc. | 16 | 3397 |
| Cencora, Inc. | 17 | 5234 |
| Cigna Group, The | 3 | 897 |
| Corcept Therapeutics Incorporated (a) | 17 | 686 |
| Edwards Lifesciences Corporation (a) | 8 | 610 |
| Elevance Health, Inc. | 4 | 1286 |
| Eli Lilly and Company | 2 | 1855 |
| Johnson & Johnson | 24 | 5767 |
| McKesson Corporation | 7 | 5707 |
| Medtronic, Inc. | 13 | 1084 |
| Merck & Co., Inc. | 31 | 3784 |
| Neurocrine Biosciences, Inc. (a) | 6 | 748 |
| Regeneron Pharmaceuticals, Inc. | 3 | 2064 |
| Stryker Corporation | 2 | 506 |
| Thermo Fisher Scientific Inc. | 1 | 271 |
| United Therapeutics Corporation (a) | 8 | 4846 |
| UnitedHealth Group Incorporated | 9 | 2426 |
| Veeva Systems Inc. - Class A (a) | 27 | 4664 |
| Vertex Pharmaceuticals Incorporated (a) | 7 | 3335 |
|  |  | 55588 |
| **Financials 13.0%** | **Financials 13.0%** | **Financials 13.0%** |
| Allstate Corporation, The | 7 | 1508 |
| AON Public Limited Company - Class A | 1 | 400 |
| Arch Capital Group Ltd. (a) | 38 | 3691 |
| CBOE Global Markets, Inc. | 21 | 5841 |
| Chubb Limited | 18 | 5794 |
| CME Group Inc. - Class A | 19 | 5699 |
| First Citizens BancShares, Inc. - Class A |  | 603 |
| Hartford Insurance Group, Inc., The | 6 | 770 |
| Intercontinental Exchange, Inc. | 7 | 1126 |
| JPMorgan Chase & Co. | 7 | 2032 |
| LPL Financial Holdings Inc. | 10 | 3106 |
| Marsh & Mclennan Companies, Inc. | 10 | 1724 |
| MasterCard Incorporated - Class A | 10 | 5156 |
| NU Holdings Ltd. - Class A (a) | 8 | 120 |
| Progressive Corporation, The | 23 | 4492 |
| Travelers Companies, Inc., The | 15 | 4490 |
| Visa Inc. - Class A | 17 | 5114 |
| W. R. Berkley Corporation | 12 | 814 |
|  |  | 52480 |
| **Consumer Staples 12.8%** | **Consumer Staples 12.8%** | **Consumer Staples 12.8%** |
| Altria Group, Inc. | 36 | 2382 |
| Casey's General Stores, Inc. |  | 116 |
| Church & Dwight Co., Inc. | 30 | 2830 |
| Coca-Cola Company, The | 13 | 987 |
| Colgate-Palmolive Company | 58 | 4927 |
| Costco Wholesale Corporation | 6 | 5758 |
| General Mills, Inc. | 30 | 1105 |
| Kroger Co., The | 78 | 5606 |
| Monster Beverage 1990 Corporation (a) | 77 | 5555 |
| PepsiCo, Inc. | 31 | 4777 |
| Philip Morris International Inc. | 35 | 5735 |
| Pilgrim's Pride Corporation | 15 | 563 |
| Procter & Gamble Company, The | 40 | 5742 |
| Walmart Inc. | 46 | 5740 |
|  |  | 51823 |
| **Industrials 12.5%** | **Industrials 12.5%** | **Industrials 12.5%** |
| Automatic Data Processing, Inc. | 19 | 3887 |
| CACI International Inc. - Class A (a) | 3 | 1603 |
| Cintas Corporation | 10 | 1717 |
| Copart, Inc. (a) | 76 | 2527 |
| Deere & Company | 5 | 2627 |
| FTI Consulting, Inc. (a) | 11 | 1976 |
| General Dynamics Corporation | 8 | 2722 |
| Illinois Tool Works Inc. | 4 | 1004 |
| Leidos Holdings, Inc. | 7 | 1025 |
| Lockheed Martin Corporation | 9 | 5568 |
| Northrop Grumman Corporation | 6 | 3844 |
| Republic Services, Inc. | 26 | 5757 |
| Rollins, Inc. | 8 | 445 |
| RTX Corporation | 15 | 2903 |
| Trane Technologies Public Limited Company | 9 | 3547 |
| Uber Technologies, Inc. (a) | 47 | 3348 |
| Verisk Analytics, Inc. | 1 | 195 |
| Waste Management, Inc. | 25 | 5792 |
|  |  | 50487 |
| **Communication Services 9.9%** | **Communication Services 9.9%** | **Communication Services 9.9%** |
| Alphabet Inc. - Class A | 19 | 5556 |
| AST Spacemobile, Inc. - Class A (a) | 20 | 1689 |
| AT&T Inc. | 195 | 5651 |
| Electronic Arts Inc. | 27 | 5462 |
| Fox Corporation - Class A | 12 | 714 |
| Meta Platforms, Inc. - Class A | 9 | 5021 |
| Netflix, Inc. (a) | 27 | 2575 |
| Roblox Corporation - Class A (a) | 17 | 975 |
| Spotify Technology S.A. (a) | 8 | 3871 |
| The New York Times Company - Class A | 8 | 681 |
| T-Mobile US, Inc. | 10 | 2178 |
| Verizon Communications Inc. | 113 | 5660 |
|  |  | 40033 |
| **Consumer Discretionary 7.7%** | **Consumer Discretionary 7.7%** | **Consumer Discretionary 7.7%** |
| Airbnb, Inc. - Class A (a) | 11 | 1381 |
| Amazon.com, Inc. (a) | 26 | 5451 |
| AutoZone, Inc. (a) |  | 1533 |
| Booking Holdings Inc. | 1 | 3798 |
| Deckers Outdoor Corporation (a) | 1 | 146 |
| Dillard's, Inc. - Class A | 4 | 2264 |
| DoorDash, Inc. - Class A (a) | 2 | 333 |
| Duolingo, Inc. - Class A (a) | 3 | 308 |
| Home Depot, Inc., The | 3 | 1109 |
| McDonald's Corporation | 19 | 5764 |
| O'Reilly Automotive, Inc. (a) | 60 | 5498 |
| TJX Companies, Inc., The | 22 | 3571 |
|  |  | 31156 |
| **Energy 6.4%** | **Energy 6.4%** | **Energy 6.4%** |
| Apa Corp. | 33 | 1398 |
| Chevron Corporation | 27 | 5559 |
| ConocoPhillips | 25 | 3304 |
| Devon Energy Corporation | 4 | 209 |
| Diamondback Energy, Inc. | 10 | 1928 |
| EOG Resources, Inc. | 35 | 5037 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Exxon Mobil Corporation | 33 | 5629 |
| HF Sinclair Corporation | 2 | 138 |
| Matador Resources Company | 14 | 870 |
| Texas Pacific Land Corporation | 4 | 2012 |
| | | 26084 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Linde Public Limited Company | 8 | 3872 |
| **Utilities 0.5%** | **Utilities 0.5%** | **Utilities 0.5%** |
| Duke Energy Corporation | 16 | 2157 |
| Total Common Stocks (cost $306,982) | Total Common Stocks (cost $306,982) | 384319 |
| **SHORT TERM INVESTMENTS 4.5%** | **SHORT TERM INVESTMENTS 4.5%** | **SHORT TERM INVESTMENTS 4.5%** |
| **Investment Companies 4.5%** | **Investment Companies 4.5%** | **Investment Companies 4.5%** |
| JNL Government Money Market Fund - Class I, 3.53% (b) (c) | 18297 | 18297 |
| Total Short Term Investments (cost $18,297) | Total Short Term Investments (cost $18,297) | 18297 |
| **Total Investments 99.5% (cost $325,279)** | **Total Investments 99.5% (cost $325,279)** | **402616** |
| **Other Derivative Instruments 0.1%** | **Other Derivative Instruments 0.1%** | **465** |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **1365** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **404446** |

---

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 18006 | 17563 | 17272 | 89 |  |  | 18297 | 4.5 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 3176 | 3176 | 9 |  |  |  |  |
|  | 18006 | 20739 | 20448 | 98 |  |  | 18297 | 4.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 51 | June 2026 | 16445 | 465 | 310 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 384319 |  |  | 384319 |
| &nbsp;&nbsp;Short Term Investments | 18297 |  |  | 18297 |
|  | 402616 |  |  | 402616 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 310 |  |  | 310 |
|  | 310 |  |  | 310 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 15.1%** | **Information Technology 15.1%** | **Information Technology 15.1%** |
| Accenture Public Limited Company - Class A | 11 | 2189 |
| Accton Technology Corporation | 13 | 640 |
| Adobe Inc. (a) (b) | 2 | 561 |
| Advanced Micro Devices, Inc. (a) (c) | 13 | 2744 |
| Advantest Corporation | 16 | 2239 |
| Akamai Technologies, Inc. (a) | 4 | 499 |
| Amphenol Corporation - Class A | 29 | 3611 |
| Analog Devices, Inc. | 1 | 229 |
| Apple Inc. (b) | 173 | 43944 |
| Applied Materials, Inc. | 2 | 751 |
| AppLovin Corporation - Class A (a) | 3 | 1200 |
| Arista Networks, Inc. (a) | 16 | 2022 |
| ASE Technology Holding Co., Ltd. | 16 | 172 |
| Asia Vital Components Co., Ltd. | 3 | 197 |
| ASM International N.V. | 1 | 580 |
| ASML Holding N.V. (c) | 17 | 22971 |
| Autodesk, Inc. (a) | 4 | 1074 |
| Avaya Holdings Corp. (a) |  | 3 |
| Broadcom Inc. | 90 | 27753 |
| Cadence Design Systems, Inc. (a) | 14 | 4009 |
| Capgemini France | 4 | 418 |
| Chorus Limited - Class A | 14 | 1012 |
| Ciena Corporation (a) | 3 | 1069 |
| Cisco Systems, Inc. | 112 | 8674 |
| Constellation Software Inc. | 1 | 1001 |
| CrowdStrike Holdings, Inc. - Class A (a) | 3 | 1223 |
| Datadog, Inc. - Class A (a) | 42 | 4998 |
| Delta Electronics, Inc. | 12 | 540 |
| Elite Material Co., Ltd. | 4 | 341 |
| eMemory Technology Inc. | 5 | 433 |
| Fair Isaac Corporation (a) | 1 | 753 |
| First Solar, Inc. (a) | 6 | 1240 |
| Fortinet, Inc. (a) | 2 | 135 |
| Genius Electronic Optical Co., Ltd. | 24 | 330 |
| Gold Circuit Electronics Ltd. | 6 | 169 |
| Hon Hai Precision Industry Co., Ltd. | 60 | 366 |
| Hon. Precision, Inc. | 9 | 1004 |
| Infosys Limited | 24 | 324 |
| Intel Corporation (a) | 53 | 2340 |
| Intuit Inc. | 9 | 3750 |
| Jabil Inc. | 2 | 622 |
| Keyence Corporation | 5 | 1769 |
| Kioxia Holdings Corporation (a) | 8 | 1061 |
| KLA Corporation | 2 | 3465 |
| Kokusai Electric Corporation | 39 | 1317 |
| Lam Research Corporation | 53 | 11229 |
| Lasertec Co., Ltd. | 7 | 1568 |
| Lenovo Group Limited | 918 | 1086 |
| Micron Technology, Inc. | 42 | 14332 |
| Microsoft Corporation | 92 | 34176 |
| MongoDB, Inc. - Class A (a) | 8 | 2070 |
| Monolithic Power Systems, Inc. | 1 | 993 |
| Motorola Solutions, Inc. | 1 | 543 |
| Murata Manufacturing Co., Ltd. | 8 | 174 |
| Nan Ya P.C.B. Service Company | 23 | 393 |
| Nan Ya Technology Corporation | 45 | 300 |
| NetApp, Inc. | 8 | 842 |
| NVIDIA Corporation (b) (c) | 328 | 57266 |
| NXP Semiconductors N.V. | 5 | 991 |
| OBIC Co., Ltd. | 19 | 450 |
| Oracle Corporation | 30 | 4380 |
| Palantir Technologies Inc. - Class A (a) | 41 | 5944 |
| Palo Alto Networks, Inc. (a) | 1 | 229 |
| Phison Electronics Corporation | 4 | 199 |
| Rakus Co., Ltd. (d) | 35 | 166 |
| Redstone Buyer LLC (a) (e) | 2 |  |
| Samsung Electronics Co., Ltd. | 116 | 13576 |
| ServiceNow, Inc. (a) | 40 | 4147 |
| ServiceTitan, Inc. - Class A (a) | 49 | 3121 |
| SK Hynix Inc. | 9 | 5098 |
| Skyworks Solutions, Inc. | 40 | 2160 |
| Snowflake Inc. - Class A (a) | 4 | 654 |
| Socionext Inc. (d) | 15 | 182 |
| Synopsys, Inc. (a) | 2 | 918 |
| Taiwan Semiconductor Manufacturing Company Limited | 637 | 36507 |
| TD SYNNEX Corporation | 3 | 486 |
| TE Connectivity Public Limited Company | 3 | 600 |
| Telefonaktiebolaget LM Ericsson - Class B (d) | 104 | 1179 |
| Tyler Technologies, Inc. (a) | 3 | 1083 |
| United Microelectronics Corporation | 315 | 564 |
| Veritas NewCo. (a) (e) | 4 | 77 |
| Veritas NewCo. (a) (e) | 6 | 111 |
| Vistance Networks, Inc. (a) | 31 | 560 |
| Winbond Electronics Corp. | 260 | 778 |
| Wolfspeed, Inc. (a) (d) | 1 | 17 |
| WOM Mobile SPA (a) (e) | 1 | 13 |
| Zhongji Innolight Co., Ltd. - Class A | 15 | 1259 |
|  |  | 366163 |
| **Financials 8.3%** | **Financials 8.3%** | **Financials 8.3%** |
| Abu Dhabi Commercial Bank PJSC | 36 | 120 |
| Akbank Turk Anonim Sirketi - Class A | 553 | 831 |
| Aktiebolaget Industrivarden - Class A | 4 | 217 |
| Aktsionernoe Obshchestvo Narodny Bank Kazakhstana - GDR (f) | 16 | 511 |
| Al Rajhi Banking and Investment Corporation | 14 | 403 |
| Axis Bank Limited | 5 | 59 |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima (d) | 83 | 1802 |
| Banco De Sabadell SA | 218 | 778 |
| Banco do Brasil S.A. | 128 | 572 |
| Bank of America Corporation | 194 | 9469 |
| Bank of Nova Scotia, The | 17 | 1161 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 9 | 548 |
| Bankinter Sociedad Anonima (d) | 62 | 974 |
| Berkshire Hathaway Inc. - Class B (a) | 1 | 485 |
| Blackstone Inc. - Class A | 4 | 502 |
| Block, Inc. - Class A (a) | 4 | 261 |
| BNP Paribas | 5 | 495 |
| CaixaBank, S.A. | 117 | 1397 |
| Canadian Imperial Bank of Commerce | 6 | 608 |
| Channel VAS Investments Limited (a) (d) | 138 | 160 |
| China Galaxy Securities Co., Ltd. - Class H | 411 | 420 |
| Citigroup Inc. | 118 | 13431 |
| Citizens Financial Group, Inc. | 63 | 3788 |
| Coinbase Global, Inc. - Class A (a) | 3 | 457 |
| Commercial International Bank Egypt S.A.E | 219 | 486 |
| Dai-ichi Life Holdings, Inc. | 109 | 1006 |
| Daiwa Securities Group Inc. (d) | 99 | 939 |
| Danske Bank A/S | 26 | 1295 |
| Deutsche Bank Aktiengesellschaft - Class N | 36 | 1057 |
| FactSet Research Systems Inc. | 7 | 1541 |
| Fawry For Banking Technology And Electronic Payments S.A.E (a) | 942 | 295 |
| Fifth Third Bancorp | 191 | 8864 |
| Finecobank Banca Fineco S.P.A. | 41 | 901 |
| First Citizens BancShares, Inc. - Class A | 1 | 974 |
| First Horizon Corporation | 27 | 617 |
| FirstRand Limited | 194 | 989 |
| Flagstar Bank, National Association | 91 | 1198 |
| Franklin Resources, Inc. (d) | 24 | 568 |
| Goldman Sachs Group, Inc., The | 8 | 6599 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 151 | 1672 |
| Huntington Bancshares Incorporated | 69 | 1082 |
| ICICI Bank Limited | 3 | 43 |
| IndusInd Bank Ltd. (a) | 13 | 102 |
| ING Groep N.V. | 207 | 5388 |
| Intact Financial Corporation | 7 | 1193 |
| Intesa Sanpaolo SPA | 1858 | 11223 |
| Invesco Ltd. | 25 | 603 |
| Japan Exchange Group, Inc. | 59 | 685 |
| Japan Post Bank Co., Ltd. (d) | 84 | 1362 |
| Japan Post Holdings Co., Ltd. | 79 | 904 |
| Joint Stock Company Kaspi.Kz - ADR (f) | 6 | 416 |
| JPMorgan Chase & Co. | 49 | 14431 |
| Julius Bar Gruppe AG - Class N | 13 | 970 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| KBC Groep | 13 | 1623 |
| Komercni banka, a.s. | 3 | 164 |
| Krungthai Card Public Company Limited | 459 | 419 |
| Lloyds Banking Group PLC | 467 | 577 |
| London Stock Exchange Group PLC | 3 | 303 |
| Macquarie Group Limited | 16 | 2291 |
| Manappuram Finance Limited | 33 | 88 |
| Marsh & Mclennan Companies, Inc. | 41 | 7032 |
| MasterCard Incorporated - Class A | 17 | 8335 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni (d) | 20 | 379 |
| MetLife, Inc. | 20 | 1413 |
| Metropolitan Bank & Trust Company | 95 | 100 |
| Mitsubishi UFJ Financial Group, Inc. | 92 | 1542 |
| Mizuho Financial Group, Inc. | 10 | 408 |
| MONETA Money Bank, a.s. (f) | 11 | 92 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 2 | 957 |
| National Bank of Greece S.A. - Class R | 9 | 143 |
| NatWest Group PLC | 230 | 1704 |
| Northern Trust Corporation | 2 | 281 |
| OTP Bank Nyrt. | 5 | 545 |
| Partners Group Holding AG | 2 | 2114 |
| Popular, Inc. | 3 | 388 |
| Power Corporation of Canada (d) | 13 | 633 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 14 | 330 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 44 | 772 |
| Principal Financial Group, Inc. | 6 | 551 |
| Progressive Corporation, The | 44 | 8707 |
| Prudential Financial, Inc. | 27 | 2647 |
| PT Bank Mandiri (Persero) Tbk. | 4238 | 1188 |
| PT. Bank Syariah Indonesia Tbk | 263 | 33 |
| Raiffeisen Bank International AG | 2 | 74 |
| Rasan Information Technology Company (a) | 15 | 525 |
| Raymond James Financial, Inc. | 1 | 163 |
| Robinhood Markets, Inc. - Class A (a) | 9 | 653 |
| S&P Global Inc. | 7 | 2972 |
| Sammaan Capital Limited (a) | 81 | 130 |
| Sampo Oyj - Class A | 51 | 546 |
| Saudi National Bank, The | 8 | 93 |
| SBI Life Insurance Company Limited (f) | 138 | 2610 |
| Societe Generale | 108 | 7936 |
| Sompo Holdings, Inc. | 18 | 701 |
| St. James's Place PLC | 50 | 784 |
| StoneCo Ltd. - Class A (a) | 34 | 481 |
| Sumitomo Mitsui Financial Group, Inc. | 14 | 462 |
| Synchrony Financial | 17 | 1139 |
| TBC Bank Group PLC | 9 | 475 |
| The PNC Financial Services Group, Inc. | 6 | 1186 |
| Travelers Companies, Inc., The | 5 | 1371 |
| Truist Financial Corporation | 5 | 222 |
| TS Financial Holding Co., Ltd. | 263 | 193 |
| Turkiye Is Bankasi Anonim Sirketi - Class C | 1151 | 346 |
| U.S. Bancorp | 13 | 696 |
| Unicredit, Societa' Per Azioni | 175 | 12556 |
| Visa Inc. - Class A | 5 | 1579 |
| Wealthfront Corporation (a) | 31 | 290 |
| Wells Fargo & Company | 111 | 8865 |
| XP Inc. - Class A | 5 | 105 |
| Zurich Insurance Group AG - Class N | 4 | 2981 |
| | | 202745 |
| **Industrials 8.1%** | **Industrials 8.1%** | **Industrials 8.1%** |
| 3M Company | 7 | 945 |
| ABB Ltd. - Class N | 4 | 356 |
| Advanced Drainage Systems, Inc. | 3 | 405 |
| Air Arabia PJSC | 182 | 203 |
| Airbus SE | 31 | 5911 |
| Airtac International Group | 14 | 443 |
| Athens International Airport S.A. | 18 | 223 |
| Atlas Copco Aktiebolag - Class A | 86 | 1528 |
| Automatic Data Processing, Inc. | 5 | 923 |
| Ayala Corporation | 13 | 105 |
| BAE Systems PLC | 356 | 10460 |
| BELIMO Holding AG - Class N | 1 | 404 |
| Boeing Company, The (a) | 59 | 11708 |
| Bouygues | 4 | 226 |
| Broadridge Financial Solutions, Inc. | 16 | 2549 |
| Builders FirstSource, Inc. (a) | 4 | 346 |
| Bunzl Public Limited Company | 20 | 610 |
| Canadian National Railway Company | 10 | 1045 |
| Carrier Global Corporation | 9 | 503 |
| Caterpillar Inc. | 6 | 4226 |
| Clean Harbors, Inc. (a) | 1 | 419 |
| Comfort Systems USA, Inc. |  | 331 |
| Contemporary Amperex Technology Co., Limited - Class A | 3 | 165 |
| Contemporary Amperex Technology Co., Limited - Class H (d) (f) | 16 | 1302 |
| CSX Corporation | 154 | 6306 |
| Delta Air Lines, Inc. (c) | 96 | 6411 |
| Diploma PLC | 10 | 797 |
| Doosan Enerbility Co., Ltd. (a) | 3 | 186 |
| DSV A/S | 25 | 6055 |
| Eaton Corporation Public Limited Company | 8 | 2690 |
| EMCOR Group, Inc. | 1 | 529 |
| Emerson Electric Co. | 12 | 1624 |
| Experian PLC | 14 | 488 |
| Fastenal Company | 40 | 1856 |
| GE Vernova Inc. (c) | 9 | 8182 |
| General Electric Company | 47 | 13231 |
| Groupe WSP Global Inc. | 2 | 308 |
| Grupo Aeromexico, S.A.B. de C.V. - ADR (a) | 5 | 71 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 20 | 676 |
| GS Engineering & Construction Corp. | 14 | 236 |
| HD Hyundai Heavy Industries Co., Ltd. | 2 | 729 |
| HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 2 | 525 |
| Hindustan Aeronautics Limited | 32 | 1197 |
| Hitachi, Ltd. | 7 | 211 |
| Honeywell International Inc. | 17 | 3890 |
| Howmet Aerospace Inc. | 18 | 4034 |
| Hyundai Rotem Company | 3 | 376 |
| Illinois Tool Works Inc. | 10 | 2542 |
| Intertek Group PLC | 13 | 643 |
| Jacobs Solutions Inc. | 5 | 591 |
| Kajima Corporation | 20 | 762 |
| KOC Holding Anonim Sirketi - Class A | 109 | 481 |
| Kongsberg Gruppen ASA | 4 | 151 |
| Legrand | 8 | 1316 |
| Leonardo S.p.A. | 30 | 2065 |
| Localiza Rent A Car S/A | 77 | 695 |
| Lockheed Martin Corporation | 3 | 1926 |
| LuxCo 3 (a) (e) | 1 | 20 |
| MasTec, Inc. (a) | 1 | 426 |
| MISUMI Group Inc. | 29 | 489 |
| Mitsubishi Heavy Industries, Ltd. | 36 | 996 |
| Mueller Industries, Inc. | 3 | 356 |
| Nidec Corporation | 114 | 1462 |
| Obayashi Corporation | 24 | 570 |
| Otis Worldwide Corporation | 45 | 3435 |
| Palladyne AI Corp. (a) (d) | 1 | 8 |
| Parker-Hannifin Corporation | 8 | 6995 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 5 | 77 |
| Qxo, Inc. (a) | 11 | 209 |
| Recruit Holdings Co., Ltd. | 41 | 1729 |
| Relx PLC | 124 | 4088 |
| Republic Services, Inc. | 2 | 413 |
| Rockwell Automation, Inc. | 10 | 3583 |
| Rolls-Royce Holdings PLC | 484 | 7338 |
| RTX Corporation | 1 | 144 |
| Rumo S.A. | 75 | 237 |
| Safran (c) | 5 | 1639 |
| Schneider Electric SE | 3 | 680 |
| Shimizu Corporation | 35 | 618 |
| Siemens Aktiengesellschaft - Class N | 18 | 4430 |
| Siemens Energy AG | 15 | 2517 |
| Southwest Airlines Co. | 6 | 214 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Techtronic Industries Company Limited | 66 | 867 |
| Textron Inc. | 7 | 648 |
| Thales | 4 | 1323 |
| Toyota Tsusho Corporation (d) | 11 | 415 |
| Trane Technologies Public Limited Company | 21 | 8703 |
| TransDigm Group Incorporated | 3 | 2968 |
| Transurban Holdings Limited | 145 | 1415 |
| Uber Technologies, Inc. (a) | 32 | 2317 |
| Union Pacific Corporation | 22 | 5449 |
| United Airlines Holdings, Inc. (a) | 25 | 2257 |
| Veralto Corporation | 16 | 1414 |
| Vertiv Holdings Co - Class A (c) | 23 | 5802 |
| Waste Management, Inc. | 3 | 804 |
| Weichai Power Co., Ltd. - Class H | 128 | 453 |
| Wolters Kluwer N.V. - Class C | 4 | 284 |
| Worley Limited | 49 | 385 |
| XCMG Construction Machinery Co., Ltd. - Class A | 370 | 544 |
| | | 195837 |
| **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** |
| Airbnb, Inc. - Class A (a) (b) | 18 | 2221 |
| Alibaba Group Holding Limited - ADR (d) | 10 | 1316 |
| Amazon.com, Inc. (a) (b) | 159 | 33092 |
| ANTA Sports Products Limited | 54 | 524 |
| AutoZone, Inc. (a) | 1 | 2560 |
| Best Buy Co., Inc. | 3 | 211 |
| Bloomberry Resorts Corporation | 1 |  |
| Booking Holdings Inc. | 1 | 4433 |
| Burlington Stores, Inc. (a) | 2 | 503 |
| BYD Company Limited - Class H | 295 | 4039 |
| Caesars Entertainment, Inc. (a) | 13 | 356 |
| Carvana Co. - Class A (a) | 1 | 457 |
| Century Communities, Inc. | 9 | 508 |
| Compagnie Financiere Richemont S.A. | 4 | 678 |
| Compass Group PLC | 151 | 4201 |
| D.R. Horton, Inc. | 44 | 6003 |
| Darden Restaurants, Inc. | 6 | 1091 |
| Deckers Outdoor Corporation (a) | 18 | 1798 |
| Dick's Sporting Goods, Inc. | 1 | 247 |
| DigiPlus Interactive Corp. | 422 | 112 |
| DoorDash, Inc. - Class A (a) | 3 | 437 |
| eBay Inc. | 23 | 2050 |
| Fast Retailing Co., Ltd. | 2 | 830 |
| Ferrari N.V. | 4 | 1394 |
| Ford Motor Company | 250 | 2883 |
| Garmin Ltd. | 5 | 1222 |
| Geely Automobile Holdings Limited | 300 | 812 |
| General Motors Company | 6 | 443 |
| Genius Sports Limited (a) | 80 | 356 |
| Great Wall Motor Company Limited - Class A | 450 | 1349 |
| Hasbro, Inc. | 8 | 734 |
| Hermes International | 3 | 5055 |
| Hilton Worldwide Holdings Inc. | 22 | 6765 |
| Home Depot, Inc., The | 34 | 11163 |
| Hyundai Motor Company |  | 144 |
| Industria de Diseno Textil, S.A. | 5 | 277 |
| Isetan Mitsukoshi Holdings Ltd. (d) | 30 | 554 |
| Isuzu Motors Limited | 4 | 55 |
| Jawbone Inc. (e) (f) |  |  |
| KB Home | 5 | 248 |
| KIA Corporation | 2 | 181 |
| Las Vegas Sands Corp. | 11 | 587 |
| LG Electronics India Limited (a) | 53 | 816 |
| Lojas Renner S/A. | 354 | 1016 |
| Lowe`s Companies, Inc. |  | 104 |
| LPP Spolka Akcyjna |  | 344 |
| LVMH Moet Hennessy Louis Vuitton | 9 | 5008 |
| Mahindra and Mahindra Limited | 96 | 3064 |
| Marriott International, Inc. - Class A | 1 | 199 |
| McDonald's Corporation | 30 | 9233 |
| Meituan - Class B (a) (f) | 19 | 208 |
| MercadoLibre, Inc. (a) |  | 503 |
| Mercedes-Benz Group AG - Class N | 16 | 1009 |
| Meritage Homes Corporation | 7 | 435 |
| Metaplanet Inc. (a) (d) | 94 | 183 |
| Misto Holdings Corporation | 3 | 90 |
| Mr Price Group | 31 | 283 |
| New Oriental Education & Technology Group Inc. - ADR | 11 | 619 |
| OPAP Holding Societe Anonyme - Class R | 8 | 115 |
| PT. Mitra Adiperkasa | 889 | 64 |
| Ralph Lauren Corporation - Class A | 3 | 992 |
| Renault | 19 | 648 |
| RH (a) | 1 | 162 |
| Rivian Automotive, Inc. - Class A (a) | 7 | 104 |
| Ross Stores, Inc. | 1 | 180 |
| Royal Caribbean Cruises Ltd. | 1 | 226 |
| SAIC Motor Corporation Limited - Class A | 495 | 1053 |
| Shenzhou International Group Holdings Limited | 60 | 361 |
| Six Flags Entertainment Corporation (a) (d) | 16 | 285 |
| Sony Group Corporation | 45 | 921 |
| Starbucks Corporation | 3 | 283 |
| Suzuki Motor Corporation | 97 | 1166 |
| Tapestry, Inc. | 18 | 2587 |
| Tesla Inc. (a) | 43 | 16165 |
| TJX Companies, Inc., The | 74 | 11751 |
| Toll Brothers, Inc. | 6 | 830 |
| TopBuild Corp. (a) | 1 | 257 |
| Ulta Beauty, Inc. (a) | 3 | 1428 |
| Wynn Macau, Limited | 589 | 414 |
| Wynn Resorts, Limited | 4 | 447 |
|  |  | 165442 |
| **Health Care 6.7%** | **Health Care 6.7%** | **Health Care 6.7%** |
| Abbott Laboratories | 26 | 2686 |
| AbbVie Inc. | 26 | 5584 |
| Agilent Technologies, Inc. | 15 | 1658 |
| Asahi Intecc Co., Ltd. | 20 | 435 |
| Ascendis Pharma A/S - ADR (a) | 2 | 385 |
| AstraZeneca PLC | 33 | 6343 |
| Bayer Aktiengesellschaft - Class N | 20 | 902 |
| Biogen Inc. (a) | 1 | 233 |
| Boston Scientific Corporation (a) | 124 | 7757 |
| Bristol-Myers Squibb Company | 28 | 1701 |
| Cardinal Health, Inc. | 1 | 194 |
| Coloplast A/S - Class B (d) | 7 | 464 |
| Convatec Group PLC (f) | 80 | 230 |
| Cooper Companies, Inc., The (a) | 9 | 626 |
| Daiichi Sankyo Company, Limited | 95 | 1692 |
| Edwards Lifesciences Corporation (a) | 51 | 4104 |
| Eli Lilly and Company (c) | 26 | 24237 |
| EssilorLuxottica | 17 | 4011 |
| Galderma Group AG | 11 | 2079 |
| Gilead Sciences, Inc. | 24 | 3281 |
| Grand Round, Inc. (e) (f) | 644 | 464 |
| GSK PLC | 52 | 1413 |
| Haleon PLC | 120 | 593 |
| Incyte Corporation (a) | 10 | 973 |
| Insulet Corporation (a) | 1 | 310 |
| Intuitive Surgical, Inc. (a) | 18 | 8184 |
| Ionis Pharmaceuticals, Inc. (a) | 2 | 127 |
| Johnson & Johnson | 51 | 12567 |
| McKesson Corporation | 12 | 10438 |
| Medtronic, Inc. | 2 | 205 |
| Merck & Co., Inc. | 52 | 6211 |
| MLP Saglik Hizmetleri Anonim Sirketi (a) | 20 | 192 |
| Moderna, Inc. (a) | 33 | 1657 |
| NMC Health PLC (e) | 162 |  |
| Novartis AG - Class N | 8 | 1277 |
| Nuvalent, Inc. - Class A (a) | 2 | 195 |
| Otsuka Holdings Co., Ltd. | 5 | 376 |
| Pfizer Inc. | 93 | 2625 |
| Protagonist Therapeutics, Inc. (a) | 1 | 143 |
| Rede D'or Sao Luiz S.A. | 9 | 70 |
| Regeneron Pharmaceuticals, Inc. | 2 | 1485 |
| ResMed Inc. | 2 | 368 |
| Roche Holding AG | 10 | 3998 |
| Royalty Pharma PLC - Class A | 5 | 260 |
| Sai Life Sciences Limited (a) | 10 | 104 |
| Sanofi | 80 | 7750 |
| Santen Pharmaceutical Co., Ltd. (d) | 31 | 353 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Steris Public Limited Company | 1 | 239 |
| Straumann Holding AG - Class N (d) | 4 | 381 |
| Stryker Corporation | 37 | 12223 |
| Sumitomo Pharma Co., Ltd. (a) (d) | 32 | 428 |
| Teva Pharmaceutical Industries Ltd. - ADR (a) | 32 | 960 |
| Thermo Fisher Scientific Inc. | 13 | 6338 |
| U C B | 4 | 1137 |
| UnitedHealth Group Incorporated | 13 | 3402 |
| Vertex Pharmaceuticals Incorporated (a) | 8 | 3698 |
| Viatris Inc. | 141 | 1899 |
| West Pharmaceutical Services, Inc. | 1 | 172 |
| WuXi Biologics (Cayman) Inc. (a) (f) | 16 | 67 |
| Zoetis Inc. - Class A | 8 | 888 |
| | | 162772 |
| **Communication Services 5.5%** | **Communication Services 5.5%** | **Communication Services 5.5%** |
| Alphabet Inc. - Class C | 187 | 53575 |
| AMC Networks, Inc. - Class A (a) | 15 | 99 |
| America Movil, S.A.B. De C.V. | 403 | 513 |
| BCE Inc. | 65 | 1637 |
| Deutsche Telekom AG - Class N | 54 | 2007 |
| EchoStar Corporation - Class A (a) (d) | 14 | 1691 |
| Emirates Integrated Telecommunications Company PJSC | 71 | 195 |
| Etihad Etisalat Company | 32 | 559 |
| Former Charter Communications Parent, Inc. - Class A (a) | 4 | 918 |
| Hellenic Telecommunications Organization S.A. - Class R | 15 | 274 |
| International Games System Co., Ltd. | 9 | 215 |
| Kakaku.com, Inc. (d) | 17 | 217 |
| Krafton, Inc. | 3 | 564 |
| Kuaishou Technology (f) | 66 | 389 |
| Lionsgate Studios Corp. (a) | 121 | 1156 |
| Live Nation Entertainment, Inc. (a) | 45 | 6796 |
| LY Corporation (d) | 357 | 860 |
| Meta Platforms, Inc. - Class A | 38 | 21846 |
| Netflix, Inc. (a) | 82 | 7899 |
| NEXON Co., Ltd. | 18 | 338 |
| Paramount Skydance Corporation - Class B (d) | 6 | 51 |
| Publicis Groupe S.A. | 7 | 539 |
| Spotify Technology S.A. (a) | 1 | 593 |
| Starz Entertainment (a) | 5 | 55 |
| Take-Two Interactive Software, Inc. (a) | 5 | 1044 |
| Telenor ASA | 11 | 202 |
| Tencent Holdings Limited | 162 | 10221 |
| Tencent Holdings Limited - ADR |  | 14 |
| True Corporation Public Company Limited | 494 | 218 |
| True Corporation Public Company Limited - NVDR (d) | 200 | 88 |
| Universal Music Group N.V. (d) | 60 | 1159 |
| Verizon Communications Inc. | 89 | 4475 |
| Vodacom Group | 103 | 877 |
| Walt Disney Company, The | 118 | 11379 |
|  |  | 132663 |
| **Energy 4.2%** | **Energy 4.2%** | **Energy 4.2%** |
| ADES Holding Company | 50 | 243 |
| Antero Resources Corporation (a) | 34 | 1425 |
| Apa Corp. | 99 | 4181 |
| BP P.L.C. | 267 | 2101 |
| Cameco Corporation | 69 | 7444 |
| Canadian Natural Resources Limited | 24 | 1190 |
| Cenovus Energy Inc. | 226 | 5993 |
| Cheniere Energy, Inc. | 8 | 2305 |
| Devon Energy Corporation | 32 | 1627 |
| ENEOS Holdings, Inc. | 215 | 1922 |
| EOG Resources, Inc. | 4 | 602 |
| EQT Corporation | 87 | 5560 |
| Equinor ASA | 9 | 361 |
| Exxon Mobil Corporation | 94 | 16019 |
| Halliburton Company | 17 | 662 |
| Idemitsu Kosan Co., Ltd. | 65 | 641 |
| Koninklijke Vopak N.V. | 2 | 124 |
| Marathon Petroleum Corporation | 7 | 1599 |
| NAC Kazatomprom JSC - GDR (f) | 3 | 251 |
| Neste Oyj | 4 | 118 |
| New Kleo Holdco (a) (e) | 51 | 76 |
| Occidental Petroleum Corporation | 35 | 2275 |
| PBF Energy Inc. - Class A | 10 | 484 |
| Repsol S.A. | 49 | 1380 |
| Santos Limited | 177 | 978 |
| Shell PLC - Class A | 221 | 10374 |
| SLB Limited | 9 | 470 |
| SM Energy Company | 25 | 778 |
| Solaris Energy Infrastructure, Inc. - Class A | 6 | 366 |
| Suncor Energy Inc. | 101 | 6679 |
| Targa Resources Corp. | 16 | 4125 |
| Tenaris S.A. | 51 | 1497 |
| TotalEnergies SE | 33 | 3041 |
| Valero Energy Corporation | 20 | 4839 |
| Williams Companies, Inc., The | 135 | 9850 |
| Woodside Energy Group Ltd. | 46 | 1090 |
| YPF S.A. - Class D - ADR (a) | 7 | 337 |
|  |  | 103007 |
| **Consumer Staples 3.1%** | **Consumer Staples 3.1%** | **Consumer Staples 3.1%** |
| Altria Group, Inc. | 30 | 1961 |
| British American Tobacco P.L.C. | 128 | 7405 |
| Conagra Brands, Inc. | 32 | 509 |
| Costco Wholesale Corporation | 17 | 16666 |
| CP ALL Public Company Limited | 247 | 344 |
| Dollar General Corporation | 17 | 2075 |
| Estee Lauder Companies Inc., The - Class A | 12 | 886 |
| Fomento Economico Mexicano, S.A. B. De C.V. | 6 | 64 |
| Hershey Company, The | 3 | 581 |
| ITC Limited | 115 | 354 |
| J Sainsbury PLC | 287 | 1293 |
| J. M. Smucker Company, The | 8 | 768 |
| Japan Tobacco Inc. | 57 | 2180 |
| Kenvue Inc. | 43 | 747 |
| Keurig Dr Pepper Inc. | 131 | 3437 |
| KT&G Corporation | 7 | 722 |
| L'Oreal | 1 | 314 |
| Nestle S.A. - Class N | 5 | 480 |
| PepsiCo, Inc. | 33 | 5055 |
| Philip Morris International Inc. | 40 | 6570 |
| Procter & Gamble Company, The | 17 | 2479 |
| Seven & I Holdings Co., Ltd. | 47 | 637 |
| Wal-Mart de Mexico, S.A.B. de C.V. (d) | 387 | 1262 |
| Walmart Inc. (c) | 145 | 18055 |
| Woolworths Group Limited | 14 | 354 |
|  |  | 75198 |
| **Materials 1.8%** | **Materials 1.8%** | **Materials 1.8%** |
| Agnico Eagle Mines Limited | 5 | 1019 |
| Albemarle Corporation | 4 | 700 |
| Algoma Steel Group Inc. (d) | 88 | 364 |
| Anglo American PLC | 12 | 526 |
| Asahi Kasei Corporation | 34 | 330 |
| Barrick Mining Corporation | 39 | 1611 |
| BHP Group Limited | 48 | 1700 |
| Borouge PLC | 215 | 152 |
| CF Industries Holdings, Inc. | 2 | 295 |
| China Hongqiao Group Limited | 153 | 689 |
| CRH Public Limited Company | 52 | 5482 |
| Dow Inc. | 21 | 856 |
| Eldorado Gold Corporation | 10 | 357 |
| ERO Copper Corp. (a) | 4 | 104 |
| First Quantum Minerals Ltd. (a) | 16 | 385 |
| Fortescue Ltd. | 54 | 768 |
| Freeport-McMoRan Inc. | 188 | 11069 |
| Fresnillo PLC | 44 | 1956 |
| Harmony Gold Mining Company | 24 | 381 |
| Heidelberg Materials AG | 8 | 1648 |
| Holcim AG | 7 | 542 |
| James Hardie Industries Public Limited Company (a) | 21 | 399 |
| Kansai Paint Co., Ltd. (d) | 13 | 187 |
| Kinross Gold Corporation | 32 | 990 |
| Klabin S.A. | 152 | 575 |
| Kumba Iron Ore Ltd. (f) | 9 | 179 |
| Lundin Gold Inc. (f) | 5 | 409 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Methanex Corporation | 14 | 816 |
| Mitsui Kinzoku Company, Limited | 5 | 954 |
| MP Materials Corp. - Class A (a) (d) | 14 | 691 |
| Nissan Chemical Corporation (d) | 13 | 494 |
| Nucor Corporation | 4 | 662 |
| PLS Group Limited (a) | 298 | 1084 |
| Quintis Limited (e) (f) (g) | 3771 |  |
| Rio Tinto Limited | 6 | 682 |
| Southern Copper Corporation | 4 | 773 |
| SSAB AB - Class A | 8 | 60 |
| Symrise AG | 10 | 847 |
| Teck Resources Limited - Class B | 22 | 1127 |
| USA Rare Earth, Inc. - Class A (a) (d) | 24 | 360 |
| Vale S.A. - ADR | 59 | 933 |
| Vale S.A. | 20 | 322 |
| Valterra Platinum | 7 | 606 |
| Yanbu National Petrochemical Company | 22 | 214 |
| | | 44298 |
| **Utilities 1.6%** | **Utilities 1.6%** | **Utilities 1.6%** |
| AES Corporation, The | 26 | 368 |
| Ameren Corporation | 2 | 231 |
| E.ON SE - Class N | 40 | 885 |
| Engie | 71 | 2291 |
| Fortis Inc. | 43 | 2404 |
| GAIL (India) Limited | 87 | 128 |
| National Grid PLC | 691 | 11655 |
| Naturgy Energy Group S.A. (d) | 9 | 282 |
| NextEra Energy, Inc. | 122 | 11324 |
| NRG Energy, Inc. | 7 | 977 |
| Pinnacle West Capital Corporation | 14 | 1454 |
| RWE Aktiengesellschaft | 16 | 1096 |
| The Southern Company | 9 | 831 |
| Vistra Corp. | 32 | 4819 |
|  |  | 38745 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| Aldar Properties - P J S C | 77 | 163 |
| Ayala Land Inc. | 163 | 44 |
| Digital Realty Trust, Inc. | 14 | 2435 |
| Emaar Development LLC | 32 | 117 |
| Emaar Properties PJSC | 195 | 625 |
| Host Hotels & Resorts, Inc. | 44 | 852 |
| Mirvac Limited | 368 | 453 |
| ProLogis Inc. | 21 | 2773 |
| PT. Ciputra Development | 2240 | 94 |
| SBA Communications Corporation - Class A | 1 | 244 |
| The British Land Company Public Limited Company | 45 | 212 |
| UOL Group Limited | 29 | 218 |
| Ventas, Inc. | 24 | 1954 |
| VICI Properties Inc. | 93 | 2534 |
| Vonovia SE | 13 | 328 |
| Weyerhaeuser Company | 15 | 365 |
|  |  | 13411 |
| Total Common Stocks (cost $1,427,488) | Total Common Stocks (cost $1,427,488) | 1500281 |
| **CORPORATE BONDS AND NOTES 9.2%** | **CORPORATE BONDS AND NOTES 9.2%** | **CORPORATE BONDS AND NOTES 9.2%** |
| **Financials 1.9%** | **Financials 1.9%** | **Financials 1.9%** |
| Acrisure, LLC |  |  |
| 4.25%, 02/15/29 (h) | 180 | 169 |
| AIB Group Public Limited Company |  |  |
| 6.00%, (100, 07/14/31), EUR (f) (i) | 250 | 287 |
| Alexandrite Lake Lux Holdings S.a r.l. |  |  |
| 6.75%, 07/30/30, EUR (f) | 431 | 488 |
| Alliant Holdings Intermediate, LLC |  |  |
| 5.88%, 11/01/29 (d) (h) | 291 | 282 |
| 7.00%, 01/15/31 (h) | 50 | 50 |
| 6.50%, 10/01/31 (h) | 98 | 96 |
| American National Group Inc. |  |  |
| 7.00%, 12/01/55 | 100 | 94 |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (h) | 100 | 101 |
| Ardonagh Finco Limited |  |  |
| 6.88%, 02/15/31, EUR (h) | 1220 | 1395 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (h) | 74 | 79 |
| Axis Bank Limited |  |  |
| 4.10%, (100, 09/08/26) (f) (i) (j) | 300 | 296 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (h) | 134 | 138 |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima |  |  |
| 6.88%, (100, 12/13/30), EUR (f) (i) | 400 | 483 |
| 8.38%, (100, 06/21/28), EUR (f) (i) | 200 | 246 |
| Bankinter Sociedad Anonima |  |  |
| 7.38%, (100, 08/15/28), EUR (f) (i) | 200 | 243 |
| Barclays PLC |  |  |
| 4.38%, (100, 03/15/28) (i) (j) | 214 | 203 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (h) | 200 | 199 |
| 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 | 232 |
| Bracken Midco1 PLC |  |  |
| 6.75%, 11/01/27, GBP (f) (k) | 183 | 238 |
| Breakwater Energy Holdings S.a r.l. |  |  |
| 9.25%, 11/15/30 (h) | 250 | 262 |
| CaixaBank, S.A. |  |  |
| 5.88%, (100, 10/09/27), EUR (f) (i) (j) | 400 | 468 |
| 6.25%, (100, 07/24/32), EUR (f) (i) | 200 | 235 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (i) | 73 | 73 |
| 6.95%, (100, 02/15/30) (i) | 76 | 76 |
| 5.92%, (10 Year Treasury + 0.00%), 12/11/30 (l) | 1472 | 1398 |
| COMMERZBANK Aktiengesellschaft |  |  |
| 7.88%, (100, 07/02/29), EUR (f) (i) | 200 | 251 |
| Credit Acceptance Corporation |  |  |
| 9.25%, 12/15/28 (h) | 100 | 104 |
| 6.63%, 03/15/30 (d) (h) | 100 | 97 |
| Credit Suisse Group AG |  |  |
| 7.13%, (100, 08/13/32), AUD (f) (i) | 290 | 194 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.50%, (100, 11/30/26), EUR (f) (i) | 200 | 228 |
| 4.63%, (100, 10/30/27), EUR (f) (i) | 800 | 893 |
| 6.75%, (100, 10/30/34), EUR (f) (i) | 400 | 456 |
| 7.13%, EUR (f) (i) | 200 | 235 |
| Dynamo NewCo II GmbH |  |  |
| 6.25%, 10/15/31, EUR (f) | 185 | 189 |
| Eurobank S.A. |  |  |
| 4.00%, 02/07/36, EUR (f) | 421 | 473 |
| First Citizens BancShares, Inc. |  |  |
| 6.25%, 03/12/40 | 1819 | 1778 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/32 (h) | 128 | 130 |
| Flourishing Trade And Investment Ltd. |  |  |
| 11.04%, 04/02/28 (e) (h) (k) | 4028 | 4184 |
| Ford Motor Credit Company LLC |  |  |
| 6.95%, 06/10/26 | 564 | 565 |
| 4.54%, 08/01/26 | 225 | 225 |
| 5.13%, 11/05/26 | 458 | 459 |
| 4.27%, 01/09/27 | 449 | 446 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.13%, 05/15/31 (h) | 100 | 102 |
| 8.38%, 04/01/32 (h) | 39 | 38 |
| Garfunkelux Holdco 3 S.A. |  |  |
| 9.00%, 09/01/28, EUR (f) | 951 | 1091 |
| GGAM Finance Ltd. |  |  |
| 6.88%, 04/15/29 (h) | 151 | 154 |
| Global Atlantic Financial Company |  |  |
| 7.25%, 03/01/56 (h) | 100 | 94 |
| GS Finance Corp. |  |  |
| 5.95%, 01/15/31 | 3840 | 3685 |
| 6.11%, 02/17/31 (l) | 1716 | 1667 |
| 7.35%, (10 Year Treasury + 0.00%), 02/17/31 (l) | 3564 | 3469 |
| Howden UK Refinance 2 PLC |  |  |
| 8.13%, 02/15/32 (h) | 200 | 188 |
| ING Groep N.V. |  |  |
| 3.88%, (100, 05/16/27) (i) (j) | 400 | 383 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.25%, (100, 11/16/34) (f) (i) | 250 | 256 |
| Intrum Investments and Financing AB |  |  |
| 8.00%, 09/11/27, EUR (f) | 570 | 660 |
| Jane Street Group, LLC |  |  |
| 6.75%, 05/01/33 (h) | 200 | 203 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (h) | 200 | 186 |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (i) | 69 | 71 |
| Lloyds Banking Group PLC |  |  |
| 7.50%, (100, 06/27/30), GBP (i) | 200 | 263 |
| Macquarie Bank Limited |  |  |
| 5.31%, 08/20/36, AUD (l) | 400 | 273 |
| Minejesa Capital B.V. |  |  |
| 5.63%, 08/10/37 (h) | 200 | 191 |
| Muangthai Capital Public Company Limited |  |  |
| 6.88%, 09/30/28 (f) | 300 | 297 |
| 7.55%, 07/21/30 | 250 | 247 |
| Muthoot Finance Limited |  |  |
| 6.38%, 03/02/30 (f) | 295 | 291 |
| 5.75%, 08/04/30 (f) | 200 | 192 |
| National Bank of Greece S.A. |  |  |
| 5.80%, (100, 08/12/31), EUR (f) (i) | 200 | 220 |
| 5.88%, 06/28/35, EUR (f) | 200 | 242 |
| Nationwide Building Society |  |  |
| 5.75%, (100, 06/20/27), GBP (f) (i) (j) | 215 | 282 |
| 7.50%, (100, 12/20/30), GBP (f) (i) | 567 | 753 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (h) | 645 | 691 |
| NN Group N.V. |  |  |
| 5.75%, (100, 09/11/34), EUR (f) (i) | 275 | 309 |
| Nomura Holdings, Inc. |  |  |
| 7.00%, (100, 07/15/30) (i) | 200 | 201 |
| OneMain Finance Corporation |  |  |
| 7.13%, 11/15/31 | 75 | 74 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (h) | 131 | 131 |
| PennyMac Financial Services, Inc. |  |  |
| 6.88%, 05/15/32 (h) | 207 | 199 |
| PRA Group Europe Holding II S.a r.l. |  |  |
| 6.25%, 09/30/32, EUR (f) | 140 | 152 |
| Progroup AG |  |  |
| 5.13%, 04/15/29, EUR (h) | 224 | 258 |
| 5.38%, 04/15/31, EUR (h) | 188 | 213 |
| Resurgent Trade and Investment Ltd. |  |  |
| 9.51%, 12/01/27 (e) (f) | 2991 | 3006 |
| Rocket Companies, Inc. |  |  |
| 6.50%, 08/01/29 (h) | 74 | 75 |
| 7.13%, 02/01/32 (h) | 163 | 168 |
| 6.38%, 08/01/33 (h) | 100 | 101 |
| Ryan Specialty, LLC |  |  |
| 5.88%, 08/01/32 (h) | 100 | 99 |
| Sammaan Capital Limited |  |  |
| 7.50%, 10/16/30 (f) | 275 | 269 |
| Shift4 Payments, LLC |  |  |
| 6.75%, 08/15/32 (h) | 100 | 98 |
| 5.50%, 05/15/33, EUR (f) | 824 | 896 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 100 | 98 |
| Starwood Property Trust, Inc. |  |  |
| 4.38%, 01/15/27 (h) | 103 | 102 |
| Stena International S.A. |  |  |
| 7.25%, 01/15/31 (f) | 791 | 799 |
| StoneX Escrow Issuer LLC |  |  |
| 6.88%, 07/15/32 (h) | 100 | 101 |
| Synchrony Financial |  |  |
| 7.25%, 02/02/33 | 100 | 102 |
| Texas Capital Bancshares, Inc. |  |  |
| 4.00%, 05/06/31 | 1202 | 1199 |
| 5.30%, 02/27/32 | 691 | 682 |
| United Overseas Bank Limited |  |  |
| 3.00%, (100, 01/21/33), SGD (f) (i) | 250 | 192 |
| United Wholesale Mortgage, LLC |  |  |
| 5.50%, 04/15/29 (h) | 243 | 227 |
| UWM Holdings, LLC |  |  |
| 6.25%, 03/15/31 (d) (h) | 101 | 92 |
| WOM Chile Holdco SpA |  |  |
| 5.00%, 04/01/32 (h) (j) (k) | 181 | 164 |
| Wom Mobile SpA |  |  |
| 12.50%, 04/01/31 (h) (k) | 12 | 13 |
| | | 45158 |
| **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** |
| Adient Global Holdings Ltd. |  |  |
| 7.00%, 04/15/28 (h) | 166 | 169 |
| Advance Auto Parts, Inc. |  |  |
| 7.38%, 08/01/33 (d) (h) | 100 | 101 |
| Afflelou |  |  |
| 6.00%, 07/25/29, EUR (f) | 330 | 388 |
| Alibaba Group Holding Limited |  |  |
| 0.50%, 06/01/31 (j) | 697 | 962 |
| Allwyn Entertainment Financing (UK) PLC |  |  |
| 7.25%, 04/30/30, EUR (f) | 455 | 543 |
| American Axle & Manufacturing, Inc. |  |  |
| 7.75%, 10/15/33 (h) | 100 | 97 |
| Asbury Automotive Group, Inc. |  |  |
| 4.75%, 03/01/30 (d) | 106 | 102 |
| Ashton Woods USA L.L.C. |  |  |
| 6.88%, 08/01/33 (h) | 301 | 290 |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (h) | 654 | 500 |
| 10.38%, 03/31/29, GBP (f) | 411 | 417 |
| Avianca MidCo 2 PLC |  |  |
| 9.00%, 12/01/28 (f) | 23 | 22 |
| Bath & Body Works, Inc. |  |  |
| 6.63%, 10/01/30 (h) | 100 | 101 |
| BCPE Flavor Debt Merger Sub LLC |  |  |
| 9.50%, 07/01/32 (d) (h) | 127 | 115 |
| Beach Acquisition Bidco, LLC |  |  |
| 5.25%, 07/15/32, EUR (f) | 256 | 282 |
| Bertrand Franchise Finance |  |  |
| 5.78%, (3 Month EURIBOR + 3.75%), 07/18/30, EUR (f) (l) | 164 | 184 |
| BetClic Everest Group |  |  |
| 5.13%, 12/10/31, EUR (f) | 273 | 310 |
| Bracelet Holdings Inc. |  |  |
| 9.25%, 07/02/28 (h) | 1635 | 1563 |
| Brookfield Residential Properties Inc. |  |  |
| 4.88%, 02/15/30 (d) (h) | 266 | 244 |
| Bubbles BidCo S.p.A. |  |  |
| 6.27%, (3 Month EURIBOR + 4.25%), 09/30/31, EUR (f) (l) | 255 | 294 |
| 6.50%, 09/30/31, EUR (f) | 259 | 299 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (d) (h) | 155 | 149 |
| 7.00%, 02/15/30 (h) | 44 | 44 |
| CD&R Firefly Bidco PLC |  |  |
| 8.63%, 04/30/29, GBP (f) | 122 | 164 |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/29 (h) (m) | 100 | 94 |
| Churchill Downs Incorporated |  |  |
| 5.50%, 04/01/27 (h) | 30 | 30 |
| Cirsa Finance International S.a r.l. |  |  |
| 7.88%, 07/31/28, EUR (f) | 408 | 482 |
| 4.88%, 10/15/31, EUR (f) | 111 | 126 |
| 5.15%, (3 Month EURIBOR + 3.00%), 10/15/32, EUR (f) (l) | 163 | 187 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 - 09/15/32 (h) | 200 | 202 |
| 4.75%, 06/15/31, EUR (f) | 306 | 350 |
| Dana Financing Luxembourg S.a r.l. |  |  |
| 8.50%, 07/15/31, EUR (f) | 350 | 421 |
| Deuce Finco PLC |  |  |
| 7.00%, 11/20/31, GBP (f) | 305 | 396 |
| 5.65%, (3 Month EURIBOR + 3.50%), 11/20/32, EUR (f) (l) | 285 | 328 |
| Discovery Communications, LLC |  |  |
| 5.00%, 09/20/37 | 100 | 72 |
| 6.35%, 06/01/40 | 200 | 146 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Domain Greenbough Partner 2 LLC |  |  |
| 14.57%, 01/23/32 (e) (h) | 925 | 925 |
| Duomo Bidco S.P.A. |  |  |
| 5.31%, (3 Month EURIBOR + 3.25%), 01/15/32, EUR (f) (l) | 401 | 455 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (h) | 654 | 699 |
| Elior Group |  |  |
| 5.63%, 03/15/30, EUR (f) | 380 | 445 |
| Entain PLC |  |  |
| 4.88%, 11/30/31, EUR (f) | 200 | 227 |
| Fertitta Entertainment, LLC |  |  |
| 6.75%, 01/15/30 (d) (h) | 200 | 187 |
| Flutter Treasury Designated Activity Company |  |  |
| 4.00%, 06/04/31, EUR (f) | 292 | 326 |
| Fortune Star (BVI) Limited |  |  |
| 6.80%, 09/09/29 (f) | 200 | 189 |
| Forvia |  |  |
| 2.75%, 02/15/27, EUR (f) (n) | 179 | 204 |
| 6.75%, 09/15/33 (d) (h) | 300 | 293 |
| Fressnapf Holding SE |  |  |
| 5.25%, 10/31/31, EUR (f) | 106 | 120 |
| Full House Resorts, Inc. |  |  |
| 8.25%, 02/15/28 (d) (h) | 46 | 42 |
| Goldstory |  |  |
| 6.02%, (3 Month EURIBOR + 4.00%), 02/01/30, EUR (h) (l) | 375 | 427 |
| 6.75%, 02/01/30, EUR (h) | 437 | 494 |
| Group 1 Automotive, Inc. |  |  |
| 6.38%, 01/15/30 (d) (h) | 184 | 185 |
| GTECH S.p.A. |  |  |
| 4.88%, 01/31/31, EUR (f) | 275 | 320 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.88%, 03/15/33 (h) | 200 | 201 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 4.88%, 07/01/31 (d) (h) | 146 | 132 |
| IHO Verwaltungs GmbH |  |  |
| 8.75%, 05/15/28, EUR (f) (k) | 517 | 610 |
| 7.00%, 11/15/31, EUR (f) (k) | 394 | 475 |
| Jaguar Land Rover Automotive PLC |  |  |
| 5.50%, 07/15/29 (h) | 200 | 195 |
| Kohl's Corporation |  |  |
| 5.13%, 05/01/31 (m) (n) | 100 | 76 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (h) | 101 | 104 |
| LGI Homes, Inc. |  |  |
| 7.00%, 11/15/32 (d) (h) | 692 | 641 |
| Light and Wonder International, Inc. |  |  |
| 7.25%, 11/15/29 (h) | 15 | 15 |
| 7.50%, 09/01/31 (h) | 82 | 84 |
| Lions Gate Capital Holdings 1, Inc. |  |  |
| 6.00%, 04/15/29 (h) (n) | 2662 | 2457 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (h) | 177 | 144 |
| Lithia Motors, Inc. |  |  |
| 4.63%, 12/15/27 (h) | 100 | 99 |
| Lottomatica S.p.A. |  |  |
| 5.38%, 06/01/30, EUR (f) | 137 | 161 |
| 5.26%, (3 Month EURIBOR + 3.25%), 06/01/31, EUR (f) (l) | 207 | 239 |
| Magnum Management Corporation |  |  |
| 5.25%, 07/15/29 | 186 | 178 |
| MAHLE GmbH |  |  |
| 6.50%, 05/02/31, EUR (h) | 624 | 728 |
| Marriott Ownership Resorts, Inc. |  |  |
| 6.50%, 10/01/33 (d) (h) | 100 | 95 |
| Mattamy Homes Limited |  |  |
| 6.00%, 12/15/33 (h) | 100 | 94 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/29 | 110 | 110 |
| 6.50%, 04/15/32 (d) | 56 | 56 |
| Mohegan Escrow Issuer, LLC |  |  |
| 11.88%, 04/15/31 (h) | 111 | 115 |
| Motion Finco S.a r.l. |  |  |
| 7.38%, 06/15/30, EUR (f) | 194 | 193 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (h) | 139 | 138 |
| NCL Finance, Ltd. |  |  |
| 6.13%, 03/15/28 (h) | 100 | 100 |
| Newell Brands Inc. |  |  |
| 6.63%, 09/15/29 | 100 | 97 |
| 6.63%, 05/15/32 (d) | 100 | 95 |
| Nissan Motor Acceptance Company LLC |  |  |
| 5.63%, 09/29/28 (h) | 122 | 119 |
| Nissan Motor Co., Ltd. |  |  |
| 5.25%, 07/17/29, EUR (f) | 312 | 356 |
| 7.50%, 07/17/30 (h) | 300 | 302 |
| Park River Holdings, Inc. |  |  |
| 8.75%, 12/31/30 (h) | 100 | 92 |
| PetSmart, LLC |  |  |
| 10.00%, 09/15/33 (h) | 300 | 299 |
| Pinewood Finco PLC |  |  |
| 6.00%, 03/27/30, GBP (h) | 494 | 636 |
| Pinnacle Bidco PLC |  |  |
| 10.00%, 10/11/28, GBP (f) | 273 | 375 |
| PrestigeBidCo GmbH |  |  |
| 5.77%, (3 Month EURIBOR + 3.75%), 07/01/29, EUR (f) (l) | 358 | 412 |
| Prosus N.V. |  |  |
| 4.03%, 08/03/50 (f) | 312 | 210 |
| Rakuten Group, Inc. |  |  |
| 4.25%, (100, 04/22/27), EUR (f) (i) | 343 | 382 |
| 8.13%, (100, 12/15/29) (h) (i) | 300 | 298 |
| RCI Banque |  |  |
| 6.13%, (100, 09/24/30), EUR (f) (i) | 200 | 226 |
| 5.50%, 10/09/34, EUR (f) | 400 | 468 |
| 4.75%, 03/24/37, EUR (f) | 200 | 224 |
| Restaurant Brands International Limited Partnership |  |  |
| 6.13%, 06/15/29 (h) | 100 | 102 |
| 5.63%, 09/15/29 (h) | 125 | 126 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 (d) (h) | 316 | 270 |
| 10.75%, 03/15/30 (h) | 382 | 316 |
| Schaeffler AG |  |  |
| 4.25%, 04/01/28, EUR (f) | 200 | 228 |
| 5.38%, 04/01/31, EUR (f) | 100 | 117 |
| Service Corporation International |  |  |
| 3.38%, 08/15/30 | 100 | 92 |
| Shiba Bidco S.P.A. |  |  |
| 4.50%, 10/31/28, EUR (h) | 1066 | 1225 |
| Six Flags Entertainment Corporation |  |  |
| 8.63%, 01/15/32 (h) | 147 | 147 |
| SJM International Limited |  |  |
| 6.50%, 01/15/31 (f) | 200 | 191 |
| Stellantis N.V. |  |  |
| 6.25%, (100, 03/16/31), EUR (f) (i) | 537 | 592 |
| 6.88%, (100, 12/16/33), EUR (f) (i) | 575 | 627 |
| 8.25%, (100, 06/16/32), GBP (f) (i) | 525 | 663 |
| STL Holding Company LLC |  |  |
| 8.75%, 02/15/29 (h) | 212 | 219 |
| Stonegate Pub Company Financing 2019 PLC |  |  |
| 8.62%, (3 Month EURIBOR + 6.63%), 07/31/29, EUR (f) (l) | 183 | 206 |
| 10.75%, 07/31/29, GBP (f) | 369 | 482 |
| Studio City Finance Limited |  |  |
| 5.00%, 01/15/29 (f) | 300 | 281 |
| Tabcorp Finance Pty Ltd. |  |  |
| 5.99%, 05/28/31, AUD | 250 | 168 |
| Tenneco LLC |  |  |
| 8.00%, 11/17/28 (h) | 109 | 109 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.63%, 04/30/33 (d) | 215 | 189 |
| The Unique Pub Finance Company PLC |  |  |
| 6.46%, 03/30/32, GBP (f) | 433 | 588 |
| TUI Cruises GmbH |  |  |
| 6.25%, 04/15/29, EUR (h) | 393 | 457 |
| 5.00%, 05/15/30, EUR (f) | 160 | 180 |
| Univision Communications Inc. |  |  |
| 4.50%, 05/01/29 (h) | 28 | 26 |
| 8.50%, 07/31/31 (h) | 179 | 179 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 9.38%, 08/01/32 (h) | 25 | 26 |
| Viking Cruises Limited |  |  |
| 7.00%, 02/15/29 (h) | 100 | 100 |
| 9.13%, 07/15/31 (h) | 177 | 186 |
| Volkswagen International Finance N.V. |  |  |
| 5.49%, (100, 11/15/30), EUR (f) (i) | 100 | 115 |
| 5.99%, (100, 11/15/33), EUR (f) (i) | 200 | 231 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (h) | 55 | 57 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 1452 | 1434 |
| 4.28%, 03/15/32 | 100 | 89 |
| Whirlpool Corporation |  |  |
| 6.50%, 06/15/33 | 100 | 95 |
| Wynn Macau, Limited |  |  |
| 5.50%, 10/01/27 (h) | 226 | 224 |
| Wynn Resorts Finance, LLC |  |  |
| 6.25%, 03/15/33 (d) (h) | 100 | 99 |
| Yum! Brands, Inc. |  |  |
| 3.63%, 03/15/31 | 100 | 92 |
| ZF Friedrichshafen AG |  |  |
| 7.00%, 06/12/30, EUR (f) | 300 | 354 |
| 5.50%, 02/17/32, EUR (f) | 400 | 436 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 (h) | 150 | 152 |
| 7.13%, 04/14/30 (h) | 445 | 439 |
| 6.75%, 04/23/30 (h) | 195 | 188 |
| 7.50%, 03/24/31 (h) | 300 | 294 |
| | | 40134 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (h) | 42 | 40 |
| Altice France |  |  |
| 5.50%, 10/15/31, EUR (f) | 90 | 99 |
| 5.63%, 07/15/32, EUR (f) | 89 | 98 |
| AMC Networks, Inc. |  |  |
| 4.25%, 02/15/29 (d) | 804 | 675 |
| 4.25%, 02/15/29 (j) | 417 | 366 |
| 10.50%, 07/15/32 (h) | 108 | 107 |
| APLD ComputeCo LLC |  |  |
| 9.25%, 12/15/30 (h) | 100 | 103 |
| Beignet Investments, LLC |  |  |
| 6.58%, 05/30/49 (h) | 4997 | 5163 |
| Bell Canada inc. |  |  |
| 6.88%, 09/15/55 | 135 | 137 |
| British Telecommunications Public Limited Company |  |  |
| 4.88%, 11/23/81 (h) | 463 | 439 |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (h) | 92 | 92 |
| 4.25%, 02/01/31 - 01/15/34 (d) (h) | 500 | 449 |
| 4.75%, 02/01/32 (h) | 132 | 119 |
| 7.00%, 02/01/33 (h) | 56 | 56 |
| 4.50%, 06/01/33 (d) (h) | 300 | 261 |
| 7.38%, 02/01/36 (d) (h) | 100 | 100 |
| Cellnex Telecom, S.A. |  |  |
| 0.75%, 11/20/31, EUR (f) (j) | 200 | 206 |
| Cinemark USA, Inc. |  |  |
| 7.00%, 08/01/32 (d) (h) | 133 | 137 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (h) | 82 | 85 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.88%, 04/01/30 (h) | 100 | 105 |
| 7.13%, 02/15/31 (h) | 58 | 61 |
| Cogent Communications Group, LLC |  |  |
| 7.00%, 06/15/27 (h) | 38 | 38 |
| 6.50%, 07/01/32 (d) (h) | 100 | 87 |
| Connect Finco S.a.r.l. |  |  |
| 9.00%, 09/15/29 (h) | 300 | 315 |
| CSC Holdings, LLC |  |  |
| 5.50%, 04/15/27 (d) (h) | 856 | 743 |
| 11.25%, 05/15/28 (h) | 200 | 164 |
| 11.75%, 01/31/29 (h) | 491 | 355 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (h) | 98 | 98 |
| 10.00%, 02/15/31 (h) | 200 | 204 |
| DISH Network Corporation |  |  |
| 3.38%, 08/15/26 (j) | 258 | 255 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 55 | 59 |
| 6.75%, 11/30/30 (k) | 55 | 56 |
| Eircom Limited |  |  |
| 5.00%, 04/30/31, EUR (f) | 318 | 365 |
| Engineering S.R.L. |  |  |
| 11.13%, 05/15/28, EUR (f) | 115 | 134 |
| Frontier Communications Holdings, LLC |  |  |
| 6.00%, 01/15/30 (h) | 115 | 116 |
| 8.75%, 05/15/30 (h) | 1462 | 1501 |
| Frontier Communications Parent, Inc. |  |  |
| 6.75%, 05/01/29 (h) | 610 | 611 |
| Frontier Florida LLC |  |  |
| 6.86%, 02/01/28 | 1259 | 1300 |
| Frontier North Inc. |  |  |
| 6.73%, 02/15/28 | 175 | 181 |
| Global Switch Finance B.V. |  |  |
| 1.38%, 10/07/30, EUR (f) | 242 | 258 |
| Gray Media, Inc. |  |  |
| 9.63%, 07/15/32 (h) | 100 | 100 |
| 7.25%, 08/15/33 (h) | 85 | 86 |
| HengTen Networks Group Limited |  |  |
| 0.00%, 01/31/27, HKD (f) (j) (o) | 2000 | 243 |
| iHeartCommunications, Inc. |  |  |
| 7.75%, 08/15/30 (h) (m) | 200 | 160 |
| Iliad |  |  |
| 4.25%, 01/09/32, EUR (f) | 200 | 226 |
| ION Platform Finance S.a r.l. |  |  |
| 5.75%, 05/15/28 (h) | 535 | 504 |
| Kaixo Bondco Telecom S.A. |  |  |
| 5.13%, 09/30/29, EUR (f) | 273 | 317 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (h) | 195 | 198 |
| 7.00%, 03/31/34 (h) | 66 | 68 |
| 8.50%, 01/15/36 (h) | 436 | 455 |
| Live Nation Entertainment, Inc. |  |  |
| 4.75%, 10/15/27 (h) | 247 | 245 |
| Maya |  |  |
| 5.63%, 10/15/28, EUR (f) | 1401 | 1626 |
| 7.00%, 10/15/28 (h) | 200 | 201 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (h) | 67 | 68 |
| Neptune BidCo US Inc. |  |  |
| 10.38%, 05/15/31 (d) (h) | 91 | 92 |
| 9.50%, 02/15/33 (h) | 100 | 97 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (h) | 129 | 129 |
| Outfront Media Capital Corporation |  |  |
| 5.00%, 08/15/27 (h) | 122 | 122 |
| 4.63%, 03/15/30 (h) | 19 | 18 |
| Rogers Communications Inc. |  |  |
| 5.25%, 03/15/82 (h) | 100 | 99 |
| Sirius XM Radio LLC |  |  |
| 5.00%, 08/01/27 (h) | 166 | 165 |
| 4.00%, 07/15/28 (h) | 100 | 97 |
| Snap Inc. |  |  |
| 6.88%, 03/01/33 (h) | 122 | 115 |
| SoftBank Group Corp. |  |  |
| 5.38%, 01/08/29, EUR (f) | 371 | 430 |
| 5.88%, 07/10/31, EUR (f) | 605 | 681 |
| 5.75%, 07/08/32, EUR (f) | 555 | 608 |
| 6.38%, 07/10/33, EUR (f) | 430 | 477 |
| Summer (BC) Holdco B S.a r.l. |  |  |
| 5.88%, 02/15/30, EUR (f) | 353 | 351 |
| 6.23%, (3 Month EURIBOR + 4.25%), 02/15/30, EUR (f) (l) | 199 | 201 |
| Sunrise FinCo I B.V. |  |  |
| 4.88%, 07/15/31 (h) | 750 | 711 |
| SV RNO Property Owner 1 LLC |  |  |
| 5.88%, 03/01/31 (h) | 186 | 184 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Telecom Argentina S.A. |  |  |
| 9.25%, 05/28/33 (h) | 53 | 55 |
| Telecom Italia Capital |  |  |
| 7.72%, 06/04/38 | 123 | 137 |
| Telefonica Emisiones S.A. |  |  |
| 4.38%, (100, 01/19/31), EUR (f) (i) | 200 | 223 |
| 4.88%, (100, 01/19/34), EUR (f) (i) | 400 | 437 |
| Telenet Finance Luxembourg Notes S.a.r.l. |  |  |
| 5.50%, 03/01/28 (h) | 1000 | 980 |
| TELUS Corporation |  |  |
| 6.63%, 10/15/55 | 115 | 115 |
| United Group B.V. |  |  |
| 6.50%, 10/31/31, EUR (f) | 155 | 177 |
| Uniti Group Inc. |  |  |
| 4.75%, 04/15/28 (h) | 284 | 283 |
| Versant Media Group, Inc. |  |  |
| 7.25%, 01/30/31 (h) | 42 | 43 |
| VFU Funding PLC |  |  |
| 9.62%, 02/11/27 (f) (l) (n) | 152 | 149 |
| Viacom Inc. |  |  |
| 6.25%, 02/28/57 (d) | 300 | 205 |
| Virgin Media O2 Vendor Financing Notes V Designated Activity Company |  |  |
| 7.88%, 03/15/32, GBP (f) | 139 | 163 |
| Virgin Media O2 Vendor Financing Notes VII Designated Activity Company |  |  |
| 7.50%, 07/15/33, EUR (f) | 380 | 387 |
| Virgin Media Secured Finance PLC |  |  |
| 5.50%, 05/15/29 (h) | 208 | 199 |
| 4.25%, 01/15/30, GBP (f) | 397 | 465 |
| 4.13%, 08/15/30, GBP (f) | 431 | 495 |
| VMED O2 UK Financing I PLC |  |  |
| 4.50%, 07/15/31, GBP (f) | 325 | 361 |
| 4.75%, 07/15/31 (h) | 263 | 226 |
| 6.75%, 01/15/33 (d) (h) | 210 | 187 |
| Vodafone Group Public Limited Company |  |  |
| 7.00%, 04/04/79 | 100 | 103 |
| 4.13%, 06/04/81 | 88 | 81 |
| 8.00%, 08/30/86, GBP (f) | 228 | 315 |
| VZ Secured Financing B.V. |  |  |
| 5.00%, 01/15/32 (h) | 343 | 294 |
| 5.25%, 01/15/33, EUR (f) | 544 | 579 |
| VZ Vendor Financing II B.V. |  |  |
| 2.88%, 01/15/29, EUR (f) | 786 | 828 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (h) | 100 | 102 |
| 6.75%, 11/15/32 (h) | 100 | 101 |
| Windstream Services, LLC |  |  |
| 7.50%, 10/15/33 (h) | 143 | 148 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (h) | 100 | 106 |
| Zegona Finance PLC |  |  |
| 6.75%, 07/15/29, EUR (f) | 456 | 546 |
| Ziggo B.V. |  |  |
| 4.88%, 01/15/30 (h) | 200 | 187 |
| | | 33489 |
| **Energy 0.8%** | **Energy 0.8%** | **Energy 0.8%** |
| Antero Midstream Partners LP |  |  |
| 5.38%, 06/15/29 (h) | 100 | 100 |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 10/15/32 (h) | 100 | 101 |
| Azule Energy Finance PLC |  |  |
| 8.25%, 01/22/31 (h) | 750 | 757 |
| 8.63%, 01/22/33 (h) | 550 | 554 |
| Blue Racer Midstream, LLC |  |  |
| 7.25%, 07/15/32 (h) | 46 | 48 |
| Buckeye Partners, L.P. |  |  |
| 6.75%, 02/01/30 (h) | 158 | 162 |
| California Resources Corporation |  |  |
| 7.00%, 01/15/34 (h) | 524 | 529 |
| Civitas Resources, Inc. |  |  |
| 5.00%, 10/15/26 (h) | 448 | 447 |
| 8.63%, 11/01/30 (h) | 367 | 387 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (h) | 218 | 218 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (h) | 160 | 158 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/33 (h) | 467 | 467 |
| 8.38%, 01/15/34 (h) | 100 | 105 |
| CVR Energy, Inc. |  |  |
| 7.50%, 02/15/31 (h) | 86 | 87 |
| DeepOcean AS |  |  |
| 6.00%, 04/08/31, EUR (f) | 143 | 168 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (h) | 331 | 331 |
| Ecopetrol S.A. |  |  |
| 8.88%, 01/13/33 | 132 | 139 |
| Energean PLC |  |  |
| 5.63%, 05/12/31, EUR (f) | 200 | 225 |
| Energy Transfer LP |  |  |
| 6.75%, 02/15/56 | 100 | 100 |
| Eni S.P.A. |  |  |
| 4.88%, (100, 01/21/34), EUR (f) (i) | 325 | 372 |
| EQT Corporation |  |  |
| 7.50%, 06/01/30 | 135 | 147 |
| Genesis Energy, L.P. |  |  |
| 8.00%, 05/15/33 | 95 | 98 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (h) | 121 | 122 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (h) | 108 | 108 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (h) | 200 | 199 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (h) | 100 | 103 |
| India Cleantech Energy |  |  |
| 4.70%, 08/10/26 (f) | 222 | 221 |
| Infinity Natural Resources, Inc. |  |  |
| 7.63%, 04/01/31 (h) | 208 | 209 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (h) | 300 | 308 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (h) | 113 | 110 |
| Kodiak Gas Services, LLC |  |  |
| 6.75%, 10/01/35 (h) | 100 | 102 |
| Kondor Finance PLC |  |  |
| 7.13%, 07/19/26, EUR (f) | 124 | 118 |
| Matador Resources Company |  |  |
| 6.25%, 04/15/33 (h) | 88 | 88 |
| Medco Maple Tree Pte. Ltd. |  |  |
| 8.96%, 04/27/29 (f) | 300 | 308 |
| Noble Finance II LLC |  |  |
| 8.00%, 04/15/30 (h) | 26 | 27 |
| Northern Oil and Gas Incorporated |  |  |
| 7.88%, 10/15/33 (d) (h) | 323 | 334 |
| OEG Finance PLC |  |  |
| 7.25%, 09/27/29, EUR (f) | 643 | 764 |
| Petrobras Global Finance B.V. |  |  |
| 6.75%, 01/27/41 | 54 | 53 |
| Petroleos Mexicanos |  |  |
| 8.75%, 06/02/29 | 53 | 56 |
| 5.95%, 01/28/31 | 104 | 99 |
| Pluspetrol Camisea S.A. |  |  |
| 6.24%, 07/03/36 (h) | 95 | 99 |
| Raizen Fuels Finance S.A. |  |  |
| 6.45%, 03/05/34 (h) | 287 | 158 |
| 6.95%, 03/05/54 (h) | 200 | 106 |
| SM Energy Company |  |  |
| 6.75%, 08/01/29 (h) | 200 | 203 |
| Solaris Energy Infrastructure, Inc. |  |  |
| 4.75%, 05/01/30 (j) | 787 | 1838 |
| 0.25%, 10/01/31 (j) | 2514 | 3159 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (h) (i) | 400 | 405 |
| 7.00%, 05/01/29 (h) | 113 | 116 |
| 5.63%, 03/15/31 (h) | 300 | 299 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 09/01/31 (h) | 267 | 263 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Transocean Inc |  |  |
| 8.25%, 05/15/29 (h) | 223 | 230 |
| USA Compression Finance Corp. |  |  |
| 7.13%, 03/15/29 (h) | 94 | 96 |
| 6.25%, 10/01/33 (h) | 34 | 34 |
| Valaris Limited |  |  |
| 8.38%, 04/30/30 (h) | 49 | 51 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 (h) | 100 | 95 |
| 6.25%, 01/15/30 (h) | 100 | 102 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (h) (i) | 489 | 487 |
| 8.13%, 06/01/28 (h) | 70 | 72 |
| 7.00%, 01/15/30 (h) | 358 | 366 |
| 8.38%, 06/01/31 (h) | 300 | 312 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 7.50%, 05/01/33 (h) | 100 | 110 |
| 6.50%, 06/15/34 (h) | 100 | 104 |
| 6.75%, 01/15/36 (h) | 115 | 122 |
| Vista Energy Argentina S.A.U. |  |  |
| 8.50%, 06/10/33 (h) | 34 | 36 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/32 (h) | 82 | 84 |
| WBI Operations LLC |  |  |
| 6.50%, 10/15/33 (h) | 100 | 99 |
| Wintershall Dea GmbH |  |  |
| 6.12%, (100, 05/08/30), EUR (f) (i) | 335 | 391 |
| | | 18466 |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (h) | 100 | 97 |
| Air France - KLM |  |  |
| 5.75%, (100, 05/21/30), EUR (f) (i) | 200 | 225 |
| Arcosa, Inc. |  |  |
| 6.88%, 08/15/32 (h) | 137 | 140 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 4.00%, 09/01/29 (h) | 300 | 275 |
| ATI Inc. |  |  |
| 7.25%, 08/15/30 | 240 | 248 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 (h) | 128 | 130 |
| Biffa Group Holdings Limited |  |  |
| 5.25%, 06/15/31, EUR (f) | 253 | 285 |
| 7.38%, 06/15/31, GBP (f) | 300 | 391 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (h) | 11 | 12 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 (h) | 200 | 198 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.75%, 04/15/30 (d) (h) | 256 | 239 |
| 6.75%, 04/15/32 (h) | 154 | 146 |
| Columbus McKinnon Corporation |  |  |
| 7.13%, 02/01/33 (h) | 15 | 15 |
| Corporation De Securite Garda World |  |  |
| 8.38%, 11/15/32 (h) | 200 | 201 |
| Deutsche Lufthansa Aktiengesellschaft |  |  |
| 5.25%, 01/15/55, EUR (f) | 500 | 565 |
| Edge Finco PLC |  |  |
| 8.13%, 08/15/31, GBP (f) | 299 | 409 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (h) | 100 | 102 |
| Equipmentshare.Com Inc |  |  |
| 9.00%, 05/15/28 (d) (h) | 35 | 36 |
| Fedrigoni S.P.A. |  |  |
| 6.13%, 06/15/31, EUR (d) (f) | 443 | 471 |
| Fiber Midco S.p.A. |  |  |
| 10.00%, 06/15/29, EUR (f) (k) | 287 | 238 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.88%, 12/01/30 (h) | 200 | 208 |
| Gategroup Finance (Luxembourg) S.A. |  |  |
| 3.00%, 02/28/27, CHF (f) | 415 | 518 |
| Heathrow Finance PLC |  |  |
| 6.63%, 03/01/31, GBP (f) | 453 | 595 |
| Herc Holdings Inc. |  |  |
| 7.25%, 06/15/33 (h) | 200 | 205 |
| I.M.A. Industria Macchine Automatiche S.P.A. In Sigla Ima S.P.A. |  |  |
| 5.77%, (3 Month EURIBOR + 3.75%), 04/15/29, EUR (h) (l) | 388 | 447 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (h) | 154 | 146 |
| King US Bidco, Inc. |  |  |
| 5.31%, (3 Month EURIBOR + 3.25%), 12/01/32, EUR (f) (l) | 398 | 457 |
| Kleopatra Finco S.a r.l. |  |  |
| 6.00%, 01/30/31, EUR (e) (f) (k) | 505 | 517 |
| Luna 1.5 S.a r.l. |  |  |
| 10.50%, 07/01/32, EUR (f) (k) | 134 | 164 |
| Luna 2.5 S.a r.l. |  |  |
| 5.50%, 07/01/32, EUR (f) | 143 | 163 |
| Mauser Packaging Solutions Holding Company |  |  |
| 9.25%, 04/15/30 (h) | 246 | 228 |
| Maxam Prill S.a r.l. |  |  |
| 6.00%, 07/15/30, EUR (f) | 849 | 969 |
| Mobico Group PLC |  |  |
| 4.88%, 09/26/31, EUR (f) | 471 | 423 |
| Pacific National Finance Pty Ltd. |  |  |
| 7.75%, 12/11/54, AUD (n) | 290 | 199 |
| Paprec Holding |  |  |
| 4.13%, 07/15/30, EUR (f) | 495 | 560 |
| Pitney Bowes Inc. |  |  |
| 6.88%, 03/15/27 (h) | 934 | 933 |
| Prysmian S.p.A. |  |  |
| 5.25%, (100, 05/21/30), EUR (f) (i) | 125 | 146 |
| PT Garuda Indonesia (Persero) Tbk |  |  |
| 6.50%, 12/28/31 (f) (k) (n) | 231 | 193 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (h) | 200 | 202 |
| Schneider Electric SE |  |  |
| 1.25%, 09/23/33, EUR (f) (j) | 700 | 807 |
| Seche Environnement |  |  |
| 4.50%, 03/25/30, EUR (f) | 100 | 114 |
| SGL Group ApS |  |  |
| 6.78%, (3 Month EURIBOR + 4.75%), 04/22/30, EUR (l) | 117 | 126 |
| 6.27%, (3 Month EURIBOR + 4.25%), 02/24/31, EUR (l) | 125 | 133 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (h) | 100 | 102 |
| Spirit AeroSystems, Inc. |  |  |
| 4.60%, 06/15/28 | 100 | 100 |
| Standard Building Solutions Inc. |  |  |
| 3.38%, 01/15/31 (h) | 100 | 90 |
| 6.25%, 08/01/33 (h) | 120 | 119 |
| Stem, Inc. |  |  |
| 0.50%, 12/01/28 (h) (j) | 115 | 45 |
| TK Elevator Midco GmbH |  |  |
| 4.38%, 07/15/27, EUR (f) | 254 | 292 |
| Toucan Finco Ltd. |  |  |
| 9.50%, 05/15/30 (d) (h) (k) | 647 | 570 |
| TransDigm Inc. |  |  |
| 6.38%, 03/01/29 (h) | 500 | 510 |
| 6.63%, 03/01/32 (h) | 100 | 102 |
| VINCI |  |  |
| 0.75%, 03/04/31, EUR (f) (j) | 300 | 329 |
| Weekley Homes, LLC |  |  |
| 4.88%, 09/15/28 (h) | 10 | 10 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/29 (h) | 100 | 102 |
| ZTO Express (Cayman) Inc. |  |  |
| 0.93%, 03/01/31 (f) (j) | 1292 | 1294 |
|  |  | 16541 |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| A.C.N. 092 200 854 Ltd. |  |  |
| 0.00%, 10/01/26 (e) (h) (k) | 506 | 51 |
| 0.00%, 10/01/28 (e) (h) (k) (n) | 7017 |  |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.75%, 10/01/30 | 292 | 279 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ardagh Group S.A. |  |  |
| 9.50%, 10/06/30 (f) | 782 | 819 |
| 9.50%, 12/01/30 (h) | 100 | 105 |
| 11.00%, 12/01/30 (h) (k) | 2184 | 1835 |
| 12.00%, 12/01/30, EUR (d) (f) (k) | 1363 | 1298 |
| Arsenal AIC Parent LLC |  |  |
| 11.50%, 10/01/31 (h) | 217 | 234 |
| Ball Corporation |  |  |
| 6.00%, 06/15/29 | 100 | 102 |
| Celanese US Holdings LLC |  |  |
| 6.50%, 04/15/30 (d) | 100 | 102 |
| 7.38%, 07/15/32 (m) (n) | 125 | 130 |
| 6.75%, 04/15/33 (d) | 77 | 79 |
| Chemours Company, The |  |  |
| 8.00%, 01/15/33 (h) | 111 | 112 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (h) | 15 | 15 |
| 7.38%, 05/01/33 (h) | 200 | 196 |
| CMOC Capital Limited |  |  |
| 0.00%, 01/24/27 (f) (j) (o) | 500 | 484 |
| Compass Minerals International, Inc. |  |  |
| 8.00%, 07/01/30 (h) | 110 | 114 |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (f) | 200 | 198 |
| F.I.S. - Fabbrica Italiana Sintetici S.p.A. |  |  |
| 5.28%, (3 Month EURIBOR + 3.25%), 02/05/31, EUR (f) (l) | 118 | 133 |
| FMC Corporation |  |  |
| 8.45%, 11/01/55 | 270 | 173 |
| Fortescue Treasury Pty Ltd. |  |  |
| 5.88%, 04/15/30 (h) | 100 | 101 |
| GC Treasury Center Company Limited |  |  |
| 6.50%, (100, 09/10/30) (f) (i) | 300 | 290 |
| Huntsman International LLC |  |  |
| 2.95%, 06/15/31 | 100 | 83 |
| INEOS Finance PLC |  |  |
| 7.25%, 03/31/31, EUR (f) | 380 | 398 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 03/15/29, EUR (f) | 436 | 415 |
| 6.75%, 04/15/30, EUR (d) (f) | 166 | 148 |
| Italmatch Chemicals S.p.A. |  |  |
| 6.15%, (3 Month EURIBOR + 4.13%), 02/05/31, EUR (f) (l) | 210 | 234 |
| 6.25%, 02/05/31, EUR (f) | 108 | 118 |
| Itelyum Regeneration S.p.A. |  |  |
| 5.75%, 04/15/30, EUR (f) | 269 | 306 |
| Kronos International, Inc. |  |  |
| 9.50%, 03/15/29, EUR (f) | 261 | 260 |
| Lune Holdings S.a r.l. |  |  |
| 5.63%, 11/15/28, EUR (f) | 479 | 13 |
| Magnera Corporation |  |  |
| 7.25%, 11/15/31 (d) (h) | 150 | 139 |
| Methanex Corporation |  |  |
| 6.25%, 03/15/32 (d) (h) | 100 | 102 |
| Mineral Resources Limited |  |  |
| 8.50%, 05/01/30 (h) | 457 | 470 |
| Nippon Steel Corporation |  |  |
| 0.00%, 02/14/29 - 02/14/31, JPY (f) (j) (o) | 300000 | 1930 |
| NOVA Chemicals Corporation |  |  |
| 5.25%, 06/01/27 (h) | 101 | 101 |
| Novelis Corporation |  |  |
| 4.75%, 01/30/30 (h) | 51 | 48 |
| Olin Corporation |  |  |
| 6.63%, 04/01/33 (h) | 100 | 98 |
| Olympus Water US Holding Corporation |  |  |
| 7.25%, 06/15/31 (h) | 200 | 195 |
| 6.13%, 02/15/33, EUR (f) | 323 | 359 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (f) | 347 | 346 |
| 6.20%, 04/14/52 (f) | 300 | 291 |
| Samarco Mineracao S.A. |  |  |
| 9.00%, 06/30/31 (f) (k) (n) | 78 | 77 |
| 9.00%, 06/30/31 (h) (k) (n) | 23 | 23 |
| Sappi Papier Holding GmbH |  |  |
| 4.50%, 03/15/32, EUR (d) (f) | 232 | 239 |
| Sasol Financing USA LLC |  |  |
| 6.50%, 09/27/28 | 200 | 202 |
| Scotts Miracle-Gro Company, The |  |  |
| 4.00%, 04/01/31 (d) | 127 | 117 |
| Sealed Air Corporation |  |  |
| 7.25%, 02/15/31 (h) | 100 | 105 |
| Vale Overseas Ltd. |  |  |
| 6.40%, 06/28/54 | 13 | 13 |
| Vedanta Resources Finance II PLC |  |  |
| 10.88%, 09/17/29 (h) | 243 | 254 |
| Vedanta Resources Limited |  |  |
| 10.88%, 09/17/29 (f) | 300 | 314 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.50%, 10/28/32 (h) | 55 | 56 |
| W. R. Grace Holdings LLC |  |  |
| 7.00%, 08/01/33 (h) | 100 | 97 |
| | | 14401 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| Albertsons Companies, Inc. |  |  |
| 6.50%, 02/15/28 (h) | 205 | 208 |
| 6.25%, 03/15/33 (h) | 33 | 33 |
| Albion Financing 2 S.a r.l. |  |  |
| 5.38%, 05/21/30, EUR (f) | 345 | 399 |
| Allied Universal Holdco LLC |  |  |
| 4.88%, 06/01/28, GBP (f) | 1313 | 1680 |
| 6.00%, 06/01/29 (d) (h) | 400 | 386 |
| Arena Luxembourg Finance S.a r.l. |  |  |
| 4.52%, (3 Month EURIBOR + 2.50%), 05/01/30, EUR (f) (l) | 306 | 352 |
| Avis Budget Car Rental, LLC |  |  |
| 8.00%, 02/15/31 (h) | 100 | 99 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.13%, 11/30/28, GBP (f) | 161 | 199 |
| 6.13%, 11/30/28, GBP (h) | 1066 | 1344 |
| BCP V Modular Services Finance PLC |  |  |
| 6.75%, 11/30/29, EUR (h) | 989 | 784 |
| Bellis Acquisition Company PLC |  |  |
| 8.00%, 07/01/31, EUR (f) | 177 | 193 |
| Boels Topholding B.V. |  |  |
| 6.25%, 02/15/29, EUR (f) | 785 | 929 |
| Darling Global Finance B.V. |  |  |
| 4.50%, 07/15/32, EUR (f) | 393 | 450 |
| Energizer Holdings, Inc. |  |  |
| 4.38%, 03/31/29 (h) | 96 | 91 |
| FR Bondco |  |  |
| 6.88%, 10/31/32, EUR (f) | 181 | 198 |
| Froneri Lux Topco S.a r.l. |  |  |
| 4.75%, 08/01/32, EUR (f) | 202 | 221 |
| ION Platform Finance S.a r.l. |  |  |
| 7.88%, 05/01/29, EUR (h) | 531 | 568 |
| 6.50%, 09/30/30, EUR (f) | 241 | 230 |
| 6.88%, 09/30/32, EUR (f) | 186 | 171 |
| Irca S.P.A. |  |  |
| 5.90%, (3 Month EURIBOR + 3.75%), 12/15/29, EUR (f) (l) | 191 | 221 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (h) | 69 | 72 |
| Lion/Polaris Lux 4 S.A. |  |  |
| 5.64%, (3 Month EURIBOR + 3.63%), 07/01/29, EUR (f) (l) | 334 | 385 |
| Loxama |  |  |
| 6.38%, 05/31/29, EUR (f) | 707 | 838 |
| New Immo Holding |  |  |
| 4.88%, 12/08/28, EUR (f) | 400 | 452 |
| Ocado Group PLC |  |  |
| 11.00%, 06/15/30, GBP (f) | 167 | 220 |
| Perrigo Finance Unlimited Company |  |  |
| 5.38%, 09/30/32, EUR | 161 | 173 |
| 6.13%, 09/30/32 (d) | 100 | 91 |
| Post Holdings, Inc. |  |  |
| 6.25%, 02/15/32 - 10/15/34 (h) | 246 | 247 |
| REI Agro Limited |  |  |
| 0.00%, 11/13/14 (a) (e) (f) (j) (p) | 628 |  |
| 0.00%, 11/16/16 (a) (e) (h) (j) (p) | 185 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sabre Financial Borrower, LLC |  |  |
| 11.13%, 06/15/29 (h) | 540 | 552 |
| U.S. Foods Inc. |  |  |
| 4.63%, 06/01/30 (h) | 100 | 97 |
| 7.25%, 01/15/32 (h) | 100 | 104 |
| United Rentals (North America), Inc. |  |  |
| 5.25%, 01/15/30 | 233 | 231 |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29, EUR (f) | 706 | 812 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 04/15/30 (h) | 134 | 136 |
| | | 13166 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| ADLER Financing S.a r.l. |  |  |
| 8.25%, 12/31/28, EUR (k) | 772 | 984 |
| alstria office AG |  |  |
| 4.25%, 10/15/29, EUR (f) | 200 | 221 |
| 5.50%, 03/20/31, EUR (f) | 300 | 345 |
| Aroundtown S.A. |  |  |
| 5.13%, (100, 07/03/31), EUR (f) (i) | 300 | 313 |
| 5.25%, (100, 04/30/31), EUR (f) (i) | 1236 | 1300 |
| Branicks Group AG |  |  |
| 2.25%, 09/22/26, EUR (f) | 200 | 125 |
| DEMIRE Deutsche Mittelstand Real Estate AG |  |  |
| 5.00%, 12/31/27, EUR (f) (n) | 793 | 828 |
| Five Point Operating Company, LP |  |  |
| 8.00%, 10/01/30 (h) | 80 | 80 |
| Heimstaden AB |  |  |
| 8.38%, 01/29/30, EUR (f) | 300 | 355 |
| 7.36%, 01/24/31, EUR (f) | 100 | 113 |
| Heimstaden Bostad AB |  |  |
| 5.00%, (100, 01/19/31), EUR (f) (i) | 275 | 296 |
| 1.38%, 03/03/27, EUR (f) | 219 | 248 |
| I&M Holdings Limited |  |  |
| 5.38%, 07/08/31, EUR (f) | 125 | 133 |
| Iron Mountain Incorporated |  |  |
| 5.25%, 07/15/30 (h) | 200 | 194 |
| 6.25%, 01/15/33 (d) (h) | 123 | 123 |
| 4.75%, 01/15/34, EUR (f) | 360 | 386 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 7.00%, 07/15/31 (h) | 100 | 103 |
| Lendlease Asia Treasury Pte. Ltd. |  |  |
| 3.90%, (100, 09/30/30), SGD (f) (i) | 250 | 191 |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (h) | 100 | 100 |
| MPT Operating Partnership, L.P. |  |  |
| 7.00%, 02/15/32, EUR (f) | 339 | 385 |
| New Immo Holding |  |  |
| 5.88%, 04/17/28, EUR (f) | 200 | 231 |
| SBA Communications Corporation |  |  |
| 3.13%, 02/01/29 (d) | 106 | 100 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (h) (o) | 656 | 598 |
| 4.95%, 10/01/29 (d) | 100 | 88 |
| 8.88%, 06/15/32 (d) | 1547 | 1530 |
| TAG Immobilien AG |  |  |
| 0.63%, 03/11/31, EUR (j) | 200 | 238 |
| Unibail-Rodamco-Westfield SE |  |  |
| 4.75%, (100, 06/11/31), EUR (f) (i) | 400 | 457 |
| Vivion Investments S.a r.l. |  |  |
| 8.13%, (100, 03/08/31), EUR (f) (i) | 400 | 387 |
| 8.25%, 08/31/28 - 02/28/29, EUR (f) (k) (n) | 547 | 633 |
| 5.63%, 06/08/30, EUR (f) | 570 | 614 |
| Vonovia SE |  |  |
| 0.88%, 05/20/32, EUR (f) (j) | 200 | 220 |
|  |  | 11919 |
| **Information Technology 0.5%** | **Information Technology 0.5%** | **Information Technology 0.5%** |
| Almaviva - The Italian Innovation Company S.P.A. In Breve Almaviva S.P.A. |  |  |
| 5.00%, 10/30/30, EUR (f) | 319 | 349 |
| AMS-Osram AG |  |  |
| 2.13%, 11/03/27, EUR (f) (j) | 600 | 667 |
| Cedacri Mergeco S.P.A. |  |  |
| 6.62%, (3 Month EURIBOR + 4.63%), 05/15/28, EUR (f) (l) | 150 | 169 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (h) | 110 | 107 |
| 9.00%, 09/30/29 (h) | 554 | 535 |
| 8.25%, 06/30/32 (h) | 311 | 294 |
| Core Scientific, Inc. |  |  |
| 0.00%, 06/15/31 (h) (j) (o) | 145 | 159 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (h) | 104 | 101 |
| 9.00%, 02/01/31 (h) | 121 | 116 |
| 1.75%, 12/01/31 (h) (j) | 176 | 176 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (h) | 100 | 99 |
| GoTo Group, Inc. |  |  |
| 5.50%, 05/01/28 (h) | 483 | 233 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (h) | 102 | 99 |
| IPD 3 B.V. |  |  |
| 5.50%, 06/15/31, EUR (f) | 382 | 414 |
| Kioxia Holdings Corporation |  |  |
| 6.25%, 07/24/30 (h) | 200 | 203 |
| MKS Inc. |  |  |
| 4.25%, 02/15/34, EUR (f) | 675 | 745 |
| NCR Voyix Corporation |  |  |
| 5.13%, 04/15/29 (h) | 309 | 294 |
| Nebius Group N.V. |  |  |
| 2.63%, 03/15/33 (h) (j) | 342 | 319 |
| Oak-Eagle Acquireco, Inc. |  |  |
| 6.25%, 07/01/33, EUR (f) | 775 | 913 |
| 7.25%, 07/01/33 (h) | 103 | 107 |
| Open Text Corporation |  |  |
| 3.88%, 02/15/28 (h) | 114 | 110 |
| RingCentral, Inc. |  |  |
| 8.50%, 08/15/30 (d) (h) | 1337 | 1399 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 8.25%, 12/15/29 (h) | 933 | 980 |
| 5.88%, 07/15/30 (h) | 135 | 137 |
| 8.50%, 07/15/31 (h) | 501 | 524 |
| 9.63%, 12/01/32 (h) | 897 | 999 |
| TeamSystem S.p.A. |  |  |
| 5.00%, 07/01/31, EUR (f) | 161 | 172 |
| 5.52%, (3 Month EURIBOR + 3.50%), 07/31/31, EUR (f) (l) | 118 | 130 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (h) | 132 | 128 |
| Wolfspeed, Inc. |  |  |
| 2.50%, 06/15/31 (h) (j) | 8 | 11 |
| 2.50%, 06/15/31 (j) | 8 | 11 |
| 7.00%, 06/15/31 (k) | 20 | 16 |
| Xerox Corporation |  |  |
| 10.25%, 10/15/30 (d) (h) | 1418 | 1060 |
| 13.50%, 04/15/31 (h) | 162 | 80 |
|  |  | 11856 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| A2a S.P.A. |  |  |
| 5.00%, (100, 06/11/29), EUR (f) (i) | 171 | 199 |
| AC Energy And Infrastructure Corporation |  |  |
| 4.00% (f) (i) | 300 | 188 |
| AES Andes S.A. |  |  |
| 6.30%, 03/15/29 (h) | 200 | 205 |
| AES Corporation, The |  |  |
| 6.95%, 07/15/55 | 200 | 187 |
| AGL Energy Limited |  |  |
| 5.77%, 09/30/35, AUD | 200 | 131 |
| Alexander Funding Trust II |  |  |
| 7.47%, 07/31/28 (h) | 295 | 311 |
| AmeriGas Partners, L.P. |  |  |
| 9.38%, 06/01/28 (h) | 100 | 103 |
| Atlantica Infraestructura Sostenible Sociedad Limitada |  |  |
| 5.63%, 02/15/32, EUR (f) | 303 | 339 |
| Centrica PLC |  |  |
| 6.50%, 05/21/55, GBP (f) | 385 | 511 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Clean Renewable Power (Mauritius) Pte. Ltd. |  |  |
| 4.25%, 03/25/27 (f) | 221 | 215 |
| ContourGlobal Power Holdings S.A. |  |  |
| 5.00%, 02/28/30, EUR (f) | 257 | 297 |
| Edison International |  |  |
| 8.13%, 06/15/53 | 100 | 102 |
| EDP, S.A. |  |  |
| 4.63%, 09/16/54, EUR (f) | 200 | 230 |
| Electricite de France |  |  |
| 4.38%, (100, 01/06/31), EUR (f) (i) | 300 | 335 |
| 5.13%, (100, 09/17/29), EUR (f) (i) | 200 | 233 |
| 5.63%, (100, 06/17/32), EUR (f) (i) | 200 | 237 |
| 7.38%, (100, 06/17/35), GBP (f) (i) | 200 | 266 |
| ENEL - SPA |  |  |
| 4.50%, (100, 10/14/34), EUR (f) (i) | 300 | 328 |
| Iberdrola Finance Ireland Designated Activity Company |  |  |
| 1.50%, 03/27/30, EUR (f) (j) | 300 | 402 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (f) | 174 | 171 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/29 (h) | 172 | 163 |
| 5.25%, 06/15/29 (h) | 168 | 166 |
| PacifiCorp |  |  |
| 7.38%, 09/15/55 | 100 | 95 |
| PG&E Corporation |  |  |
| 5.00%, 07/01/28 | 100 | 99 |
| SMC Global Power Holdings Corp. |  |  |
| 8.38% (i) | 200 | 196 |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (h) | 575 | 604 |
| Thames Water Utilities Finance PLC |  |  |
| 4.00%, 06/19/27, GBP (f) | 832 | 742 |
| Veolia Environnement |  |  |
| 4.32%, (100, 10/24/32), EUR (f) (i) | 200 | 224 |
| Vistra Operations Company LLC |  |  |
| 5.63%, 02/15/27 (h) | 1615 | 1616 |
| 7.75%, 10/15/31 (h) | 100 | 105 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/30 (h) | 748 | 771 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 8.63%, 03/15/33 (h) | 200 | 210 |
| | | 9981 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Acadia Healthcare Company, Inc. |  |  |
| 7.38%, 03/15/33 (d) (h) | 100 | 102 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (h) | 360 | 372 |
| Bausch+Lomb Netherlands B.V. |  |  |
| 5.89%, (3 Month EURIBOR + 3.88%), 01/15/31, EUR (f) (l) | 181 | 211 |
| Bayer Aktiengesellschaft |  |  |
| 5.38%, 03/25/82, EUR (f) | 500 | 574 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 596 | 586 |
| Clariane |  |  |
| 0.88%, 03/06/27, EUR (f) (j) | 547 | 372 |
| Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/30 (h) | 38 | 36 |
| 4.75%, 02/15/31 (h) | 288 | 265 |
| 10.88%, 01/15/32 (h) | 80 | 86 |
| CVS Health Corporation |  |  |
| 6.75%, 12/10/54 | 100 | 101 |
| 7.00%, 03/10/55 | 100 | 103 |
| Davita Inc. |  |  |
| 4.63%, 06/01/30 (h) | 153 | 147 |
| 6.88%, 09/01/32 (h) | 100 | 103 |
| Dentsply Sirona Inc. |  |  |
| 8.38%, 09/12/55 (d) | 100 | 98 |
| Dolcetto HoldCo S.p.A. |  |  |
| 5.63%, 07/14/32, EUR (f) | 311 | 357 |
| 5.78%, (3 Month EURIBOR + 3.63%), 07/14/32, EUR (f) (l) | 110 | 127 |
| Endo Finance Holdings, Inc. |  |  |
| 8.50%, 04/15/31 (d) (h) | 129 | 135 |
| Grifols, S.A. |  |  |
| 7.13%, 05/01/30, EUR (f) | 157 | 187 |
| 7.50%, 05/01/30, EUR (f) | 187 | 223 |
| Grunenthal GmbH |  |  |
| 4.63%, 11/15/31, EUR (f) | 334 | 378 |
| Gruppo San Donato S.P.A. |  |  |
| 6.50%, 10/31/31, EUR (f) | 189 | 212 |
| IQVIA Inc. |  |  |
| 5.00%, 05/15/27 (h) | 300 | 299 |
| Jazz Securities Designated Activity Company |  |  |
| 4.38%, 01/15/29 (d) (h) | 200 | 195 |
| Mehilainen Yhtiot Oy |  |  |
| 5.13%, 06/30/32, EUR (f) | 301 | 346 |
| 5.51%, (3 Month EURIBOR + 3.38%), 06/30/32, EUR (f) (l) | 100 | 115 |
| Molina Healthcare, Inc. |  |  |
| 4.38%, 06/15/28 (h) | 100 | 97 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (h) | 198 | 192 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.23%, (3 Month EURIBOR + 3.25%), 10/15/32, EUR (f) (l) | 360 | 412 |
| Rossini S.a r.l. |  |  |
| 5.89%, (3 Month EURIBOR + 3.88%), 12/31/29, EUR (f) (l) | 129 | 150 |
| 6.75%, 12/31/29, EUR (f) | 214 | 254 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (d) (h) | 231 | 220 |
| Tenet Healthcare Corporation |  |  |
| 4.63%, 06/15/28 (f) | 283 | 280 |
| 6.13%, 06/15/30 | 100 | 100 |
| Teva Pharmaceutical Finance Netherlands II B.V. |  |  |
| 7.88%, 09/15/31, EUR | 539 | 721 |
|  |  | 8156 |
| Total Corporate Bonds And Notes (cost $231,846) | Total Corporate Bonds And Notes (cost $231,846) | 223267 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.2%** |
| 1211 Avenue of The Americas |  |  |
| Series 2015-D-1211, REMIC, 4.28%, 08/10/35 (l) | 665 | 602 |
| 720 East CLO VII Ltd. |  |  |
| Series 2025-A1-7A, 4.73%, (3 Month Term SOFR + 1.06%), 04/20/37 (l) | 420 | 419 |
| AB Carval Euro CLO II-C Designated Activity Company |  |  |
| Series D-2X, 5.73%, (3 Month EURIBOR + 3.75%), 02/15/37, EUR (f) (l) | 380 | 438 |
| Affirm Asset Securitization Trust 2025-X2 |  |  |
| Series 2025-A-X2, 4.45%, 12/15/26 | 746 | 746 |
| Series 2025-B-X2, 4.56%, 02/15/27 | 157 | 157 |
| Series 2025-C-X2, 4.93%, 05/15/27 | 100 | 100 |
| AGL Core CLO 31 Ltd. |  |  |
| Series 2024-A-31A, 5.07%, (3 Month Term SOFR + 1.40%), 07/20/37 (l) | 1000 | 1000 |
| Air Canada |  |  |
| Series 2020-C-1, 10.50%, 07/15/26 | 931 | 941 |
| Ajax Mortgage Loan Trust 2021-E |  |  |
| Series 2021-A1-E, REMIC, 1.74%, 12/25/60 (n) | 2595 | 2305 |
| Series 2021-A2-E, REMIC, 2.69%, 12/25/60 (n) | 502 | 399 |
| Series 2021-M1-E, REMIC, 2.94%, 12/25/60 (n) | 203 | 152 |
| Series 2021-B1-E, REMIC, 3.73%, 12/25/60 (n) | 332 | 234 |
| American Airlines, Inc. |  |  |
| Series 2025-B-1B, 5.65%, 11/11/34 | 294 | 293 |
| Anchorage Capital CLO 17, Ltd. |  |  |
| Series 2021-A1R-17A, 4.90%, (3 Month Term SOFR + 1.23%), 02/16/38 (l) | 250 | 249 |
| AOA Trust 2025-1301 |  |  |
| Series 2025-A-1301, 5.23%, 08/11/30 (l) | 510 | 511 |
| Arbor Multifamily Mortgage Securities Trust 2020-MF1 |  |  |
| Series 2020-E-MF1, REMIC, 1.75%, 04/15/30 | 257 | 212 |
| Arbour CLO VI Designated Activity Company |  |  |
| Series DR-6X, 5.18%, (3 Month EURIBOR + 3.20%), 11/15/37, EUR (f) (l) | 440 | 503 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Arcano Euro CLO I Designated Activity Company |  |  |
| Series D-1X, 5.43%, (3 Month EURIBOR + 3.40%), 04/25/39, EUR (f) (l) | 520 | 599 |
| Arcano Euro CLO II Designated Activity Company |  |  |
| Series D-2X, 5.30%, 07/25/39, EUR (f) (l) | 230 | 265 |
| AREIT 2025-CRE10 Ltd. |  |  |
| Series 2025-A-CRE10, 5.07%, (1 Month Term SOFR + 1.38%), 07/19/38 (l) | 1020 | 1019 |
| Arini European CLO IV Designated Activity Company |  |  |
| Series D-4X, 5.52%, (3 Month EURIBOR + 3.50%), 01/15/38, EUR (f) (l) | 630 | 725 |
| Arini European CLO V Designated Activity Company |  |  |
| Series D-5X, 4.82%, (3 Month EURIBOR + 2.80%), 01/17/39, EUR (f) (l) | 340 | 381 |
| Atrium Hotel Portfolio Trust 2025-ATRM |  |  |
| Series 2025-A-ATRM, REMIC, 5.32%, (1 Month Term SOFR + 1.65%), 08/15/42 (l) | 255 | 255 |
| Aurium CLO Vii Designated Activity Company |  |  |
| Series DR-7X, 5.18%, (3 Month EURIBOR + 3.15%), 10/15/38, EUR (f) (l) | 150 | 172 |
| Aurium CLO XIII Designated Activity Company |  |  |
| Series D-13X, 4.82%, (3 Month EURIBOR + 2.80%), 04/15/38, EUR (f) (l) | 230 | 260 |
| Avoca CLO XVIII Designated Activity Company |  |  |
| Series DR-18X, 5.07%, (3 Month EURIBOR + 3.05%), 04/15/38, EUR (f) (l) | 250 | 284 |
| BAHA Trust 2024-MAR |  |  |
| Series 2024-C-MAR, REMIC, 7.77%, 12/13/29 (l) | 830 | 854 |
| Ballyrock CLO 14 Ltd. |  |  |
| Series 2020-A1AR-14A, 5.05%, (3 Month Term SOFR + 1.38%), 07/20/37 (l) | 3500 | 3501 |
| BAMLL Commercial Mortgage Securities Trust 2025-ASHF |  |  |
| Series 2025-E-ASHF, REMIC, 8.92%, (1 Month Term SOFR + 5.25%), 02/16/27 (l) | 1232 | 1238 |
| Bankers Healthcare Group Securitization Trust 2020-A |  |  |
| Series 2020-C-A, 5.17%, 09/17/31 | 82 | 82 |
| BAY 2025-LIVN Mortgage Trust |  |  |
| Series 2025-A-LIVN, REMIC, 5.47%, (1 Month Term SOFR + 1.18%), 05/17/27 (l) | 250 | 250 |
| Bayview Commercial Asset Trust 2006-3 |  |  |
| Series 2006-M1-3A, REMIC, 4.30%, (1 Month Term SOFR + 0.62%), 10/27/36 (l) (n) | 28 | 27 |
| BBAM European CLO I Designated Activity Company |  |  |
| Series DRR-1X, 5.25%, (3 Month EURIBOR + 3.10%), 10/22/38, EUR (f) (l) | 340 | 390 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-C-TALL, REMIC, 4.84%, (1 Month Term SOFR + 1.32%), 03/16/37 (l) (n) | 744 | 671 |
| Benchmark 2021-B23 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B23, REMIC, 1.36%, 02/18/54 (l) | 8229 | 362 |
| Benefit Street Partners CLO Ltd. |  |  |
| Series 2015-A1R-6BR, 4.85%, (3 Month Term SOFR + 1.18%), 04/20/38 (l) | 500 | 499 |
| BFLD Commercial Mortgage Trust 2025-5MW |  |  |
| Series 2025-E-5MW, REMIC, 7.91%, (1 Month Term SOFR + 0.00%), 10/11/30 (l) | 868 | 889 |
| BHMS Commercial Mortgage Trust 2025-ATLS |  |  |
| Series 2025-A-ATLS, REMIC, 5.52%, (1 Month Term SOFR + 1.85%), 08/16/27 (l) (n) | 570 | 570 |
| Bluemountain CLO XXIII LLC |  |  |
| Series 2018-B-22A, 5.43%, (3 Month Term SOFR + 1.76%), 07/15/31 (l) | 252 | 252 |
| BMP 2024-MF23 |  |  |
| Series 2024-E-MF23, 7.06%, (1 Month Term SOFR + 3.39%), 06/15/26 (l) | 376 | 375 |
| BWAY Corporation |  |  |
| Series 2013-D-1515, REMIC, 3.63%, 03/10/33 | 581 | 523 |
| BX Commercial Mortgage Trust 2020-VIV4 |  |  |
| Series 2020-A-VIV4, REMIC, 2.84%, 03/11/30 | 237 | 219 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-B-GPA3, REMIC, 5.31%, (1 Month Term SOFR + 1.64%), 12/15/26 (l) | 1265 | 1265 |
| BX Commercial Mortgage Trust 2024-KING |  |  |
| Series 2024-A-KING, REMIC, 5.21%, (1 Month Term SOFR + 1.54%), 05/15/26 (l) | 484 | 484 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.31%, (1 Month Term SOFR + 1.64%), 05/15/29 (l) | 270 | 270 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.06%, (1 Month Term SOFR + 1.39%), 03/15/29 (l) | 581 | 582 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-D-OC11, REMIC, 3.94%, 12/11/29 (l) | 1238 | 1167 |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (l) | 1735 | 1600 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.11%, (1 Month Term SOFR + 1.44%), 04/15/29 (l) | 729 | 729 |
| BX Trust 2024-VLT4 |  |  |
| Series 2024-E-VLT4, REMIC, 6.56%, (1 Month Term SOFR + 2.89%), 06/15/26 (l) | 410 | 406 |
| Series 2024-F-VLT4, REMIC, 7.61%, (1 Month Term SOFR + 3.94%), 06/15/26 (l) | 1025 | 1025 |
| BX Trust 2025-LIFE |  |  |
| Series 2025-A-LIFE, REMIC, 6.08%, 06/14/35 (l) | 360 | 355 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-E-ROIC, REMIC, 6.61%, (1 Month Term SOFR + 2.94%), 03/15/27 (l) | 712 | 710 |
| BX Trust 2025-VLT6 |  |  |
| Series 2025-A-VLT6, REMIC, 5.12%, (1 Month Term SOFR + 1.44%), 03/15/27 (l) | 307 | 305 |
| Capital Four CLO VIII Designated Activity Company |  |  |
| Series D-8X, 5.28%, (3 Month EURIBOR + 3.25%), 10/25/37, EUR (f) (l) | 520 | 596 |
| 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 | 787 | 763 |
| CIFC European Funding CLO II Designated Activity Company |  |  |
| Series DR-2X, 5.02%, (3 Month EURIBOR + 3.00%), 10/15/39, EUR (f) (l) | 310 | 352 |
| CIFC European Funding CLO III Designated Activity Company |  |  |
| Series DR-3X, 4.54%, (3 Month EURIBOR + 2.55%), 01/15/39, EUR (f) (l) | 200 | 223 |
| CIFC Funding 2014-III, Ltd. |  |  |
| Series 2014-A1R-3A, 4.85%, (3 Month Term SOFR + 1.18%), 03/31/38 (l) | 1800 | 1794 |
| CIFC Funding 2019-IV Ltd. |  |  |
| Series 2019-A1R2-4A, 4.97%, (3 Month Term SOFR + 1.30%), 07/15/38 (l) | 3000 | 3002 |
| Series 2019-BR2-4A, 5.52%, (3 Month Term SOFR + 1.85%), 07/15/38 (l) | 1300 | 1300 |
| CIFC Funding 2021-V Ltd. |  |  |
| Series 2021-A1R-5A, 5.16%, (3 Month Term SOFR + 1.26%), 01/15/38 (l) | 1300 | 1298 |
| CIFC Funding 2024-III Ltd. |  |  |
| Series 2024-A1-3A, REMIC, 5.15%, (3 Month Term SOFR + 1.48%), 07/21/37 (l) | 300 | 300 |
| Community Loan Servicing, LLC |  |  |
| Series 2005-M6-3A, REMIC, 4.84%, (1 Month Term SOFR + 1.16%), 11/25/35 (l) (n) | 33 | 37 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2025-A1-2A, 4.93%, 11/25/30 | 1212 | 1201 |
| Concord Music Royalties LLC |  |  |
| Series 2024-A-1A, 5.64%, 10/20/29 | 441 | 443 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-E-DFW1, REMIC, 7.56%, (1 Month Term SOFR + 3.89%), 08/15/41 (l) | 480 | 478 |
| Contego CLO V Designated Activity Company |  |  |
| Series DR-5X, 5.12%, (3 Month EURIBOR + 3.10%), 10/15/37, EUR (f) (l) | 340 | 376 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Contego CLO VII Designated Activity Company |  |  |
| Series DR-7X, 5.48%, (3 Month EURIBOR + 3.45%), 01/23/38, EUR (f) (l) | 430 | 474 |
| Contego CLO XI Designated Activity Company |  |  |
| Series DR-11X, 5.21%, (3 Month EURIBOR + 3.20%), 11/20/38, EUR (f) (l) | 320 | 356 |
| CSAIL 2016-C5 Commercial Mortgage Trust |  |  |
| Series 2016-C-C5, REMIC, 4.55%, 11/18/48 (l) | 12 | 11 |
| CSMC 2020-FACT |  |  |
| Series 2020-E-FACT, REMIC, 9.15%, (1 Month Term SOFR + 5.48%), 10/15/37 (l) | 200 | 100 |
| CVC Cordatus Opportunity Loan Fund-R Designated Activity Company |  |  |
| Series DR-1X, 4.78%, (3 Month EURIBOR + 2.80%), 09/18/33, EUR (f) (l) | 1030 | 1176 |
| DB Master Finance LLC |  |  |
| Series 2025-A2I-1A, 4.89%, 11/20/30 | 1080 | 1079 |
| DBGS 2024-SBL |  |  |
| Series 2024-A-SBL, REMIC, 5.55%, (1 Month Term SOFR + 1.88%), 08/17/26 (l) | 110 | 110 |
| DGWD Trust 2025-INFL |  |  |
| Series 2025-A-INFL, REMIC, 5.27%, (1 Month Term SOFR + 1.60%), 08/15/27 (l) | 824 | 825 |
| Diameter Capital CLO 9 Ltd. |  |  |
| Series 2025-A-9A, 4.84%, (3 Month Term SOFR + 1.17%), 04/20/38 (l) | 250 | 249 |
| DK Trust 2025-LXP |  |  |
| Series 2025-A-LXP, REMIC, 5.27%, (1 Month Term SOFR + 1.59%), 08/15/27 (l) | 171 | 171 |
| ELM Park CLO Designated Activity Company |  |  |
| Series DR3-1X, 5.32%, (3 Month EURIBOR + 3.20%), 01/15/38, EUR (f) (l) | 200 | 229 |
| ELM Trust 2024-ELM |  |  |
| Series 2024-E10-ELM, REMIC, 8.05%, 06/11/27 (l) | 918 | 921 |
| Elmwood CLO II Ltd. |  |  |
| Series 2019-BRR-2A, 5.37%, (3 Month Term SOFR + 1.70%), 10/20/37 (l) | 350 | 351 |
| Elmwood European CLO |  |  |
| Series 2026-D-1X, 0.00%, 04/16/40, EUR (l) | 540 | 618 |
| Fidelity Grand Harbour CLO 2023-1 Designated Activity Company |  |  |
| Series 2023-DR-1X, 4.68%, (3 Month EURIBOR + 2.70%), 02/15/38, EUR (f) (l) | 440 | 493 |
| Flatiron CLO 28 Ltd. |  |  |
| Series 2024-A1R-1A, 4.75%, (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) | 774 | 776 |
| Foundation Finance Trust 2025-3 |  |  |
| Series 2025-A-3A, REMIC, 4.56%, 08/15/52 | 1226 | 1219 |
| FS Rialto 2025-FL10 Issuer, LLC |  |  |
| Series 2025-A-FL10, 5.06%, (1 Month Term SOFR + 1.39%), 08/19/42 (l) | 810 | 810 |
| Golub Capital Partners CLO 77 B Ltd. |  |  |
| Series 2024-A1-77A, 5.11%, (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 | 1401 | 1422 |
| Goodleap Sustainable Home Solutions Trust 2021-3 |  |  |
| Series 2021-A-3CS, REMIC, 2.10%, 03/20/36 | 415 | 324 |
| GreenSky Home Improvement Trust 2024-1 |  |  |
| Series 2024-A4-1, 5.67%, 06/25/59 | 745 | 757 |
| Series 2024-B-1, 5.87%, 06/25/59 | 119 | 121 |
| GS Mortgage Securities Corporation Trust 2021-ROSS |  |  |
| Series 2021-A-ROSS, REMIC, 5.09%, (1 Month Term SOFR + 1.26%), 06/16/36 (l) | 230 | 220 |
| GS Mortgage Securities Corporation Trust 2025-800D |  |  |
| Series 2025-A-800D, REMIC, 6.33%, (1 Month Term SOFR + 2.65%), 11/18/27 (l) (n) | 1139 | 1139 |
| GS Mortgage Securities Trust 2020-GC47 |  |  |
| Series 2020-AS-GC47, REMIC, 2.73%, 04/12/30 | 676 | 617 |
| GS Mortgage Securities Trust 2020-GSA2 |  |  |
| Interest Only, Series 2020-XA-GSA2, REMIC, 1.77%, 12/12/53 (l) | 928 | 54 |
| Hambridge Euro CLO 1 Designated Activity Company |  |  |
| Series D-1X, 5.33%, (3 Month EURIBOR + 3.30%), 10/20/38, EUR (f) (l) | 310 | 356 |
| Hambridge Euro CLO 2 Designated Activity Company |  |  |
| Series D-2X, 0.00%, (3 Month EURIBOR + 3.30%), 01/20/39, EUR (f) (l) | 400 | 461 |
| Henley CLO XI Designated Activity Company |  |  |
| Series D-11X, 4.63%, (3 Month EURIBOR + 2.60%), 04/25/39, EUR (f) (l) | 490 | 544 |
| Henley CLO XII Designated Activity Company |  |  |
| Series D-12X, 5.12%, (3 Month EURIBOR + 3.10%), 01/15/38, EUR (f) (l) | 320 | 366 |
| HILT Commercial Mortgage Trust 2024-ORL |  |  |
| Series 2024-A-ORL, REMIC, 5.21%, (1 Month Term SOFR + 1.54%), 05/15/26 (l) | 821 | 820 |
| Series 2024-D-ORL, REMIC, 6.86%, (1 Month Term SOFR + 3.19%), 05/15/26 (l) | 867 | 866 |
| Hudson Yards 2016-10HY Mortgage Trust |  |  |
| Series 2016-E-10HY, REMIC, 3.08%, 08/12/26 (l) | 138 | 136 |
| Huntington National Bank, The |  |  |
| Series 2024-B2-1, 5.07%, (SOFR 30-Day Average + 1.40%), 02/20/28 (h) (l) | 403 | 405 |
| Series 2025-B2-2, 4.87%, (SOFR 30-Day Average + 1.20%), 09/20/33 (l) | 324 | 325 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-DFL-WPT, REMIC, 6.41%, (1 Month Term SOFR + 2.74%), 07/08/33 (l) (n) | 192 | 116 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-C-OPO, REMIC, 3.56%, 01/08/27 (l) | 481 | 402 |
| J.P. Morgan Mortgage Trust 2021-INV5 |  |  |
| Series 2021-A2A-INV5, REMIC, 2.50%, 07/25/43 (l) | 2233 | 1856 |
| J.P. Morgan Mortgage Trust 2021-INV7 |  |  |
| Series 2021-A3A-INV7, REMIC, 2.50%, 02/25/28 (l) | 3113 | 2806 |
| Series 2021-A4A-INV7, REMIC, 2.50%, 07/25/43 (l) | 1620 | 1104 |
| JetBlue Airways Corporation |  |  |
| Series 2019-AA-1, 2.75%, 05/15/32 | 173 | 152 |
| Jubilee CLO 2024-XXIX Designated Activity Company |  |  |
| Series 2024-D-29X, 5.22%, (3 Month EURIBOR + 3.20%), 01/15/39, EUR (f) (l) | 540 | 615 |
| JW Commercial Mortgage Trust 2024-MRCO |  |  |
| Series 2024-D-MRCO, REMIC, 6.86%, (1 Month Term SOFR + 3.19%), 06/15/26 (l) | 340 | 340 |
| KSL Commercial Mortgage Trust 2024-HT2 |  |  |
| Series 2024-A-HT2, REMIC, 5.21%, (1 Month Term SOFR + 1.54%), 12/15/26 (l) | 557 | 556 |
| Lendmark Funding Trust 2021-1 |  |  |
| Series 2025-A-3A, 4.51%, 05/21/35 | 1225 | 1216 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.06%, (1 Month Term SOFR + 1.39%), 11/01/29 (l) (n) | 830 | 829 |
| Lyra Music Assets Delaware LP |  |  |
| Series 2024-A2-2A, 5.76%, 12/20/29 (h) | 1082 | 1086 |
| Mariner Finance Issuance Trust 2024- A |  |  |
| Series 2024-A-AA, 5.13%, 09/22/36 | 837 | 845 |
| Series 2024-D-AA, 6.77%, 09/22/36 | 139 | 141 |
| Mariner Finance Issuance Trust 2025-B |  |  |
| Series 2025-A-BA, 4.59%, 11/22/38 | 1056 | 1052 |
| MCR 2024-TWA Mortgage Trust |  |  |
| Series 2024-E-TWA, REMIC, 8.73%, 06/12/27 | 314 | 315 |
| MF1 2025-FL20 LLC |  |  |
| Series 2025-A-FL20, 5.01%, (1 Month Term SOFR + 1.34%), 08/18/29 (l) | 970 | 971 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |
| Series 2021-F-W10, REMIC, 7.04%, (1 Month Term SOFR + 3.37%), 12/16/26 (l) | 695 | 693 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-E-MHC, REMIC, 5.89%, (1 Month Term SOFR + 2.22%), 04/15/26 (l) | 21 | 21 |
| Series 2021-F-MHC, REMIC, 6.39%, (1 Month Term SOFR + 2.72%), 04/15/26 (l) | 137 | 137 |
| MHP Commercial Mortgage Trust 2021-STOR |  |  |
| Series 2021-G-STOR, REMIC, 6.54%, (1 Month Term SOFR + 2.86%), 07/15/38 (l) | 602 | 602 |
| Morgan Stanley Capital I Trust 2018-MP |  |  |
| Series 2018-A-MP, REMIC, 4.28%, 07/13/28 (l) (q) | 338 | 313 |
| Navient Private Education Loan Trust 2021-D |  |  |
| Series 2021-B-DA, 2.61%, 04/15/60 | 204 | 195 |
| Series 2021-C-DA, 3.48%, 04/15/60 | 545 | 514 |
| Series 2021-A-DA, 4.76%, (Prime Rate -1.99%), 04/15/60 (l) | 713 | 707 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2024-A-A, 5.66%, 12/15/34 | 671 | 682 |
| Navient Refinance Loan Trust 2025-B |  |  |
| Series 2025-A-B, 4.72%, 12/15/34 | 933 | 932 |
| Navient Refinance Loan Trust 2025-C |  |  |
| Series 2025-A-C, 4.80%, 10/15/55 | 657 | 653 |
| Nelnet Student Loan Trust 2021-A |  |  |
| Series 2021-B1-A, 2.85%, 04/20/62 | 981 | 890 |
| Series 2021-D-A, 4.93%, 04/20/62 | 930 | 868 |
| Nelnet Student Loan Trust 2021-B |  |  |
| Series 2021-C-BA, 3.57%, 04/20/62 | 980 | 891 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-C-CA, 3.36%, 04/20/62 | 130 | 115 |
| Nelnet Student Loan Trust 2025-A |  |  |
| Series 2025-A1B-AA, 4.77%, (SOFR 30-Day Average + 1.10%), 03/15/57 (l) | 1596 | 1596 |
| Nelnet Student Loan Trust 2025-C |  |  |
| Series 2025-A1B-CA, REMIC, 5.02%, (SOFR 30-Day Average + 1.35%), 08/15/36 (l) | 1042 | 1052 |
| Series 2025-D-CA, REMIC, 5.82%, 08/15/36 | 660 | 650 |
| Neuberger Berman CLO XXI Ltd. |  |  |
| Series 2016-A1R3-21A, 4.99%, (3 Month Term SOFR + 1.32%), 01/20/39 (l) | 6600 | 6580 |
| Neuberger Berman Loan Advisers CLO 26 Ltd. |  |  |
| Series 2017-BR2-26A, 5.42%, (3 Month Term SOFR + 1.75%), 10/18/38 (l) | 500 | 501 |
| Newbridge Park CLO Designated Activity Company |  |  |
| Series D-1X, 4.70%, 04/15/40, EUR (f) (l) | 310 | 355 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-A-3BP, REMIC, 4.89%, (1 Month Term SOFR + 1.27%), 02/16/27 (l) | 406 | 404 |
| OCP CLO 2014-5, Ltd. |  |  |
| Series 2014-A2R-5A, 5.33%, (3 Month Term SOFR + 1.66%), 04/28/31 (l) | 28 | 28 |
| OCP CLO 2017-13 Ltd. |  |  |
| Series 2017-AR2-13A, 5.01%, (3 Month Term SOFR + 1.34%), 11/26/37 (l) | 700 | 700 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-BR-1A, 5.53%, (3 Month Term SOFR + 1.86%), 07/17/30 (l) | 2000 | 2001 |
| OHA Credit Partners Ltd. |  |  |
| Series 2023-A-15RA, 4.96%, (3 Month Term SOFR + 1.29%), 07/20/38 (l) | 1300 | 1301 |
| Oha Credit Partners X Ltd. |  |  |
| Series 2014-AR2-10RA, 4.80%, (3 Month Term SOFR + 1.13%), 04/20/38 (l) | 250 | 249 |
| ONNI Commercial Mortgage Trust 2024-APT |  |  |
| Series 2024-A-APT, REMIC, 5.75%, 07/17/29 (l) | 420 | 423 |
| P11 Commercial Mortgage Trust 2025-P11 |  |  |
| Series 2025-A-P11, REMIC, 5.52%, 08/12/30 (l) | 427 | 433 |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company |  |  |
| Series 2024-D-2X, 5.13%, (3 Month EURIBOR + 3.15%), 05/15/34, EUR (f) (l) | 380 | 438 |
| Palmer Square European Loan Funding 2024-3 Designated Activity Company |  |  |
| Series 2024-D-3X, 5.03%, (3 Month EURIBOR + 3.05%), 05/15/34, EUR (f) (l) | 320 | 369 |
| Penta CLO 17 Designated Activity Company |  |  |
| Series 2024-DR-17X, 4.61%, (3 Month EURIBOR + 2.60%), 02/15/39, EUR (f) (l) | 260 | 288 |
| Pikes Peak CLO 4 |  |  |
| Series 2019-ARR-4A, 4.88%, (3 Month Term SOFR + 1.21%), 07/15/34 (l) | 250 | 250 |
| PKHL Commercial Mortgage Trust 2021-MF |  |  |
| Series 2021-F-MF, REMIC, 7.14%, (1 Month Term SOFR + 3.46%), 07/15/38 (l) | 141 | 58 |
| PRM5 Trust 2025-PRM5 |  |  |
| Series 2025-D-PRM5, REMIC, 5.81%, 03/10/28 (l) | 900 | 895 |
| Prodigy Finance CM2021-1 Designated Activity Company |  |  |
| Series 2021-B-1A, 6.29%, (1 Month Term SOFR + 2.61%), 07/25/51 (l) | 42 | 42 |
| Series 2021-C-1A, 7.54%, (1 Month Term SOFR + 3.86%), 07/25/51 (l) | 36 | 36 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-F-SFR3, REMIC, 3.44%, 05/19/26 | 419 | 418 |
| Providus CLO II Designated Activity Company |  |  |
| Series DRR-2X, 5.22%, (3 Month EURIBOR + 3.20%), 10/15/38, EUR (f) (l) | 346 | 395 |
| Providus CLO XIV Designated Activity Company |  |  |
| Series D-14X, 4.92%, 04/18/40, EUR (f) (l) | 200 | 231 |
| QTS Issuer ABS II LLC |  |  |
| Series 2025-A2-1A, 5.04%, 10/05/55 | 1171 | 1151 |
| Regatta 31 Funding Ltd. |  |  |
| Series 2025-A1-1A, 4.84%, (3 Month Term SOFR + 1.17%), 03/25/38 (l) | 1600 | 1593 |
| Regional Management Issuance Trust 2024-2 |  |  |
| Series 2025-A-2, 4.59%, 11/16/37 | 1489 | 1482 |
| Republic Finance Issuance Trust 2024-A |  |  |
| Series 2024-A-A, 5.91%, 06/21/27 | 1284 | 1289 |
| Republic Finance Issuance Trust 2025-A |  |  |
| Series 2025-A-A, 4.59%, 11/20/29 | 1359 | 1360 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2025-A2A-1A, 5.09%, 08/15/30 | 982 | 968 |
| Rockford Tower Europe CLO 2025-1 Designated Activity Company |  |  |
| Series 2025-D-1X, 5.03%, (3 Month EURIBOR + 3.00%), 10/25/37, EUR (f) (l) | 430 | 486 |
| Rockford Tower Europe CLO 2025-3 Designated Activity Company |  |  |
| Series 2025-D-3X, 5.18%, (3 Month EURIBOR + 3.10%), 01/15/40, EUR (f) (l) | 230 | 264 |
| SCG Commercial Mortgage Trust 2025-DLFN |  |  |
| Series 2025-E-DLFN, REMIC, 6.62%, 03/15/27 (l) | 520 | 515 |
| Signal Harmonic CLO I Designated Activity Company |  |  |
| Series DR-1X, 5.52%, (3 Month EURIBOR + 3.50%), 07/15/38, EUR (f) (l) | 180 | 205 |
| Silver Point CLO 7 Ltd. |  |  |
| Series 2024-A1-7A, 5.03%, (3 Month Term SOFR + 1.36%), 01/15/38 (l) | 250 | 250 |
| Silver Point CLO 8 Ltd. |  |  |
| Series 2025-A1-8A, 4.88%, (3 Month Term SOFR + 1.21%), 04/15/38 (l) | 150 | 150 |
| Silver Point Euro CLO 1, Designated Activity Company |  |  |
| Series D-1X, 5.10%, (3 Month EURIBOR + 3.00%), 01/15/39, EUR (f) (l) | 310 | 355 |
| Sixth Street CLO XX Ltd. |  |  |
| Series 2021-A1R-20A, 4.99%, (3 Month Term SOFR + 1.32%), 07/19/38 (l) | 3000 | 2999 |
| SLM Private Education Loan Trust 2010-C |  |  |
| Series 2010-A5-C, 8.54%, (1 Month Term SOFR + 4.86%), 10/15/41 (l) | 1237 | 1289 |
| Smarte Carte, Inc. |  |  |
| Series 2025-A2II-1A, 5.65%, 12/05/32 | 896 | 889 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-B-A, 2.31%, 01/15/53 | 125 | 122 |
| Series 2021-C-A, 2.99%, 01/15/53 | 1715 | 1516 |
| SMB Private Education Loan Trust 2021-C |  |  |
| Series 2021-B-C, REMIC, 2.30%, 01/15/53 | 93 | 91 |
| Series 2021-C-C, REMIC, 3.00%, 01/15/53 | 108 | 98 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2021-D-C, REMIC, 3.93%, 01/15/53 | 33 | 30 |
| SMB Private Education Loan Trust 2024-D |  |  |
| Series 2024-A1B-D, 4.77%, (SOFR 30-Day Average + 1.25%), 07/05/53 (l) | 997 | 989 |
| SoFi Consumer Loan Program 2026-B Trust |  |  |
| Series 2026-A-B, 4.40%, 02/25/36 | 2513 | 2513 |
| Series 2026-B-B, 4.90%, 02/25/36 | 260 | 260 |
| Series 2026-C-B, 5.20%, 02/25/36 | 260 | 260 |
| Series 2026-D-B, 5.56%, 02/25/36 | 231 | 231 |
| SoFi Personal Loan Trust 2023-1 |  |  |
| Series 2023-A-1, 6.00%, 09/13/27 (l) | 523 | 526 |
| Series 2023-R1-1, 0.00%, 11/12/30 (l) | 27 | 354 |
| Sona Fios CLO III DAC |  |  |
| Series D-3X, 5.28%, (3 Month EURIBOR + 3.25%), 04/20/37, EUR (f) (l) | 690 | 789 |
| Sona Fios CLO V Designated Activity Company |  |  |
| Series D-5X, 5.33%, (3 Month EURIBOR + 3.30%), 08/25/38, EUR (f) (l) | 260 | 298 |
| Spirit Airlines, LLC |  |  |
| Series 2015-A-1, 0.00%, 04/01/28 (a) (p) | 23 | 22 |
| Series 2017-A-1, 0.00%, 02/15/30 (a) (p) | 685 | 613 |
| Series 2017-AA-1, 0.00%, 02/15/30 (a) (p) | 260 | 230 |
| SPLT_24-1: A ABS |  |  |
| Series 2024-A-1, 6.06%, 02/12/31 | 291 | 293 |
| SPLT_24-1: R1 ABS |  |  |
| Series 2024-R1-1, 0.00%, 02/12/31 (l) | 24 | 458 |
| SREIT Commercial Mortgage Trust 2021-MFP2 |  |  |
| Series 2021-F-MFP2, REMIC, 6.41%, (1 Month Term SOFR + 2.73%), 11/16/26 (l) | 360 | 360 |
| Subway Funding LLC |  |  |
| Series 2024-A2II-1A, 6.27%, 07/30/31 | 823 | 833 |
| Summit Issuer, LLC |  |  |
| Series 2025-A2-1A, 5.21%, 11/20/30 | 1237 | 1239 |
| Symphony CLO XXI Ltd. |  |  |
| Series 2019-AR2-21A, 4.57%, (3 Month Term SOFR + 0.90%), 07/15/32 (l) | 162 | 162 |
| Taco Bell Funding, LLC |  |  |
| Series 2025-A2I-1A, 4.82%, 08/25/55 | 1239 | 1223 |
| TCW CLO 2023-1 Ltd. |  |  |
| Series 2023-A1R-1A, 5.05%, (3 Month Term SOFR + 1.38%), 03/31/38 (l) | 2000 | 2002 |
| Texas Debt Capital CLO 2023-I Ltd. |  |  |
| Series 2023-D1R-1A, 6.42%, (3 Month Term SOFR + 2.75%), 07/20/38 (l) | 1300 | 1290 |
| Texas Debt Capital Euro CLO 2025-I Designated Activity Company |  |  |
| Series 2025-D-1X, 5.02%, (3 Month EURIBOR + 3.00%), 04/16/39, EUR (f) (l) | 520 | 589 |
| TICP CLO VI 2016-2, Ltd. |  |  |
| Series 2016-AR2-6A, 5.05%, (3 Month Term SOFR + 1.38%), 01/17/34 (l) | 250 | 250 |
| Tikehau CLO XII Designated Activity Company |  |  |
| Series D-12X, 5.28%, (3 Month EURIBOR + 3.25%), 10/20/38, EUR (f) (l) | 570 | 655 |
| Trestles CLO III Ltd. |  |  |
| Series 2020-A1R-3A, 5.06%, (3 Month Term SOFR + 1.39%), 10/20/37 (l) | 1250 | 1248 |
| Truist Bank |  |  |
| Series 2025-B-1, 4.73%, 09/26/33 | 603 | 604 |
| UBS Commercial Mortgage Trust 2019-C17 |  |  |
| Series 2019-A4-C17, REMIC, 2.92%, 09/17/29 | 180 | 170 |
| United Airlines Pass Through Trust 2019-2AA |  |  |
| Series 2019-A-2, REMIC, 2.90%, 05/01/28 | 111 | 106 |
| Upgrade Master Pass-Thru Trust |  |  |
| Series 2025-A-ST7, 4.55%, 11/15/32 | 707 | 708 |
| Series 2025-B-ST7, 4.98%, 11/15/32 | 366 | 367 |
| Upgrade Master Pass-Thru Trust Series 2025-ST6 |  |  |
| Series 2025-A-ST6, 4.61%, 10/15/32 | 280 | 280 |
| UPX HIL 2025-1 Issuer Trust |  |  |
| Series 2025-A-1, 5.16%, 06/25/32 | 1090 | 1092 |
| Victory Street CLO I Designated Activity Company |  |  |
| Series D-1X, 5.47%, (3 Month EURIBOR + 3.45%), 01/15/38, EUR (f) (l) | 480 | 552 |
| Victory Street CLO II Designated Activity Company |  |  |
| Series D-2X, 5.17%, (3 Month EURIBOR + 3.10%), 01/15/39, EUR (f) (l) | 380 | 432 |
| VNDO Trust 2016-350P |  |  |
| Series 2016-D-350P, REMIC, 4.03%, 01/12/27 (l) | 325 | 324 |
| Voya CLO 2018-2 Ltd. |  |  |
| Series 2018-C1-2A, 5.78%, (3 Month Term SOFR + 2.11%), 07/15/31 (l) | 700 | 698 |
| Wells Fargo Commercial Mortgage Trust 2018-1745 |  |  |
| Series 2018-A-1745, REMIC, 3.87%, 06/15/28 (l) | 211 | 198 |
| Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
| Interest Only, Series 2020-XA-C58, REMIC, 1.92%, 07/17/53 (l) | 4746 | 289 |
| Wells Fargo Commercial Mortgage Trust 2021-C59 |  |  |
| Interest Only, Series 2021-XA-C59, REMIC, 1.61%, 04/17/54 (l) | 2790 | 147 |
| Wells Fargo Commercial Mortgage Trust 2022-ONL |  |  |
| Series 2024-A-1CHI, REMIC, 5.48%, 07/15/27 (l) | 417 | 419 |
| Whitebox CLO V Ltd. |  |  |
| Series 2025-A1-5A, 5.03%, (3 Month Term SOFR + 1.36%), 07/20/38 (l) | 3000 | 3002 |
| Series 2025-B-5A, 5.37%, (3 Month Term SOFR + 1.70%), 07/20/38 (l) | 700 | 702 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $156,412) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $156,412) | 151698 |
| **SENIOR FLOATING RATE INSTRUMENTS 4.3%** | **SENIOR FLOATING RATE INSTRUMENTS 4.3%** | **SENIOR FLOATING RATE INSTRUMENTS 4.3%** |
| **Industrials 1.1%** | **Industrials 1.1%** | **Industrials 1.1%** |
| AERNNOVA Aerospace SAU |  |  |
| Term Loan B, 6.03%, (EURIBOR + 4.00%), 02/27/30, EUR (l) | 1303 | 1455 |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/06/32 (l) | 422 | 422 |
| Althea Acquisition Bidco S.a.r.l |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.25%), 10/07/32, EUR (l) (r) | 1232 | 1412 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 07/31/31 (l) | 719 | 719 |
| Applegreen Ireland Investments Finance Ltd. |  |  |
| Term Loan, 6.53%, (3 Month EURIBOR + 5.00%), 01/24/32, EUR (l) | 854 | 990 |
| Argent Bidco SAS |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.25%), 12/31/49, EUR (l) (r) | 1000 | 1153 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 6.85%, (1 Month Term SOFR + 3.17%), 03/30/29 (l) | 857 | 816 |
| FNZ Group Entities Ltd. |  |  |
| Term Loan, 9.73%, (SONIA + 6.00%), 10/30/31, GBP (l) | 1500 | 1608 |
| Garfunkelux Holdco 3 S.A. |  |  |
| Term Loan, 6.88%, (Euribor + 4.75%), 08/01/28, EUR (l) | 1000 | 1113 |
| INNIO Group Holding GmbH |  |  |
| Term Loan, 4.52%, (EURIBOR + 2.50%), 11/06/31, EUR (l) | 1000 | 1152 |
| Kestrel Acquisition LLC |  |  |
| Term Loan, 6.67%, (SOFR + 3.00%), 11/10/31 (l) | 592 | 592 |
| Modulaire Group Holdings Limited |  |  |
| Facility B3, 6.44%, (EURIBOR + 4.42%), 07/02/31, EUR (l) | 1000 | 1043 |
| Nielsen Consumer Inc. |  |  |
| Term Loan, 4.68%, (EURIBOR + 3.25%), 10/31/30, EUR (l) | 1326 | 1510 |
| Node AcquiCo GmbH |  |  |
| Term Loan, 5.46%, (EURIBOR + 3.50%), 12/08/32, EUR (l) | 1000 | 1150 |
| OCS Group Holdings |  |  |
| Term Loan, 8.98%, (SONIA + 5.25%), 11/27/31, GBP (l) | 1000 | 1313 |
| Platea BC Bidco AB |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) (r) | 101 | 117 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rain Carbon Inc. |  |  |
| 2023 Replacement Term Loan, 7.11%, (EURIBOR + 5.00%), 10/31/28, EUR (l) | 1000 | 1135 |
| Sapiencia BidCo S.L.U. |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.00%), 12/31/49, EUR (l) (r) | 1000 | 1150 |
| Sector Alarm Holding AS |  |  |
| Term Loan, 5.01%, (EURIBOR + 3.00%), 06/14/29, EUR (l) | 814 | 932 |
| SGB-SMIT MidCo GmbH |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.75%), 12/31/49, EUR (l) (r) | 1000 | 1157 |
| Speed Midco 3 S.a.r.l. |  |  |
| Term Loan, 4.84%, (EURIBOR + 2.75%), 09/19/32, EUR (l) | 1500 | 1676 |
| Syntegon TopCo GmbH |  |  |
| Term Loan, 0.00%, (Euribor + 3.50%), 12/31/49, EUR (l) (r) | 1000 | 1148 |
| Tackle S.a r.l. |  |  |
| Term Loan B2, 5.14%, (EURIBOR + 3.25%), 05/22/28, EUR (l) | 1839 | 2121 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.17%, (1 Month Term SOFR + 2.50%), 02/28/31 (l) | 491 | 491 |
| Vaco Holdings, LLC |  |  |
| 2022 Term Loan, 8.82%, (3 Month Term SOFR + 5.00%), 01/07/29 (l) | 268 | 173 |
| Verisure Holding AB |  |  |
| Term Loan, 4.28%, (EURIBOR + 2.25%), 10/23/32, EUR (l) | 1000 | 1151 |
| | | 27699 |
| **Information Technology 0.8%** | **Information Technology 0.8%** | **Information Technology 0.8%** |
| Altar Bidco, Inc. |  |  |
| Term Loan, 9.11%, (3 Month Term SOFR + 5.60%), 11/09/28 (l) | 2318 | 2173 |
| Atos SE |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 2.60%), 12/17/29, EUR (l) (r) | 41 | 48 |
| Term Loan, 9.00%, (EURIBOR + 13.00%), 12/17/29, EUR (l) | 1000 | 1175 |
| Aviv Group GmbH |  |  |
| Term Loan, 0.00%, (3 Month EURIBOR + 4.00%), 01/29/32, EUR (l) (r) | 360 | 392 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2032), 6.92%, (3 Month Term SOFR + 3.25%), 08/07/32 (l) | 501 | 457 |
| ConnectWise, LLC |  |  |
| 2021 Term Loan B, 7.43%, (3 Month Term SOFR + 3.50%), 09/23/28 (l) | 601 | 553 |
| DRI Holdings, Inc |  |  |
| Term Loan, 9.02%, (1 Month Term SOFR + 5.25%), 12/15/28 (l) | 540 | 520 |
| ECL Entertainment, LLC |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 08/30/30 (l) | 1724 | 1711 |
| GoTo Group Inc |  |  |
| Term Loan, 8.57%, (3 Month Term SOFR + 4.75%), 04/28/28 (l) | 346 | 205 |
| IGT Holding IV AB |  |  |
| Term Loan, 5.27%, (3 Month EURIBOR + 3.50%), 07/31/31, EUR (l) | 1333 | 1509 |
| Instructure Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 6.44%, (3 Month Term SOFR + 2.75%), 11/13/31 (l) | 1982 | 1898 |
| ION Platform Finance US, Inc. |  |  |
| Initial Euro Term Loan, 6.02%, (EURIBOR + 4.00%), 09/30/32, EUR (l) | 1424 | 1314 |
| ITG Communications, LLC |  |  |
| Term Loan B, 8.42%, (SOFR + 4.75%), 07/01/31 (l) | 1390 | 1321 |
| Lorca Telecom BidCo S.A. |  |  |
| Term Loan, 4.38%, (3 Month EURIBOR + 2.75%), 03/25/31, EUR (l) | 1774 | 2044 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 03/01/29 (l) | 1156 | 1029 |
| Redstone Holdco 2 LP |  |  |
| Term Loan, 8.92%, (SOFR + 5.25%), 12/31/30 (l) | 175 | 131 |
| Term Loan, 9.17%, (SOFR + 5.50%), 12/31/30 (l) | 1218 | 723 |
| Verifone Sys Inc |  |  |
| Term Loan, 9.18%, (3 Month Term SOFR + 5.50%), 08/18/28 (l) | 1269 | 1192 |
| Xerox Corporation |  |  |
| Initial Term Loan (First Lien), 0.00%, (SOFR + 4.00%), 11/14/29 (l) (r) | 191 | 120 |
| Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 11/14/29 (l) | 234 | 147 |
| 2023 Term Loan B, 7.73%, (1 Month Term SOFR + 4.00%), 11/14/29 (l) | 178 | 112 |
|  |  | 18774 |
| **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** |
| Accell Group N.V. |  |  |
| Term Loan, 9.03%, 06/30/31, EUR (e) (l) | 1000 | 348 |
| Allwyn Entertainment Financing (UK) PLC |  |  |
| Term Loan, 4.93%, (EURIBOR + 3.00%), 01/28/33, EUR (l) | 1000 | 1139 |
| Caesars Entertainment Inc. |  |  |
| 2024 Term Loan B1, 5.92%, (1 Month Term SOFR + 2.25%), 01/24/31 (l) | 1333 | 1292 |
| CDR Firefly Bidco PLC |  |  |
| Term Loan, 8.48%, (EURIBOR + 4.75%), 04/29/29, GBP (l) | 1643 | 2166 |
| Clarios |  |  |
| Term Loan, 5.18%, (3 Month EURIBOR + 3.25%), 01/28/32, EUR (l) | 1500 | 1727 |
| EG Finco Ltd. |  |  |
| Term Loan, 5.43%, (EURIBOR + 3.50%), 01/29/31, EUR (l) | 1000 | 1140 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 01/13/29 (k) (l) | 963 | 943 |
| First Brands Group LLC |  |  |
| Term Loan B, 0.00%, 03/30/27, EUR (a) (e) (l) (p) |  |  |
| Hestiafloor 2 |  |  |
| Term Loan, 5.02%, (EURIBOR + 3.00%), 02/27/30, EUR (l) | 588 | 671 |
| Hydrofarm Holdings Group, Inc. |  |  |
| Term Loan, 9.43%, (SOFR + 5.50%), 10/21/28 (e) (l) | 377 | 189 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 04/26/30 (l) | 623 | 614 |
| Jack Ohio Finance LLC |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 01/28/32 (l) | 251 | 248 |
| Maverick Gaming LLC |  |  |
| Term Loan, 15.25%, (SOFR + 7.50%), 06/03/28 (e) (l) | 521 | 287 |
| Parts Europe |  |  |
| 2025 Additional Term Facility, 5.03%, (EURIBOR + 3.00%), 02/03/31, EUR (l) | 1132 | 1306 |
| Pax Midco Spain, S.L.U. |  |  |
| Term Loan, 5.64%, (EURIBOR + 3.50%), 12/31/29, EUR (l) | 1632 | 1850 |
| Peninsula Pacific Entertainment, LLC |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 4.75%), 08/14/32 (l) (r) | 300 | 298 |
| 2025 Term Loan B, 8.42%, (3 Month Term SOFR + 4.75%), 08/14/32 (l) | 1006 | 1001 |
| 2025 Delayed Draw Term Loan, 8.41%, (1 Month Term SOFR + 4.75%), 10/07/32 (l) | 236 | 235 |
|  |  | 15454 |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| Argento LLC |  |  |
| Term Loan, 0.00%, (SOFR + 4.00%), 12/31/49 (e) (l) (r) | 1058 | 1051 |
| Avaya, Inc. |  |  |
| 2023 Exit Term Loan, 11.17%, (1 Month Term SOFR + 7.50%), 08/01/28 (l) | 6 | 5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BetClic Everest Group |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.00%), 12/31/49, EUR (l) (r) | 1000 | 1136 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 8.25%, (Prime Rate + 1.50%), 04/15/27 (l) | 293 | 257 |
| DirectTV Financing, LLC |  |  |
| Term Loan, 9.17%, (3 Month Term SOFR + 5.50%), 02/15/31 (l) | 996 | 996 |
| International Entertainment JJCO 3 Ltd. |  |  |
| Term Loan, 8.23%, (SONIA + 4.75%), 04/02/32, GBP (l) | 1294 | 1697 |
| Neptune BidCo US Inc. |  |  |
| Term Loan, 7.03%, (EURIBOR + 5.00%), 01/28/33, EUR (l) | 1000 | 1122 |
| Oak-Eagle AcquireCo Inc. |  |  |
| Term Loan, 0.00%, (EURIBOR + 3.50%), 12/31/49, EUR (l) (r) | 1000 | 1144 |
| RunItOneTime LLC |  |  |
| Term Loan, 4.67%, (SOFR + 2.00%), 04/16/26 (e) (l) | 15 | 15 |
| Term Loan, 16.17%, (SOFR + 12.50%), 04/21/26 (e) (l) | 182 | 182 |
| Term Loan, 4.67%, (SOFR + 11.50%), 05/06/26 (e) (l) | 313 | 308 |
| Zegona Holdco Limited |  |  |
| Term Loan B, 4.39%, (EURIBOR + 2.25%), 07/17/29, EUR (l) | 516 | 594 |
| Ziggo BV |  |  |
| Term Loan, 4.94%, (3 Month EURIBOR + 3.00%), 01/16/29, EUR (l) | 6053 | 6752 |
| | | 15259 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| AI Sirona Luxembourg Acquisition S.a r.l. |  |  |
| Term Loan, 5.93%, (EURIBOR + 4.00%), 09/30/28, EUR (l) | 1000 | 1148 |
| Bausch & Lomb Corporation |  |  |
| 2025 Repriced Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 01/15/31 (l) | 671 | 672 |
| Median BV |  |  |
| Term Loan B - B1, 6.94%, (3 Month EURIBOR + 5.00%), 10/14/27, EUR (l) | 1637 | 1859 |
| Nidda Healthcare Holding GmbH |  |  |
| Term Loan, 5.52%, (EURIBOR + 3.50%), 12/04/32, EUR (l) | 2399 | 2764 |
| Ramsay Sante |  |  |
| Term Loan, 5.28%, (EURIBOR + 3.25%), 08/13/31, EUR (l) | 900 | 1030 |
|  |  | 7473 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| Bellis Acquisition Company PLC |  |  |
| Term Loan B, 6.08%, (3 Month EURIBOR + 4.00%), 04/02/31, EUR (l) | 1654 | 1697 |
| Froneri Lux Finco S.a.r.l |  |  |
| Term Loan, 4.90%, (EURIBOR + 3.00%), 07/17/32, EUR (l) | 2035 | 2312 |
| Market Bidco Ltd. |  |  |
| Term Loan, 6.51%, (3 Month EURIBOR + 4.50%), 11/04/30, EUR (l) | 430 | 483 |
| Pegasus BidCo B.V. |  |  |
| 2025-1 Euro Term Loan, 5.00%, (EURIBOR + 3.00%), 07/12/29, EUR (l) | 1333 | 1539 |
| United Petfood |  |  |
| Term Loan, 4.40%, (3 Month EURIBOR + 2.75%), 02/26/32, EUR (l) | 1135 | 1301 |
|  |  | 7332 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Ineos Finance PLC |  |  |
| Term Loan, 5.18%, (EURIBOR + 3.25%), 02/07/31, EUR (l) | 1000 | 1022 |
| Term Loan, 5.43%, (EURIBOR + 3.50%), 06/23/31, EUR (l) | 1000 | 1024 |
| INEOS Quattro Holdings UK Limited |  |  |
| Term Loan, 6.43%, (EURIBOR + 4.50%), 03/31/29, EUR (l) | 1210 | 1064 |
| Kersia International |  |  |
| Term Loan, 0.00%, (Euribor + 3.50%), 12/31/49, EUR (l) (r) | 1000 | 1142 |
| Nobian Finance BV |  |  |
| Term Loan B, 5.52%, (3 Month EURIBOR + 3.50%), 07/04/30, EUR (l) | 1895 | 2056 |
|  |  | 6308 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| CPV Fairview, LLC |  |  |
| 2025 Upsize Term B Loan, 6.17%, (SOFR + 2.50%), 08/14/31 (l) | 710 | 706 |
| Ohio Power Partners LLC |  |  |
| Term Loan, 6.42%, (SOFR + 2.75%), 10/29/32 (e) (l) | 574 | 575 |
| Tenaska Pennsylvania Partners, LLC |  |  |
| Term Loan, 5.91%, (SOFR + 2.25%), 02/04/33 (l) | 460 | 458 |
| West Deptford Energy Holdings LLC |  |  |
| Term Loan, 7.67%, (SOFR + 4.00%), 07/19/32 (l) | 554 | 550 |
|  |  | 2289 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Boots Group Finco LP |  |  |
| Term Loan, 8.23%, (SONIA + 4.75%), 07/22/32, GBP (l) | 1449 | 1914 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Crescent Midstream Operating LLC |  |  |
| Term Loan B, 7.41%, (3 Month Term SOFR + 3.75%), 02/13/33 (l) | 1621 | 1624 |
| Total Senior Floating Rate Instruments (cost $106,721) | Total Senior Floating Rate Instruments (cost $106,721) | 104126 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 4.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 4.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 4.1%** |
| **Sovereign 3.3%** | **Sovereign 3.3%** | **Sovereign 3.3%** |
| Arab Republic of Egypt |  |  |
| 24.46%, 10/01/27, EGP | 6389 | 116 |
| 24.14%, 12/03/27, EGP | 794 | 14 |
| 21.38%, 02/04/28, EGP | 8581 | 151 |
| 23.44%, 07/01/28, EGP | 6970 | 128 |
| 5.63%, 04/16/30, EUR (f) | 106 | 114 |
| 8.50%, 01/31/47 (h) | 200 | 172 |
| 7.50%, 02/16/61 (h) | 200 | 152 |
| 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 | 24 |
| Cabinet Office, Government of Japan |  |  |
| 3.20%, 09/20/55, JPY | 113400 | 657 |
| CBB International Sukuk Company S.P.C |  |  |
| 5.45%, 09/16/32 (f) | 219 | 197 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 1.86%, 12/01/32 | 82 | 68 |
| 7.60%, 08/12/39, PEN (f) | 530 | 160 |
| 7.60%, 08/12/39, PEN (h) | 570 | 172 |
| Estado Espanol |  |  |
| 2.70%, 01/31/30, EUR | 4676 | 5375 |
| 2.60%, 05/31/31, EUR | 2198 | 2496 |
| 3.15%, 04/30/35, EUR (h) | 1139 | 1293 |
| Gobierno de la Republica de Guatemala |  |  |
| 7.05%, 10/04/32 (h) | 260 | 278 |
| 6.60%, 06/13/36 (h) | 200 | 209 |
| Gobierno de La Republica del Paraguay |  |  |
| 8.50%, 04/04/38, PYG (h) | 1781000 | 270 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 9.75%, 07/20/33, UYU | 5901 | 161 |
| 8.00%, 10/29/35, UYU | 8161 | 204 |
| 5.25%, 09/10/60 | 135 | 122 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.00%, 09/03/26, MXN | 44544 | 2486 |
| 8.50%, 03/01/29, MXN | 16602 | 927 |
| 7.75%, 11/13/42, MXN | 25249 | 1173 |
| 7.38%, 05/13/55 | 594 | 622 |
| Gouvernement De France |  |  |
| 3.20%, 05/25/35, EUR (h) | 1272 | 1421 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Government of Barbados, The |  |  |
| 8.00%, 06/26/35 (h) | 119 | 121 |
| Government of Canada |  |  |
| 2.75%, 03/01/30, CAD | 7049 | 5012 |
| Government of Ireland |  |  |
| 2.60%, 10/18/34, EUR (f) | 9632 | 10736 |
| Government of Saudi Arabia |  |  |
| 5.00%, 01/18/53 (h) | 316 | 266 |
| HM Treasury |  |  |
| 4.38%, 03/07/30, GBP | 8024 | 10623 |
| Latvia, Republic of |  |  |
| 5.13%, 07/30/34 (h) | 200 | 200 |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag |  |  |
| 6.00%, 05/16/29, EUR (f) | 240 | 291 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 5.75%, 11/03/27, COP | 6926800 | 1677 |
| 12.50%, 02/27/30, COP | 941900 | 245 |
| 7.75%, 09/18/30, COP | 5531900 | 1214 |
| 7.00%, 06/30/32, COP | 474700 | 95 |
| 7.25%, 10/26/50, COP | 768400 | 124 |
| Ministry of Finance People's Republic of China |  |  |
| 2.11%, 08/25/34, CNY | 4110 | 612 |
| Morocco, Kingdom of |  |  |
| 5.95%, 03/08/28 (h) | 200 | 203 |
| 4.75%, 04/02/35, EUR (h) | 135 | 154 |
| Philippines, The Republic of |  |  |
| 5.93%, 02/23/36, PHP | 10000 | 152 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 8.08%, 04/01/36 (h) | 200 | 202 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/27, BRL | 15160 | 2852 |
| Presidencia De La Nacion |  |  |
| 0.75%, 07/09/30 (n) | 60 | 51 |
| Presidencia de la Republica de Chile |  |  |
| 3.75%, 01/14/32, EUR | 100 | 115 |
| 4.34%, 03/07/42 | 354 | 310 |
| Presidencia de la Republica Dominicana |  |  |
| 4.50%, 01/30/30 (h) | 370 | 352 |
| 7.05%, 02/03/31 (h) | 150 | 156 |
| 10.75%, 06/01/36, DOP (h) | 30250 | 546 |
| Republic of Indonesia, The Government of, The |  |  |
| 7.00%, 05/15/27, IDR | 19263000 | 1148 |
| 6.50%, 07/15/30, IDR | 7590000 | 445 |
| Romania, Government of |  |  |
| 2.12%, 07/16/31, EUR (f) | 56 | 55 |
| 4.63%, 03/04/33, EUR (d) (h) | 65 | 70 |
| 6.25%, 09/10/34, EUR (h) | 148 | 174 |
| 6.75%, 07/11/39, EUR (h) | 51 | 59 |
| 6.50%, 10/07/45, EUR (h) | 61 | 67 |
| Sandor-Palota |  |  |
| 5.25%, 06/16/29 (h) | 344 | 344 |
| 7.00%, 10/24/35, HUF | 203300 | 602 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 2.95%, 07/01/30, EUR | 4209 | 4828 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 51469 | 3010 |
| 7.00%, 02/28/31, ZAR | 41875 | 2320 |
| 8.50%, 01/31/37, ZAR | 21211 | 1171 |
| 5.00%, 10/12/46 | 200 | 144 |
| 5.75%, 09/30/49 | 353 | 273 |
| The Hashemite Kingdom of Jordan, The Government of |  |  |
| 5.85%, 07/07/30 (f) | 200 | 196 |
| The Philippines, Government of |  |  |
| 6.38%, 07/27/30 - 04/28/35, PHP | 117840 | 1883 |
| 6.00%, 08/20/30, PHP | 74705 | 1198 |
| The Republic of Uzbekistan |  |  |
| 5.38%, 05/29/27, EUR (h) | 108 | 126 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 31.08%, 11/08/28, TRY | 7148 | 144 |
| 30.00%, 09/12/29, TRY | 4100 | 80 |
| 27.70%, 09/27/34, TRY | 7799 | 156 |
| Urad Vlady Ceske Republiky |  |  |
| 4.50%, 11/11/32, CZK | 18690 | 871 |
| 4.00%, 04/04/44, CZK | 5380 | 217 |
| Urzad Rady Ministrow |  |  |
| 5.75%, 04/25/29, PLN | 4862 | 1340 |
| 4.75%, 07/25/29, PLN | 2739 | 733 |
| 4.88%, 10/04/33 | 38 | 38 |
| 5.00%, 10/25/34 - 10/25/35, PLN | 7039 | 1786 |
| 5.50%, 04/04/53 | 58 | 53 |
| Vlada Crne Gore |  |  |
| 2.88%, 12/16/27, EUR (f) | 106 | 119 |
| Vlada NA Republika Severna Makedonija |  |  |
| 6.96%, 03/13/27, EUR (f) | 115 | 135 |
| | | 79316 |
| **Mortgage-Backed Securities 0.8%** | **Mortgage-Backed Securities 0.8%** | **Mortgage-Backed Securities 0.8%** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 3.50%, 04/15/56 (s) | 20495 | 18777 |
| **Municipal 0.0%** | **Municipal 0.0%** | **Municipal 0.0%** |
| GC Education, Inc. |  |  |
| 7.38%, 10/01/29 | 555 | 585 |
| Port of Beaumont Industrial Development Authority |  |  |
| 10.00%, 07/01/26 | 785 | 786 |
|  |  | 1371 |
| **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, 0.76%, 05/25/29 (l) | 8185 | 155 |
| Interest Only, Series XFX-KL06, REMIC, 1.36%, 12/25/29 (l) | 1319 | 43 |
| Interest Only, Series X1-K105, REMIC, 1.51%, 01/25/30 (l) | 1686 | 80 |
| Interest Only, Series X1-K109, REMIC, 1.57%, 04/25/30 (l) | 2320 | 122 |
| Interest Only, Series X1-K110, REMIC, 1.64%, 04/25/30 (l) | 1289 | 69 |
| Interest Only, Series X1-K116, REMIC, 1.41%, 07/25/30 (l) | 1180 | 57 |
| Interest Only, Series 2020-X1-K120, REMIC, 1.03%, 10/25/30 (l) | 7537 | 281 |
|  |  | 807 |
| **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2022-B1-DNA1, REMIC, 7.06%, (SOFR 30-Day Average + 3.40%), 01/25/32 (l) | 331 | 337 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| Presidencia De La Nacion |  |  |
| 0.00%, 12/15/27, ARS (o) (t) (u) | 63624 | 108 |
| Total Government And Agency Obligations (cost $100,312) | Total Government And Agency Obligations (cost $100,312) | 100716 |
| **INVESTMENT COMPANIES 2.4%** | **INVESTMENT COMPANIES 2.4%** | **INVESTMENT COMPANIES 2.4%** |
| iShares Broad USD High Yield Corporate Bond ETF (d) (g) | 81 | 3002 |
| iShares China Large-Cap ETF (d) (g) | 167 | 6012 |
| iShares Core S&P Small Cap ETF (g) | 12 | 1535 |
| iShares MSCI Brazil ETF (d) (g) | 41 | 1558 |
| iShares MSCI China ETF (d) (g) | 84 | 4736 |
| iShares Russell 2000 ETF (d) (g) | 24 | 5828 |
| KraneShares CSI China Internet ETF (d) | 81 | 2298 |
| SPDR Gold Shares (b) (c) | 60 | 25741 |
| State Street Blackstone Senior Loan ETF (d) | 33 | 1316 |
| State Street SPDR S&P Homebuilders ETF (d) | 12 | 1213 |
| State Street SPDR S&P Regional Banking ETF (d) | 26 | 1670 |
| VanEck Semiconductor ETF (d) | 6 | 2364 |
| Total Investment Companies (cost $59,687) | Total Investment Companies (cost $59,687) | 57273 |
| **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Banco Bradesco S/A. (j) | 428 | 1583 |
| Citigroup Capital XIII, 10.30%, 10/30/40 | 70 | 2057 |
| Wells Fargo & Company - Series A, 7.50% (i) (j) | 1 | 1031 |
|  |  | 4671 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Petroleo Brasileiro S/A Petrobras. (j) | 221 | 2077 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Redstone Buyer LLC (a) (e) | 73 |  |
| Redstone Buyer LLC (a) (e) | 24 |  |
| Total Preferred Stocks (cost $5,548) | Total Preferred Stocks (cost $5,548) | 6748 |
| **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 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Evgo Inc. (a) | 23 | 1 |
| Hippo Holdings Inc. (a) | 20 |  |
| Latch, Inc. (a) (e) | 53 |  |
| Offerpad Solutions Inc. (a) | 35 |  |
| Palladyne AI Corp. (a) | 121 | 8 |
| Total Warrants (cost $441) | Total Warrants (cost $441) | 9 |
| **SHORT TERM INVESTMENTS 10.2%** | **SHORT TERM INVESTMENTS 10.2%** | **SHORT TERM INVESTMENTS 10.2%** |
| **Investment Companies 9.2%** | **Investment Companies 9.2%** | **Investment Companies 9.2%** |
| JNL Government Money Market Fund - Class I, 3.53% (g) (v) | 224729 | 224729 |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 3.63% (g) (v) | 20044 | 20044 |
| **Treasury Securities 0.2%** | **Treasury Securities 0.2%** | **Treasury Securities 0.2%** |
| Arab Republic of Egypt |  |  |
| 22.98%, 06/23/26, EGP (t) | 22150 | 384 |
| Presidencia da Republica |  |  |
| 12.80%, 07/01/26, BRL (t) | 3751 | 700 |
| 12.72%, 10/01/26, BRL (t) | 15260 | 2756 |
|  |  | 3840 |
| Total Short Term Investments (cost $248,590) | Total Short Term Investments (cost $248,590) | 248613 |
| **Total Investments 98.4% (cost $2,337,045)** | **Total Investments 98.4% (cost $2,337,045)** | **2392751** |
| **Total Purchased Options 0.3% (cost $17,024)** | **Total Purchased Options 0.3% (cost $17,024)** | **6222** |
| **Other Derivative Instruments (1.3)%** | **Other Derivative Instruments (1.3)%** | **(30570)** |
| **Other Assets and Liabilities, Net 2.6%** | **Other Assets and Liabilities, Net 2.6%** | **62758** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2431161** |

---

(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 March 31, 2026.

(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 March 31, 2026, the value and the percentage of net assets of these securities was $98,284 and 4.0% 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 March 31, 2026. 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 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 March 31, 2026.

(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 March 31, 2026.

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

(p) As of March 31, 2026, 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.

(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 March 31, 2026. If a reference rate and spread is presented, it will go into effect upon settlement.

(s) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $19,024.

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

(u) Treasury inflation indexed note, par amount is not adjusted for inflation.

(v) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Broad USD High Yield Corporate Bond ETF | 3047 |  |  | 34 |  | (45) | 3002 | 0.1 |
| iShares China Large-Cap ETF | 6412 |  |  |  |  | (400) | 6012 | 0.3 |
| iShares Core S&P Small Cap ETF | 1484 |  |  | 2 |  | 51 | 1535 | 0.1 |
| iShares MSCI Brazil ETF | 1290 |  |  |  |  | 268 | 1558 | 0.1 |
| iShares MSCI China ETF | 5064 |  |  |  |  | (328) | 4736 | 0.2 |
| iShares Russell 2000 ETF |  | 5811 |  |  |  | 17 | 5828 | 0.2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Investments in Affiliates (continued)** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates (continued)** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates (continued)** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates (continued)** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates (continued)** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates (continued)** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates (continued)** | **JNL/BlackRock Global Allocation Fund — Investments in Affiliates (continued)** | **JNL/BlackRock Global Allocation 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, 3.53% - Class I | 196875 | 257986 | 230132 | 1687 |  |  | 224729 | 9.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 36687 | 104975 | 121618 | 303 |  |  | 20044 | 0.8 |
| Quintis Limited |  |  |  |  |  |  |  |  |
|  | 250859 | 368772 | 351750 | 2026 |  | (437) | 267444 | 11.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 199 |  |
| AB Carval Euro CLO II-C Designated Activity Company, Series D-2X, 5.73%, 02/15/37 | 07/05/24 | 412 | 438 |  |
| AC Energy And Infrastructure Corporation, 4.00% | 02/13/25 | 200 | 188 |  |
| Afflelou, 6.00%, 07/25/29 | 07/17/24 | 361 | 388 |  |
| AIB Group Public Limited Company, 6.00% (callable at 100, 07/14/31) | 01/07/25 | 259 | 287 |  |
| Air France - KLM, 5.75% (callable at 100, 05/21/30) | 05/15/25 | 223 | 225 |  |
| Aktsionernoe Obshchestvo Narodny Bank Kazakhstana | 10/22/24 | 452 | 511 |  |
| Albion Financing 2 S.a r.l., 5.38%, 05/21/30 | 05/14/25 | 390 | 399 |  |
| Alexandrite Lake Lux Holdings S.a r.l., 6.75%, 07/30/30 | 07/24/25 | 508 | 488 |  |
| Allied Universal Holdco LLC, 4.88%, 06/01/28 | 02/08/24 | 1555 | 1680 | 0.1 |
| Allwyn Entertainment Financing (UK) PLC, 7.25%, 04/30/30 | 03/19/24 | 509 | 543 |  |
| Almaviva - The Italian Innovation Company S.P.A. In Breve Almaviva S.P.A., 5.00%, 10/30/30 | 06/26/25 | 373 | 349 |  |
| alstria office AG, 4.25%, 10/15/29 | 10/08/25 | 231 | 221 |  |
| alstria office AG, 5.50%, 03/20/31 | 03/14/25 | 325 | 345 |  |
| Altice France, 5.50%, 10/15/31 | 10/13/25 | 98 | 99 |  |
| Altice France, 5.63%, 07/15/32 | 10/13/25 | 97 | 98 |  |
| AMS-Osram AG, 2.13%, 11/03/27 | 11/15/23 | 581 | 667 | 0.1 |
| Arab Republic of Egypt, 5.63%, 04/16/30 | 05/03/24 | 99 | 114 |  |
| Arbour CLO VI Designated Activity Company, Series DR-6X, 5.18%, 11/15/37 | 09/20/24 | 491 | 503 |  |
| Arcano Euro CLO I Designated Activity Company, Series D-1X, 5.43%, 04/25/39 | 03/12/25 | 566 | 599 | 0.1 |
| Arcano Euro CLO II Designated Activity Company, Series D-2X, 5.30%, 07/25/39 | 06/27/25 | 269 | 265 |  |
| Ardagh Group S.A., 9.50%, 10/06/30 | 11/06/25 | 764 | 819 | 0.1 |
| Ardagh Group S.A., 12.00%, 12/01/30 | 11/17/25 | 1399 | 1298 | 0.1 |
| Arena Luxembourg Finance S.a r.l., 4.52%, 05/01/30 | 03/25/25 | 330 | 352 |  |
| Arini European CLO IV Designated Activity Company, Series D-4X, 5.52%, 01/15/38 | 10/24/24 | 682 | 725 | 0.1 |
| Arini European CLO V Designated Activity Company, Series D-5X, 4.82%, 01/17/39 | 02/21/25 | 356 | 381 |  |
| Aroundtown S.A., 5.13% (callable at 100, 07/03/31) | 01/27/26 | 353 | 313 |  |
| Aroundtown S.A., 5.25% (callable at 100, 04/30/31) | 10/23/25 | 1399 | 1300 | 0.1 |
| Aston Martin Capital Holdings Limited, 10.38%, 03/31/29 | 07/09/24 | 540 | 417 |  |
| Atlantica Infraestructura Sostenible Sociedad Limitada, 5.63%, 02/15/32 | 10/23/24 | 327 | 339 |  |
| Aurium CLO Vii Designated Activity Company, Series DR-7X, 5.18%, 10/15/38 | 08/14/25 | 175 | 172 |  |
| Aurium CLO XIII Designated Activity Company, Series D-13X, 4.82%, 04/15/38 | 01/30/25 | 239 | 260 |  |
| Avianca MidCo 2 PLC, 9.00%, 12/01/28 | 08/11/25 | 22 | 22 |  |
| Avoca CLO XVIII Designated Activity Company, Series DR-18X, 5.07%, 04/15/38 | 12/13/24 | 262 | 284 |  |
| Axis Bank Limited, 4.10% (callable at 100, 09/08/26) | 02/10/25 | 289 | 296 |  |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima, 6.88% (callable at 100, 12/13/30) | 06/04/24 | 435 | 483 |  |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima, 8.38% (callable at 100, 06/21/28) | 07/25/24 | 226 | 246 |  |
| Bankinter Sociedad Anonima, 7.38% (callable at 100, 08/15/28) | 01/28/25 | 218 | 243 |  |
| Bausch+Lomb Netherlands B.V., 5.89%, 01/15/31 | 06/18/25 | 207 | 211 |  |
| Bayer Aktiengesellschaft, 5.38%, 03/25/82 | 09/11/25 | 608 | 574 | 0.1 |
| BBAM European CLO I Designated Activity Company, Series DRR-1X, 5.25%, 10/22/38 | 02/20/26 | 401 | 390 |  |
| BCP V Modular Services Finance II PLC, 6.13%, 11/30/28 | 01/18/24 | 194 | 199 |  |
| Beach Acquisition Bidco, LLC, 5.25%, 07/15/32 | 06/26/25 | 300 | 282 |  |
| Bellis Acquisition Company PLC, 8.00%, 07/01/31 | 09/17/25 | 214 | 193 |  |
| Bertrand Franchise Finance, 5.78%, 07/18/30 | 05/30/24 | 181 | 184 |  |
| BetClic Everest Group, 5.13%, 12/10/31 | 01/20/26 | 320 | 310 |  |
| Biffa Group Holdings Limited, 5.25%, 06/15/31 | 12/04/25 | 295 | 285 |  |
| Biffa Group Holdings Limited, 7.38%, 06/15/31 | 12/04/25 | 400 | 391 |  |
| Boels Topholding B.V., 6.25%, 02/15/29 | 03/12/24 | 872 | 929 | 0.1 |
| Bper Banca S.P.A., 6.50% (callable at 100, 03/20/30) | 11/13/24 | 211 | 232 |  |
| Bracken Midco1 PLC, 6.75%, 11/01/27 | 12/03/24 | 230 | 238 |  |
| Branicks Group AG, 2.25%, 09/22/26 | 09/19/25 | 212 | 125 |  |
| Bubbles BidCo S.p.A., 6.27%, 09/30/31 | 09/18/24 | 282 | 294 |  |
| Bubbles BidCo S.p.A., 6.50%, 09/30/31 | 09/18/24 | 288 | 299 |  |
| CaixaBank, S.A., 5.88% (callable at 100, 10/09/27) | 07/24/24 | 430 | 468 |  |
| CaixaBank, S.A., 6.25% (callable at 100, 07/24/32) | 01/16/25 | 206 | 235 |  |
| Capital Four CLO VIII Designated Activity Company, Series D-8X, 5.28%, 10/25/37 | 09/20/24 | 580 | 596 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| CBB International Sukuk Company S.P.C, 5.45%, 09/16/32 | 12/09/22 | 204 | 197 |  |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29 | 12/11/24 | 160 | 164 |  |
| Cedacri Mergeco S.P.A., 6.62%, 05/15/28 | 09/29/25 | 177 | 169 |  |
| Cellnex Telecom, S.A., 0.75%, 11/20/31 | 04/03/24 | 195 | 206 |  |
| Centrica PLC, 6.50%, 05/21/55 | 05/14/24 | 485 | 511 |  |
| CIFC European Funding CLO II Designated Activity Company, Series DR-2X, 5.02%, 10/15/39 | 10/17/25 | 362 | 352 |  |
| CIFC European Funding CLO III Designated Activity Company, Series DR-3X, 4.54%, 01/15/39 | 01/26/26 | 238 | 223 |  |
| Cirsa Finance International S.a r.l., 7.88%, 07/31/28 | 03/14/24 | 455 | 482 |  |
| Cirsa Finance International S.a r.l., 4.88%, 10/15/31 | 10/14/25 | 129 | 126 |  |
| Cirsa Finance International S.a r.l., 5.15%, 10/15/32 | 10/14/25 | 189 | 187 |  |
| Clariane, 0.88%, 03/06/27 | 12/03/25 | 424 | 372 |  |
| Clarios Global LP, 4.75%, 06/15/31 | 06/04/25 | 349 | 350 |  |
| Clean Renewable Power (Mauritius) Pte. Ltd., 4.25%, 03/25/27 | 02/12/25 | 217 | 215 |  |
| CMOC Capital Limited, 0.00%, 01/24/27 | 01/19/26 | 501 | 484 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 7.60%, 08/12/39 | 01/13/26 | 170 | 160 |  |
| COMMERZBANK Aktiengesellschaft, 7.88% (callable at 100, 07/02/29) | 06/25/24 | 214 | 251 |  |
| Contego CLO V Designated Activity Company, Series DR-5X, 5.12%, 10/15/37 | 03/03/25 | 356 | 376 |  |
| Contego CLO VII Designated Activity Company, Series DR-7X, 5.48%, 01/23/38 | 12/11/24 | 451 | 474 |  |
| Contego CLO XI Designated Activity Company, Series DR-11X, 5.21%, 11/20/38 | 10/29/24 | 346 | 356 |  |
| Contemporary Amperex Technology Co., Limited - Class H | 01/13/26 | 1028 | 1302 | 0.1 |
| ContourGlobal Power Holdings S.A., 5.00%, 02/28/30 | 01/23/25 | 268 | 297 |  |
| Convatec Group PLC | 12/09/25 | 246 | 230 |  |
| Credit Suisse Group AG, 7.13% (callable at 100, 08/13/32) | 02/10/26 | 205 | 194 |  |
| CVC Cordatus Opportunity Loan Fund-R Designated Activity Company, Series DR-1X, 4.78%, 09/18/33 | 03/13/25 | 1117 | 1176 | 0.1 |
| Dana Financing Luxembourg S.a r.l., 8.50%, 07/15/31 | 03/12/24 | 401 | 421 |  |
| Darling Global Finance B.V., 4.50%, 07/15/32 | 06/18/25 | 451 | 450 |  |
| DeepOcean AS, 6.00%, 04/08/31 | 09/24/25 | 168 | 168 |  |
| DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, 12/31/27 | 06/20/25 | 888 | 828 | 0.1 |
| Deuce Finco PLC, 7.00%, 11/20/31 | 11/12/25 | 401 | 396 |  |
| Deuce Finco PLC, 5.65%, 11/20/32 | 11/12/25 | 330 | 328 |  |
| Deutsche Bank Aktiengesellschaft, 4.50% (callable at 100, 11/30/26) | 05/17/24 | 195 | 228 |  |
| Deutsche Bank Aktiengesellschaft, 4.63% (callable at 100, 10/30/27) | 01/24/25 | 799 | 893 | 0.1 |
| Deutsche Bank Aktiengesellschaft, 6.75% (callable at 100, 10/30/34) | 11/24/25 | 461 | 456 |  |
| Deutsche Bank Aktiengesellschaft, 7.13% | 03/24/25 | 216 | 235 |  |
| Deutsche Lufthansa Aktiengesellschaft, 5.25%, 01/15/55 | 01/08/25 | 518 | 565 |  |
| Dolcetto HoldCo S.p.A., 5.63%, 07/14/32 | 06/25/25 | 363 | 357 |  |
| Dolcetto HoldCo S.p.A., 5.78%, 07/14/32 | 06/25/25 | 128 | 127 |  |
| Duomo Bidco S.P.A., 5.31%, 01/15/32 | 11/25/25 | 464 | 455 |  |
| Dynamo NewCo II GmbH, 6.25%, 10/15/31 | 09/25/24 | 206 | 189 |  |
| Edge Finco PLC, 8.13%, 08/15/31 | 10/03/24 | 392 | 409 |  |
| EDP, S.A., 4.63%, 09/16/54 | 09/09/24 | 219 | 230 |  |
| Eircom Limited, 5.00%, 04/30/31 | 06/20/25 | 367 | 365 |  |
| Electricite de France, 4.38% (callable at 100, 01/06/31) | 09/29/25 | 350 | 335 |  |
| Electricite de France, 5.13% (callable at 100, 09/17/29) | 09/10/24 | 219 | 233 |  |
| Electricite de France, 5.63% (callable at 100, 06/17/32) | 09/10/24 | 221 | 237 |  |
| Electricite de France, 7.38% (callable at 100, 06/17/35) | 09/10/24 | 262 | 266 |  |
| Elior Group, 5.63%, 03/15/30 | 02/25/26 | 462 | 445 |  |
| ELM Park CLO Designated Activity Company, Series DR3-1X, 5.32%, 01/15/38 | 11/20/25 | 231 | 229 |  |
| ENEL - SPA, 4.50% (callable at 100, 10/14/34) | 01/07/26 | 347 | 328 |  |
| Energean PLC, 5.63%, 05/12/31 | 10/29/25 | 232 | 225 |  |
| Engineering S.R.L., 11.13%, 05/15/28 | 03/18/26 | 134 | 134 |  |
| Eni S.P.A., 4.88% (callable at 100, 01/21/34) | 01/14/25 | 332 | 372 |  |
| Entain PLC, 4.88%, 11/30/31 | 01/12/26 | 236 | 227 |  |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 12/09/22 | 199 | 198 |  |
| Eurobank S.A., 4.00%, 02/07/36 | 02/04/25 | 435 | 473 |  |
| F.I.S. - Fabbrica Italiana Sintetici S.p.A., 5.28%, 02/05/31 | 01/28/26 | 141 | 133 |  |
| Fedrigoni S.P.A., 6.13%, 06/15/31 | 07/24/24 | 469 | 471 |  |
| Fiber Midco S.p.A., 10.00%, 06/15/29 | 05/09/24 | 309 | 238 |  |
| Fidelity Grand Harbour CLO 2023-1 Designated Activity Company, Series 2023-DR-1X, 4.68%, 02/15/38 | 02/07/25 | 454 | 493 |  |
| Flutter Treasury Designated Activity Company, 4.00%, 06/04/31 | 05/22/25 | 329 | 326 |  |
| Fortune Star (BVI) Limited, 6.80%, 09/09/29 | 10/27/25 | 200 | 189 |  |
| Forvia, 2.75%, 02/15/27 | 05/18/23 | 189 | 204 |  |
| FR Bondco, 6.88%, 10/31/32 | 11/05/25 | 208 | 198 |  |
| Fressnapf Holding SE, 5.25%, 10/31/31 | 10/23/24 | 114 | 120 |  |
| Froneri Lux Topco S.a r.l., 4.75%, 08/01/32 | 07/16/25 | 235 | 221 |  |
| Garfunkelux Holdco 3 S.A., 9.00%, 09/01/28 | 09/11/25 | 1080 | 1091 | 0.1 |
| Gategroup Finance (Luxembourg) S.A., 3.00%, 02/28/27 | 06/18/25 | 502 | 518 |  |
| GC Treasury Center Company Limited, 6.50% (callable at 100, 09/10/30) | 09/03/25 | 300 | 290 |  |
| Global Switch Finance B.V., 1.38%, 10/07/30 | 07/24/24 | 244 | 258 |  |
| Government of Ireland, 2.60%, 10/18/34 | 03/27/25 | 10304 | 10736 | 0.5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Grand Round, Inc. | 03/31/15 | 1774 | 464 |  |
| Grifols, S.A., 7.13%, 05/01/30 | 01/27/25 | 165 | 187 |  |
| Grifols, S.A., 7.50%, 05/01/30 | 01/14/26 | 227 | 223 |  |
| Grunenthal GmbH, 4.63%, 11/15/31 | 11/13/25 | 390 | 378 |  |
| Gruppo San Donato S.P.A., 6.50%, 10/31/31 | 10/16/25 | 221 | 212 |  |
| GTECH S.p.A., 4.88%, 01/31/31 | 04/24/25 | 313 | 320 |  |
| Hambridge Euro CLO 1 Designated Activity Company, Series D-1X, 5.33%, 10/20/38 | 09/17/25 | 367 | 356 |  |
| Hambridge Euro CLO 2 Designated Activity Company, Series D-2X, 0.00%, 01/20/39 | 02/27/26 | 473 | 461 |  |
| Heathrow Finance PLC, 6.63%, 03/01/31 | 10/04/24 | 566 | 595 | 0.1 |
| Heimstaden AB, 8.38%, 01/29/30 | 01/26/26 | 382 | 355 |  |
| Heimstaden AB, 7.36%, 01/24/31 | 02/25/26 | 124 | 113 |  |
| Heimstaden Bostad AB, 5.00% (callable at 100, 01/19/31) | 01/13/26 | 319 | 296 |  |
| Heimstaden Bostad AB, 1.38%, 03/03/27 | 03/13/24 | 230 | 248 |  |
| HengTen Networks Group Limited, 0.00%, 01/31/27 | 01/26/26 | 256 | 243 |  |
| Henley CLO XI Designated Activity Company, Series D-11X, 4.63%, 04/25/39 | 02/10/25 | 505 | 544 |  |
| Henley CLO XII Designated Activity Company, Series D-12X, 5.12%, 01/15/38 | 10/22/24 | 345 | 366 |  |
| I&M Holdings Limited, 5.38%, 07/08/31 | 04/01/25 | 134 | 133 |  |
| Iberdrola Finance Ireland Designated Activity Company, 1.50%, 03/27/30 | 03/20/25 | 326 | 402 |  |
| IHO Verwaltungs GmbH, 8.75%, 05/15/28 | 11/21/23 | 574 | 610 | 0.1 |
| IHO Verwaltungs GmbH, 7.00%, 11/15/31 | 03/18/25 | 433 | 475 |  |
| Iliad, 4.25%, 01/09/32 | 09/02/25 | 233 | 226 |  |
| India Cleantech Energy, 4.70%, 08/10/26 | 02/12/25 | 221 | 221 |  |
| INEOS Finance PLC, 7.25%, 03/31/31 | 09/23/25 | 449 | 398 |  |
| INEOS Quattro Finance 2 plc, 8.50%, 03/15/29 | 03/05/24 | 467 | 415 |  |
| INEOS Quattro Finance 2 plc, 6.75%, 04/15/30 | 10/02/24 | 183 | 148 |  |
| ING Groep N.V., 7.25% (callable at 100, 11/16/34) | 09/05/24 | 250 | 256 |  |
| Intrum Investments and Financing AB, 8.00%, 09/11/27 | 07/17/25 | 655 | 660 | 0.1 |
| ION Platform Finance S.a r.l., 6.50%, 09/30/30 | 09/30/25 | 283 | 230 |  |
| ION Platform Finance S.a r.l., 6.88%, 09/30/32 | 09/30/25 | 218 | 171 |  |
| IPD 3 B.V., 5.50%, 06/15/31 | 07/08/25 | 444 | 414 |  |
| Irca S.P.A., 5.90%, 12/15/29 | 11/27/24 | 202 | 221 |  |
| Iron Mountain Incorporated, 4.75%, 01/15/34 | 09/05/25 | 422 | 386 |  |
| Italmatch Chemicals S.p.A., 6.15%, 02/05/31 | 01/29/26 | 251 | 234 |  |
| Italmatch Chemicals S.p.A., 6.25%, 02/05/31 | 01/29/26 | 129 | 118 |  |
| Itelyum Regeneration S.p.A., 5.75%, 04/15/30 | 03/26/25 | 305 | 306 |  |
| Jawbone Inc. | 01/25/17 |  |  |  |
| Joint Stock Company Kaspi.Kz | 06/26/24 | 520 | 416 |  |
| Jubilee CLO 2024-XXIX Designated Activity Company, Series 2024-D-29X, 5.22%, 01/15/39 | 09/27/24 | 603 | 615 | 0.1 |
| Kaixo Bondco Telecom S.A., 5.13%, 09/30/29 | 06/12/24 | 289 | 317 |  |
| King US Bidco, Inc., 5.31%, 12/01/32 | 11/12/25 | 461 | 457 |  |
| Kleopatra Finco S.a r.l., 6.00%, 01/30/31 | 02/12/26 | 541 | 517 |  |
| Kondor Finance PLC, 7.13%, 07/19/26 | 05/21/24 | 136 | 118 |  |
| Kronos International, Inc., 9.50%, 03/15/29 | 07/23/24 | 307 | 260 |  |
| Kuaishou Technology | 03/02/26 | 513 | 389 |  |
| Kumba Iron Ore Ltd. | 04/05/22 | 258 | 179 |  |
| Lendlease Asia Treasury Pte. Ltd., 3.90% (callable at 100, 09/30/30) | 09/22/25 | 195 | 191 |  |
| Lion/Polaris Lux 4 S.A., 5.64%, 07/01/29 | 06/26/24 | 359 | 385 |  |
| Lottomatica S.p.A., 5.38%, 06/01/30 | 05/14/24 | 148 | 161 |  |
| Lottomatica S.p.A., 5.26%, 06/01/31 | 05/14/24 | 224 | 239 |  |
| Loxama, 6.38%, 05/31/29 | 03/12/24 | 788 | 838 | 0.1 |
| Luna 1.5 S.a r.l., 10.50%, 07/01/32 | 08/08/25 | 156 | 164 |  |
| Luna 2.5 S.a r.l., 5.50%, 07/01/32 | 06/18/25 | 164 | 163 |  |
| Lundin Gold Inc. | 02/17/26 | 431 | 409 |  |
| Lune Holdings S.a r.l., 5.63%, 11/15/28 | 08/08/24 | 334 | 13 |  |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag, 6.00%, 05/16/29 | 11/08/23 | 256 | 291 |  |
| Maxam Prill S.a r.l., 6.00%, 07/15/30 | 06/26/25 | 1010 | 969 | 0.1 |
| Maya, 5.63%, 10/15/28 | 12/06/23 | 1520 | 1626 | 0.1 |
| Medco Maple Tree Pte. Ltd., 8.96%, 04/27/29 | 02/13/25 | 313 | 308 |  |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32 | 06/11/25 | 346 | 346 |  |
| Mehilainen Yhtiot Oy, 5.51%, 06/30/32 | 06/11/25 | 115 | 115 |  |
| Meituan - Class B | 02/24/26 | 207 | 208 |  |
| MKS Inc., 4.25%, 02/15/34 | 01/28/26 | 806 | 745 | 0.1 |
| Mobico Group PLC, 4.88%, 09/26/31 | 05/09/25 | 473 | 423 |  |
| MONETA Money Bank, a.s. | 05/22/24 | 67 | 92 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 02/13/25 | 170 | 171 |  |
| Motion Finco S.a r.l., 7.38%, 06/15/30 | 07/09/24 | 214 | 193 |  |
| MPT Operating Partnership, L.P., 7.00%, 02/15/32 | 01/30/25 | 349 | 385 |  |
| Muangthai Capital Public Company Limited, 6.88%, 09/30/28 | 03/24/25 | 303 | 297 |  |
| Muthoot Finance Limited, 6.38%, 03/02/30 | 08/26/25 | 295 | 291 |  |
| Muthoot Finance Limited, 5.75%, 08/04/30 | 01/29/26 | 200 | 192 |  |
| NAC Kazatomprom JSC | 02/20/26 | 264 | 251 |  |
| National Bank of Greece S.A., 5.80% (callable at 100, 08/12/31) | 02/05/26 | 236 | 220 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| National Bank of Greece S.A., 5.88%, 06/28/35 | 07/25/24 | 225 | 242 |  |
| Nationwide Building Society, 5.75% (callable at 100, 06/20/27) | 07/25/24 | 264 | 282 |  |
| Nationwide Building Society, 7.50% (callable at 100, 12/20/30) | 09/09/24 | 726 | 753 | 0.1 |
| New Immo Holding, 5.88%, 04/17/28 | 09/11/25 | 238 | 231 |  |
| New Immo Holding, 4.88%, 12/08/28 | 06/05/25 | 461 | 452 |  |
| Newbridge Park CLO Designated Activity Company, Series D-1X, 4.70%, 04/15/40 | 02/06/26 | 367 | 355 |  |
| Nidda Healthcare Holding GmbH, 5.23%, 10/15/32 | 10/01/25 | 422 | 412 |  |
| Nippon Steel Corporation, 0.00%, 02/14/29 | 02/24/26 | 1117 | 1091 | 0.1 |
| Nippon Steel Corporation, 0.00%, 02/14/31 | 02/24/26 | 855 | 839 | 0.1 |
| Nissan Motor Co., Ltd., 5.25%, 07/17/29 | 07/10/25 | 365 | 356 |  |
| NN Group N.V., 5.75% (callable at 100, 09/11/34) | 03/04/25 | 292 | 309 |  |
| Oak-Eagle Acquireco, Inc., 6.25%, 07/01/33 | 03/24/26 | 898 | 913 | 0.1 |
| Ocado Group PLC, 11.00%, 06/15/30 | 05/01/25 | 222 | 220 |  |
| OEG Finance PLC, 7.25%, 09/27/29 | 06/30/25 | 775 | 764 | 0.1 |
| Olympus Water US Holding Corporation, 6.13%, 02/15/33 | 09/25/25 | 377 | 359 |  |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company, Series 2024-D-2X, 5.13%, 05/15/34 | 07/16/24 | 414 | 438 |  |
| Palmer Square European Loan Funding 2024-3 Designated Activity Company, Series 2024-D-3X, 5.03%, 05/15/34 | 10/17/24 | 346 | 369 |  |
| Paprec Holding, 4.13%, 07/15/30 | 12/04/25 | 576 | 560 |  |
| Penta CLO 17 Designated Activity Company, Series 2024-DR-17X, 4.61%, 02/15/39 | 02/04/26 | 307 | 288 |  |
| Pinnacle Bidco PLC, 10.00%, 10/11/28 | 10/03/24 | 371 | 375 |  |
| PRA Group Europe Holding II S.a r.l., 6.25%, 09/30/32 | 11/04/25 | 156 | 152 |  |
| PrestigeBidCo GmbH, 5.77%, 07/01/29 | 06/19/24 | 382 | 412 |  |
| Prosus N.V., 4.03%, 08/03/50 | 07/25/25 | 210 | 210 |  |
| Providus CLO II Designated Activity Company, Series DRR-2X, 5.22%, 10/15/38 | 09/19/24 | 386 | 395 |  |
| Providus CLO XIV Designated Activity Company, Series D-14X, 4.92%, 04/18/40 | 01/23/26 | 236 | 231 |  |
| Prysmian S.p.A., 5.25% (callable at 100, 05/21/30) | 05/14/25 | 139 | 146 |  |
| PT Freeport Indonesia, 4.76%, 04/14/27 | 12/09/22 | 345 | 346 |  |
| PT Freeport Indonesia, 6.20%, 04/14/52 | 02/20/25 | 298 | 291 |  |
| PT Garuda Indonesia (Persero) Tbk, 6.50%, 12/28/31 | 02/27/26 | 215 | 193 |  |
| Quintis Limited | 11/03/17 | 1905 |  |  |
| Rakuten Group, Inc., 4.25% (callable at 100, 04/22/27) | 12/18/25 | 389 | 382 |  |
| RCI Banque, 6.13% (callable at 100, 09/24/30) | 09/17/25 | 236 | 226 |  |
| RCI Banque, 5.50%, 10/09/34 | 06/25/24 | 440 | 468 |  |
| RCI Banque, 4.75%, 03/24/37 | 03/10/25 | 216 | 224 |  |
| REI Agro Limited, 0.00%, 11/13/14 | 08/26/11 | 499 |  |  |
| Resurgent Trade and Investment Ltd., 9.51%, 12/01/27 | 11/27/25 | 2991 | 3006 | 0.2 |
| Rockford Tower Europe CLO 2025-1 Designated Activity Company, Series 2025-D-1X, 5.03%, 10/25/37 | 03/07/25 | 466 | 486 |  |
| Rockford Tower Europe CLO 2025-3 Designated Activity Company, Series 2025-D-3X, 5.18%, 01/15/40 | 10/31/25 | 265 | 264 |  |
| Romania, Government of, 2.12%, 07/16/31 | 12/13/22 | 49 | 55 |  |
| Rossini S.a r.l., 5.89%, 12/31/29 | 07/11/24 | 141 | 150 |  |
| Rossini S.a r.l., 6.75%, 12/31/29 | 07/11/24 | 233 | 254 |  |
| Samarco Mineracao S.A., 9.00%, 06/30/31 | 02/13/24 | 77 | 77 |  |
| Sammaan Capital Limited, 7.50%, 10/16/30 | 10/09/25 | 275 | 269 |  |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32 | 03/05/25 | 250 | 239 |  |
| SBI Life Insurance Company Limited | 11/20/25 | 3101 | 2610 | 0.1 |
| Schaeffler AG, 4.25%, 04/01/28 | 03/25/25 | 216 | 228 |  |
| Schaeffler AG, 5.38%, 04/01/31 | 03/25/25 | 108 | 117 |  |
| Schneider Electric SE, 1.25%, 09/23/33 | 09/16/25 | 830 | 807 | 0.1 |
| Seche Environnement, 4.50%, 03/25/30 | 03/18/25 | 109 | 114 |  |
| Shift4 Payments, LLC, 5.50%, 05/15/33 | 05/08/25 | 977 | 896 | 0.1 |
| Signal Harmonic CLO I Designated Activity Company, Series DR-1X, 5.52%, 07/15/38 | 08/14/25 | 210 | 205 |  |
| Silver Point Euro CLO 1, Designated Activity Company, Series D-1X, 5.10%, 01/15/39 | 10/21/25 | 360 | 355 |  |
| SJM International Limited, 6.50%, 01/15/31 | 01/08/26 | 200 | 191 |  |
| SoftBank Group Corp., 5.38%, 01/08/29 | 06/27/24 | 398 | 430 |  |
| SoftBank Group Corp., 5.88%, 07/10/31 | 07/02/25 | 726 | 681 | 0.1 |
| SoftBank Group Corp., 5.75%, 07/08/32 | 06/27/24 | 638 | 608 | 0.1 |
| SoftBank Group Corp., 6.38%, 07/10/33 | 07/02/25 | 519 | 477 |  |
| Sona Fios CLO III DAC, Series D-3X, 5.28%, 04/20/37 | 08/02/24 | 753 | 789 | 0.1 |
| Sona Fios CLO V Designated Activity Company, Series D-5X, 5.33%, 08/25/38 | 07/08/25 | 305 | 298 |  |
| Stellantis N.V., 6.25% (callable at 100, 03/16/31) | 03/10/26 | 621 | 592 | 0.1 |
| Stellantis N.V., 6.88% (callable at 100, 12/16/33) | 03/10/26 | 663 | 627 | 0.1 |
| Stellantis N.V., 8.25% (callable at 100, 06/16/32) | 03/10/26 | 701 | 663 | 0.1 |
| Stena International S.A., 7.25%, 01/15/31 | 03/10/25 | 798 | 799 | 0.1 |
| Stonegate Pub Company Financing 2019 PLC, 8.62%, 07/31/29 | 07/31/24 | 198 | 206 |  |
| Stonegate Pub Company Financing 2019 PLC, 10.75%, 07/31/29 | 07/31/24 | 474 | 482 |  |
| Studio City Finance Limited, 5.00%, 01/15/29 | 02/13/25 | 281 | 281 |  |
| Summer (BC) Holdco B S.a r.l., 5.88%, 02/15/30 | 02/07/25 | 392 | 351 |  |
| Summer (BC) Holdco B S.a r.l., 6.23%, 02/15/30 | 02/07/25 | 206 | 201 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| TeamSystem S.p.A., 5.00%, 07/01/31 | 06/18/25 | 185 | 172 |  |
| TeamSystem S.p.A., 5.52%, 07/31/31 | 07/17/24 | 129 | 130 |  |
| Telefonica Emisiones S.A., 4.38% (callable at 100, 01/19/31) | 01/12/26 | 233 | 223 |  |
| Telefonica Emisiones S.A., 4.88% (callable at 100, 01/19/34) | 01/12/26 | 467 | 437 |  |
| Tenet Healthcare Corporation, 4.63%, 06/15/28 | 11/13/25 | 282 | 280 |  |
| Texas Debt Capital Euro CLO 2025-I Designated Activity Company, Series 2025-D-1X, 5.02%, 04/16/39 | 03/13/25 | 564 | 589 | 0.1 |
| Thames Water Utilities Finance PLC, 4.00%, 06/19/27 | 04/16/24 | 988 | 742 | 0.1 |
| The Hashemite Kingdom of Jordan, The Government of, 5.85%, 07/07/30 | 01/28/26 | 202 | 196 |  |
| The Unique Pub Finance Company PLC, 6.46%, 03/30/32 | 02/12/24 | 567 | 588 | 0.1 |
| Tikehau CLO XII Designated Activity Company, Series D-12X, 5.28%, 10/20/38 | 06/27/24 | 610 | 655 | 0.1 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27 | 02/13/23 | 272 | 292 |  |
| TUI Cruises GmbH, 5.00%, 05/15/30 | 11/19/24 | 170 | 180 |  |
| Unibail-Rodamco-Westfield SE, 4.75% (callable at 100, 06/11/31) | 09/02/25 | 463 | 457 |  |
| United Group B.V., 6.50%, 10/31/31 | 10/09/24 | 170 | 177 |  |
| United Overseas Bank Limited, 3.00% (callable at 100, 01/21/33) | 01/14/26 | 194 | 192 |  |
| Vedanta Resources Limited, 10.88%, 09/17/29 | 02/13/25 | 311 | 314 |  |
| Veolia Environnement, 4.32% (callable at 100, 10/24/32) | 09/17/25 | 236 | 224 |  |
| Verisure Midholding AB, 5.25%, 02/15/29 | 01/25/23 | 729 | 812 | 0.1 |
| VFU Funding PLC, 9.62%, 02/11/27 | 06/21/23 | 141 | 149 |  |
| Victory Street CLO I Designated Activity Company, Series D-1X, 5.47%, 01/15/38 | 11/04/24 | 522 | 552 |  |
| Victory Street CLO II Designated Activity Company, Series D-2X, 5.17%, 01/15/39 | 10/31/25 | 438 | 432 |  |
| VINCI, 0.75%, 03/04/31 | 02/25/26 | 354 | 329 |  |
| Virgin Media O2 Vendor Financing Notes V Designated Activity Company, 7.88%, 03/15/32 | 07/31/25 | 188 | 163 |  |
| Virgin Media O2 Vendor Financing Notes VII Designated Activity Company, 7.50%, 07/15/33 | 01/27/26 | 457 | 387 |  |
| Virgin Media Secured Finance PLC, 4.25%, 01/15/30 | 10/03/23 | 419 | 465 |  |
| Virgin Media Secured Finance PLC, 4.13%, 08/15/30 | 01/16/24 | 492 | 495 |  |
| Vivion Investments S.a r.l., 8.13% (callable at 100, 03/08/31) | 11/21/25 | 444 | 387 |  |
| Vivion Investments S.a r.l., 8.25%, 08/31/28 | 12/13/24 | 126 | 142 |  |
| Vivion Investments S.a r.l., 8.25%, 02/28/29 | 11/21/25 | 490 | 491 |  |
| Vivion Investments S.a r.l., 5.63%, 06/08/30 | 11/20/25 | 651 | 614 | 0.1 |
| Vlada Crne Gore, 2.88%, 12/16/27 | 03/15/24 | 111 | 119 |  |
| Vlada NA Republika Severna Makedonija, 6.96%, 03/13/27 | 11/03/23 | 124 | 135 |  |
| VMED O2 UK Financing I PLC, 4.50%, 07/15/31 | 01/27/25 | 356 | 361 |  |
| Vodafone Group Public Limited Company, 8.00%, 08/30/86 | 03/15/24 | 308 | 315 |  |
| Volkswagen International Finance N.V., 5.49% (callable at 100, 11/15/30) | 05/12/25 | 111 | 115 |  |
| Volkswagen International Finance N.V., 5.99% (callable at 100, 11/15/33) | 05/12/25 | 222 | 231 |  |
| Vonovia SE, 0.88%, 05/20/32 | 05/13/25 | 224 | 220 |  |
| VZ Secured Financing B.V., 5.25%, 01/15/33 | 09/08/25 | 638 | 579 | 0.1 |
| VZ Vendor Financing II B.V., 2.88%, 01/15/29 | 03/12/24 | 799 | 828 | 0.1 |
| Wintershall Dea GmbH, 6.12% (callable at 100, 05/08/30) | 04/29/25 | 381 | 391 |  |
| WuXi Biologics (Cayman) Inc. | 03/31/26 | 65 | 67 |  |
| Zegona Finance PLC, 6.75%, 07/15/29 | 10/23/24 | 170 | 183 |  |
| Zegona Finance PLC, 6.75%, 07/15/29 | 07/30/25 | 363 | 363 |  |
| ZF Friedrichshafen AG, 7.00%, 06/12/30 | 06/04/25 | 342 | 354 |  |
| ZF Friedrichshafen AG, 5.50%, 02/17/32 | 02/09/26 | 477 | 436 |  |
| ZTO Express (Cayman) Inc., 0.93%, 03/01/31 | 02/04/26 | 1295 | 1294 | 0.1 |
|  |  | 134910 | 130821 | 5.4 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 148 | March 2028 |  | 35777 | 7 | (37) |
| 3 Month SOFR Index | 148 | March 2029 |  | 35696 | 13 | 9 |
| Australia 10 Year Bond | 153 | June 2026 | AUD | 16648 | 86 | (115) |
| Australia 3 Year Bond | 405 | June 2026 | AUD | 42198 | 51 | (156) |
| Chicago Board Options Exchange Volatility Index | 4 | September 2026 |  | 89 | (2) | 8 |
| Euro BOBL | 546 | June 2026 | EUR | 63973 | 51 | (1095) |
| Euro Bund | 178 | June 2026 | EUR | 22671 | 43 | (406) |
| Euro OAT | 105 | June 2026 | EUR | 12781 | 36 | (368) |
| Euro Schatz | 55 | June 2026 | EUR | 5866 |  | (57) |
| FTSE 100 Index | 2 | June 2026 | GBP | 208 | 2 | (6) |
| Italy Government BTP Bond | 90 | June 2026 | EUR | 10804 | 68 | (390) |
| Italy Short Term Government BTP Bond | 45 | June 2026 | EUR | 4799 | 5 | (41) |
| Japan 10 Year Bond | 19 | June 2026 | JPY | 2505599 | (4) | (187) |
| KOSPI 200 Index | 136 | June 2026 | KRW | 28150724 | (720) | (1730) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Long Gilt | 94 | June 2026 | GBP | 8537 | 15 | (380) |
| NIFTY 50 Index | 129 | April 2026 |  | 5903 | 13 | (103) |
| Nikkei 225 Index | 135 | June 2026 | JPY | 7310000 | (757) | (2559) |
| Russell 2000 Index | 174 | June 2026 |  | 21933 | 731 | (77) |
| S&P 500 Index | 155 | June 2026 |  | 51631 | 1414 | (707) |
| STOXX Banks Index | 468 | June 2026 | EUR | 5624 | 72 | (181) |
| United States 2 Year Note | 2730 | July 2026 |  | 568600 | 213 | (2274) |
| United States Long Bond | 160 | June 2026 |  | 18721 | 60 | (501) |
| United States Ultra Bond | 675 | June 2026 |  | 80475 | 148 | (1795) |
|  |  |  |  |  | 1545 | (13148) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Chicago Board Options Exchange Volatility Index | (1) | April 2026 |  | (21) | 9 | (4) |
| Chicago Board Options Exchange Volatility Index | (3) | May 2026 |  | (71) | 3 | (2) |
| Euro Buxl 30 Year Bond | (14) | June 2026 | EUR | (1562) | (12) | 21 |
| Euro STOXX 50 Price Index | (31) | June 2026 | EUR | (1701) | (13) | (4) |
| NASDAQ 100 Stock Index | (412) | June 2026 |  | (204996) | (6388) | 7937 |
| Nikkei 225 Index | (8) | June 2026 | JPY | (214664) | 17 | 59 |
| United States 10 Year Note | (1469) | June 2026 |  | (165658) | (344) | 2530 |
| United States 10 Year Ultra Bond | (2239) | June 2026 |  | (258979) | (665) | 4817 |
| United States 5 Year Note | (2651) | July 2026 |  | (288203) | (373) | 1419 |
|  |  |  |  |  | (7766) | 16773 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 7.73<br> (M) | 06/19/26 | MXN | 46101 |  | (5) |
| 28-Day MEXIBOR (M) | Receiving | 6.91<br> (M) | 09/11/26 | MXN | 64170 |  | (2) |
| 28-Day MEXIBOR (M) | Receiving | 8.97<br> (M) | 12/14/29 | MXN | 9218 | (1) | (13) |
| 28-Day MEXIBOR (M) | Receiving | 8.65<br> (M) | 02/07/30 | MXN | 9850 | (1) | (9) |
| 28-Day MEXIBOR (M) | Receiving | 7.73<br> (M) | 05/06/30 | MXN | 4433 | (1) | 3 |
| 28-Day MEXIBOR (M) | Paying | 7.73<br> (M) | 05/11/26 | MXN | 23608 |  | 1 |
| 28-Day MEXIBOR (M) | Paying | 9.26<br> (M) | 11/18/26 | MXN | 368829 | 5 | 255 |
| 28-Day MEXIBOR (M) | Paying | 9.04<br> (M) | 11/14/29 | MXN | 135897 | 18 | 209 |
| 28-Day MEXIBOR (M) | Paying | 7.82<br> (M) | 06/07/30 | MXN | 8813 | 1 | (4) |
| 28-Day MEXIBOR (M) | Paying | 7.72<br> (M) | 06/24/30 | MXN | 5735 | 1 | (4) |
| 28-Day MEXIBOR (M) | Paying | 7.69<br> (M) | 07/30/30 | MXN | 32764 | 5 | (26) |
| 28-Day MEXIBOR (M) | Paying | 8.05<br> (M) | 03/31/31 | MXN | 11916 | 3 | (2) |
| 28-Day MEXIBOR (M) | Paying | 8.09<br> (M) | 03/31/31 | MXN | 10712 | 2 | (1) |
| 28-Day MEXIBOR (M) | Paying | 8.17<br> (M) | 03/31/31 | MXN | 1834 |  |  |
| 28-Day MEXIBOR (M) | Paying | 8.27<br> (M) | 12/05/35 | MXN | 6570 | 1 | (5) |
| 3M JIBAR (Q) | Receiving | 8.15<br> (Q) | 05/07/26 | ZAR | 44841 |  | (2) |
| 3M JIBAR (Q) | Receiving | 6.94<br> (Q) | 09/17/26 | ZAR | 37265 |  |  |
| 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 |  |  |
| 3M JIBAR (Q) | Receiving | 6.99<br> (Q) | 09/17/27 | ZAR | 7821 | (1) | 2 |
| 3M JIBAR (Q) | Receiving | 7.94<br> (Q) | 03/19/30 | ZAR | 32421 | (9) | (20) |
| 3M JIBAR (Q) | Receiving | 7.60<br> (Q) | 09/17/30 | ZAR | 14589 | (5) | 2 |
| 3M JIBAR (Q) | Paying | 9.90<br> (Q) | 09/20/33 | ZAR | 44674 | 24 | 270 |
| 3M JIBAR (Q) | Paying | 9.90<br> (Q) | 09/20/33 | ZAR | 22337 | 12 | 135 |
| 3M JIBAR (Q) | Paying | 9.92<br> (Q) | 09/20/33 | ZAR | 22337 | 12 | 137 |
| 3M KLIBOR (Q) | Receiving | 3.33<br> (Q) | 03/18/28 | MYR | 3894 | 1 | 2 |
| 6M BUBOR (S) | Paying | 6.50<br> (A) | 03/19/27 | HUF | 194072 |  | (3) |
| 6M BUBOR (S) | Paying | 5.68<br> (A) | 09/17/27 | HUF | 270932 | 1 | (15) |
| 6M BUBOR (S) | Paying | 5.76<br> (A) | 09/17/27 | HUF | 408000 | 2 | (21) |
| 6M BUBOR (S) | Paying | 6.55<br> (A) | 03/19/30 | HUF | 77570 | 1 | (5) |
| 6M BUBOR (S) | Paying | 5.96<br> (A) | 09/17/30 | HUF | 34906 |  | (4) |
| 6M EURIBOR (S) | Receiving | 0.02<br> (A) | 08/26/31 | EUR | 15925 | (73) | 2420 |
| 6M EURIBOR (S) | Paying | 3.00<br> (S) | 03/05/29 | EUR | 23857 | 93 | 136 |
| 6M EURIBOR (S) | Paying | 2.90<br> (A) | 04/30/29 | EUR | 26623 | 73 | 14 |
| 6M EURIBOR (S) | Paying | 2.87<br> (A) | 06/11/29 | EUR | 19266 | 46 | (9) |
| 6M EURIBOR (S) | Paying | 2.20<br> (A) | 06/04/30 | EUR | 4886 | 17 | (145) |
| 6M PRIBOR (S) | Receiving | 3.58<br> (A) | 03/18/31 | CZK | 2682 |  | 5 |
| 6M PRIBOR (S) | Receiving | 3.62<br> (A) | 03/18/31 | CZK | 2690 |  | 4 |
| 6M PRIBOR (S) | Paying | 3.46<br> (A) | 03/19/30 | CZK | 18218 | 1 | (27) |
| 6M PRIBOR (S) | Paying | 3.56<br> (A) | 06/18/30 | CZK | 4572 |  | (7) |
| 6M PRIBOR (S) | Paying | 3.66<br> (A) | 06/18/30 | CZK | 7410 |  | (10) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 6M PRIBOR (S) | Paying | 3.41<br> (A) | 09/17/30 | CZK | 13590 |  | (25) |
| 6M PRIBOR (S) | Paying | 3.55<br> (A) | 09/17/30 | CZK | 17667 | 1 | (27) |
| 6M PRIBOR (S) | Paying | 3.91<br> (A) | 12/17/30 | CZK | 35969 | 2 | (33) |
| 6M WIBOR (S) | Receiving | 4.21<br> (A) | 09/17/26 | PLN | 3178 | (1) | (1) |
| 6M WIBOR (S) | Receiving | 5.24<br> (S) | 09/19/26 | PLN | 7062 | (2) | (12) |
| 6M WIBOR (S) | Receiving | 5.13<br> (A) | 03/19/27 | PLN | 3523 | (1) | (8) |
| 6M WIBOR (S) | Receiving | 5.14<br> (A) | 03/19/27 | PLN | 5872 | (1) | (14) |
| 6M WIBOR (S) | Receiving | 3.97<br> (A) | 09/17/27 | PLN | 4228 | (1) | 5 |
| 6M WIBOR (S) | Receiving | 4.08<br> (A) | 12/17/30 | PLN | 1504 |  | 8 |
| 6M WIBOR (S) | Receiving | 4.10<br> (A) | 12/17/30 | PLN | 1527 |  | 8 |
| 6M WIBOR (S) | Receiving | 4.08<br> (A) | 12/17/30 | PLN | 1527 |  | 8 |
| 6M WIBOR (S) | Receiving | 4.40<br> (A) | 06/17/31 | PLN | 2258 |  | 6 |
| 6M WIBOR (S) | Receiving | 4.12<br> (A) | 06/17/31 | PLN | 2269 |  | 13 |
| 7-Day China Fixing Repo Rate (Q) | Paying | 1.59<br> (Q) | 12/17/28 | CNY | 13721 | 1 | 3 |
| 7-Day China Fixing Repo Rate (Q) | Paying | 1.45<br> (Q) | 09/17/30 | CNY | 10526 | 1 | (9) |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.38<br> (A) | 03/30/28 | JPY | 742913 | (3) | (2) |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.32<br> (A) | 03/30/28 | JPY | 800061 | (4) | 4 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.34<br> (A) | 03/30/28 | JPY | 804446 | (4) | 2 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.39<br> (A) | 03/30/28 | JPY | 804822 | (4) | (3) |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.32<br> (A) | 03/30/28 | JPY | 812842 | (4) | 4 |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 1.45<br> (A) | 03/06/54 | JPY | 440458 | 11 | (869) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 1.45<br> (A) | 03/11/54 | JPY | 440458 | 11 | (869) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 2.58<br> (A) | 10/08/55 | JPY | 40200 | 1 | (22) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 2.87<br> (A) | 03/30/56 | JPY | 229674 | 7 | (44) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 2.88<br> (A) | 03/30/56 | JPY | 229935 | 7 | (40) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 2.89<br> (A) | 03/30/56 | JPY | 231427 | 7 | (38) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 2.95<br> (A) | 03/30/56 | JPY | 229508 | (19) | (21) |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 2.98<br> (A) | 03/30/56 | JPY | 270509 | (10) | (13) |
| BRAZIBOR (A) | Receiving | 13.88<br> (A) | 01/04/27 | BRL | 14302 | 5 | 11 |
| BRAZIBOR (A) | Paying | 13.80<br> (A) | 01/03/28 | BRL | 2634 | 2 |  |
| BRAZIBOR (A) | Paying | 13.14<br> (A) | 01/02/29 | BRL | 2906 |  | (8) |
| BRAZIBOR (A) | Paying | 13.01<br> (A) | 01/02/29 | BRL | 5889 |  | (19) |
| BRAZIBOR (A) | Paying | 13.18<br> (A) | 01/02/31 | BRL | 2157 | 3 | (5) |
| ESTR Volume Weighted Trimmed Mean Rate (A) | Paying | 2.34<br> (A) | 01/19/33 | EUR | 11820 | 58 | (230) |
| HICP (A) | Paying | 2.69<br> (A) | 08/15/32 | EUR | 2335 | (1) | 22 |
| MIBOR (S) | Paying | 6.34<br> (S) | 03/20/27 | INR | 304464 | (3) | 11 |
| MIBOR (S) | Paying | 6.26<br> (S) | 03/20/29 | INR | 94215 | (3) | (7) |
| MIBOR (S) | Paying | 6.30<br> (S) | 03/20/29 | INR | 115151 | (3) | (7) |
| MIBOR (S) | Paying | 6.51<br> (S) | 06/17/31 | INR | 95549 | (1) | (14) |
| MIBOR (S) | Paying | 6.34<br> (S) | 03/20/34 | INR | 38724 | (2) | (14) |
| MIBOR (S) | Paying | 6.35<br> (S) | 03/20/34 | INR | 38724 | (2) | (14) |
| Sterling Overnight Index Average Rate (A) | Paying | 3.18<br> (A) | 02/10/28 | GBP | 134798 | 197 | (1828) |
| Sterling Overnight Index Average Rate (A) | Paying | 4.86<br> (A) | 06/20/28 | GBP | 10155 | 27 | 150 |
| Sterling Overnight Index Average Rate (A) | Paying | 4.12<br> (A) | 11/17/28 | GBP | 9358 | 33 | (38) |
| Sterling Overnight Index Average Rate (A) | Paying | 4.12<br> (A) | 11/21/28 | GBP | 9372 | 33 | (38) |
| Sterling Overnight Index Average Rate (A) | Paying | 4.00<br> (A) | 01/16/30 | GBP | 20893 | 94 | (190) |
| Sterling Overnight Index Average Rate (A) | Paying | 4.10<br> (A) | 11/07/54 | GBP | 7500 | 65 | (1064) |
| Sterling Overnight Index Average Rate (A) | Paying | 4.45<br> (A) | 12/04/55 | GBP | 3554 | 32 | (262) |
| Thai Overnight Repurchase Rate (Q) | Receiving | 1.35<br> (Q) | 09/17/35 | THB | 1613 | 3 | 2 |
| Thai Overnight Repurchase Rate (Q) | Paying | 1.62<br> (Q) | 06/17/31 | THB | 40730 | (9) | (9) |
| Thai Overnight Repurchase Rate (Q) | Paying | 1.38<br> (Q) | 09/17/35 | THB | 1613 | (3) | (3) |
| U.S. SOFR (A) | Receiving | 3.45<br> (A) | 01/26/28 |  | 36886 | (14) | 133 |
| U.S. SOFR (A) | Receiving | 3.27<br> (A) | 02/05/28 |  | 37186 | (14) | 251 |
| U.S. SOFR (A) | Receiving | 3.46<br> (A) | 12/15/36 |  | 7381 | (3) | 279 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 09/29/43 |  | 2537 | 1 | (34) |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 11/03/53 |  | 8127 | 24 | 688 |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 11/02/54 |  | 74211 | 238 | 6283 |
| U.S. SOFR (A) | Paying | 4.93<br> (A) | 04/26/26 |  | 172694 | 1 | 111 |
| U.S. SOFR (A) | Paying | 4.50<br> (A) | 05/08/26 |  | 38002 |  | 27 |
| U.S. SOFR (A) | Paying | 4.35<br> (A) | 07/22/26 |  | 16524 | 1 | 29 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 10/28/26 |  | 59862 | 6 | 84 |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 01/14/27 |  | 55300 | 10 | 146 |
| U.S. SOFR (A) | Paying | 4.73<br> (A) | 04/26/27 |  | 206451 | 56 | 2087 |
| U.S. SOFR (A) | Paying | 4.10<br> (A) | 05/30/27 |  | 45464 | 13 | 199 |
| U.S. SOFR (A) | Paying | 4.15<br> (A) | 05/30/27 |  | 45464 | 13 | 224 |
| U.S. SOFR (A) | Paying | 4.20<br> (A) | 10/23/27 |  | 15436 | 6 | 120 |
| U.S. SOFR (A) | Paying | 3.23<br> (A) | 12/11/27 |  | 55264 | 13 | (206) |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 01/26/28 |  | 36886 | 14 | 222 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 08/20/28 |  | 37166 | 15 | (94) |
| U.S. SOFR (A) | Paying | 4.50<br> (A) | 04/26/29 |  | 265430 | 156 | 6749 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 05/06/29 | 37974 | 22 | 458 |
| U.S. SOFR (A) | Paying | 3.66<br> (A) | 10/10/29 | 18554 | 12 | 43 |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 01/23/30 | 20893 | 15 | 303 |
| U.S. SOFR (A) | Paying | 3.23<br> (A) | 02/19/30 | 20761 | 14 | (276) |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 02/24/30 | 18047 | 13 | 201 |
| U.S. SOFR (A) | Paying | 4.35<br> (A) | 04/26/34 | 203666 | 222 | 7675 |
| U.S. SOFR (A) | Paying | 3.66<br> (A) | 10/10/34 | 12495 | 13 | (136) |
| U.S. SOFR (A) | Paying | 3.67<br> (A) | 12/26/34 | 21606 | 22 | (239) |
| U.S. SOFR (A) | Paying | 3.70<br> (A) | 01/06/35 | 16913 | 17 | (152) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 03/27/35 | 16742 | 16 | (101) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 07/09/35 | 8525 | 8 | (63) |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 04/26/54 | 8103 | (25) | (154) |
|  |  |  |  |  | 1633 | 22570 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | (55) |  | 223 |
| CDX.NA.HY.41.V2 (Q) | N/A | 5.00 | 12/20/28 | 936 | (48) | (6) | (42) |
| CDX.NA.HY.44.V2 (Q) | N/A | 5.00 | 06/20/30 | 6876 | (401) | (57) | 82 |
| CDX.NA.HY.45.V2 (Q) | N/A | 5.00 | 12/20/30 | 4929 | (260) | (44) | 78 |
| CDX.NA.IG.44 (Q) | N/A | 1.00 | 06/20/30 | 3471 | (62) | (6) | 14 |
| ITRAXX.EUR.XO.44 (Q) | N/A | 5.00 | 12/20/30 | 4150 | (348) | (24) | 51 |
| ITRAXX.EUR.XO.45 (Q) | N/A | 5.00 | 06/20/31 | 5035 | (365) | (33) | 5 |
|  |  |  |  |  | (1539) | (170) | 411 |
| **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** |
| Ardagh Packaging Holdings Limited (Q) | 10.32 | 5.00 | 06/20/30 | (22) | (4) |  | (4) |
| CDX.NA.HY.39.V4 (Q) | 2.47 | 5.00 | 12/20/27 | (3189) | 132 | 19 | 130 |
| CDX.NA.HY.41.V2 (Q) | 2.94 | 5.00 | 12/20/28 | (6116) | 312 | 39 | 89 |
| CDX.NA.IG.39 (Q) | 0.27 | 1.00 | 12/20/27 | (2318) | 28 | 2 | 24 |
| ITRAXX.EUR.XO.42.V4 (Q) | 2.83 | 5.00 | 12/20/29 | (15228) | 1260 | 87 | (282) |
| ITRAXX.EUR.XO.43.V3 (Q) | 2.86 | 5.00 | 06/20/30 | (1596) | 145 | 6 | (33) |
|  |  |  |  |  | 1873 | 153 | (76) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Abbott Laboratories | Call | 120.00 | 05/15/26 | 46 | 552 | 1 |
| AbbVie Inc. | Call | 250.00 | 05/15/26 | 22 | 550 | 2 |
| Advanced Micro Devices, Inc. | Call | 220.00 | 05/15/26 | 67 | 1474 | 66 |
| Alphabet Inc. | Call | 340.00 | 05/15/26 | 98 | 3332 | 12 |
| Amazon.com, Inc. | Call | 215.00 | 04/17/26 | 468 | 10062 | 154 |
| Amazon.com, Inc. | Call | 235.00 | 05/15/26 | 55 | 1293 | 16 |
| Apple Inc. | Call | 275.00 | 05/15/26 | 99 | 2723 | 27 |
| Bank of America Corporation | Call | 50.00 | 05/15/26 | 105 | 525 | 18 |
| Boeing Company, The | Call | 235.00 | 05/15/26 | 24 | 564 | 4 |
| Broadcom Inc. | Call | 380.00 | 05/15/26 | 30 | 1140 | 6 |
| Cameco Corporation | Call | 125.00 | 05/15/26 | 44 | 550 | 16 |
| Caterpillar Inc. | Call | 780.00 | 05/15/26 | 7 | 546 | 13 |
| Cheniere Energy, Inc. | Call | 320.00 | 06/18/26 | 55 | 1760 | 51 |
| Cisco Systems, Inc. | Call | 85.00 | 05/15/26 | 65 | 553 | 7 |
| Citizens Financial Group, Inc. | Call | 65.00 | 04/17/26 | 197 | 1281 | 8 |
| CSX Corporation | Call | 45.00 | 05/15/26 | 126 | 567 | 6 |
| Delta Air Lines, Inc. | Call | 75.00 | 04/17/26 | 628 | 4710 | 50 |
| Edwards Lifesciences Corporation | Call | 95.00 | 05/15/26 | 60 | 570 | 3 |
| Eli Lilly and Company | Call | 1100.00 | 05/15/26 | 11 | 1210 | 8 |
| Eli Lilly and Company | Call | 1000.00 | 05/15/26 | 35 | 3500 | 94 |
| GE Vernova Inc. | Call | 930.00 | 05/15/26 | 6 | 558 | 27 |
| GE Vernova Inc. | Call | 860.00 | 05/15/26 | 62 | 5332 | 486 |
| General Electric Company | Call | 350.00 | 05/15/26 | 16 | 560 | 2 |
| Home Depot, Inc. , The | Call | 400.00 | 04/17/26 | 36 | 1440 |  |
| Home Depot, Inc. , The | Call | 385.00 | 05/15/26 | 15 | 578 | 1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| Honeywell International Inc. | Call | 260.00 | 05/15/26 | 21 | 546 | 2 |
| Intel Corporation | Call | 52.50 | 05/15/26 | 106 | 557 | 16 |
| Intuitive Surgical, Inc. | Call | 540.00 | 05/15/26 | 10 | 540 | 4 |
| Invesco QQQ Trust Series I | Call | 608.00 | 04/10/26 | 254 | 15443 | 9 |
| Invesco QQQ Trust Series I | Call | 615.00 | 04/17/26 | 94 | 5781 | 5 |
| iShares Expanded Tech-Software Sector ETF | Call | 90.00 | 04/17/26 | 350 | 3150 | 6 |
| iShares Expanded Tech-Software Sector ETF | Call | 85.00 | 05/15/26 | 761 | 6469 | 142 |
| iShares MSCI Emerging Markets ETF | Call | 65.00 | 04/17/26 | 924 | 6006 | 3 |
| iShares Russell 2000 ETF | Put | 215.00 | 04/17/26 | 110 | 2365 | 5 |
| JPMorgan Chase & Co. | Call | 315.00 | 05/15/26 | 18 | 567 | 8 |
| Lam Research Corporation | Call | 240.00 | 05/15/26 | 23 | 552 | 24 |
| Lionsgate Studios Corp. | Call | 12.00 | 06/18/26 | 172 | 206 | 11 |
| Lowe`s Companies, Inc. | Call | 300.00 | 04/17/26 | 56 | 1680 |  |
| MasterCard Incorporated | Call | 555.00 | 05/15/26 | 10 | 555 | 4 |
| McKesson Corporation | Call | 1020.00 | 05/15/26 | 5 | 510 | 2 |
| Merck & Co., Inc. | Call | 130.00 | 05/15/26 | 44 | 572 | 8 |
| Meta Platforms, Inc. | Call | 720.00 | 05/15/26 | 10 | 720 | 2 |
| Micron Technology, Inc. | Call | 460.00 | 05/15/26 | 13 | 598 | 6 |
| Micron Technology, Inc. | Put | 380.00 | 05/15/26 | 76 | 2888 | 440 |
| Microsoft Corporation | Call | 445.00 | 05/15/26 | 55 | 2448 | 7 |
| MongoDB, Inc. | Call | 300.00 | 05/15/26 | 19 | 570 | 8 |
| Netflix, Inc. | Call | 105.00 | 05/15/26 | 54 | 567 | 12 |
| NVIDIA Corporation | Call | 200.00 | 05/15/26 | 187 | 3740 | 27 |
| NVIDIA Corporation | Put | 170.00 | 06/18/26 | 546 | 9282 | 584 |
| NVIDIA Corporation | Put | 180.00 | 07/17/26 | 610 | 10980 | 1037 |
| Oracle Corporation | Call | 180.00 | 05/15/26 | 31 | 558 | 5 |
| Palantir Technologies Inc. | Call | 165.00 | 05/15/26 | 33 | 545 | 17 |
| Philip Morris International Inc. | Call | 185.00 | 05/15/26 | 30 | 555 | 5 |
| Rockwell Automation, Inc. | Call | 370.00 | 05/15/26 | 61 | 2257 | 101 |
| Sabre Corporation | Call | 3.00 | 04/17/26 | 142 | 43 |  |
| Sabre Corporation | Call | 2.00 | 04/17/26 | 237 | 47 |  |
| SPDR Gold Shares | Call | 520.00 | 04/17/26 | 1576 | 81952 | 55 |
| SPDR Gold Shares | Call | 495.00 | 05/15/26 | 2135 | 105683 | 854 |
| SPDR Gold Shares | Put | 380.00 | 04/17/26 | 1261 | 47918 | 240 |
| State Street SPDR S&P 500 ETF | Call | 700.00 | 04/17/26 | 288 | 20160 | 3 |
| State Street SPDR S&P 500 ETF | Put | 650.00 | 04/17/26 | 93 | 6045 | 107 |
| Tesla Inc. | Call | 450.00 | 05/15/26 | 15 | 675 | 5 |
| Thermo Fisher Scientific Inc. | Call | 540.00 | 05/15/26 | 10 | 540 | 7 |
| Trane Technologies Public Limited Company | Call | 470.00 | 05/15/26 | 12 | 564 | 4 |
| United Airlines Holdings, Inc. | Call | 115.00 | 04/17/26 | 46 | 529 | 2 |
| United Airlines Holdings, Inc. | Call | 115.00 | 05/15/26 | 314 | 3611 | 53 |
| Vertiv Holdings Co | Call | 260.00 | 04/17/26 | 385 | 10010 | 371 |
| Vertiv Holdings Co | Call | 300.00 | 05/15/26 | 19 | 570 | 15 |
| Vistra Corp. | Call | 175.00 | 05/15/26 | 32 | 560 | 14 |
| Walmart Inc. | Call | 135.00 | 05/15/26 | 81 | 1094 | 9 |
| Walmart Inc. | Put | 125.00 | 04/17/26 | 218 | 2725 | 66 |
| Walt Disney Company, The | Call | 110.00 | 04/17/26 | 392 | 4312 | 2 |
| Walt Disney Company, The | Call | 110.00 | 05/15/26 | 50 | 550 | 4 |
| Wells Fargo & Company | Call | 85.00 | 05/15/26 | 66 | 561 | 12 |
| Williams Companies, Inc., The | Call | 75.00 | 04/17/26 | 222 | 1665 | 21 |
|  |  |  |  |  |  | 5422 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.45.V2, 12/20/30 | MSC | Put |  | 103.00 | 04/15/26 | 3240000 |  | 3240 | 10 |
| **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** |
| AUD/USD Spot Rate | GSC | Call |  | 0.69 | 07/06/26 | 754000 | AUD | 754 | 13 |
| EUR/BRL Spot Rate | CIT | Call | BRL | 6.29 | 04/09/26 | 344000 | EUR | 344 |  |
| USD/BRL Spot Rate | UBS | Call | BRL | 5.45 | 04/27/26 | 963000 |  | 963 | 4 |
| USD/CLP Spot Rate | HSB | Call | CLP | 910.00 | 04/13/26 | 287000 |  | 287 | 7 |
| USD/COP Spot Rate | MSC | Call | COP | 3850.00 | 05/22/26 | 569000 |  | 569 | 6 |
| USD/COP Spot Rate | UBS | Call | COP | 3920.00 | 05/27/26 | 618000 |  | 618 | 5 |
| USD/MXN Spot Rate | JPM | Call | MXN | 18.10 | 04/22/26 | 357000 |  | 357 | 4 |
| USD/NOK Spot Rate | BNP | Call | NOK | 10.00 | 05/15/26 | 3962735 |  | 3963 | 24 |
| USD/THB Spot Rate | BOA | Call | THB | 33.00 | 04/22/26 | 340000 |  | 340 | 2 |
| USD/THB Spot Rate | MSC | Call | THB | 32.00 | 04/09/26 | 276000 |  | 276 | 6 |
| USD/ZAR Spot Rate | MSC | Call | ZAR | 16.60 | 04/01/26 | 760000 |  | 760 | 16 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased 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 ($)** |
| AUD/USD Spot Rate | HSB | Put |  | 0.67 | 05/01/26 | 5700000 | AUD | 5700 | 19 |
| EUR/USD Spot Rate | BNP | Put |  | 1.14 | 04/28/26 | 3986596 | EUR | 3987 | 16 |
| EUR/USD Spot Rate | GSC | Put |  | 1.17 | 04/01/26 | 1059000 | EUR | 1059 | 11 |
| EUR/USD Spot Rate | SGS | Put |  | 1.14 | 04/15/26 | 796000 | EUR | 796 | 2 |
| USD/CLP Spot Rate | DUB | Put | CLP | 850.00 | 04/13/26 | 287000 |  | 287 |  |
| USD/HUF Spot Rate | BCL | Put | HUF | 333.00 | 04/28/26 | 755000 |  | 755 | 17 |
| USD/HUF Spot Rate | HSB | Put | HUF | 333.00 | 04/01/26 | 755000 |  | 755 | 3 |
| USD/HUF Spot Rate | MSC | Put | HUF | 335.00 | 04/08/26 | 1103000 |  | 1103 | 15 |
| USD/IDR Spot Rate | HSB | Put | IDR | 16400.00 | 05/04/26 | 2150000 |  | 2150 |  |
| USD/INR Spot Rate | HSB | Put | INR | 92.40 | 01/08/27 | 951000 |  | 951 | 5 |
|  |  |  |  |  |  |  |  |  | 175 |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| KOSPI 200 Index | JPM | Call | KRW | 870.00 | 05/14/26 | 19 | KRW | 4132500 | 51 |
| Nikkei 225 Index | BOA | Call | JPY | 56000.00 | 05/08/26 | 8 | JPY | 448000 | 30 |
|  |  |  |  |  |  |  |  |  | 81 |
| **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, 05/04/56 | BOA | Call |  | 3.55 | 04/30/26 | 22686000 |  | 22686 | 4 |
| U.S. SOFR, 06/10/27 | GSC | Call |  | 3.00 | 06/08/26 | 111620002 |  | 111620 | 31 |
| U.S. SOFR, 07/15/28 | GSC | Call |  | 3.35 | 07/13/26 | 2450000 |  | 2450 | 7 |
|  |  |  |  |  |  |  |  |  | 42 |
| **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** |
| EssilorLuxottica | BOA | Call | EUR | 280.00 | 04/17/26 | 56 | EUR | 1568 |  |
| Safran | BOA | Call | EUR | 350.00 | 04/17/26 | 48 | EUR | 1680 |  |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | BOA | Call | EUR | 68.00 | 05/15/26 | 30 | EUR | 1020 | 17 |
| ASML Holding N.V. | BOA | Put | EUR | 1120.00 | 06/19/26 | 38 | EUR | 4256 | 455 |
|  |  |  |  |  |  |  |  |  | 472 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Abbott Laboratories | Put | 95.00 | 06/18/26 | 46 | 437 | (12) |
| AbbVie Inc. | Put | 185.00 | 05/15/26 | 61 | 1129 | (11) |
| AbbVie Inc. | Put | 195.00 | 06/18/26 | 22 | 429 | (11) |
| Advanced Micro Devices, Inc. | Call | 250.00 | 05/15/26 | 134 | 3350 | (42) |
| Alphabet Inc. | Put | 260.00 | 05/15/26 | 82 | 2132 | (44) |
| Alphabet Inc. | Put | 265.00 | 05/15/26 | 66 | 1749 | (44) |
| Alphabet Inc. | Put | 260.00 | 06/18/26 | 98 | 2548 | (80) |
| Alphabet Inc. | Put | 210.00 | 09/18/26 | 91 | 1911 | (39) |
| Amazon.com, Inc. | Put | 185.00 | 05/15/26 | 183 | 3386 | (76) |
| Amazon.com, Inc. | Put | 180.00 | 06/18/26 | 55 | 990 | (27) |
| Amazon.com, Inc. | Put | 155.00 | 09/18/26 | 121 | 1876 | (51) |
| Apple Inc. | Put | 235.00 | 05/15/26 | 75 | 1763 | (34) |
| Apple Inc. | Put | 220.00 | 06/18/26 | 99 | 2178 | (39) |
| Bank of America Corporation | Put | 45.00 | 06/18/26 | 240 | 1080 | (35) |
| Bank of America Corporation | Put | 40.00 | 06/18/26 | 105 | 420 | (7) |
| Boeing Company, The | Put | 180.00 | 06/18/26 | 24 | 432 | (16) |
| Boston Scientific Corporation | Put | 75.00 | 04/17/26 | 134 | 1005 | (174) |
| Boston Scientific Corporation | Put | 70.00 | 05/15/26 | 172 | 1204 | (142) |
| Boston Scientific Corporation | Put | 65.00 | 05/15/26 | 167 | 1086 | (80) |
| Broadcom Inc. | Put | 250.00 | 05/15/26 | 79 | 1975 | (28) |
| Broadcom Inc. | Put | 280.00 | 06/18/26 | 30 | 840 | (46) |
| Broadcom Inc. | Put | 280.00 | 09/18/26 | 80 | 2240 | (202) |
| Broadcom Inc. | Put | 210.00 | 09/18/26 | 83 | 1743 | (59) |
| Cameco Corporation | Put | 90.00 | 06/18/26 | 156 | 1404 | (64) |
| Cameco Corporation | Put | 95.00 | 06/18/26 | 44 | 418 | (24) |
| Cameco Corporation | Put | 80.00 | 06/18/26 | 165 | 1320 | (33) |
| Cameco Corporation | Put | 85.00 | 06/18/26 | 119 | 1012 | (35) |
| Capital One Financial Corporation | Put | 190.00 | 06/18/26 | 59 | 1121 | (105) |
| Caterpillar Inc. | Put | 600.00 | 06/18/26 | 7 | 420 | (13) |
| Cheniere Energy, Inc. | Put | 260.00 | 06/18/26 | 55 | 1430 | (57) |
| Cisco Systems, Inc. | Put | 70.00 | 06/18/26 | 163 | 1141 | (34) |
| Cisco Systems, Inc. | Put | 65.00 | 06/18/26 | 65 | 423 | (8) |
| Citigroup Inc. | Put | 100.00 | 05/15/26 | 113 | 1130 | (25) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| Citizens Financial Group, Inc. | Put | 57.50 | 04/17/26 | 197 | 1133 | (23) |
| Costco Wholesale Corporation | Put | 860.00 | 05/15/26 | 14 | 1204 | (5) |
| CRH Public Limited Company | Put | 105.00 | 05/15/26 | 110 | 1155 | (60) |
| CSX Corporation | Put | 35.00 | 06/18/26 | 126 | 441 | (8) |
| D.R. Horton, Inc. | Put | 135.00 | 05/15/26 | 83 | 1121 | (60) |
| Delta Air Lines, Inc. | Call | 90.00 | 04/17/26 | 628 | 5652 | (3) |
| Delta Air Lines, Inc. | Put | 65.00 | 04/17/26 | 628 | 4082 | (178) |
| Delta Air Lines, Inc. | Put | 60.00 | 05/15/26 | 192 | 1152 | (44) |
| Edwards Lifesciences Corporation | Put | 70.00 | 05/15/26 | 164 | 1148 | (22) |
| Edwards Lifesciences Corporation | Put | 70.00 | 06/18/26 | 60 | 420 | (10) |
| Eli Lilly and Company | Call | 1080.00 | 05/15/26 | 35 | 3780 | (38) |
| Eli Lilly and Company | Put | 840.00 | 05/15/26 | 35 | 2940 | (95) |
| Eli Lilly and Company | Put | 900.00 | 06/18/26 | 13 | 1170 | (78) |
| Eli Lilly and Company | Put | 850.00 | 06/18/26 | 11 | 935 | (44) |
| Estee Lauder Companies Inc., The | Put | 85.00 | 06/18/26 | 312 | 2652 | (507) |
| Exxon Mobil Corporation | Put | 125.00 | 05/15/26 | 91 | 1138 | (3) |
| Fifth Third Bancorp | Put | 45.00 | 05/15/26 | 243 | 1094 | (41) |
| Freeport-McMoRan Inc. | Put | 50.00 | 05/15/26 | 214 | 1070 | (31) |
| GE Vernova Inc. | Call | 1000.00 | 05/15/26 | 44 | 4400 | (104) |
| GE Vernova Inc. | Put | 780.00 | 05/15/26 | 18 | 1404 | (62) |
| GE Vernova Inc. | Put | 700.00 | 05/15/26 | 62 | 4340 | (102) |
| GE Vernova Inc. | Put | 700.00 | 06/18/26 | 23 | 1610 | (64) |
| General Electric Company | Put | 260.00 | 05/15/26 | 44 | 1144 | (34) |
| General Electric Company | Put | 260.00 | 06/18/26 | 16 | 416 | (17) |
| Goldman Sachs Group, Inc., The | Put | 760.00 | 05/15/26 | 14 | 1064 | (25) |
| Hilton Worldwide Holdings Inc. | Put | 260.00 | 06/18/26 | 44 | 1144 | (21) |
| Home Depot, Inc. , The | Put | 355.00 | 04/17/26 | 36 | 1278 | (97) |
| Home Depot, Inc. , The | Put | 325.00 | 05/15/26 | 34 | 1105 | (38) |
| Home Depot, Inc. , The | Put | 300.00 | 06/18/26 | 15 | 450 | (13) |
| Honeywell International Inc. | Put | 200.00 | 06/18/26 | 21 | 420 | (7) |
| Intel Corporation | Put | 36.00 | 06/18/26 | 106 | 382 | (19) |
| Intel Corporation | Put | 35.00 | 06/18/26 | 690 | 2415 | (104) |
| Intuitive Surgical, Inc. | Put | 400.00 | 05/15/26 | 28 | 1120 | (20) |
| Intuitive Surgical, Inc. | Put | 420.00 | 06/18/26 | 10 | 420 | (15) |
| Invesco QQQ Trust Series I | Put | 580.00 | 04/17/26 | 94 | 5452 | (122) |
| iShares Expanded Tech-Software Sector ETF | Put | 72.00 | 04/17/26 | 689 | 4961 | (34) |
| iShares Expanded Tech-Software Sector ETF | Put | 70.00 | 05/15/26 | 761 | 5327 | (89) |
| iShares Expanded Tech-Software Sector ETF | Put | 75.00 | 06/18/26 | 350 | 2625 | (100) |
| iShares MSCI Emerging Markets ETF | Call | 70.00 | 04/17/26 | 924 | 6468 |  |
| iShares MSCI Emerging Markets ETF | Put | 59.00 | 04/17/26 | 924 | 5452 | (259) |
| iShares Russell 2000 ETF | Put | 175.00 | 04/17/26 | 110 | 1925 | (1) |
| JPMorgan Chase & Co. | Put | 270.00 | 05/15/26 | 42 | 1134 | (23) |
| JPMorgan Chase & Co. | Put | 245.00 | 06/18/26 | 18 | 441 | (7) |
| Lam Research Corporation | Put | 170.00 | 06/18/26 | 23 | 391 | (21) |
| Lam Research Corporation | Put | 165.00 | 06/18/26 | 77 | 1271 | (62) |
| Lam Research Corporation | Put | 155.00 | 06/18/26 | 64 | 992 | (41) |
| Lowe`s Companies, Inc. | Put | 260.00 | 04/17/26 | 56 | 1456 | (138) |
| MasterCard Incorporated | Put | 430.00 | 06/18/26 | 10 | 430 | (7) |
| McKesson Corporation | Put | 800.00 | 06/18/26 | 5 | 400 | (12) |
| MercadoLibre, Inc. | Put | 1700.00 | 05/15/26 | 6 | 1020 | (59) |
| Merck & Co., Inc. | Put | 100.00 | 06/18/26 | 44 | 440 | (7) |
| Meta Platforms, Inc. | Put | 570.00 | 05/15/26 | 20 | 1140 | (67) |
| Meta Platforms, Inc. | Put | 550.00 | 06/18/26 | 10 | 550 | (32) |
| Micron Technology, Inc. | Put | 270.00 | 05/15/26 | 114 | 3078 | (96) |
| Micron Technology, Inc. | Put | 320.00 | 06/18/26 | 13 | 416 | (42) |
| Micron Technology, Inc. | Put | 270.00 | 06/18/26 | 34 | 918 | (50) |
| Microsoft Corporation | Put | 350.00 | 05/15/26 | 41 | 1435 | (40) |
| Microsoft Corporation | Put | 345.00 | 06/18/26 | 55 | 1898 | (65) |
| MongoDB, Inc. | Put | 250.00 | 05/15/26 | 41 | 1025 | (91) |
| MongoDB, Inc. | Put | 210.00 | 06/18/26 | 19 | 399 | (30) |
| Netflix, Inc. | Put | 80.00 | 06/18/26 | 54 | 432 | (9) |
| NVIDIA Corporation | Call | 210.00 | 06/18/26 | 546 | 11466 | (142) |
| NVIDIA Corporation | Call | 240.00 | 09/18/26 | 551 | 13224 | (180) |
| NVIDIA Corporation | Put | 150.00 | 06/18/26 | 234 | 3510 | (109) |
| NVIDIA Corporation | Put | 140.00 | 06/18/26 | 546 | 7644 | (159) |
| NVIDIA Corporation | Put | 155.00 | 06/18/26 | 187 | 2899 | (108) |
| NVIDIA Corporation | Put | 140.00 | 07/17/26 | 915 | 12810 | (357) |
| NVIDIA Corporation | Put | 150.00 | 09/18/26 | 128 | 1920 | (117) |
| NVIDIA Corporation | Put | 125.00 | 09/18/26 | 152 | 1900 | (57) |
| Oracle Corporation | Put | 130.00 | 06/18/26 | 31 | 403 | (26) |
| Palantir Technologies Inc. | Put | 125.00 | 06/18/26 | 33 | 413 | (21) |
| Philip Morris International Inc. | Put | 140.00 | 06/18/26 | 30 | 420 | (7) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| Rockwell Automation, Inc. | Put | 320.00 | 05/15/26 | 114 | 3648 | (97) |
| SPDR Gold Shares | Call | 545.00 | 04/17/26 | 1576 | 85892 | (27) |
| SPDR Gold Shares | Call | 570.00 | 05/15/26 | 2135 | 121695 | (171) |
| SPDR Gold Shares | Put | 425.00 | 05/15/26 | 1220 | 51850 | (2126) |
| State Street SPDR S&P 500 ETF | Put | 640.00 | 04/17/26 | 324 | 20736 | (266) |
| State Street SPDR S&P 500 ETF | Put | 645.00 | 04/17/26 | 597 | 38507 | (582) |
| State Street SPDR S&P 500 ETF | Put | 630.00 | 04/17/26 | 93 | 5859 | (53) |
| State Street SPDR S&P 500 ETF | Put | 635.00 | 05/15/26 | 88 | 5588 | (114) |
| State Street SPDR S&P 500 ETF | Put | 610.00 | 06/18/26 | 243 | 14823 | (299) |
| State Street SPDR S&P 500 ETF | Put | 625.00 | 06/18/26 | 278 | 17375 | (434) |
| Taiwan Semiconductor Manufacturing Company Limited | Put | 240.00 | 09/18/26 | 76 | 1824 | (62) |
| Tesla Inc. | Put | 330.00 | 05/15/26 | 63 | 2079 | (57) |
| Tesla Inc. | Put | 320.00 | 05/15/26 | 33 | 1056 | (23) |
| Tesla Inc. | Put | 335.00 | 06/18/26 | 15 | 503 | (23) |
| Thermo Fisher Scientific Inc. | Put | 420.00 | 06/18/26 | 10 | 420 | (8) |
| Trane Technologies Public Limited Company | Put | 370.00 | 06/18/26 | 12 | 444 | (11) |
| Uber Technologies, Inc. | Put | 60.00 | 05/15/26 | 177 | 1062 | (17) |
| United Airlines Holdings, Inc. | Put | 95.00 | 04/17/26 | 46 | 437 | (33) |
| United Airlines Holdings, Inc. | Put | 87.50 | 05/15/26 | 124 | 1085 | (76) |
| United Airlines Holdings, Inc. | Put | 100.00 | 05/15/26 | 314 | 3140 | (395) |
| VanEck Semiconductor ETF | Put | 320.00 | 06/18/26 | 104 | 3328 | (90) |
| Vertex Pharmaceuticals Incorporated | Put | 380.00 | 06/18/26 | 28 | 1064 | (21) |
| Vertiv Holdings Co | Call | 310.00 | 04/17/26 | 385 | 11935 | (28) |
| Vertiv Holdings Co | Call | 290.00 | 04/17/26 | 60 | 1740 | (13) |
| Vertiv Holdings Co | Put | 220.00 | 06/18/26 | 19 | 418 | (32) |
| Vertiv Holdings Co | Put | 200.00 | 06/18/26 | 52 | 1040 | (55) |
| Vistra Corp. | Put | 130.00 | 06/18/26 | 32 | 416 | (23) |
| Walmart Inc. | Call | 140.00 | 04/17/26 | 218 | 3052 | (2) |
| Walmart Inc. | Put | 110.00 | 05/15/26 | 103 | 1133 | (10) |
| Walmart Inc. | Put | 110.00 | 06/18/26 | 81 | 891 | (18) |
| Walt Disney Company, The | Put | 95.00 | 04/17/26 | 392 | 3724 | (69) |
| Walt Disney Company, The | Put | 95.00 | 05/15/26 | 124 | 1178 | (47) |
| Walt Disney Company, The | Put | 85.00 | 06/18/26 | 50 | 425 | (10) |
| Wells Fargo & Company | Put | 80.00 | 05/15/26 | 143 | 1144 | (63) |
| Wells Fargo & Company | Put | 65.00 | 06/18/26 | 66 | 429 | (8) |
| Williams Companies, Inc., The | Put | 65.00 | 04/17/26 | 443 | 2880 | (9) |
|  |  |  |  |  |  | (11848) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written 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.45.V2, 12/20/30 | MSC | Put |  | 98.00 | 04/15/26 | 3240000 |  | 3240 | (2) |
| ITRAXX.EUR.XO.44, 12/20/30 | JPM | Call |  | 300.00 | 06/17/26 | 4877000 | EUR | 4877 | (45) |
| ITRAXX.EUR.XO.44, 12/20/30 | JPM | Put |  | 300.00 | 06/17/26 | 4877000 | EUR | 4877 | (126) |
|  |  |  |  |  |  |  |  |  | (173) |
| **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** |
| AUD/USD Spot Rate | GSC | Call |  | 0.73 | 07/06/26 | 1508000 | AUD | 1508 | (5) |
| AUD/USD Spot Rate | HSB | Put |  | 0.65 | 05/01/26 | 5700000 | AUD | 5700 | (6) |
| EUR/BRL Spot Rate | HSB | Call | BRL | 6.29 | 04/09/26 | 344000 | EUR | 344 |  |
| EUR/BRL Spot Rate | GSC | Put | BRL | 6.15 | 04/23/26 | 402000 | EUR | 402 | (12) |
| EUR/HUF Spot Rate | MSC | Call | HUF | 410.00 | 06/08/26 | 318000 | EUR | 318 | (3) |
| EUR/MXN Spot Rate | BOA | Call | MXN | 20.90 | 05/14/26 | 403000 | EUR | 403 | (6) |
| EUR/MXN Spot Rate | DUB | Call | MXN | 20.55 | 05/15/26 | 2492000 | EUR | 2492 | (58) |
| EUR/MXN Spot Rate | DUB | Put | MXN | 20.55 | 05/15/26 | 2492000 | EUR | 2492 | (19) |
| EUR/USD Spot Rate | BNP | Put |  | 1.12 | 04/28/26 | 3986596 | EUR | 3987 | (6) |
| EUR/USD Spot Rate | SGS | Put |  | 1.12 | 05/14/26 | 398000 | EUR | 398 | (1) |
| USD/BRL Spot Rate | BCL | Call | BRL | 5.65 | 05/04/26 | 5732979 |  | 5733 | (17) |
| USD/BRL Spot Rate | MSC | Call | BRL | 5.35 | 06/29/26 | 3808000 |  | 3808 | (93) |
| USD/BRL Spot Rate | UBS | Call | BRL | 5.70 | 04/27/26 | 1444000 |  | 1444 | (2) |
| USD/BRL Spot Rate | BCL | Put | BRL | 5.15 | 05/04/26 | 5732979 |  | 5733 | (55) |
| USD/BRL Spot Rate | MSC | Put | BRL | 5.35 | 06/29/26 | 3395000 |  | 3395 | (116) |
| USD/BRL Spot Rate | MSC | Put | BRL | 5.25 | 06/29/26 | 413000 |  | 413 | (10) |
| USD/CLP Spot Rate | HSB | Call | CLP | 905.00 | 05/15/26 | 1246000 |  | 1246 | (43) |
| USD/CLP Spot Rate | HSB | Put | CLP | 850.00 | 04/13/26 | 287000 |  | 287 |  |
| USD/CLP Spot Rate | HSB | Put | CLP | 905.00 | 05/15/26 | 1246000 |  | 1246 | (16) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** |
| USD/CNH Spot Rate | SGS | Call | CNH | 6.88 | 04/23/26 | 766000 |  | 766 | (3) |
| USD/COP Spot Rate | MSC | Call | COP | 4000.00 | 05/22/26 | 284500 |  | 285 | (1) |
| USD/COP Spot Rate | UBS | Call | COP | 4200.00 | 05/27/26 | 927000 |  | 927 | (2) |
| USD/COP Spot Rate | BCL | Put | COP | 3520.00 | 05/04/26 | 1433500 |  | 1434 | (2) |
| USD/COP Spot Rate | HSB | Put | COP | 3700.00 | 04/16/26 | 314000 |  | 314 | (4) |
| USD/COP Spot Rate | MSC | Put | COP | 3600.00 | 05/22/26 | 284500 |  | 285 | (2) |
| USD/HUF Spot Rate | BCL | Put | HUF | 333.00 | 04/01/26 | 755000 |  | 755 | (3) |
| USD/HUF Spot Rate | UBS | Put | HUF | 330.00 | 05/18/26 | 755000 |  | 755 | (16) |
| USD/IDR Spot Rate | BCL | Put | IDR | 16400.00 | 05/04/26 | 2150000 |  | 2150 |  |
| USD/INR Spot Rate | CIT | Call | INR | 92.80 | 05/14/26 | 548000 |  | 548 | (11) |
| USD/KRW Spot Rate | HSB | Call | KRW | 1480.00 | 04/09/26 | 383000 |  | 383 | (8) |
| USD/KRW Spot Rate | HSB | Put | KRW | 1445.00 | 04/09/26 | 383000 |  | 383 |  |
| USD/MXN Spot Rate | MSC | Call | MXN | 18.05 | 05/04/26 | 5732979 |  | 5733 | (83) |
| USD/MXN Spot Rate | UBS | Put | MXN | 17.55 | 05/14/26 | 6891074 |  | 6891 | (40) |
| USD/NOK Spot Rate | BNP | Call | NOK | 10.25 | 05/15/26 | 3962735 |  | 3963 | (11) |
| USD/THB Spot Rate | BOA | Put | THB | 32.00 | 05/22/26 | 340000 |  | 340 | (3) |
| USD/ZAR Spot Rate | BOA | Call | ZAR | 16.74 | 05/04/26 | 5734000 |  | 5734 | (155) |
| USD/ZAR Spot Rate | HSB | Call | ZAR | 17.50 | 05/15/26 | 1869000 |  | 1869 | (24) |
| USD/ZAR Spot Rate | MSC | Put | ZAR | 16.30 | 05/14/26 | 6906956 |  | 6907 | (32) |
|  |  |  |  |  |  |  |  |  | (868) |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| KOSPI 200 Index | JPM | Put | KRW | 750.00 | 05/14/26 | 19 | KRW | 3562500 | (177) |
| Nikkei 225 Index | BOA | Put | JPY | 50000.00 | 05/08/26 | 8 | JPY | 400000 | (102) |
|  |  |  |  |  |  |  |  |  | (279) |
| **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 EURIBOR, 04/27/36 | JPM | Put |  | 2.94 | 04/23/26 | 22069000 | EUR | 22069 | (369) |
| U.S. SOFR, 05/04/56 | BOA | Call |  | 3.25 | 04/30/26 | 22686000 |  | 22686 |  |
| U.S. SOFR, 12/18/36 | CIT | Call |  | 3.20 | 12/16/26 | 8783000 |  | 8783 | (49) |
| U.S. SOFR, 06/10/27 | GSC | Call |  | 2.50 | 06/08/26 | 111620002 |  | 111620 | (9) |
| U.S. SOFR, 07/15/28 | GSC | Call |  | 3.05 | 07/13/26 | 3680000 |  | 3680 | (5) |
| U.S. SOFR, 12/18/36 | CIT | Put |  | 4.60 | 12/16/26 | 4391500 |  | 4392 | (29) |
| U.S. SOFR, 07/02/28 | DUB | Put |  | 4.00 | 06/30/26 | 87966000 |  | 87966 | (126) |
| U.S. SOFR, 09/16/28 | DUB | Put |  | 3.80 | 09/14/26 | 83306000 |  | 83306 | (307) |
| U.S. SOFR, 12/20/29 | DUB | Put |  | 4.50 | 12/16/27 | 70851000 |  | 70851 | (253) |
| U.S. SOFR, 06/10/27 | GSC | Put |  | 3.50 | 06/08/26 | 111620002 |  | 111620 | (328) |
| U.S. SOFR, 10/23/28 | GSC | Put |  | 3.85 | 10/21/26 | 102922000 |  | 102922 | (387) |
| U.S. SOFR, 09/22/29 | GSC | Put |  | 4.30 | 09/20/27 | 120519000 |  | 120519 | (467) |
| U.S. SOFR, 06/17/28 | MSC | Put |  | 3.80 | 06/15/26 | 2690000 |  | 2690 | (6) |
| U.S. SOFR, 08/05/28 | MSC | Put |  | 3.70 | 08/03/26 | 86245000 |  | 86245 | (333) |
| U.S. SOFR, 12/10/29 | NSI | Put |  | 4.00 | 12/08/27 | 46997896 |  | 46998 | (275) |
|  |  |  |  |  |  |  |  |  | (2943) |
| **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** |
| ASML Holding N.V. | BOA | Call | EUR | 1480.00 | 06/19/26 | 57 | EUR | 8436 | (97) |
| ASML Holding N.V. | BOA | Put | EUR | 920.00 | 06/19/26 | 57 | EUR | 5244 | (225) |
| EssilorLuxottica | BOA | Put | EUR | 240.00 | 04/17/26 | 49 | EUR | 1176 | (235) |
| Safran | BOA | Call | EUR | 380.00 | 04/17/26 | 48 | EUR | 1824 |  |
| Safran | BOA | Put | EUR | 310.00 | 04/17/26 | 48 | EUR | 1488 | (174) |
| SK Hynix Inc. | MSC | Put | KRW | 800000.00 | 09/10/26 | 15083 | KRW | 12066400 | (1720) |
| Unicredit, Societa' Per Azioni In Forma Abbreviata Unicredit S.P.A. | BOA | Put | EUR | 56.00 | 05/15/26 | 30 | EUR | 840 | (43) |
|  |  |  |  |  |  |  |  |  | (2494) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | CIT | 04/23/26 | ARS | 216323 | 154 | 15 |
| AUD/JPY | MSC | 06/17/26 | JPY | (406209) | (2576) | (61) |
| AUD/USD | MSC | 06/17/26 | AUD | 6700 | 4617 | (156) |
| AUD/USD | SGS | 06/17/26 | AUD | 56911 | 39221 | (1327) |
| BRL/EUR | BCL | 06/17/26 | EUR | (9009) | (10449) | 64 |
| BRL/USD | BCL | 04/02/26 | BRL | 1990 | 384 | 3 |
| BRL/USD | BNP | 04/02/26 | BRL | 30783 | 5943 | 80 |
| BRL/USD | CIT | 04/02/26 | BRL | 17120 | 3305 | 3 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRL/USD | HSB | 04/02/26 | BRL | 2554 | 493 | 11 |
| BRL/USD | JPM | 04/02/26 | BRL | 7009 | 1353 | 18 |
| BRL/USD | BNP | 05/05/26 | BRL | 20564 | 3944 | 52 |
| CAD/USD | BCL | 06/17/26 | CAD | 21536 | 15533 | (394) |
| CAD/USD | BNP | 06/17/26 | CAD | 54107 | 39025 | (986) |
| CHF/USD | RBS | 04/24/26 | CHF | 226 | 284 | (4) |
| CHF/USD | SGS | 06/17/26 | CHF | 48912 | 61688 | (1819) |
| CLP/USD | UBS | 04/24/26 | CLP | 1463121 | 1580 | (1) |
| CNY/USD | UBS | 04/24/26 | CNY | 23981 | 3477 | (7) |
| CNY/USD | GSC | 06/17/26 | CNY | 334778 | 48702 | (290) |
| COP/USD | HSB | 04/24/26 | COP | 1166824 | 316 | 2 |
| COP/USD | MSC | 04/24/26 | COP | 2352372 | 636 | 7 |
| CZK/USD | HSB | 04/24/26 | CZK | 28633 | 1349 | (6) |
| DKK/USD | MSC | 06/17/26 | DKK | 72294 | 11230 | (79) |
| DKK/USD | TDB | 06/17/26 | DKK | 20606 | 3201 | (23) |
| EGP/USD | SGS | 04/20/26 | EGP | 15237 | 276 | (34) |
| EUR/CHF | UBS | 06/17/26 | CHF | (11451) | (14442) | 328 |
| EUR/HUF | CIB | 04/24/26 | HUF | (99664) | (299) | (4) |
| EUR/USD | CIB | 04/16/26 | EUR | 386 | 446 | (6) |
| EUR/USD | CIB | 04/16/26 | EUR | 12 | 13 |  |
| EUR/USD | RBS | 04/24/26 | EUR | 466 | 539 | (1) |
| EUR/USD | BOA | 06/17/26 | EUR | 5139 | 5961 | 19 |
| EUR/USD | CIB | 06/17/26 | EUR | 10684 | 12394 | (47) |
| EUR/USD | CIB | 06/17/26 | EUR | 1776 | 2060 | 4 |
| EUR/USD | CIT | 06/17/26 | EUR | 1058 | 1228 | 6 |
| EUR/USD | HSB | 06/17/26 | EUR | 4804 | 5572 | 21 |
| EUR/USD | JPM | 06/17/26 | EUR | 20784 | 24108 | (162) |
| EUR/USD | JPM | 06/17/26 | EUR | 1260 | 1461 | 1 |
| EUR/USD | MSC | 06/17/26 | EUR | 53781 | 62381 | (422) |
| EUR/USD | MSC | 06/17/26 | EUR | 8365 | 9702 | 23 |
| GBP/EUR | JPM | 06/17/26 | EUR | (5396) | (6259) | (49) |
| GBP/USD | JPM | 06/17/26 | GBP | 6913 | 9148 | (137) |
| GBP/USD | RBS | 06/17/26 | GBP | 16051 | 21241 | (315) |
| GBP/USD | TDB | 06/17/26 | GBP | 3715 | 4916 | (73) |
| HKD/USD | BNP | 06/17/26 | HKD | 52094 | 6670 | (16) |
| HUF/USD | BCL | 04/24/26 | HUF | 83378 | 250 | 1 |
| HUF/USD | MSC | 04/24/26 | HUF | 479732 | 1440 | 19 |
| HUF/USD | HSB | 06/17/26 | HUF | 1060639 | 3173 |  |
| IDR/USD | JPM | 04/01/26 | IDR | 1394691 | 82 |  |
| IDR/USD | JPM | 04/02/26 | IDR | 4192686 | 247 |  |
| IDR/USD | CIT | 04/24/26 | IDR | 51121296 | 3007 | (14) |
| IDR/USD | BCL | 04/27/26 | IDR | 8846586 | 520 | (2) |
| IDR/USD | DUB | 04/27/26 | IDR | 4665725 | 274 | (1) |
| INR/USD | JPM | 04/24/26 | INR | 272251 | 2864 | (41) |
| INR/USD | CIT | 05/27/26 | INR | 276854 | 2902 | (3) |
| INR/USD | CIT | 07/06/26 | INR | 23792 | 249 | (1) |
| JPY/AUD | MSC | 06/17/26 | AUD | (3743) | (2580) | 22 |
| JPY/AUD | RBS | 06/17/26 | AUD | (7258) | (5002) | 176 |
| JPY/EUR | BNP | 06/17/26 | EUR | (2119) | (2457) | 10 |
| JPY/EUR | CIB | 06/17/26 | EUR | (17178) | (19925) | (2) |
| JPY/USD | BOA | 04/24/26 | JPY | 45461 | 287 |  |
| JPY/USD | BCL | 06/17/26 | JPY | 21338697 | 135325 | (544) |
| JPY/USD | CIB | 06/17/26 | JPY | 2736022 | 17351 | (122) |
| JPY/USD | MSC | 06/17/26 | JPY | 779392 | 4943 | 5 |
| JPY/USD | SGS | 06/17/26 | JPY | 350824 | 2225 | 9 |
| KRW/USD | HSB | 04/24/26 | KRW | 445408 | 291 | (6) |
| MXN/EUR | TDB | 06/17/26 | EUR | (8976) | (10411) | (116) |
| MXN/USD | MSC | 04/24/26 | MXN | 51936 | 2892 | (11) |
| MXN/USD | MSC | 04/27/26 | MXN | 18636 | 1037 | (35) |
| MXN/USD | UBS | 04/27/26 | MXN | 11518 | 641 | (2) |
| MXN/USD | UBS | 04/27/26 | MXN | 5299 | 295 | 3 |
| MXN/USD | MSC | 08/18/26 | MXN | 48031 | 2648 | 97 |
| MYR/USD | BCL | 04/24/26 | MYR | 16505 | 4079 | (140) |
| NGN/USD | CIT | 07/28/26 | NGN | 266249 | 183 | 5 |
| NOK/CHF | MSC | 06/17/26 | CHF | (11599) | (14629) | 351 |
| NZD/USD | RBS | 06/17/26 | NZD | 2414 | 1391 | (48) |
| PEN/USD | SGS | 04/27/26 | PEN | 1920 | 551 | (20) |
| PEN/USD | CIT | 05/04/26 | PEN | 1612 | 462 | (20) |
| PHP/USD | BCL | 04/27/26 | PHP | 5063 | 83 | (2) |
| PHP/USD | CIT | 04/27/26 | PHP | 13067 | 215 | (1) |
| PHP/USD | GSC | 04/27/26 | PHP | 9152 | 151 | (1) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| PHP/USD | JPM | 04/27/26 | PHP | 9153 | 151 | (1) |
| PLN/USD | CIB | 04/24/26 | PLN | 9069 | 2443 | (15) |
| PLN/USD | HSB | 06/17/26 | PLN | 18191 | 4899 | (62) |
| SEK/USD | DUB | 06/17/26 | SEK | 96249 | 10207 | (351) |
| SGD/USD | CIT | 06/17/26 | SGD | 7160 | 5599 | (66) |
| THB/USD | BCL | 04/17/26 | THB | 57458 | 1744 | (111) |
| THB/USD | CIT | 04/17/26 | THB | 18077 | 550 | (35) |
| THB/USD | JPM | 04/17/26 | THB | 9065 | 276 | (18) |
| THB/USD | HSB | 04/24/26 | THB | 113340 | 3443 | (24) |
| THB/USD | MSC | 04/24/26 | THB | 6280 | 191 | 1 |
| THB/USD | BCL | 04/27/26 | THB | 26563 | 807 | (33) |
| TRY/USD | BCL | 04/27/26 | TRY | 41344 | 899 | 6 |
| TRY/USD | BCL | 06/17/26 | TRY | 114217 | 2357 | (18) |
| TWD/USD | UBS | 06/17/26 | TWD | 393030 | 12359 | (13) |
| USD/AUD | BCL | 04/24/26 | AUD | (365) | (252) |  |
| USD/AUD | BOA | 04/24/26 | AUD | (192) | (133) | 2 |
| USD/AUD | RBS | 06/18/26 | AUD | (2100) | (1447) | 53 |
| USD/BRL | BNP | 04/02/26 | BRL | (20435) | (3945) | (53) |
| USD/BRL | CIT | 04/02/26 | BRL | (23499) | (4537) | 1 |
| USD/BRL | JPM | 04/02/26 | BRL | (14293) | (2759) | (196) |
| USD/BRL | SGS | 04/02/26 | BRL | (1442) | (278) | (4) |
| USD/BRL | BNP | 05/05/26 | BRL | (30783) | (5904) | (78) |
| USD/BRL | CIT | 05/05/26 | BRL | (2174) | (417) | (4) |
| USD/BRL | JPM | 06/02/26 | BRL | (1685) | (321) | (18) |
| USD/BRL | CIT | 06/17/26 | BRL | (29246) | (5551) | (38) |
| USD/BRL | HSB | 06/17/26 | BRL | (5859) | (1112) |  |
| USD/BRL | UBS | 06/17/26 | BRL | (30161) | (5724) | (51) |
| USD/CAD | JPM | 04/24/26 | CAD | (657) | (473) | 6 |
| USD/CAD | RBS | 06/17/26 | CAD | (11844) | (8543) | 217 |
| USD/CHF | UBS | 06/17/26 | CHF | (3334) | (4205) | 124 |
| USD/CLP | CIT | 04/24/26 | CLP | (316118) | (341) | (2) |
| USD/CNY | HSB | 04/27/26 | CNY | (4833) | (701) | (1) |
| USD/CNY | MSC | 04/27/26 | CNY | (4314) | (626) | (3) |
| USD/CNY | JPM | 06/17/26 | CNY | (20249) | (2946) | 18 |
| USD/COP | MSC | 04/27/26 | COP | (12129256) | (3278) | (59) |
| USD/COP | CIT | 07/07/26 | COP | (1421247) | (379) | (3) |
| USD/COP | DUB | 07/07/26 | COP | (473118) | (126) | (3) |
| USD/CZK | CIB | 04/27/26 | CZK | (2502) | (118) | 3 |
| USD/CZK | DUB | 04/27/26 | CZK | (2498) | (118) | 4 |
| USD/CZK | HSB | 04/27/26 | CZK | (21582) | (1017) | 29 |
| USD/EGP | CIT | 05/21/26 | EGP | (7036) | (126) | 2 |
| USD/EUR | JPM | 04/16/26 | EUR | (171) | (198) | 3 |
| USD/EUR | MSC | 04/16/26 | EUR | (973) | (1125) | 15 |
| USD/EUR | RBS | 04/16/26 | EUR | (65) | (75) | 1 |
| USD/EUR | BNP | 06/17/26 | EUR | (5321) | (6172) | (26) |
| USD/EUR | BNP | 06/17/26 | EUR | (4657) | (5402) | 19 |
| USD/EUR | BOA | 06/17/26 | EUR | (11266) | (13067) | 19 |
| USD/EUR | CIT | 06/17/26 | EUR | (5400) | (6263) | (38) |
| USD/EUR | JPM | 06/17/26 | EUR | (81764) | (94839) | 649 |
| USD/EUR | RBS | 06/17/26 | EUR | (2917) | (3384) | (22) |
| USD/EUR | RBS | 06/17/26 | EUR | (2501) | (2900) | 11 |
| USD/EUR | SCB | 06/17/26 | EUR | (989) | (1147) | (3) |
| USD/EUR | SCB | 06/17/26 | EUR | (1838) | (2132) | 5 |
| USD/GBP | RBS | 04/24/26 | GBP | (279) | (369) | 4 |
| USD/GBP | CIB | 06/17/26 | GBP | (1200) | (1588) | 8 |
| USD/GBP | HSB | 06/17/26 | GBP | (788) | (1043) | 11 |
| USD/GBP | JPM | 06/17/26 | GBP | (28924) | (38275) | 565 |
| USD/GBP | RBS | 06/17/26 | GBP | (1207) | (1598) | 15 |
| USD/GBP | SCB | 06/17/26 | GBP | (847) | (1121) | 16 |
| USD/GBP | UBS | 06/17/26 | GBP | (3724) | (4929) | 28 |
| USD/HKD | GSC | 06/17/26 | HKD | (201957) | (25859) | 63 |
| USD/HUF | HSB | 04/27/26 | HUF | (208179) | (625) | 11 |
| USD/IDR | BNP | 04/27/26 | IDR | (31915376) | (1877) | 6 |
| USD/IDR | CIT | 04/27/26 | IDR | (6290270) | (370) | (1) |
| USD/IDR | MSC | 04/27/26 | IDR | (1394691) | (82) |  |
| USD/IDR | GSC | 06/17/26 | IDR | (91958236) | (5402) | 41 |
| USD/INR | CIT | 04/24/26 | INR | (275278) | (2896) | 9 |
| USD/INR | CIT | 05/27/26 | INR | (51764) | (542) | 5 |
| USD/INR | JPM | 06/17/26 | INR | (44525) | (466) | 13 |
| USD/JPY | DUB | 06/17/26 | JPY | (207765) | (1318) | 11 |
| USD/JPY | JPM | 06/17/26 | JPY | (1866264) | (11835) | 84 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/JPY | SGS | 06/17/26 | JPY | (994175) | (6305) | 50 |
| USD/KRW | BNP | 06/17/26 | KRW | (3718233) | (2433) | 98 |
| USD/MXN | JPM | 04/24/26 | MXN | (3328) | (185) | (1) |
| USD/MXN | MSC | 04/24/26 | MXN | (5784) | (322) | (1) |
| USD/MXN | TDB | 04/27/26 | MXN | (5292) | (295) | 4 |
| USD/MXN | UBS | 04/27/26 | MXN | (112425) | (6259) | 123 |
| USD/MXN | CIT | 06/17/26 | MXN | (31326) | (1736) | 3 |
| USD/MXN | HSB | 06/17/26 | MXN | (42085) | (2332) | 42 |
| USD/MXN | HSB | 08/18/26 | MXN | (48031) | (2648) | 47 |
| USD/NOK | MSC | 06/17/26 | NOK | (120087) | (12394) | 72 |
| USD/PEN | DUB | 04/24/26 | PEN | (878) | (252) | (1) |
| USD/PEN | SGS | 04/27/26 | PEN | (2767) | (794) | 29 |
| USD/PHP | BCL | 04/24/26 | PHP | (20188) | (332) | (1) |
| USD/PHP | CIT | 04/27/26 | PHP | (86378) | (1420) | 37 |
| USD/PHP | HSB | 04/27/26 | PHP | (159500) | (2622) | 69 |
| USD/PLN | HSB | 04/27/26 | PLN | (226) | (61) |  |
| USD/PLN | RBS | 04/27/26 | PLN | (15647) | (4215) | 155 |
| USD/THB | CIT | 04/24/26 | THB | (10908) | (331) |  |
| USD/THB | JPM | 04/27/26 | THB | (109136) | (3317) | 198 |
| USD/UYU | HSB | 04/27/26 | UYU | (8834) | (217) | 14 |
| USD/ZAR | CIB | 04/28/26 | ZAR | (108920) | (6424) | 261 |
| USD/ZAR | HSB | 04/28/26 | ZAR | (6924) | (408) | 9 |
| USD/ZAR | BNP | 06/17/26 | ZAR | (12970) | (762) | 29 |
| USD/ZAR | MSC | 06/17/26 | ZAR | (29771) | (1749) | (10) |
| ZAR/EUR | UBS | 06/17/26 | EUR | (6088) | (7061) | (220) |
| ZAR/USD | CIB | 04/24/26 | ZAR | 40553 | 2392 | (4) |
| ZAR/USD | CIT | 04/24/26 | ZAR | 5694 | 336 | (1) |
| ZAR/USD | MSC | 04/24/26 | ZAR | 4252 | 251 | 2 |
| ZAR/USD | GSC | 04/28/26 | ZAR | 6625 | 391 | (5) |
|  |  |  |  |  | 207725 | (4470) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) | Paying | BCL | 13.33<br> (A) | 01/02/29 | BRL | 1021 |  | (3) |
| BRAZIBOR (A) | Paying | BCL | 14.03<br> (A) | 01/02/29 | BRL | 2269 |  | 2 |
| BRAZIBOR (A) | Paying | BCL | 13.34<br> (A) | 01/02/29 | BRL | 4562 |  | (11) |
| BRAZIBOR (A) | Paying | BCL | 13.00<br> (A) | 01/02/29 | BRL | 18531 |  | (73) |
| BRAZIBOR (A) | Paying | BNP | 10.12<br> (A) | 01/04/27 | BRL | 150 |  | (2) |
| BRAZIBOR (A) | Paying | BNP | 10.03<br> (A) | 01/04/27 | BRL | 19707 |  | (339) |
| BRAZIBOR (A) | Paying | BNP | 10.12<br> (A) | 01/04/27 | BRL | 26802 |  | (447) |
| BRAZIBOR (A) | Paying | BOA | 9.97<br> (A) | 01/04/27 | BRL | 22621 |  | (390) |
| BRAZIBOR (A) | Paying | BOA | 10.12<br> (A) | 01/04/27 | BRL | 27934 |  | (466) |
| BRAZIBOR (A) | Paying | BOA | 12.95<br> (A) | 01/02/29 | BRL | 10350 |  | (44) |
| BRAZIBOR (A) | Paying | BOA | 13.00<br> (A) | 01/02/29 | BRL | 12045 |  | (48) |
| BRAZIBOR (A) | Paying | BOA | 13.12<br> (A) | 01/02/29 | BRL | 48379 |  | (167) |
| Chilean Interbank Rate (S) | Receiving | BNP | 5.42<br> (S) | 06/17/36 | CLP | 153229 |  | (1) |
| Chilean Interbank Rate (S) | Receiving | GSC | 4.44<br> (S) | 12/17/27 | CLP | 1530952 |  | 12 |
| Colombian Interbank Rate (A) | Receiving | BCL | 8.07<br> (A) | 09/17/26 | COP | 115948 |  | 1 |
| Colombian Interbank Rate (Q) | Receiving | BCL | 7.25<br> (Q) | 09/25/26 | COP | 257662 |  | 2 |
| Colombian Interbank Rate (Q) | Paying | GSC | 9.31<br> (Q) | 12/17/27 | COP | 1559457 |  | (19) |
| Colombian Interbank Rate (Q) | Paying | GSC | 9.37<br> (Q) | 12/17/27 | COP | 1548036 |  | (18) |
| Colombian Interbank Rate (Q) | Receiving | GSC | 9.42<br> (Q) | 12/17/29 | COP | 862451 |  | 17 |
| Colombian Interbank Rate (Q) | Receiving | GSC | 9.36<br> (Q) | 12/17/29 | COP | 864988 |  | 17 |
| Colombian Interbank Rate (Q) | Paying | MSC | 9.54<br> (Q) | 12/17/27 | COP | 3073423 |  | (34) |
| Colombian Interbank Rate (Q) | Receiving | MSC | 9.54<br> (Q) | 12/17/29 | COP | 1691338 |  | 31 |
|  |  |  |  |  |  |  |  | (1980) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| American Airlines Group Inc. (Q)  | MSC | N/A | 5.00 | 06/20/31  | 70  | 2  | 2  | —  |
| American Airlines Group Inc. (Q)  | MSC | N/A | 5.00 | 06/20/31  | 115  | 4  | 3  | 1  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Ally Financial Inc. (Q)  | GSC | N/A | 5.00 | 12/20/30  | 380  | (54)  | (59)  | 5  |
| Ally Financial Inc. (Q)  | JPM | N/A | 5.00 | 12/20/30  | 175  | (25)  | (28)  | 3  |
| Boeing Company, The (Q)  | DUB | N/A | 1.00 | 12/20/28  | 1300  | (18)  | (7)  | (11)  |
| Boeing Company, The (Q)  | JPM | N/A | 1.00 | 06/20/29  | 1300  | (19)  | 16  | (35)  |
| BorgWarner Inc. (Q)  | BNP | N/A | 1.00 | 12/20/27  | 210  | (3)  | 3  | (6)  |
| Community Health Systems, Inc. (Q)  | GSC | N/A | 5.00 | 06/20/26  | 80  | (1)  | 8  | (9)  |
| Community Health Systems, Inc. (Q)  | GSC | N/A | 5.00 | 06/20/26  | 50  | —  | 4  | (4)  |
| DXC Technology Company (Q)  | JPM | N/A | 5.00 | 06/20/29  | 112  | (13)  | (13)  | —  |
| DXC Technology Company (Q)  | JPM | N/A | 5.00 | 12/20/30  | 225  | (27)  | (33)  | 6  |
| Southwest Airlines Co. (Q)  | GSC | N/A | 1.00 | 06/20/31  | 1260  | 16  | 19  | (3)  |
| 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  | 40  | —  | 11  | (11)  |
| Pitney Bowes Inc. (Q)  | CIT | N/A | 1.00 | 12/20/27  | 60  | —  | 16  | (16)  |
| 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)  | 15  | (26)  |
| Simon Property Group, L.P. (Q)  | BNP | N/A | 1.00 | 06/20/30  | 185  | (4)  | (1)  | (3)  |
| UBS Group AG (Q)  | JPM | N/A | 1.00 | 06/20/28  | 1287  | (20)  | 37  | (57)  |
| Xerox Corporation (Q)  | BCL | N/A | 1.00 | 12/20/26  | 45  | 7  | 12  | (5)  |
| Xerox Corporation (Q)  | JPM | N/A | 1.00 | 12/20/27  | 120  | 52  | 14  | 38  |
|  |  |  |  |  | 7924 | (114) | 81 | (195) |
| **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.V4 (Q)  | BNP | 2.83 | 5.00 | 12/20/29  | (672)  | 49  | 37  | 12  |
| ITRAXX.EUR.XO.42.V4 (Q)  | BNP | 2.83 | 5.00 | 12/20/29  | (672)  | 50  | 38  | 12  |
| ITRAXX.EUR.XO.42.V4 (Q)  | BNP | 2.83 | 5.00 | 12/20/29  | (1308)  | 96  | 142  | (46)  |
| Forvia (Q)  | JPM | 3.05 | 5.00 | 12/20/30  | (185)  | 15  | 16  | (1)  |
| Eutelsat S.A. (Q)  | BNP | 1.69 | 5.00 | 12/20/30  | (336)  | 48  | 39  | 9  |
| Eutelsat S.A. (Q)  | JPM | 1.69 | 5.00 | 12/20/30  | (388)  | 56  | 47  | 9  |
| Altice France (Q)  | JPM | 2.37 | 5.00 | 06/20/27  | (826)  | 28  | 19  | 9  |
| Altice France (Q)  | JPM | 2.46 | 5.00 | 12/20/27  | (325)  | 14  | 14  | —  |
| Altice France (Q)  | MSC | 2.37 | 5.00 | 06/20/27  | (285)  | 10  | 8  | 2  |
| Altice France (Q)  | MSC | 2.46 | 5.00 | 12/20/27  | (207)  | 9  | 8  | 1  |
| Virgin Media Inc. (Q)  | GSC | 3.00 | 5.00 | 12/20/28  | (231)  | 12  | 17  | (5)  |
| Virgin Media Finance PLC (Q)  | JPM | 3.00 | 5.00 | 12/20/28  | (375)  | 20  | 29  | (9)  |
| Vistra Operations Company LLC (Q)  | JPM | 1.09 | 5.00 | 12/20/30  | (120)  | 20  | 23  | (3)  |
| Vistra Operations Company LLC (Q)  | JPM | 1.09 | 5.00 | 12/20/30  | (65)  | 11  | 12  | (1)  |
| ZF Friedrichshafen AG (Q)  | DUB | 2.52 | 5.00 | 12/20/28  | (339)  | 22  | 23  | (1)  |
| Vodafoneziggo Employment B.V. (Q)  | DUB | 5.76 | 5.00 | 12/20/30  | (430)  | (12)  | 11  | (23)  |
|  |  |  |  |  | (6764) | 448 | 483 | (35) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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>** | **Notional<sup>1</sup>** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Adecco Group AG (MT) | BOA | OBFR -0.26% (M) | TBD | (17811) |  | (412) | (18) |
| Aeroports de Paris (MT) | JPM | ESTR +0.00% (M) | TBD | (324) | EUR | (34) |  |
| Airtel Africa PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (112097) |  | (532) | 14 |
| Alamos Gold Inc (MT) | BOA | OBFR -0.20% (M) | TBD | (11257) |  | (453) | (48) |
| Alexandria Real Estate Equities, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (41300) |  | (1989) | 43 |
| ALFA, S.A.B. de C.V. (MT) | JPM | OBFR -0.50% (M) | TBD | (40316) |  | (40) |  |
| ALFA, S.A.B. de C.V. (MT) | BOA | OBFR -0.85% (M) | TBD | (92044) |  | (87) | (5) |
| Alibaba Group Holding Limited (MT) | JPM | HONIA +0.30% (M) | TBD | 8500 | HKD | 1077 | (5) |
| Alimentation Couche-Tard Inc. (MT) | BOA | OBFR -0.20% (M) | TBD | (11122) |  | (640) | 9 |
| Alstom (MT) | BOA | OBFR -0.26% (M) | TBD | (19810) |  | (550) | (15) |
| AMC Networks, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 28632 |  | 230 | (37) |
| Amcor Pty Ltd (MT) | BOA | OBFR +0.20% (M) | TBD | 8911 |  | 351 | 3 |
| Ares Management Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (12350) |  | (1322) | (35) |
| Baidu, Inc. (MT) | JPM | HONIA +0.30% (M) | TBD | 8800 | HKD | 1019 | (10) |
| Banca Monte dei Paschi di Siena S.p.A. (MT) | BOA | OBFR -0.14% (M) | TBD | (117033) |  | (986) | (37) |
| Barratt Redrow PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (173887) |  | (622) | 17 |
| Barry Callebaut AG (MT) | JPM | OBFR -0.47% (M) | TBD | (560) |  | (1018) | 45 |
| Baxter International Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (85726) |  | (1424) | (17) |
| BeOne Medicines AG (MT) | BOA | OBFR -0.05% (M) | TBD | (50300) |  | (1043) | (83) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)** |
| Bilibili Inc (MT) | JPM | HONIA +0.15% (M) | TBD | 3160 | HKD | 615 | (7) |
| Brandywine Realty Trust (MT) | JPM | OBFR -0.15% (M) | TBD | (813) |  | (2) |  |
| Brenntag SE (MT) | JPM | OBFR -0.26% (M) | TBD | (3016) |  | (193) | (14) |
| Brenntag SE (MT) | BOA | OBFR -0.26% (M) | TBD | (3699) |  | (226) | (27) |
| Bunge Global S.A. (MT) | BOA | OBFR -0.15% (M) | TBD | (8095) |  | (978) | (51) |
| BXP, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (8600) |  | (456) | 4 |
| Campbell's Company, The (MT) | BOA | OBFR -0.15% (M) | TBD | (87654) |  | (1845) | (106) |
| Carnival Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (35326) |  | (897) | (17) |
| Cellnex Telecom, S.A. (MT) | BOA | OBFR -0.09% (M) | TBD | (8560) |  | (252) | (24) |
| Chailease Holding Company Limited (MT) | JPM | OBFR -0.89% (M) | TBD | (12000) |  | (38) | (4) |
| Chailease Holding Company Limited (MT) | BOA | OBFR -0.35% (M) | TBD | (91025) |  | (295) | (19) |
| Charles River Laboratories International, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (3578) |  | (565) | (51) |
| China Merchants Bank Co., Ltd. (MT) | BOA | OBFR -0.30% (M) | TBD | (86500) |  | (522) | (26) |
| China Railway Group Limited (MT) | BOA | OBFR -0.17% (M) | TBD | (559000) |  | (286) | (4) |
| China Resources Power Holdings Company Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (234511) |  | (558) | 10 |
| China Resources Power Holdings Company Limited (MT) | JPM | OBFR -0.30% (M) | TBD | (1866) |  | (4) |  |
| Cirsa Enterprises SA (MT) | JPM | ESTR +0.26% (M) | TBD | 14252 | EUR | 198 | (3) |
| Cloudflare, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2523) |  | (556) | 36 |
| CMOC Group Limited (MT) | JPM | HONIA -0.30% (M) | TBD | (21000) | HKD | (426) | 10 |
| Community Financial System, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (2206) |  | (129) | (2) |
| Constellation Brands, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (7438) |  | (1133) | 19 |
| Continental Aktiengesellschaft (MT) | BOA | OBFR -0.26% (M) | TBD | (10449) |  | (723) | (9) |
| Coreweave, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (3251) |  | (259) | 8 |
| Corning Incorporated (MT) | BOA | OBFR -0.15% (M) | TBD | (1382) |  | (182) | (6) |
| Corpay Inc (MT) | BOA | OBFR -0.15% (M) | TBD | (5282) |  | (1549) | 13 |
| Cosan S.A. (MT) | JPM | OBFR -0.40% (M) | TBD | (254761) |  | (281) | 17 |
| Cosan S.A. (MT) | BOA | OBFR -0.30% (M) | TBD | (668038) |  | (681) | (11) |
| CoStar Group, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (28357) |  | (1208) | 65 |
| CRH Public Limited Company (MT) | JPM | OBFR +0.20% (M) | TBD | 1290 |  | 132 | 4 |
| Croda International Public Limited Company (MT) | BOA | OBFR -0.25% (M) | TBD | (9645) |  | (348) | (14) |
| Crown Castle Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (9777) |  | (795) | (10) |
| CSG B.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (23886) | EUR | (668) | 117 |
| CSG N.V. (MT) | JPM | HONIA +0.26% (M) | TBD | 63784 | EUR | 2077 | (654) |
| CVB Financial Corp. (MT) | JPM | OBFR -0.15% (M) | TBD | (5610) |  | (108) | (1) |
| Danaher Corporation (MT) | BOA | OBFR -0.10% (M) | TBD | (5023) |  | (954) |  |
| Delivery Hero SE (MT) | BOA | OBFR -0.26% (M) | TBD | (23871) |  | (456) | 19 |
| Derayah Financial (MT) | JPM | OBFR +0.75% (M) | TBD | 14191 |  | 86 | (3) |
| Descartes Systems Group Inc., The (MT) | BOA | OBFR -0.20% (M) | TBD | (6288) |  | (461) | 11 |
| DexCom, Inc. (MT) | BCL | OBFR -0.15% (M) | TBD | (19180) |  | (1265) | 61 |
| DexCom, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (7705) |  | (505) | 21 |
| DiaSorin S.p.A. (MT) | BOA | OBFR +0.26% (M) | TBD | 220 |  | 14 | 1 |
| DMG Mori Co., Ltd. (MT) | BOA | OBFR -0.25% (M) | TBD | (81) |  | (1) | (10) |
| E Ink Holdings Inc. (MT) | JPM | OBFR +0.00% (M) | TBD | (2000) |  | (9) |  |
| E Ink Holdings Inc. (MT) | BOA | OBFR -1.75% (M) | TBD | (16000) |  | (71) | 1 |
| Eagle Bancorp, Inc. (MT) | JPM | OBFR +0.20% (M) | TBD | 5166 |  | 129 | (1) |
| Emirates Integrated Telecommunications Company PJSC (MT) | JPM | OBFR +0.75% (M) | TBD | 148124 |  | 405 | (1) |
| Entain PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (67059) |  | (529) | 16 |
| Equifax Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2111) |  | (379) | (1) |
| Expand Energy Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (13492) |  | (1452) | (37) |
| Expedia Group, Inc. (MT) | BCL | OBFR -0.15% (M) | TBD | (3920) |  | (928) | 21 |
| F5, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (5022) |  | (1453) | 1 |
| Ferrovial SE (MT) | JPM | ESTR +0.26% (M) | TBD | 2060 | EUR | 116 | 1 |
| Flagstar Bank, National Association (MT) | JPM | OBFR +0.20% (M) | TBD | 91333 |  | 1144 | 57 |
| Fujikura Ltd. (MT) | BOA | OBFR -0.15% (M) | TBD | (12600) |  | (333) | (16) |
| Galderma Group AG (MT) | JPM | SARON +0.26% (M) | TBD | 650 | CHF | 94 | 10 |
| Gartner, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (3991) |  | (649) | 17 |
| Generac Holdings Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (4727) |  | (954) | 32 |
| General Mills, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (12903) |  | (474) | (6) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)** |
| Grifols, S.A. (MT) | BOA | OBFR -0.26% (M) | TBD | (42889) |  | (438) | (11) |
| Guangdong Huayan Robotics (MT) | JPM | HONIA +0.30% (M) | TBD | 1200 | HKD | 21 |  |
| H & M Hennes & Mauritz AB (MT) | JPM | OBFR -0.66% (M) | TBD | (32856) |  | (623) | 10 |
| H & M Hennes & Mauritz AB (MT) | BOA | OBFR -0.75% (M) | TBD | (12995) |  | (239) | (3) |
| HCA Healthcare, Inc. (MT) | BOA | OBFR -0.10% (M) | TBD | (2693) |  | (1332) | 56 |
| Hewlett Packard Enterprise Company (MT) | BOA | OBFR -0.15% (M) | TBD | (10391) |  | (240) | (8) |
| Honda Motor Co., Ltd. (MT) | BOA | OBFR -0.15% (M) | TBD | (161300) |  | (1302) | (25) |
| Horizon Robotics (MT) | JPM | OBFR -1.51% (M) | TBD | (24600) |  | (23) | 2 |
| Horizon Robotics (MT) | BOA | OBFR -1.40% (M) | TBD | (321000) |  | (293) | 17 |
| HOYA Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (4300) |  | (745) | (12) |
| Humana Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (2821) |  | (480) | (11) |
| HUTCHMED (China) Limited (MT) | JPM | OBFR -0.30% (M) | TBD | (18000) |  | (51) | (2) |
| HUTCHMED (China) Limited (MT) | BOA | OBFR -0.65% (M) | TBD | (43000) |  | (119) | (8) |
| Iberdrola, Sociedad Anonima (MT) | JPM | OBFR +0.26% (M) | TBD | 30106 |  | 667 | 18 |
| Iluka Resources Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (108614) |  | (457) | (56) |
| IMCD N.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (6209) |  | (532) | (120) |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (MT) | BOA | OBFR -0.26% (M) | TBD | (34761) |  | (253) | (23) |
| Infrastrutture Wireless Italiane S.p.A. O, In Forma Abbreviata, Inwit S.p.A. (MT) | JPM | OBFR -0.85% (M) | TBD | (3207) |  | (31) | 6 |
| InPost S.A. (MT) | BOA | OBFR -0.26% (M) | TBD | (28659) |  | (496) | (9) |
| International Flavors & Fragrances Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (11630) |  | (797) | (50) |
| International Paper Company (MT) | JPM | OBFR -0.25% (M) | TBD | (14838) |  | (554) | 21 |
| International Paper Company (MT) | BOA | OBFR -0.15% (M) | TBD | (77848) |  | (2770) | (7) |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | BOA | OBFR -1.30% (M) | TBD | (30826) |  | (2449) | (4) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (MT) | JPM | OBFR -0.81% (M) | TBD | (32765) |  | (3631) | 65 |
| Jack Henry & Associates, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1722) |  | (281) | 8 |
| Japan Steel Works, Ltd., The (MT) | BOA | OBFR -0.15% (M) | TBD | (1100) |  | (58) | (2) |
| JD Sports Fashion PLC (MT) | JPM | OBFR -0.25% (M) | TBD | (56619) |  | (56) | 2 |
| JD Sports Fashion PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (510971) |  | (474) | (8) |
| JD.com, Inc. (MT) | JPM | HONIA +0.30% (M) | TBD | 8300 | HKD | 875 | 10 |
| Johnson Controls International Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (23813) |  | (3183) | 62 |
| Kering (MT) | BOA | OBFR -0.06% (M) | TBD | (3869) |  | (1099) | (70) |
| Kimberly-Clark Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (2566) |  | (255) | (13) |
| Kobayashi Pharmaceutical Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (4100) |  | (144) | (9) |
| Kuaishou Technology (MT) | JPM | HONIA +1.00% (M) | TBD | 9900 | HKD | 581 | (16) |
| LANXESS Aktiengesellschaft (MT) | JPM | ESTR +0.00% (M) | TBD | (18393) | EUR | (222) | (145) |
| Leidos Holdings, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (4297) |  | (698) | 29 |
| Lennar Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (3697) |  | (341) | 20 |
| Les Vetements de Sport Gildan Inc. (MT) | BOA | OBFR -0.20% (M) | TBD | (20869) |  | (1188) | 23 |
| LG Energy Solution Ltd. (MT) | BOA | OBFR -7.00% (M) | TBD | (1359) |  | (319) | (45) |
| Li Auto Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (161600) |  | (1349) | (72) |
| Lionsgate Studios Corp. (MT) | JPM | OBFR +0.00% (M) | TBD | 801 |  | 8 | (1) |
| Lululemon Athletica Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (14228) |  | (2325) | 148 |
| Lynas Rare Earths Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (48801) |  | (587) | (60) |
| M3, Inc. (MT) | BOA | OBFR -0.10% (M) | TBD | (69200) |  | (679) | (41) |
| MatsukiyoCocokara & Co. (MT) | BOA | OBFR -0.25% (M) | TBD | (32700) |  | (489) | (37) |
| Meituan (MT) | BOA | OBFR +0.30% (M) | TBD | 48300 |  | 472 | 47 |
| Mercari, Inc. (MT) | JPM | OBFR -0.25% (M) | TBD | (34) |  | (1) |  |
| Mercari, Inc. (MT) | BOA | OBFR -0.25% (M) | TBD | (48098) |  | (1025) | (105) |
| Mineral Resources Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (12602) |  | (479) | 3 |
| Mitsui O.S.K. Lines, Ltd. (MT) | BOA | OBFR -0.13% (M) | TBD | (21100) |  | (844) | (41) |
| MMG Limited (MT) | BOA | OBFR -0.30% (M) | TBD | (612000) |  | (557) | (23) |
| Molina Healthcare, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (261) |  | (35) | 1 |
| Natura Cosmeticos S.A. (MT) | JPM | OBFR -0.85% (M) | TBD | (2390) |  | (4) | (1) |
| Natura Cosmeticos S.A. (MT) | BOA | OBFR -0.40% (M) | TBD | (45201) |  | (85) | (5) |
| Nebius Group N.V. (MT) | JPM | OBFR -0.77% (M) | TBD | (1323) |  | (152) | 14 |
| Nebius Group N.V. (MT) | BOA | OBFR -0.43% (M) | TBD | (939) |  | (107) | 10 |
| Neste Oyj (MT) | BOA | OBFR -0.26% (M) | TBD | (7590) |  | (242) | (8) |
| NetEase, Inc. (MT) | JPM | OBFR +0.30% (M) | TBD | 4600 | HKD | 838 | (4) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)** |
| Nike, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (35528) |  | (1874) | (7) |
| Ningbo Joyson Electronic Corp. (MT) | JPM | OBFR +0.30% (M) | TBD | 28000 | HKD | 437 | (2) |
| Nintendo Co., Ltd. (MT) | BOA | OBFR -0.14% (M) | TBD | (9400) |  | (555) | 15 |
| Nippon Steel Corporation (MT) | BCL | MUTAN -0.20% (M) | TBD | (83800) | JPY | (49763) | (2) |
| Nippon Steel Corporation (MT) | JPM | TONAR -0.25% (M) | TBD | (70600) | JPY | (41696) | (3) |
| Nissan Motor Co., Ltd. (MT) | JPM | OBFR -0.17% (M) | TBD | (82000) |  | (193) | 17 |
| Northern Star Resources Ltd (MT) | JPM | OBFR -0.25% (M) | TBD | (71849) |  | (1274) | 218 |
| Norwegian Cruise Line Holdings Ltd. (MT) | BOA | OBFR -0.15% (M) | TBD | (17191) |  | (346) | 24 |
| Orlen S A (MT) | BOA | OBFR -0.50% (M) | TBD | (11087) |  | (384) | (17) |
| Pagaya Technologies, Ltd. (MT) | BCL | OBFR -0.15% (M) | TBD | (23904) |  | (280) | 1 |
| Pagaya Technologies, Ltd. (MT) | JPM | OBFR -0.15% (M) | TBD | (11809) |  | (137) | (1) |
| Panasonic Holdings Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (73000) |  | (1147) | (86) |
| Pandora A/S (MT) | BOA | OBFR -0.26% (M) | TBD | (7205) |  | (538) | 29 |
| Paramount Skydance Corporation (MT) | JPM | OBFR +0.20% (M) | TBD | 5333 |  | 60 | (11) |
| PayPal Holdings, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (51700) |  | (2352) | 3 |
| POSCO Future M Co., Ltd. (MT) | JPM | OBFR -8.75% (M) | TBD | (2324) |  | (315) | (11) |
| POSCO Future M Co., Ltd. (MT) | BOA | OBFR -7.00% (M) | TBD | (1803) |  | (222) | (31) |
| Postal Savings Bank of China Co., Ltd. (MT) | BOA | OBFR -0.30% (M) | TBD | (855000) |  | (529) | (9) |
| Power Corporation of Canada (MT) | JPM | OBFR -0.25% (M) | TBD | (3584) |  | (172) | (2) |
| Prio S.A. (MT) | BOA | OBFR -0.30% (M) | TBD | (31172) |  | (392) | (7) |
| PulteGroup, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (650) |  | (77) |  |
| Randstad N.V. (MT) | JPM | OBFR +0.00% (M) | TBD | (1836) |  | (47) | (1) |
| Rasan Information Technology Company (MT) | JPM | OBFR +0.75% (M) | TBD | 9913 |  | 343 | 14 |
| Relx PLC (MT) | JPM | SONIA +0.25% (M) | TBD | 1317 | GBP | 35 | (3) |
| Renesas Electronics Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (78000) |  | (1114) | (1) |
| Restaurant Brands International Limited Partnership (MT) | BOA | OBFR -0.20% (M) | TBD | (13531) |  | (1015) | 4 |
| Sapporo Holdings Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (24800) |  | (263) | (10) |
| Sartorius Stedim Biotech (MT) | JPM | OBFR -0.26% (M) | TBD | (1943) |  | (366) | (13) |
| Sasol (MT) | JPM | OBFR -0.40% (M) | TBD | (94604) |  | (905) | (344) |
| SATS Ltd. (MT) | JPM | OBFR -0.30% (M) | TBD | (31600) |  | (87) |  |
| Schroders PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (99070) |  | (759) |  |
| Sea Limited (MT) | BOA | OBFR -0.15% (M) | TBD | (5301) |  | (423) | (16) |
| Seagate Technology Holdings Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (849) |  | (343) | 10 |
| Seatrium Limited (MT) | JPM | OBFR -1.25% (M) | TBD | (148600) |  | (264) | (11) |
| Seatrium Limited (MT) | BOA | OBFR -1.50% (M) | TBD | (140300) |  | (252) | (8) |
| Sembcorp Industries Ltd (MT) | BOA | OBFR -0.30% (M) | TBD | (47800) |  | (235) | (14) |
| Sembcorp Industries Ltd (MT) | JPM | OBFR -0.30% (M) | TBD | (36700) |  | (163) | (27) |
| SGH Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (12302) |  | (358) | 7 |
| Shandong Gold Group Co., Ltd. (MT) | BOA | OBFR -0.90% (M) | TBD | (150500) |  | (583) | (51) |
| Sharp Corporation (MT) | JPM | OBFR -0.47% (M) | TBD | (45400) |  | (174) | 7 |
| Sharp Corporation (MT) | BOA | OBFR -1.34% (M) | TBD | (9200) |  | (33) | (1) |
| Shenzhen Han'S CNC Technology Co., Ltd. (MT) | JPM | HONIA +0.30% (M) | TBD | 4906 | HKD | 470 | 2 |
| Shiseido Company, Limited (MT) | BOA | OBFR -0.10% (M) | TBD | (32800) |  | (604) | (70) |
| SIG Group AG (MT) | BOA | OBFR -0.26% (M) | TBD | (48273) |  | (684) | (36) |
| Sigma Healthcare Ltd (MT) | JPM | OBFR +0.25% (M) | TBD | (534989) |  | (1016) | 23 |
| Simon Property Group, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (4987) |  | (905) | (38) |
| SMG Swiss Marketplace Group Holding AG (MT) | JPM | OBFR +0.26% (M) | TBD | 455 |  | 18 | (3) |
| Smurfit Westrock Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (34376) |  | (1330) | (39) |
| STMicroelectronics N.V. (MT) | BOA | OBFR -0.26% (M) | TBD | (8922) |  | (291) | (14) |
| Sumitomo Mitsui Banking Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (19800) |  | (1170) | (2) |
| Sunny Optical Technology (Group) Company Limited (MT) | JPM | HONIA +0.30% (M) | TBD | 10200 | HKD | 556 |  |
| Super Micro Computer, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (21688) |  | (468) | (25) |
| Teledyne Technologies Incorporated (MT) | BOA | OBFR -0.15% (M) | TBD | (722) |  | (450) | 14 |
| Teleperformance SE (MT) | BOA | OBFR -0.26% (M) | TBD | (2898) |  | (166) | (4) |
| Temenos AG (MT) | BOA | OBFR -0.26% (M) | TBD | (3540) |  | (324) | 15 |
| Tencent Holdings Limited (MT) | JPM | HONIA +1.00% (M) | TBD | 2100 | HKD | 1075 | (5) |
| Teradyne, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1475) |  | (450) | 13 |
| The Unite Group PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (12262) |  | (75) |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($)** |
| TIS Inc. (MT) | BOA | OBFR -0.10% (M) | TBD | (15600) |  | (330) | (6) |
| TKO Group Holdings Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (1983) |  | (385) | (16) |
| TOPPAN Holdings Inc. (MT) | BOA | OBFR -0.13% (M) | TBD | (22000) |  | (625) | 39 |
| Tourmaline Oil Corp (MT) | BOA | OBFR -0.20% (M) | TBD | (41239) |  | (2046) | 64 |
| Trade Desk, Inc., The (MT) | BOA | OBFR -0.15% (M) | TBD | (84632) |  | (2027) | 108 |
| UDR, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (42931) |  | (1469) | 20 |
| Unimicron Technology Corp. (MT) | JPM | OBFR -1.00% (M) | TBD | (2000) |  | (34) | 4 |
| Vanguard Intermediate-Term Corporate Bond ETF (MT) | JPM | OBFR -0.15% (M) | TBD | (30290) |  | (2543) | 41 |
| W. R. Berkley Corporation (MT) | BOA | OBFR -0.15% (M) | TBD | (9255) |  | (607) | (6) |
| Whitbread PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (10718) |  | (334) | 6 |
| Willis Towers Watson Public Limited Company (MT) | BOA | OBFR -0.15% (M) | TBD | (5095) |  | (1495) | 10 |
| Wise PLC (MT) | BOA | OBFR -0.25% (M) | TBD | (22256) |  | (263) | (4) |
| Workday, Inc. (MT) | BOA | OBFR -0.15% (M) | TBD | (4433) |  | (606) | 31 |
| Xiaomi Corporation (MT) | JPM | HONIA +0.30% (M) | TBD | 24800 | HKD | 826 | (3) |
| Xinyi Glass Holdings Limited (MT) | JPM | OBFR -0.75% (M) | TBD | (39746) |  | (54) | 4 |
| Xinyi Glass Holdings Limited (MT) | BOA | OBFR -2.00% (M) | TBD | (249035) |  | (320) | 8 |
| XPeng Inc. (MT) | JPM | HONIA +0.15% (M) | TBD | 7700 | HKD | 542 | (4) |
| Yakult Honsha Co., Ltd. (MT) | BOA | OBFR -0.10% (M) | TBD | (35900) |  | (581) | (28) |
| Zensho Holdings Co., Ltd. (MT) | BOA | OBFR -0.12% (M) | TBD | (3800) |  | (219) | (3) |
| Zijin Mining Group Co., Ltd. (MT) | BOA | OBFR -0.30% (M) | TBD | (90000) |  | (374) | (37) |
| ZTO Express (Cayman) Inc. (MT) | JPM | HONIA -0.41% (M) | TBD | (22700) | HKD | (4170) | (25) |
|  |  |  |  |  |  |  | (1531) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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>** | **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** | **Total return swap agreements - receiving return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| iShares Broad USD High Yield Corporate Bond ETF (Q) | SOFR +0.21% (Q) | BNP | 06/22/26 |  | 938 |  | 7 |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -0.80% (Q) | BNP | 06/22/26 |  | 3404 |  | 26 |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -0.80% (Q) | BNP | 06/22/26 |  | 6961 |  | 52 |
| iShares Broad USD High Yield Corporate Bond ETF (Q) | SOFR +0.00% (Q) | JPM | 06/22/26 |  | 3854 |  | 28 |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -0.70% (Q) | JPM | 06/22/26 |  | 4938 |  | 37 |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -1.00% (Q) | MSC | 06/22/26 |  | 2966 |  | 23 |
|  |  |  |  |  |  |  | 173 |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| BNP Paribas AIR Intraday US Ultimate Index (Q) | Fixed Rate of +0.00% (Q) | BNP | 12/18/26 |  | 65 |  | 1 |
| Citi EQ US 1W Volatility Carry Index‡ (Q) | Fixed Rate of +0.00% (Q) | BOA | 12/18/26 |  | 192 |  | 7 |
| Deutsche Bank Variable Notional Long-Short Credit Index (Q) | 3M TSY +0.00% (Q) | DUB | 12/11/26 |  | 335 |  | 1 |
| Goldman Sachs Rate Volatility Index‡ (Q) | SOFR +0.00% (Q) | GSC | 12/18/26 |  | 111 |  |  |
| Goldman Sachs Systematic Equity Skew Index‡ (Q) | SOFR +0.00% (Q) | GSC | 12/18/26 |  | 144 |  | 4 |
| J.P. Morgan Emerging Market FX Volatility Index‡ (Q) | 3M TSY +0.00% (Q) | JPM | 12/18/26 |  | 197 |  |  |
|  |  |  |  |  |  |  | 13 |
| **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** | **Total return swap agreements - paying return** |
| **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -1.35% (Q) | BOA | 06/22/26 |  | (4389) |  | (34) |
| Rheinmetall Aktiengesellschaft (Q) | ESTR +0.00% (A) | BOA | 06/19/26 | EUR | (2652) |  | 92 |
| Microsoft Corporation (Q) | SOFR +0.25% (Q) | JPM | 06/18/26 |  | (767) |  | 43 |
|  |  |  |  |  |  |  | 101 |

---

‡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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1088337 | 411183 | 761 | 1500281 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 214584 | 8683 | 223267 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 151698 |  | 151698 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 101171 | 2955 | 104126 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 100716 |  | 100716 |
| &nbsp;&nbsp;Investment Companies | 57273 |  |  | 57273 |
| &nbsp;&nbsp;Preferred Stocks | 6748 |  |  | 6748 |
| &nbsp;&nbsp;Rights |  |  | 20 | 20 |
| &nbsp;&nbsp;Warrants | 9 |  |  | 9 |
| &nbsp;&nbsp;Short Term Investments | 244773 | 3840 |  | 248613 |
|  | 1397140 | 983192 | 12419 | 2392751 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 16800 |  |  | 16800 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 30164 |  | 30164 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 696 |  | 696 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 5422 |  |  | 5422 |
| &nbsp;&nbsp;OTC Purchased Options |  | 800 |  | 800 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 4675 |  | 4675 |
| &nbsp;&nbsp;OTC Interest Rate Swap Agreements |  | 82 |  | 82 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 107 |  | 107 |
| &nbsp;&nbsp;OTC Contracts for Difference |  | 2026 |  | 2026 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 310 | 11 | 321 |
|  | 22222 | 38860 | 11 | 61093 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (13175) |  |  | (13175) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (7594) |  | (7594) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (361) |  | (361) |
| &nbsp;&nbsp;Exchange Traded Written Options | (11848) |  |  | (11848) |
| &nbsp;&nbsp;OTC Written Options |  | (6757) |  | (6757) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (9145) |  | (9145) |
| &nbsp;&nbsp;OTC Interest Rate Swap Agreements |  | (2062) |  | (2062) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (337) |  | (337) |
| &nbsp;&nbsp;OTC Contracts for Difference |  | (3557) |  | (3557) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (34) |  | (34) |
|  | (25023) | (29847) |  | (54870) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.4%** | **COMMON STOCKS 98.4%** | **COMMON STOCKS 98.4%** |
| **United States of America 40.6%** | **United States of America 40.6%** | **United States of America 40.6%** |
| Bunge Global S.A. | 181 | 23010 |
| CF Industries Holdings, Inc. | 30 | 3855 |
| Chevron Corporation | 250 | 51709 |
| ConocoPhillips | 148 | 19561 |
| Corteva, Inc. | 364 | 30457 |
| Deere & Company | 20 | 11091 |
| Exxon Mobil Corporation | 432 | 73276 |
| Freeport-McMoRan Inc. | 71 | 4148 |
| Linde Public Limited Company | 25 | 12516 |
| Martin Marietta Materials, Inc. | 25 | 14628 |
| Newmont Corporation | 128 | 13799 |
| Packaging Corporation of America | 94 | 19926 |
| Permian Resources Corporation - Class A | 391 | 8333 |
| Royal Gold, Inc. | 63 | 16130 |
| TechnipFMC PLC | 173 | 11972 |
| Valero Energy Corporation | 55 | 13633 |
| Williams Companies, Inc., The | 121 | 8824 |
|  |  | 336868 |
| **Canada 20.3%** | **Canada 20.3%** | **Canada 20.3%** |
| Barrick Mining Corporation | 675 | 27529 |
| Cameco Corporation | 88 | 9515 |
| Eldorado Gold Corporation | 249 | 8550 |
| Nutrien Ltd. | 533 | 40249 |
| Red Lake Madsen Mine Ltd. (a) (b) | 428 |  |
| Suncor Energy Inc. | 533 | 35272 |
| Wheaton Precious Metals Corp. | 358 | 46958 |
|  |  | 168073 |
| **United Kingdom 14.6%** | **United Kingdom 14.6%** | **United Kingdom 14.6%** |
| Anglo American PLC | 641 | 27336 |
| Mondi PLC | 636 | 7173 |
| Shell PLC - Class A | 1650 | 77031 |
| Subsea 7 S.A. | 313 | 9799 |
|  |  | 121339 |
| **Switzerland 5.0%** | **Switzerland 5.0%** | **Switzerland 5.0%** |
| Glencore PLC | 5418 | 41122 |
| **Ireland 3.6%** | **Ireland 3.6%** | **Ireland 3.6%** |
| CRH Public Limited Company | 104 | 10931 |
| Smurfit Westrock Public Limited Company | 478 | 19027 |
|  |  | 29958 |
| **Brazil 3.2%** | **Brazil 3.2%** | **Brazil 3.2%** |
| Vale S.A. - ADR | 1651 | 26272 |
| **South Africa 2.1%** | **South Africa 2.1%** | **South Africa 2.1%** |
| AngloGold Ashanti PLC | 111 | 10846 |
| Valterra Platinum | 79 | 6721 |
|  |  | 17567 |
| **Australia 2.0%** | **Australia 2.0%** | **Australia 2.0%** |
| Rio Tinto PLC | 180 | 16629 |
| **Denmark 1.4%** | **Denmark 1.4%** | **Denmark 1.4%** |
| Novozymes A/S - Class B | 201 | 11946 |
| **China 1.3%** | **China 1.3%** | **China 1.3%** |
| Zijin Mining Group Co., Ltd. - Class H | 2400 | 10963 |
| **Norway 1.2%** | **Norway 1.2%** | **Norway 1.2%** |
| Norsk Hydro ASA | 892 | 9532 |
| **Luxembourg 1.1%** | **Luxembourg 1.1%** | **Luxembourg 1.1%** |
| ArcelorMittal - ADR | 182 | 9459 |
| **Finland 1.0%** | **Finland 1.0%** | **Finland 1.0%** |
| UPM-Kymmene Oyj | 269 | 8381 |
| **France 1.0%** | **France 1.0%** | **France 1.0%** |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 40 | 8327 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom (a) (b) (c) | 5692 |  |
| Public Joint Stock Company Polyus (a) (b) (c) | 106 |  |
| Total Common Stocks (cost $656,309) | Total Common Stocks (cost $656,309) | 816436 |
| **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, 3.53% (d) (e) | 1830 | 1830 |
| Total Short Term Investments (cost $1,830) | Total Short Term Investments (cost $1,830) | 1830 |
| **Total Investments 98.6% (cost $658,139)** | **Total Investments 98.6% (cost $658,139)** | **818266** |
| **Other Assets and Liabilities, Net 1.4%** | **Other Assets and Liabilities, Net 1.4%** | **11327** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **829593** |

---

(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) 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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 27505 | 132002 | 157677 | 163 |  |  | 1830 | 0.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 23385 | 61291 | 84676 | 43 |  |  |  |  |
|  | 50890 | 193293 | 242353 | 206 |  |  | 1830 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 581476 | 234960 |  | 816436 |
| &nbsp;&nbsp;Short Term Investments | 1830 |  |  | 1830 |
|  | 583306 | 234960 |  | 818266 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** |
| **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **Information Technology 51.2%** | **Information Technology 51.2%** | **Information Technology 51.2%** |
| Apple Inc. | 918 | 232850 |
| Applied Materials, Inc. | 136 | 46449 |
| AppLovin Corporation - Class A (a) | 171 | 67925 |
| Arista Networks, Inc. (a) | 626 | 76897 |
| Broadcom Inc. | 605 | 187192 |
| Datadog, Inc. - Class A (a) | 782 | 92269 |
| Intel Corporation (a) | 1758 | 77581 |
| Lam Research Corporation | 261 | 55801 |
| Microsoft Corporation | 637 | 235698 |
| NVIDIA Corporation | 3256 | 567837 |
| Oracle Corporation | 375 | 55086 |
| Palo Alto Networks, Inc. (a) | 461 | 73849 |
| Shopify Inc. - Class A (a) | 567 | 67304 |
| Snowflake Inc. - Class A (a) | 515 | 77730 |
|  |  | 1914468 |
| **Industrials 13.7%** | **Industrials 13.7%** | **Industrials 13.7%** |
| Caterpillar Inc. | 145 | 102598 |
| Eaton Corporation Public Limited Company | 215 | 77036 |
| Howmet Aerospace Inc. | 503 | 115830 |
| L3Harris Technologies, Inc. | 210 | 72496 |
| Quanta Services, Inc. | 174 | 95760 |
| TransDigm Group Incorporated | 41 | 48023 |
|  |  | 511743 |
| **Communication Services 9.7%** | **Communication Services 9.7%** | **Communication Services 9.7%** |
| Alphabet Inc. - Class A | 676 | 194492 |
| Meta Platforms, Inc. - Class A | 295 | 168830 |
|  |  | 363322 |
| **Consumer Discretionary 9.3%** | **Consumer Discretionary 9.3%** | **Consumer Discretionary 9.3%** |
| Amazon.com, Inc. (a) | 1487 | 309705 |
| Tesla Inc. (a) | 107 | 39769 |
|  |  | 349474 |
| **Health Care 6.3%** | **Health Care 6.3%** | **Health Care 6.3%** |
| Boston Scientific Corporation (a) | 691 | 43378 |
| Eli Lilly and Company | 85 | 77779 |
| McKesson Corporation | 100 | 86758 |
| Thermo Fisher Scientific Inc. | 53 | 25827 |
|  |  | 233742 |
| **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** |
| Equinix, Inc. | 102 | 100036 |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| Freeport-McMoRan Inc. | 1438 | 84521 |
| **Financials 1.7%** | **Financials 1.7%** | **Financials 1.7%** |
| Capital One Financial Corporation | 357 | 65146 |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |
| Walmart Inc. | 357 | 44355 |
| **Energy 1.1%** | **Energy 1.1%** | **Energy 1.1%** |
| EQT Corporation | 621 | 39537 |
| Total Common Stocks (cost $2,737,817) | Total Common Stocks (cost $2,737,817) | 3706344 |
| **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, 3.53% (b) (c) | 29029 | 29029 |
| Total Short Term Investments (cost $29,029) | Total Short Term Investments (cost $29,029) | 29029 |
| **Total Investments 100.0% (cost $2,766,846)** | **Total Investments 100.0% (cost $2,766,846)** | **3735373** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **334** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3735707** |

---

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 87605 | 205846 | 264422 | 201 |  |  | 29029 | 0.8 |
| JNL Government Money Market Fund, 3.63% - Class SL |  |  |  | 19 |  |  |  |  |
|  | 87605 | 205846 | 264422 | 220 |  |  | 29029 | 0.8 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 3706344 |  |  | 3706344 |
| &nbsp;&nbsp;Short Term Investments | 29029 |  |  | 29029 |
|  | 3735373 |  |  | 3735373 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.8%** | **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** |
| **United Kingdom 27.4%** | **United Kingdom 27.4%** | **United Kingdom 27.4%** |
| AstraZeneca PLC | 378 | 73262 |
| Barclays PLC | 14180 | 74352 |
| Berkeley Group Holdings PLC, The (a) | 408 | 18623 |
| BP P.L.C. | 4215 | 33126 |
| British American Tobacco P.L.C. | 406 | 23515 |
| Diageo PLC | 2638 | 49070 |
| Melrose Industries PLC | 3404 | 22946 |
| National Grid PLC | 2315 | 39039 |
| NatWest Group PLC | 4719 | 34938 |
| Prudential Public Limited Company | 2079 | 28902 |
| Reckitt Benckiser Group PLC | 973 | 65593 |
| Relx PLC | 2046 | 67980 |
| Rolls-Royce Holdings PLC | 3822 | 57954 |
| SEGRO Public Limited Company | 3100 | 26610 |
| Smith & Nephew PLC | 1814 | 28674 |
| Smiths Group PLC | 695 | 21152 |
| SSE PLC | 245 | 8457 |
| Standard Chartered PLC | 1240 | 25811 |
|  |  | 700004 |
| **France 20.0%** | **France 20.0%** | **France 20.0%** |
| Alstom (a) | 3453 | 98525 |
| BNP Paribas | 691 | 66095 |
| Capgemini France | 348 | 40970 |
| Compagnie de Saint-Gobain | 780 | 64529 |
| Kering | 428 | 129555 |
| LVMH Moet Hennessy Louis Vuitton | 35 | 18972 |
| Sanofi | 471 | 45519 |
| Societe Generale | 618 | 45210 |
|  |  | 509375 |
| **Japan 11.9%** | **Japan 11.9%** | **Japan 11.9%** |
| FANUC Corporation | 1322 | 46812 |
| KDDI Corporation | 1786 | 30872 |
| Renesas Electronics Corporation | 6768 | 96862 |
| SMC Corporation | 171 | 66881 |
| Sompo Holdings, Inc. | 1035 | 40110 |
| Sumitomo Mitsui Financial Group, Inc. | 662 | 21419 |
|  |  | 302956 |
| **Germany 10.9%** | **Germany 10.9%** | **Germany 10.9%** |
| Daimler Truck Holding AG | 428 | 20877 |
| Deutsche Bank Aktiengesellschaft - Class N | 1276 | 37936 |
| Deutsche Lufthansa Aktiengesellschaft | 2266 | 19245 |
| Deutsche Telekom AG - Class N | 1418 | 52662 |
| E.ON SE - Class N | 585 | 12842 |
| Infineon Technologies AG - Class N | 1320 | 59718 |
| SAP SE | 387 | 66309 |
| Siemens Aktiengesellschaft - Class N | 33 | 7983 |
|  |  | 277572 |
| **Netherlands 5.9%** | **Netherlands 5.9%** | **Netherlands 5.9%** |
| Akzo Nobel N.V. | 197 | 11379 |
| Heineken N.V. | 591 | 45713 |
| ING Groep N.V. | 1323 | 34461 |
| Koninklijke Philips N.V. | 2102 | 57938 |
|  |  | 149491 |
| **Italy 3.5%** | **Italy 3.5%** | **Italy 3.5%** |
| Assicurazioni Generali Societa' Per Azioni | 368 | 14808 |
| ENEL - SPA | 2025 | 22021 |
| Unicredit, Societa' Per Azioni | 714 | 51222 |
|  |  | 88051 |
| **South Korea 2.6%** | **South Korea 2.6%** | **South Korea 2.6%** |
| KT&G Corporation | 67 | 7020 |
| Samsung Electronics Co., Ltd. | 365 | 42902 |
| Samsung Fire & Marine Insurance Co., Ltd. | 40 | 11742 |
| Shinhan Financial Group Co., Ltd. | 99 | 5846 |
|  |  | 67510 |
| **Switzerland 2.5%** | **Switzerland 2.5%** | **Switzerland 2.5%** |
| Roche Holding AG | 159 | 62677 |
| **United States of America 2.2%** | **United States of America 2.2%** | **United States of America 2.2%** |
| Carnival Corporation | 2140 | 55378 |
| **Belgium 2.1%** | **Belgium 2.1%** | **Belgium 2.1%** |
| Anheuser-Busch InBev | 496 | 34467 |
| Syensqo (b) | 344 | 19949 |
|  |  | 54416 |
| **Denmark 1.8%** | **Denmark 1.8%** | **Denmark 1.8%** |
| Novo Nordisk A/S - Class B | 1270 | 46818 |
| **China 1.5%** | **China 1.5%** | **China 1.5%** |
| Tencent Holdings Limited | 624 | 39291 |
| **Sweden 1.5%** | **Sweden 1.5%** | **Sweden 1.5%** |
| Hexagon Aktiebolag - Class B | 3871 | 37805 |
| **Canada 1.4%** | **Canada 1.4%** | **Canada 1.4%** |
| Canadian Pacific Kansas City Limited | 456 | 35910 |
| **Ireland 1.4%** | **Ireland 1.4%** | **Ireland 1.4%** |
| Smurfit Westrock Public Limited Company | 891 | 35514 |
| **Singapore 1.0%** | **Singapore 1.0%** | **Singapore 1.0%** |
| United Overseas Bank Limited | 894 | 25604 |
| **Greece 0.6%** | **Greece 0.6%** | **Greece 0.6%** |
| Eurobank S.A. (a) | 3617 | 14393 |
| National Bank of Greece S.A. - Class R | 91 | 1398 |
|  |  | 15791 |
| **Luxembourg 0.4%** | **Luxembourg 0.4%** | **Luxembourg 0.4%** |
| ArcelorMittal | 198 | 10293 |
| **Indonesia 0.2%** | **Indonesia 0.2%** | **Indonesia 0.2%** |
| PT Bank Mandiri (Persero) Tbk. | 22553 | 6321 |
| Total Common Stocks (cost $2,212,151) | Total Common Stocks (cost $2,212,151) | 2520777 |
| **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, 3.53% (c) (d) | 16596 | 16596 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) |  |  |
| Total Short Term Investments (cost $16,596) | Total Short Term Investments (cost $16,596) | 16596 |
| **Total Investments 99.5% (cost $2,228,747)** | **Total Investments 99.5% (cost $2,228,747)** | **2537373** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **13816** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2551189** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 53524 | 212328 | 249256 | 284 |  |  | 16596 | 0.7 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 96 | 96 |  |  |  |  |  |
|  | 53524 | 212424 | 249352 | 284 |  |  | 16596 | 0.7 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 126802 | 2393975 |  | 2520777 |
| &nbsp;&nbsp;Short Term Investments | 16596 |  |  | 16596 |
|  | 143398 | 2393975 |  | 2537373 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Information Technology 43.5%** | **Information Technology 43.5%** | **Information Technology 43.5%** |
| Apple Inc. | 271 | 68718 |
| Arista Networks, Inc. (a) | 145 | 17812 |
| ASML Holding N.V. - ADR | 19 | 24914 |
| Broadcom Inc. | 83 | 25668 |
| Datadog, Inc. - Class A (a) | 65 | 7694 |
| Fair Isaac Corporation (a) | 7 | 7940 |
| Intuit Inc. | 38 | 16257 |
| Microsoft Corporation | 158 | 58450 |
| NVIDIA Corporation | 970 | 169119 |
| Oracle Corporation | 175 | 25767 |
| Palo Alto Networks, Inc. (a) | 161 | 25740 |
| ServiceNow, Inc. (a) | 94 | 9852 |
| Synopsys, Inc. (a) | 40 | 15742 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 79 | 26659 |
| Texas Instruments Incorporated | 60 | 11707 |
|  |  | 512039 |
| **Communication Services 13.8%** | **Communication Services 13.8%** | **Communication Services 13.8%** |
| Alphabet Inc. - Class A | 139 | 40019 |
| Meta Platforms, Inc. - Class A | 118 | 67480 |
| Netflix, Inc. (a) | 572 | 54988 |
|  |  | 162487 |
| **Consumer Discretionary 12.1%** | **Consumer Discretionary 12.1%** | **Consumer Discretionary 12.1%** |
| Airbnb, Inc. - Class A (a) | 157 | 19879 |
| Amazon.com, Inc. (a) | 399 | 83192 |
| Chipotle Mexican Grill, Inc. (a) | 577 | 18457 |
| Tesla Inc. (a) | 54 | 20216 |
|  |  | 141744 |
| **Industrials 10.1%** | **Industrials 10.1%** | **Industrials 10.1%** |
| Airbus SE - ADR | 313 | 14779 |
| Eaton Corporation Public Limited Company | 79 | 28303 |
| Parker-Hannifin Corporation | 11 | 9490 |
| RTX Corporation | 110 | 21272 |
| Uber Technologies, Inc. (a) | 229 | 16440 |
| W.W. Grainger, Inc. | 26 | 28268 |
|  |  | 118552 |
| **Health Care 8.8%** | **Health Care 8.8%** | **Health Care 8.8%** |
| Alnylam Pharmaceuticals, Inc. (a) | 21 | 7056 |
| Intuitive Surgical, Inc. (a) | 56 | 25818 |
| Roche Holding AG - ADR (b) | 231 | 11462 |
| Stryker Corporation | 53 | 17340 |
| Thermo Fisher Scientific Inc. | 37 | 18135 |
| Vertex Pharmaceuticals Incorporated (a) | 53 | 23695 |
|  |  | 103506 |
| **Financials 6.7%** | **Financials 6.7%** | **Financials 6.7%** |
| Blackstone Inc. - Class A | 21 | 2419 |
| Marsh & Mclennan Companies, Inc. | 107 | 18513 |
| S&P Global Inc. | 27 | 11688 |
| Visa Inc. - Class A | 152 | 45976 |
|  |  | 78596 |
| **Materials 3.4%** | **Materials 3.4%** | **Materials 3.4%** |
| Linde Public Limited Company | 44 | 21818 |
| Sherwin-Williams Company, The | 58 | 18690 |
|  |  | 40508 |
| **Consumer Staples 1.1%** | **Consumer Staples 1.1%** | **Consumer Staples 1.1%** |
| Monster Beverage 1990 Corporation (a) | 181 | 13129 |
| Total Common Stocks (cost $744,369) | Total Common Stocks (cost $744,369) | 1170561 |
| **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, 3.53% (c) (d) | 5617 | 5617 |
| Total Short Term Investments (cost $5,617) | Total Short Term Investments (cost $5,617) | 5617 |
| **Total Investments 100.0% (cost $749,986)** | **Total Investments 100.0% (cost $749,986)** | **1176178** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (440) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1175738** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 11477 | 73009 | 78869 | 18 |  |  | 5617 | 0.5 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 22059 | 22059 | 18 |  |  |  |  |
|  | 11477 | 95068 | 100928 | 36 |  |  | 5617 | 0.5 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1170561 |  |  | 1170561 |
| &nbsp;&nbsp;Short Term Investments | 5617 |  |  | 5617 |
|  | 1176178 |  |  | 1176178 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Real Estate 96.8%** | **Real Estate 96.8%** | **Real Estate 96.8%** |
| Agree Realty Corporation (a) | 27 | 2046 |
| American Tower Corporation | 25 | 4268 |
| BXP, Inc. | 28 | 1445 |
| Caretrust REIT, Inc. | 16 | 570 |
| Crown Castle Inc. | 63 | 5116 |
| Digital Realty Trust, Inc. | 43 | 7700 |
| Equinix, Inc. | 4 | 4300 |
| Equity Lifestyle Properties, Inc. | 10 | 610 |
| Equity Residential | 15 | 882 |
| Essential Properties Realty Trust, Inc. | 24 | 734 |
| Essex Property Trust, Inc. | 8 | 1987 |
| Extra Space Storage Inc. | 26 | 3363 |
| Gaming and Leisure Properties, Inc. | 13 | 579 |
| Healthcare Realty Trust Incorporated - Class A | 91 | 1551 |
| Highwoods Properties, Inc. | 35 | 741 |
| Host Hotels & Resorts, Inc. | 100 | 1908 |
| Hudson Pacific Properties, Inc. (b) | 12 | 73 |
| Invitation Homes Inc. | 53 | 1305 |
| Iron Mountain Incorporated | 29 | 3005 |
| Kilroy Realty Corporation (a) |  | 10 |
| Kimco Realty OP, LLC | 87 | 1960 |
| Kite Realty Naperville, LLC | 51 | 1249 |
| Lamar Advertising Company - Class A | 3 | 377 |
| Omega Healthcare Investors, Inc. | 15 | 670 |
| OUTFRONT Media Inc. | 22 | 592 |
| ProLogis Inc. | 40 | 5268 |
| Public Storage Operating Company | 6 | 1691 |
| Realty Income Corporation | 20 | 1241 |
| SBA Communications Corporation - Class A | 9 | 1458 |
| Simon Property Group, Inc. | 8 | 1432 |
| SL Green Realty Corp. (a) | 13 | 488 |
| Sun Communities, Inc. | 19 | 2399 |
| UDR, Inc. | 25 | 836 |
| Welltower Inc. | 57 | 11306 |
| Weyerhaeuser Company | 64 | 1567 |
|  |  | 74727 |
| **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** |
| Boyd Gaming Corporation | 5 | 434 |
| Caesars Entertainment, Inc. (b) | 33 | 859 |
|  |  | 1293 |
| **Health Care 0.6%** | **Health Care 0.6%** | **Health Care 0.6%** |
| PACS Group, Inc. (b) | 14 | 455 |
| Total Common Stocks (cost $77,221) | Total Common Stocks (cost $77,221) | 76475 |
| **WARRANTS 0.1%** | **WARRANTS 0.1%** | **WARRANTS 0.1%** |
| Hudson Pacific Properties, Inc. (b) (c) | 22 | 127 |
| Total Warrants (cost $339) | Total Warrants (cost $339) | 127 |
| **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** |
| **Securities Lending Collateral 1.9%** | **Securities Lending Collateral 1.9%** | **Securities Lending Collateral 1.9%** |
| JNL Government Money Market Fund - Class SL, 3.63% (d) (e) | 1498 | 1498 |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.53% (d) (e) | 200 | 200 |
| Total Short Term Investments (cost $1,698) | Total Short Term Investments (cost $1,698) | 1698 |
| **Total Investments 101.4% (cost $79,258)** | **Total Investments 101.4% (cost $79,258)** | **78300** |
| **Other Assets and Liabilities, Net (1.4)%** | **Other Assets and Liabilities, Net (1.4)%** | **(1106)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **77194** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(b) Non-income producing security.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 440 | 3301 | 3541 | 2 |  |  | 200 | 0.3 |
| JNL Government Money Market Fund, 3.63% - Class SL | 594 | 2988 | 2084 | 1 |  |  | 1498 | 1.9 |
|  | 1034 | 6289 | 5625 | 3 |  |  | 1698 | 2.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 76475 |  |  | 76475 |
| &nbsp;&nbsp;Warrants |  | 127 |  | 127 |
| &nbsp;&nbsp;Short Term Investments | 1698 |  |  | 1698 |
|  | 78173 | 127 |  | 78300 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** |
| **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **Japan 22.4%** | **Japan 22.4%** | **Japan 22.4%** |
| ADEKA Co., Ltd. | 19 | 442 |
| Advantest Corporation | 11 | 1548 |
| AEON Co., Ltd. | 29 | 342 |
| Ajinomoto Co., Inc. | 10 | 292 |
| Aozora Bank, Ltd. (a) | 134 | 2134 |
| Asahi Group Holdings, Ltd. | 49 | 495 |
| ASICS Corporation | 19 | 519 |
| Astellas Pharma Inc. | 78 | 1260 |
| Bandai Namco Holdings Inc. | 17 | 421 |
| Bridgestone Corporation | 27 | 570 |
| Canon Inc. (a) | 10 | 279 |
| Capcom Co., Ltd. | 11 | 227 |
| Central Japan Railway Company | 6 | 142 |
| Chiyoda Corporation (a) (b) | 25 | 146 |
| Chubu Electric Power Co., Ltd. | 13 | 206 |
| Chugai Pharmaceutical Co., Ltd. | 7 | 385 |
| Cosmo Energy Holdings Co., Ltd. | 15 | 421 |
| Daifuku Co., Ltd. | 8 | 289 |
| Dai-ichi Life Holdings, Inc. | 85 | 782 |
| Daiichi Sankyo Company, Limited | 20 | 356 |
| Daikin Industries, Ltd. | 4 | 446 |
| Daiwa House Industry Co., Ltd. | 49 | 1530 |
| Daiwa Securities Group Inc. | 32 | 302 |
| Daiwabo Holdings Co., Ltd. | 46 | 906 |
| DENSO Corporation | 24 | 298 |
| DIC Corporation | 39 | 902 |
| DISCO Corporation | 2 | 615 |
| DOWA Holdings Co., Ltd. | 42 | 2372 |
| East Japan Railway Company | 7 | 149 |
| EBARA Corporation | 22 | 618 |
| Eisai Co., Ltd. | 7 | 220 |
| ENEOS Holdings, Inc. | 163 | 1455 |
| EXEO Group, Inc. | 77 | 1311 |
| FANUC Corporation | 2 | 85 |
| Fast Retailing Co., Ltd. | 2 | 791 |
| Fuji Corporation Co., Ltd. | 4 | 106 |
| Fuji Electric Co., Ltd. | 4 | 259 |
| FUJIFILM Holdings Corporation | 12 | 235 |
| Fujikura Ltd. | 43 | 1191 |
| Fujitsu Limited | 21 | 437 |
| Hachijuni Nagano Bank, Ltd. | 41 | 515 |
| Hamamatsu Photonics K.K. | 39 | 449 |
| Hankyu Hanshin Holdings, Inc. | 6 | 181 |
| HASEKO Corporation | 40 | 741 |
| Hitachi, Ltd. | 62 | 1818 |
| Honda Motor Co., Ltd. - ADR (a) | 1 | 18 |
| Honda Motor Co., Ltd. | 51 | 408 |
| HOYA Corporation | 4 | 632 |
| Idemitsu Kosan Co., Ltd. | 17 | 162 |
| IHI Corporation | 30 | 616 |
| Inpex Corporation | 92 | 2711 |
| Isetan Mitsukoshi Holdings Ltd. | 43 | 788 |
| Isuzu Motors Limited | 59 | 846 |
| ITOCHU Corporation | 41 | 524 |
| Iwatani Corporation | 71 | 914 |
| J.Front Retailing Co., Ltd. | 30 | 463 |
| Japan Airlines Co., Ltd. | 15 | 243 |
| Japan Airport Terminal Co., Ltd. | 33 | 1076 |
| Japan Exchange Group, Inc. | 30 | 349 |
| Japan Post Bank Co., Ltd. | 17 | 278 |
| Japan Post Holdings Co., Ltd. | 16 | 188 |
| Japan Tobacco Inc. | 7 | 249 |
| JEOL Ltd. | 15 | 538 |
| Kajima Corporation | 9 | 330 |
| Kanematsu Corporation | 48 | 681 |
| Kao Corporation | 12 | 453 |
| Kawasaki Heavy Industries, Ltd. | 32 | 606 |
| KDDI Corporation | 64 | 1097 |
| Keio Corporation | 57 | 279 |
| Keyence Corporation | 1 | 212 |
| Kikkoman Corporation (a) | 28 | 251 |
| Kintetsu Group Holdings Co., Ltd. | 22 | 454 |
| Kirin Holdings Company, Limited | 20 | 323 |
| Komatsu Ltd. | 13 | 516 |
| Konami Group Corporation | 3 | 359 |
| Konica Minolta, Inc. | 183 | 610 |
| Kubota Corporation | 31 | 492 |
| Kurita Water Industries Ltd. | 15 | 721 |
| KYOCERA Corporation | 35 | 530 |
| Kyushu Electric Power Co., Inc. | 22 | 249 |
| Lasertec Co., Ltd. | 2 | 530 |
| Lion Corporation | 131 | 1377 |
| LIXIL Corporation (a) | 101 | 1040 |
| LY Corporation (a) | 85 | 204 |
| Mabuchi Motor Co., Ltd. | 136 | 1368 |
| Makita Corporation | 3 | 95 |
| Marubeni Corporation | 9 | 316 |
| MARUWA Co., Ltd. | 1 | 384 |
| Mazda Motor Corporation (a) | 50 | 333 |
| Mebuki Financial Group Inc. | 251 | 1946 |
| Meiji Holdings Co., Ltd. | 6 | 151 |
| Mercari, Inc. (b) | 70 | 1651 |
| Minebeamitsumi Inc. | 59 | 981 |
| MIRAIT ONE Corporation | 12 | 271 |
| Mitsubishi Chemical Group Corporation | 110 | 639 |
| Mitsubishi Corporation | 29 | 1001 |
| Mitsubishi Electric Corporation | 9 | 294 |
| Mitsubishi Estate Co., Ltd. | 10 | 270 |
| Mitsubishi HC Capital Inc. | 35 | 316 |
| Mitsubishi Heavy Industries, Ltd. | 22 | 607 |
| Mitsubishi Logistics Corporation | 57 | 482 |
| Mitsubishi Materials Corporation | 87 | 2722 |
| Mitsubishi UFJ Financial Group, Inc. | 76 | 1273 |
| Mitsui & Co., Ltd. | 17 | 639 |
| Mitsui E&S Co., Ltd. | 27 | 975 |
| Mitsui Fudosan Co., Ltd. | 17 | 179 |
| Mitsui Kinzoku Company, Limited | 10 | 1832 |
| Mitsui O.S.K. Lines, Ltd. (a) | 12 | 494 |
| Mizuho Financial Group, Inc. | 22 | 855 |
| MODEC, Inc. |  | 38 |
| MS&AD Insurance Group Holdings, Inc. | 28 | 722 |
| Murata Manufacturing Co., Ltd. | 17 | 387 |
| Nagase & Co., Ltd. | 228 | 1696 |
| Nagoya Railroad Co., Ltd. (a) | 19 | 213 |
| Nec Corporation | 13 | 315 |
| NICHIAS Corporation | 32 | 599 |
| Nidec Corporation | 15 | 194 |
| Nifco Inc. | 34 | 969 |
| Nihon M&A Center Holdings Inc. (a) | 10 | 40 |
| Nintendo Co., Ltd. | 2 | 108 |
| Nippon Express Co., Ltd. | 34 | 758 |
| Nippon Gas Co., Ltd. | 87 | 1623 |
| Nippon Paint Holdings Co., Ltd. | 30 | 188 |
| Nippon Steel Corporation (a) | 167 | 614 |
| Nippon Telegraph and Telephone Corporation | 213 | 213 |
| Nippon Yusen Kabushiki Kaisha | 18 | 646 |
| Nipro Corporation | 24 | 235 |
| Nissan Chemical Corporation (a) | 16 | 602 |
| Nissan Motor Co., Ltd. (b) | 83 | 177 |
| Niterra Co., Ltd. | 3 | 140 |
| Nitori Holdings Co., Ltd. | 47 | 743 |
| Nitto Denko Corporation | 36 | 712 |
| Nomura Holdings, Inc. | 52 | 404 |
| Nomura Holdings, Inc. - ADR (a) | 4 | 30 |
| Nomura Research Institute, Ltd. | 6 | 178 |
| OBIC Co., Ltd. | 4 | 97 |
| Olympus Corporation | 72 | 679 |
| OMRON Corporation | 28 | 812 |
| Ono Pharmaceutical Co., Ltd. | 4 | 61 |
| Oriental Land Co., Ltd. | 7 | 121 |
| ORIX Corporation | 25 | 747 |
| Osaka Gas Co., Ltd. | 4 | 141 |
| Otsuka Holdings Co., Ltd. | 9 | 652 |
| Pan Pacific International Holdings Corporation | 37 | 224 |
| Panasonic Holdings Corporation | 41 | 686 |
| Penta-Ocean Construction Co., Ltd. | 46 | 484 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pigeon Corporation (a) | 29 | 299 |
| Rakuten Bank, Ltd. (b) | 2 | 80 |
| Rakuten Group, Inc. (b) | 40 | 185 |
| Recruit Holdings Co., Ltd. | 14 | 600 |
| Renesas Electronics Corporation | 27 | 381 |
| Resona Holdings, Inc. | 34 | 384 |
| Resonac Holdings Co., Ltd. | 35 | 2279 |
| Sankyu Co., Ltd. | 3 | 172 |
| Santen Pharmaceutical Co., Ltd. | 166 | 1872 |
| Sapporo Holdings Limited | 60 | 651 |
| Sawai Group Holdings Co., Ltd. | 19 | 274 |
| SBI Holdings, Inc. | 34 | 636 |
| Secom Co., Ltd. | 3 | 122 |
| Sega Sammy Holdings, Inc. | 38 | 582 |
| Sekisui Chemical Co., Ltd. (a) | 30 | 504 |
| Sekisui House, Ltd. | 24 | 538 |
| Seven & I Holdings Co., Ltd. | 55 | 747 |
| Shimadzu Corporation | 7 | 154 |
| Shimano Inc. | 2 | 157 |
| Shin-Etsu Chemical Co., Ltd. | 23 | 929 |
| Shionogi & Co., Ltd. | 18 | 398 |
| Ship Healthcare Holdings, Inc. | 62 | 961 |
| Sinfonia Technology Co., Ltd. | 17 | 1185 |
| SKYLARK Holdings Co., Ltd. | 46 | 989 |
| SMC Corporation |  | 117 |
| Socionext Inc. (a) | 6 | 67 |
| SoftBank Corp. | 247 | 329 |
| SoftBank Group Corp. | 115 | 2780 |
| Sojitz Corporation | 39 | 1537 |
| Sompo Holdings, Inc. | 18 | 705 |
| Sony Financial Group Inc. (a) | 48 | 44 |
| Sony Group Corporation | 89 | 1829 |
| Sotetsu Holdings Inc. | 18 | 338 |
| Subaru Corporation. (a) | 65 | 1035 |
| SUMCO Corporation | 134 | 1473 |
| Sumitomo Chemical Company, Limited (a) | 346 | 1112 |
| Sumitomo Corporation | 11 | 395 |
| Sumitomo Electric Industries, Ltd. | 31 | 1717 |
| Sumitomo Forestry Co., Ltd. (a) | 169 | 1526 |
| Sumitomo Heavy Industries, Ltd. | 38 | 1157 |
| Sumitomo Metal Mining Co., Ltd. | 4 | 226 |
| Sumitomo Mitsui Financial Group, Inc. - ADR (a) | 3 | 59 |
| Sumitomo Mitsui Financial Group, Inc. | 44 | 1420 |
| Sumitomo Mitsui Trust Group, Inc. | 15 | 461 |
| Sumitomo Realty & Development Co., Ltd. | 16 | 455 |
| Suzuki Motor Corporation | 37 | 452 |
| Sysmex Corporation | 128 | 1100 |
| T&D Holdings, Inc. | 13 | 324 |
| Taiheiyo Cement Corporation | 28 | 618 |
| Taisei Corporation | 3 | 258 |
| Takeda Pharmaceutical Company Limited | 24 | 861 |
| TDK Corporation | 42 | 542 |
| Teijin Limited | 13 | 139 |
| Terumo Corporation | 53 | 707 |
| The Chiba Bank, Ltd. | 6 | 80 |
| The Kansai Electric Power Company, Incorporated | 15 | 243 |
| TIS Inc. | 37 | 781 |
| Toho Co., Ltd. | 5 | 47 |
| TOHO GAS Co., Ltd. | 14 | 115 |
| Tokai Carbon Co., Ltd. | 94 | 579 |
| Tokio Marine Holdings, Inc. | 27 | 1259 |
| Tokyo Electric Power Company Holdings, Inc. (b) | 9 | 39 |
| Tokyo Electron Limited | 4 | 1070 |
| Tokyo Gas Co., Ltd. | 6 | 287 |
| Tokyu Fudosan Holdings Corporation | 123 | 1045 |
| Toray Industries, Inc. | 44 | 313 |
| Tosoh Corporation (a) | 75 | 1109 |
| TOTO Ltd. | 3 | 108 |
| Toyo Suisan Kaisha, Ltd. | 3 | 196 |
| Toyo Tire Corporation | 32 | 743 |
| Toyota Motor Corporation | 185 | 3780 |
| Toyota Tsusho Corporation | 17 | 675 |
| Trend Micro Incorporated | 31 | 1039 |
| Tsumura & Co. | 104 | 2476 |
| UBE Corporation (a) | 66 | 1028 |
| Unicharm Corporation | 46 | 271 |
| United Supermarkets Holdings Inc. (a) | 48 | 269 |
| West Japan Railway Company | 11 | 223 |
| Yakult Honsha Co., Ltd. (a) | 32 | 539 |
| Yamato Holdings Co., Ltd. | 25 | 280 |
| Yaskawa Electric Corporation | 1 | 27 |
| Yokohama Financial Group, Inc. | 70 | 619 |
| Yoshinoya Holdings Co., Ltd. | 58 | 1209 |
| | | 148138 |
| **Canada 12.6%** | **Canada 12.6%** | **Canada 12.6%** |
| Agnico Eagle Mines Limited | 12 | 2467 |
| Air Canada (b) | 50 | 655 |
| Alamos Gold Inc - Class A (a) | 33 | 1462 |
| Algonquin Power & Utilities Corp. (a) | 93 | 567 |
| Alimentation Couche-Tard Inc. | 10 | 564 |
| ARC Resources Ltd. | 63 | 1301 |
| Aritzia, Inc. (b) | 10 | 846 |
| ATCO Ltd. - Class I | 5 | 236 |
| Bank of Montreal | 11 | 1460 |
| Bank of Nova Scotia, The | 16 | 1081 |
| Banque Nationale Du Canada (a) | 7 | 913 |
| Barrick Mining Corporation | 52 | 2116 |
| Bombardier Inc. - Class B (b) | 4 | 748 |
| Boyd Group Services Inc. | 2 | 285 |
| Brookfield Corporation - Class A | 12 | 489 |
| Brookfield Infrastructure Corporation - Class A (a) | 3 | 134 |
| Brookfield Wealth Solutions Ltd. - Class A | 11 | 442 |
| CAE Inc. (b) | 9 | 245 |
| Cameco Corporation | 2 | 163 |
| Canadian Imperial Bank of Commerce (a) | 19 | 1790 |
| Canadian National Railway Company | 7 | 762 |
| Canadian Natural Resources Limited | 57 | 2761 |
| Canadian Pacific Kansas City Limited | 7 | 531 |
| Capital Power Corporation (a) | 3 | 142 |
| Celestica Inc. (b) | 7 | 1946 |
| Cenovus Energy Inc. | 84 | 2233 |
| Chorus Limited - Class A | 6 | 415 |
| Chorus Limited - Class A |  | 28 |
| Colliers International Group Inc. | 3 | 331 |
| Constellation Software Inc. |  | 351 |
| Descartes Systems Group Inc., The (b) | 2 | 112 |
| Dollarama Inc. | 7 | 847 |
| Eldorado Gold Corporation | 62 | 2138 |
| Element Fleet Management Corp. | 98 | 2124 |
| Emera Incorporated (c) | 6 | 306 |
| Enbridge Inc. | 13 | 726 |
| EQB Inc. | 2 | 186 |
| Equinox Gold Corp. | 10 | 142 |
| Fairfax Financial Holdings Limited | 2 | 2607 |
| Finning International Inc. | 18 | 1145 |
| FirstService Corporation | 4 | 567 |
| Fortis Inc. (a) | 1 | 59 |
| Fortis Inc. (a) | 8 | 457 |
| Franco-Nevada Corporation | 1 | 326 |
| GFL Environmental Inc. | 3 | 138 |
| Great-West Lifeco Inc. | 4 | 201 |
| Groupe Atkinsrealis Inc. | 5 | 302 |
| Groupe WSP Global Inc. | 4 | 598 |
| iA Societe Financiere Inc. | 13 | 1470 |
| IAMGOLD Corporation (b) | 195 | 3663 |
| IGM Financial Inc. (a) | 2 | 107 |
| Imperial Oil Limited | 6 | 823 |
| Intact Financial Corporation | 5 | 918 |
| International Petroleum Corporation (b) | 12 | 316 |
| Kinross Gold Corporation | 82 | 2494 |
| Les Vetements de Sport Gildan Inc. - Class A | 24 | 1346 |
| Linamar Corporation | 4 | 248 |
| Loblaw Companies Limited | 11 | 497 |
| Magna International Inc. | 35 | 1955 |
| Manulife Financial Corporation | 22 | 752 |
| Methanex Corporation | 3 | 197 |
| Metro Inc. - Class A | 5 | 315 |
| Nutrien Ltd. | 7 | 500 |
| ONEX Corporation | 21 | 1539 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Open Text Corporation (a) | 54 | 1206 |
| Pan American Silver Corp. | 32 | 1740 |
| Pembina Pipeline Corporation | 22 | 967 |
| Prairiesky Royalty Ltd. (a) | 14 | 327 |
| Premium Brands Holdings Corporation (a) | 3 | 175 |
| Quebecor Inc. - Class B | 2 | 100 |
| Restaurant Brands International Limited Partnership | 11 | 799 |
| Rogers Communications Inc. - Class B | 27 | 1041 |
| Royal Bank of Canada |  | 60 |
| Royal Bank of Canada | 31 | 5009 |
| Saputo Inc. | 23 | 713 |
| Shopify Inc. - Class A (b) | 2 | 178 |
| Shopify Inc. - Class A (b) |  | 44 |
| South Bow Corporation (a) | 5 | 171 |
| Spin Master Corp. (d) | 1 | 14 |
| Stantec Inc. | 8 | 733 |
| Sun Life Financial Inc. | 25 | 1550 |
| Suncor Energy Inc. | 40 | 2622 |
| TC Energy Corporation (a) | 6 | 387 |
| Teck Resources Limited - Class B | 8 | 409 |
| TFI International Inc. (a) | 2 | 252 |
| Thomson Reuters Corporation | 1 | 98 |
| TMX Group Limited | 6 | 227 |
| Toromont Industries Ltd. | 9 | 1227 |
| Toronto-Dominion Bank, The (a) | 3 | 292 |
| Toronto-Dominion Bank, The | 17 | 1585 |
| Tourmaline Oil Corp | 8 | 403 |
| Triple Flag Precious Metals Corp. | 6 | 205 |
| Wheaton Precious Metals Corp. | 1 | 161 |
| Whitecap Resources Inc. (a) | 270 | 3053 |
| | | 83333 |
| **United Kingdom 10.8%** | **United Kingdom 10.8%** | **United Kingdom 10.8%** |
| 3i Group PLC | 38 | 1247 |
| Anglo American PLC | 31 | 1334 |
| AstraZeneca PLC | 5 | 893 |
| AstraZeneca PLC | 17 | 3288 |
| Autotrader Group PLC | 144 | 897 |
| BAE Systems PLC | 38 | 1102 |
| Barclays PLC | 188 | 988 |
| Barclays PLC - ADR | 6 | 119 |
| Barratt Redrow PLC | 727 | 2531 |
| Beazley Ireland Holdings PLC | 89 | 1497 |
| Bellway p.l.c. | 9 | 230 |
| BP P.L.C. - ADR | 8 | 380 |
| BP P.L.C. | 528 | 4149 |
| British American Tobacco P.L.C. | 16 | 951 |
| BT Group PLC | 397 | 1110 |
| Bunzl Public Limited Company | 8 | 227 |
| Burberry Group PLC (b) | 21 | 305 |
| Centrica PLC | 432 | 1222 |
| Compass Group PLC | 49 | 1362 |
| Croda International Public Limited Company | 14 | 514 |
| Diageo PLC - ADR (a) | 1 | 93 |
| Diageo PLC | 38 | 706 |
| Diploma PLC | 1 | 114 |
| Drax Group PLC | 31 | 362 |
| Experian PLC | 27 | 922 |
| Fiat Chrysler Automobiles N.V. | 45 | 319 |
| Frasers Group PLC (b) | 10 | 84 |
| Games Workshop Group PLC | 1 | 334 |
| GSK PLC | 63 | 1718 |
| GSK PLC - ADR | 1 | 44 |
| Haleon PLC | 226 | 1118 |
| Haleon PLC - ADR (a) | 1 | 10 |
| Halma Public Limited Company | 3 | 138 |
| Howden Joinery Group PLC | 137 | 1446 |
| HSBC Holdings PLC - ADR (a) | 8 | 669 |
| HSBC Holdings PLC | 199 | 3249 |
| IG Group Holdings PLC | 41 | 769 |
| Imperial Brands PLC | 21 | 846 |
| Inchcape PLC | 50 | 495 |
| Informa PLC | 101 | 1006 |
| InterContinental Hotels Group PLC | 1 | 161 |
| Intertek Group PLC | 25 | 1224 |
| J Sainsbury PLC | 145 | 655 |
| JD Sports Fashion PLC | 225 | 213 |
| Jet2 PLC | 4 | 55 |
| Kingfisher PLC | 278 | 1052 |
| Legal & General Group PLC | 166 | 546 |
| Lion Finance Group PLC | 4 | 452 |
| Lloyds Banking Group PLC - ADR (a) | 17 | 83 |
| Lloyds Banking Group PLC | 704 | 870 |
| London Stock Exchange Group PLC | 1 | 176 |
| Man Group PLC | 85 | 284 |
| Marks and Spencer Group P.L.C. | 24 | 110 |
| Melrose Industries PLC | 37 | 251 |
| Mondi PLC | 15 | 171 |
| National Grid PLC | 24 | 403 |
| National Grid PLC - ADR | 2 | 163 |
| NatWest Group PLC | 261 | 1929 |
| Next PLC | 3 | 559 |
| Pan African Resources PLC | 17 | 33 |
| Paragon Banking Group PLC | 11 | 100 |
| Pennon Group PLC | 70 | 494 |
| Reckitt Benckiser Group PLC | 21 | 1419 |
| Relx PLC | 25 | 819 |
| Relx PLC - ADR | 5 | 173 |
| Rolls-Royce Holdings PLC | 160 | 2428 |
| RS Group PLC | 44 | 331 |
| Serco Group PLC | 54 | 203 |
| Severn Trent PLC | 3 | 143 |
| Shell PLC - Class A | 115 | 5374 |
| Shell PLC - Class A - ADR | 13 | 1167 |
| Smith & Nephew PLC - ADR (a) | 5 | 174 |
| Smith & Nephew PLC | 44 | 701 |
| Smiths Group PLC | 11 | 331 |
| Softcat PLC | 42 | 682 |
| Spirax Group PLC | 5 | 432 |
| SSE PLC | 11 | 386 |
| St. James's Place PLC | 10 | 161 |
| Standard Chartered PLC | 34 | 701 |
| Stolt-Nielsen M.S. Ltd. | 2 | 83 |
| Subsea 7 S.A. | 11 | 341 |
| Tesco PLC | 439 | 2758 |
| The Sage Group PLC. | 14 | 153 |
| Unilever PLC | 16 | 913 |
| Unilever PLC - ADR | 7 | 427 |
| United Utilities PLC | 38 | 668 |
| Vistry Group PLC (b) | 11 | 48 |
| Vodafone Group Public Limited Company | 987 | 1484 |
| Wise PLC - Class A (b) | 10 | 116 |
| WPP 2012 Limited | 30 | 92 |
|  |  | 71480 |
| **Switzerland 7.9%** | **Switzerland 7.9%** | **Switzerland 7.9%** |
| ABB Ltd. - Class N | 11 | 857 |
| Alcon AG | 6 | 468 |
| Alcon AG | 10 | 722 |
| ALSO Holding AG - Class N (a) | 1 | 105 |
| Amrize AG | 12 | 655 |
| Avolta AG - Class N | 9 | 561 |
| BELIMO Holding AG - Class N | 1 | 437 |
| BKW Energie AG |  | 77 |
| Bucher Industries AG | 2 | 1072 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 428 |
| Compagnie Financiere Richemont S.A. | 4 | 755 |
| Datwyler Holding AG |  | 84 |
| EMS-Chemie Holding AG |  | 385 |
| Geberit AG - Class N | 3 | 2046 |
| Georg Fischer AG - Class N | 15 | 795 |
| Givaudan S.A. - Class N |  | 362 |
| Glencore PLC | 153 | 1162 |
| Helvetia Baloise Holding AG | 6 | 1600 |
| Holcim AG | 31 | 2526 |
| International Workplace Group PLC | 29 | 68 |
| Julius Bar Gruppe AG - Class N | 41 | 3020 |
| Lonza Group AG | 2 | 1157 |
| Medacta Group SA |  | 72 |
| Nestle S.A. - Class N | 48 | 4697 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Novartis AG - ADR | 11 | 1717 |
| Novartis AG - Class N | 34 | 5082 |
| Partners Group Holding AG |  | 513 |
| PSP Swiss Property AG - Class N | 3 | 524 |
| Roche Holding AG | 8 | 3276 |
| Roche Holding AG | 2 | 698 |
| Schindler Holding AG - Class N |  | 76 |
| SFS Group AG | 1 | 176 |
| SGS S.A. | 2 | 251 |
| Siegfried Holding AG | 8 | 767 |
| Sika AG | 2 | 378 |
| SoftwareONE Holding AG | 2 | 15 |
| Sonova Holding AG | 3 | 582 |
| Straumann Holding AG - Class N | 2 | 219 |
| Sulzer AG - Class N | 1 | 114 |
| Swatch Group AG, The | 6 | 1239 |
| Swiss Life Holding AG - Class N | 1 | 854 |
| Swiss Prime Site AG - Class N | 39 | 6634 |
| Swiss Re AG | 1 | 114 |
| Swisscom AG - Class N | 2 | 1314 |
| Swissquote Group Holding S.A. - Class N | 1 | 578 |
| UBS Group AG |  | 16 |
| UBS Group AG | 29 | 1147 |
| VAT Group AG (c) | 1 | 743 |
| VZ Holding AG - Class N | 2 | 355 |
| Zurich Insurance Group AG - Class N | 1 | 1002 |
| | | 52495 |
| **Germany 7.8%** | **Germany 7.8%** | **Germany 7.8%** |
| Adidas AG - Class N | 4 | 676 |
| Allianz SE | 3 | 1398 |
| Aumovio SE (b) | 2 | 86 |
| Aurubis AG | 1 | 208 |
| BASF SE - Class N | 50 | 3098 |
| Bayer Aktiengesellschaft - Class N | 65 | 2965 |
| Bayerische Motoren Werke Aktiengesellschaft | 6 | 594 |
| Brenntag SE - Class N | 20 | 1397 |
| Carl Zeiss Meditec AG | 11 | 316 |
| Continental Aktiengesellschaft | 7 | 461 |
| CTS Eventim AG & Co. KGaA | 13 | 749 |
| Daimler Truck Holding AG | 30 | 1472 |
| Deutsche Bank Aktiengesellschaft - Class N | 25 | 737 |
| Deutsche Borse Aktiengesellschaft - Class N | 4 | 1245 |
| Deutsche Lufthansa Aktiengesellschaft | 35 | 295 |
| Deutsche Post AG - Class N | 36 | 1913 |
| Deutsche Telekom AG - Class N | 103 | 3816 |
| DWS Group GmbH & Co. KGaA (c) | 5 | 323 |
| E.ON SE - Class N | 130 | 2859 |
| Evonik Industries AG | 25 | 489 |
| flatexDEGIRO AG | 9 | 298 |
| Fraport AG Frankfurt Airport Services Worldwide | 1 | 117 |
| freenet AG - Class N | 23 | 721 |
| Fresenius Medical Care AG | 23 | 1042 |
| Fresenius SE & Co. KGaA | 14 | 748 |
| GEA Group Aktiengesellschaft | 24 | 1743 |
| Hannover Ruck SE - Class N | 3 | 857 |
| Hapag-Lloyd Aktiengesellschaft (c) | 1 | 141 |
| Heidelberg Materials AG | 1 | 143 |
| Henkel AG & Co. KGaA |  | 7 |
| Hensoldt AG | 22 | 1923 |
| HOCHTIEF Aktiengesellschaft | 1 | 662 |
| Infineon Technologies AG - Class N | 34 | 1534 |
| Kion Group AG | 6 | 304 |
| Knorr - Bremse Aktiengesellschaft (c) | 10 | 1172 |
| LEG Immobilien SE | 5 | 306 |
| Mercedes-Benz Group AG - Class N | 14 | 860 |
| MERCK Kommanditgesellschaft auf Aktien | 3 | 349 |
| MTU Aero Engines AG - Class N | 1 | 205 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 2 | 1345 |
| Qiagen N.V. |  | 19 |
| Qiagen N.V. | 12 | 474 |
| Rheinmetall Aktiengesellschaft | 2 | 2554 |
| RTL Group S.A. | 1 | 57 |
| RWE Aktiengesellschaft | 22 | 1474 |
| SAP SE | 5 | 821 |
| Scout24 SE (c) | 7 | 521 |
| Siemens Aktiengesellschaft - Class N | 3 | 781 |
| Siemens Energy AG | 8 | 1377 |
| Siemens Healthineers AG (c) | 18 | 771 |
| Symrise AG | 7 | 562 |
| Talanx Aktiengesellschaft | 14 | 1759 |
| Volkswagen Aktiengesellschaft | 1 | 152 |
| Vonovia SE | 21 | 539 |
| Zalando SE (b) (c) | 22 | 525 |
|  |  | 51960 |
| **France 7.6%** | **France 7.6%** | **France 7.6%** |
| Aeroports de Paris | 4 | 538 |
| Airbus SE | 6 | 1118 |
| Alstom (b) | 12 | 350 |
| Amundi (c) | 4 | 370 |
| AXA | 16 | 737 |
| Ayvens (d) | 3 | 32 |
| Biomerieux S.A. | 1 | 120 |
| BNP Paribas | 8 | 746 |
| Bouygues | 26 | 1506 |
| Bureau Veritas | 17 | 519 |
| Capgemini France | 5 | 639 |
| Carrefour | 82 | 1508 |
| Compagnie de Saint-Gobain | 23 | 1873 |
| Compagnie Generale des Etablissements Michelin | 17 | 586 |
| Credit Agricole S.A. | 15 | 280 |
| Danone | 11 | 871 |
| Dassault Systemes | 5 | 97 |
| Edenred | 7 | 135 |
| Eiffage | 8 | 1252 |
| Elis Services | 5 | 154 |
| Engie | 98 | 3175 |
| EssilorLuxottica | 1 | 285 |
| Eurazeo | 2 | 83 |
| Eurofins Scientific SE | 13 | 951 |
| Euronext N.V. (c) | 6 | 920 |
| Gaztransport Et Technigaz | 4 | 992 |
| Getlink S.E. | 6 | 121 |
| Hermes International |  | 622 |
| IPSEN | 3 | 641 |
| JCDecaux SE | 15 | 322 |
| Kering | 1 | 204 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 6 | 1242 |
| Legrand | 6 | 876 |
| L'Oreal | 2 | 717 |
| LVMH Moet Hennessy Louis Vuitton | 3 | 1900 |
| Nexans | 1 | 181 |
| Orange | 139 | 2846 |
| Pernod Ricard | 13 | 945 |
| Publicis Groupe S.A. | 4 | 343 |
| Renault | 37 | 1249 |
| Rexel | 49 | 1899 |
| Rubis | 3 | 105 |
| Safran | 3 | 967 |
| Sanofi | 10 | 943 |
| Sartorius Stedim Biotech |  | 30 |
| Schneider Electric SE | 2 | 523 |
| Societe d'exploitation Hoteliere | 22 | 1132 |
| Societe Generale | 28 | 2046 |
| Spie S.A. | 17 | 875 |
| Technip Energies N.V. | 8 | 351 |
| Teleperformance SE | 4 | 227 |
| Thales | 3 | 864 |
| Tikehau Capital | 5 | 93 |
| TotalEnergies SE | 58 | 5378 |
| Veolia Environnement | 10 | 376 |
| VINCI | 14 | 2031 |
| Vivendi SE | 71 | 148 |
| VusionGroup (a) | 1 | 121 |
|  |  | 50155 |
| **Australia 6.1%** | **Australia 6.1%** | **Australia 6.1%** |
| AGL Energy Limited | 19 | 129 |
| ALS Limited | 36 | 516 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ampol Limited | 19 | 439 |
| Ansell Limited | 29 | 574 |
| ANZ Group Holdings Limited | 30 | 745 |
| Aristocrat Leisure Limited | 5 | 168 |
| ASX Limited | 2 | 74 |
| Atlas Arteria Limited | 39 | 116 |
| AUB Group Limited | 13 | 222 |
| Australian Pipeline Trust | 21 | 145 |
| Bellevue Gold Limited (b) | 110 | 117 |
| BHP Group Limited - ADR (a) | 8 | 603 |
| BHP Group Limited | 119 | 4219 |
| BHP Group Limited (a) | 6 | 212 |
| BlueScope Steel Limited | 34 | 608 |
| Brambles Limited | 57 | 888 |
| Breville Group Limited (a) | 23 | 419 |
| Car Group Limited | 3 | 51 |
| Cleanaway Waste Management Limited | 174 | 275 |
| Coles Group Limited | 46 | 695 |
| Commonwealth Bank of Australia | 10 | 1115 |
| Computershare Limited | 23 | 446 |
| CSL Limited | 5 | 455 |
| Dalrymple Bay Infrastructure Limited | 27 | 94 |
| Deep Yellow Limited (b) | 61 | 78 |
| Downer EDI Limited | 146 | 779 |
| Dyno Nobel Limited | 607 | 1321 |
| EBOS Group Limited | 7 | 87 |
| Endeavour Group Limited (a) | 154 | 349 |
| Evolution Mining Limited | 132 | 1191 |
| Fortescue Ltd. | 50 | 719 |
| Generation Development Group Limited (a) | 50 | 147 |
| Genesis Minerals Limited (b) | 62 | 257 |
| Harvey Norman Holdings Ltd. | 83 | 285 |
| HUB24 Limited | 5 | 301 |
| Insurance Australia Group Limited | 104 | 531 |
| JB Hi-Fi Limited | 11 | 541 |
| Lendlease Corporation Limited | 32 | 74 |
| Lynas Rare Earths Limited (b) | 1 | 18 |
| Macquarie Group Limited | 2 | 325 |
| Medibank Private Limited | 135 | 408 |
| Metcash Limited | 261 | 537 |
| National Australia Bank Limited | 40 | 1156 |
| New Hope Corporation Limited (a) | 291 | 1185 |
| NEXTDC Limited (b) | 33 | 266 |
| Nine Entertainment Co. Holdings Limited | 197 | 130 |
| Northern Star Resources Ltd. | 48 | 689 |
| Orica Limited | 34 | 476 |
| Origin Energy Limited | 59 | 508 |
| Orora Limited | 58 | 76 |
| Perseus Mining Limited | 100 | 372 |
| PLS Group Limited (b) | 7 | 25 |
| Premier Investments Limited | 13 | 112 |
| Qantas Airways Limited | 15 | 88 |
| QBE Insurance Group Limited | 118 | 1737 |
| Ramsay Health Care Limited | 10 | 258 |
| Reece Limited (a) | 2 | 19 |
| Regis Resources Limited | 67 | 319 |
| Resolute Mining Limited (b) | 132 | 131 |
| Rio Tinto Limited | 11 | 1247 |
| Rio Tinto PLC - ADR | 1 | 94 |
| Rio Tinto PLC | 24 | 2239 |
| Sandfire Resources Limited (b) | 6 | 68 |
| Santos Limited | 86 | 474 |
| SEEK Limited | 13 | 132 |
| SGH Limited | 7 | 190 |
| Sigma Healthcare Ltd. | 11 | 21 |
| Sonic Healthcare Limited | 15 | 216 |
| Steadfast Group Ltd. | 88 | 259 |
| Suncorp Group Limited | 74 | 825 |
| Super Retail Group Limited | 36 | 321 |
| Technology One Limited | 5 | 86 |
| Telstra Group Limited | 66 | 242 |
| Transurban Holdings Limited | 20 | 198 |
| Treasury Wine Estates Limited (a) | 63 | 163 |
| Ventia Services Group Limited (c) | 212 | 772 |
| Wesfarmers Limited | 12 | 589 |
| Westpac Banking Corporation | 39 | 1070 |
| WiseTech Global Limited | 4 | 105 |
| Woodside Energy Group Ltd. | 54 | 1296 |
| Woodside Energy Group Ltd. - ADR (a) | 3 | 71 |
| Woolworths Group Limited | 28 | 712 |
| Zip Co Limited (b) | 71 | 80 |
| | | 40290 |
| **Italy 3.6%** | **Italy 3.6%** | **Italy 3.6%** |
| Acea S.p.A. | 4 | 115 |
| Assicurazioni Generali Societa' Per Azioni | 5 | 211 |
| Azimut Holding S.p.A. | 16 | 627 |
| Banca Mediolanum SpA | 8 | 170 |
| Banca Monte dei Paschi di Siena S.p.A. | 158 | 1384 |
| Banco BPM Societa' Per Azioni | 126 | 1758 |
| Bper Banca S.P.A. | 58 | 766 |
| Brunello Cucinelli S.p.A. | 9 | 785 |
| Buzzi S.p.A. | 3 | 141 |
| Credito Emiliano S.P.A. | 46 | 781 |
| Davide Campari-Milano N.V. | 26 | 182 |
| De' Longhi S.p.A. | 8 | 285 |
| ENEL - SPA | 115 | 1252 |
| Eni S.P.A. (a) | 81 | 2306 |
| Ferrari N.V. | 1 | 241 |
| Ferrari N.V. |  | 149 |
| Finecobank Banca Fineco S.P.A. | 41 | 900 |
| Hera S.p.A. | 233 | 1072 |
| Infrastrutture Wireless Italiane S.p.A. (a) (c) | 13 | 102 |
| Intesa Sanpaolo SPA | 179 | 1081 |
| Iren S.p.A. | 53 | 151 |
| Italgas S.p.A. | 64 | 745 |
| Iveco Group N.V. | 33 | 739 |
| Leonardo S.p.A. | 4 | 262 |
| Moncler S.p.A. | 7 | 397 |
| Pirelli & C. S.p.A. (c) | 45 | 309 |
| Poste Italiane - Societa' Per Azioni (c) | 10 | 233 |
| Prada S.p.A. | 19 | 92 |
| Prysmian S.p.A. | 5 | 631 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 23 | 1304 |
| Reply S.p.A. | 2 | 164 |
| Snam S.p.A. | 39 | 293 |
| Sol S.P.A. | 1 | 61 |
| Telecom Italia S.p.A. | 1860 | 1299 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 50 | 575 |
| Unicredit, Societa' Per Azioni | 30 | 2116 |
| Unipol Assicurazioni S.P.A. | 9 | 202 |
|  |  | 23881 |
| **Netherlands 3.2%** | **Netherlands 3.2%** | **Netherlands 3.2%** |
| Aalberts N.V. | 12 | 420 |
| ABN AMRO Bank N.V. - DUTCHCERT (c) | 54 | 1711 |
| Adyen N.V. (b) (c) |  | 182 |
| Arcadis N.V. | 3 | 86 |
| ASM International N.V. | 1 | 1058 |
| ASML Holding N.V. - ADR | 1 | 1461 |
| ASML Holding N.V. | 3 | 4252 |
| ASR Nederland N.V. | 6 | 417 |
| BE Semiconductor Industries N.V. | 2 | 460 |
| CTP N.V. | 6 | 103 |
| HAL Trust | 1 | 164 |
| Heineken N.V. | 7 | 529 |
| IMCD N.V. (a) | 6 | 658 |
| ING Groep N.V. | 27 | 710 |
| Koninklijke Ahold Delhaize N.V. | 38 | 1782 |
| Koninklijke KPN N.V. | 292 | 1621 |
| Koninklijke Philips N.V. - ADR (c) | 2 | 56 |
| Koninklijke Philips N.V. | 28 | 779 |
| Koninklijke Vopak N.V. | 22 | 1211 |
| NN Group N.V. | 17 | 1357 |
| Prosus N.V. - Class N | 11 | 487 |
| Randstad N.V. (a) | 16 | 420 |
| STMicroelectronics N.V. | 20 | 682 |
| Wolters Kluwer N.V. - Class C | 7 | 563 |
|  |  | 21169 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Spain 2.6%** | **Spain 2.6%** | **Spain 2.6%** |
| Acciona, S.A. | 2 | 499 |
| ACS, Actividades de Construccion y Servicios, S.A. | 9 | 1164 |
| AENA S.M.E., S.A. | 20 | 583 |
| Amadeus IT Holding, S.A. (c) | 18 | 1021 |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima | 124 | 2688 |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima - ADR | 14 | 306 |
| Banco De Sabadell SA (a) | 133 | 476 |
| Banco Santander, S.A. | 197 | 2207 |
| Bankinter Sociedad Anonima (a) | 67 | 1049 |
| CaixaBank, S.A. | 86 | 1023 |
| Cellnex Telecom, S.A. (c) | 4 | 126 |
| CIE Automotive Sociedad Anonima | 3 | 81 |
| Compania De Distribucion Integral Logista SAU | 6 | 234 |
| Corporacion Acciona Energias Renovables, S.A. | 5 | 118 |
| EDP Renovaveis, S.A. (a) | 12 | 198 |
| Enagas S.A. | 12 | 242 |
| Endesa, S.A. | 3 | 127 |
| Fluidra S.A. | 3 | 69 |
| Grifols, S.A. - Class A (a) | 39 | 409 |
| Iberdrola, Sociedad Anonima | 26 | 603 |
| Indra Sistemas S.A. (a) | 7 | 405 |
| Industria de Diseno Textil, S.A. | 12 | 668 |
| Mapfre S.A. | 70 | 312 |
| Naturgy Energy Group S.A. (a) | 6 | 187 |
| Redeia Corporacion S.A. | 18 | 300 |
| Repsol S.A. | 44 | 1231 |
| Telefonica, S.A. (a) | 162 | 713 |
|  |  | 17039 |
| **Sweden 2.5%** | **Sweden 2.5%** | **Sweden 2.5%** |
| AAK AB (publ) (a) | 2 | 63 |
| AB Sagax - Class B (a) | 5 | 99 |
| Addlife AB - Class B | 19 | 276 |
| Addnode Group Aktiebolag (publ) - Class B | 8 | 58 |
| Addtech AB - Class B | 8 | 259 |
| Aktiebolaget Electrolux - Class B (a) (b) | 21 | 133 |
| Aktiebolaget SKF - Class B | 14 | 346 |
| Aktiebolaget Volvo - Class A | 5 | 158 |
| Aktiebolaget Volvo - Class B | 43 | 1423 |
| Alfa Laval AB (a) | 3 | 189 |
| Ambea AB (publ) (c) | 5 | 73 |
| ASSA ABLOY AB - Class B | 6 | 204 |
| Atlas Copco Aktiebolag - Class A | 26 | 455 |
| Atlas Copco Aktiebolag - Class B | 15 | 230 |
| Avanza Bank Holding AB | 15 | 584 |
| Betsson AB - Class B | 16 | 168 |
| Billerud Aktiebolag (publ) | 67 | 523 |
| Boliden AB (b) | 7 | 378 |
| Bonesupport Holding AB (a) (b) | 1 | 14 |
| Bravida Holding AB (c) | 32 | 336 |
| Bufab AB (publ) | 3 | 29 |
| Bure Equity AB | 10 | 226 |
| Camurus AB (b) |  | 20 |
| Castellum Aktiebolag (a) | 28 | 327 |
| Dometic Group AB (publ) (c) | 25 | 68 |
| Electrolux Professional AB (publ) - Class B | 1 | 7 |
| Elekta AB (publ) - Class B | 42 | 249 |
| Epiroc Aktiebolag - Class A | 8 | 187 |
| Epiroc Aktiebolag - Class B | 5 | 114 |
| EQT AB (c) | 1 | 23 |
| Essity Aktiebolag (publ) - Class A |  | 12 |
| Essity Aktiebolag (publ) - Class B (a) | 19 | 476 |
| Evolution AB (publ) (c) | 2 | 127 |
| G&L Beijer Ref AB - Class B (a) | 6 | 79 |
| Getinge AB (publ) - Class B | 24 | 475 |
| H & M Hennes & Mauritz AB - Class B (a) | 10 | 188 |
| Hexagon Aktiebolag - Class B | 13 | 125 |
| Hexpol AB - Class B | 9 | 65 |
| HMS Networks AB | 1 | 45 |
| Indutrade Aktiebolag (a) | 1 | 22 |
| Invisio AB | 1 | 17 |
| Lagercrantz Group Aktiebolag - Class B | 11 | 230 |
| Lifco AB (Publ) - Class B | 2 | 60 |
| Lindab International AB | 7 | 115 |
| Loomis AB - Class B | 9 | 393 |
| Medicover AB - Class B | 13 | 268 |
| Mycronic AB (publ) | 16 | 375 |
| NCC Aktiebolag - Class B | 10 | 218 |
| NIBE Industrier AB - Class B | 22 | 91 |
| Nordnet AB | 9 | 285 |
| Nyfosa AB | 15 | 103 |
| Peab AB - Class B | 14 | 146 |
| SAAB Aktiebolag - Class B (a) | 1 | 77 |
| Sandvik Aktiebolag | 19 | 742 |
| Scandic Hotels Group AB | 34 | 306 |
| Securitas AB - Class B | 8 | 127 |
| Skandinaviska Enskilda Banken AB - Class A (a) | 18 | 334 |
| Skanska AB - Class B (a) | 9 | 231 |
| Skistar Aktiebolag - Class B | 4 | 66 |
| SSAB AB - Class B | 25 | 193 |
| Svenska Cellulosa Aktiebolaget SCA - Class A | 1 | 12 |
| Svenska Cellulosa Aktiebolaget SCA - Class B (a) | 16 | 191 |
| Svenska Handelsbanken AB - Class A (a) | 14 | 189 |
| Svenska Handelsbanken AB - Class B (a) | 1 | 13 |
| SWECO Civil AB - Class B | 15 | 217 |
| Swedbank AB - Class A | 12 | 424 |
| Tele2 AB - Class B | 18 | 371 |
| Telefonaktiebolaget LM Ericsson - Class A | 1 | 10 |
| Telefonaktiebolaget LM Ericsson - Class B (a) | 90 | 1018 |
| Telia Company AB (a) | 128 | 657 |
| Thule Group AB (c) | 2 | 52 |
| Trelleborg AB - Class B | 4 | 160 |
| Vitrolife AB | 3 | 25 |
| Wihlborgs Fastigheter AB | 4 | 41 |
|  |  | 16590 |
| **Denmark 1.7%** | **Denmark 1.7%** | **Denmark 1.7%** |
| A.P. Moller - Maersk A/S - Class A |  | 100 |
| A.P. Moller - Maersk A/S - Class B |  | 241 |
| ALK-Abello A/S - Class B | 3 | 98 |
| Cadeler A/S (b) (d) | 24 | 142 |
| Carlsberg A/S - Class B | 5 | 579 |
| Coloplast A/S - Class B | 2 | 140 |
| Danske Bank A/S | 24 | 1195 |
| Demant A/S (b) | 18 | 558 |
| DSV A/S | 2 | 588 |
| Genmab A/S (b) | 2 | 404 |
| H. Lundbeck A/S - Class B | 22 | 136 |
| Jyske Bank A/S | 2 | 222 |
| NKT A/S (b) | 8 | 1066 |
| Novo Nordisk A/S - Class B | 40 | 1489 |
| Novozymes A/S - Class B | 4 | 259 |
| Orsted A/S (b) (c) | 7 | 175 |
| Pandora A/S | 7 | 490 |
| Ringkjobing Landbobank. Aktieselskab | 6 | 1555 |
| Rockwool A/S - Class A | 1 | 15 |
| Rockwool A/S - Class B | 32 | 886 |
| Tryg A/S | 12 | 298 |
| Vestas Wind Systems A/S | 30 | 901 |
|  |  | 11537 |
| **Finland 1.5%** | **Finland 1.5%** | **Finland 1.5%** |
| Elisa Oyj | 19 | 912 |
| Fortum Oyj (a) | 25 | 629 |
| Hiab Oyj - Class B | 3 | 125 |
| Huhtamaki Oyj | 7 | 225 |
| Kesko Oyj - Class B | 22 | 497 |
| Kone Corporation - Class B | 6 | 399 |
| Konecranes Oyj (a) | 25 | 811 |
| Mandatum Holding Oy | 11 | 88 |
| Metso Oyj | 19 | 319 |
| Neste Oyj | 14 | 471 |
| Nokia Oyj | 88 | 706 |
| Nokia Oyj - Series A - ADR | 17 | 138 |
| Nordea Bank Abp (a) | 58 | 991 |
| Orion Oyj - Class B | 3 | 235 |
| Sampo Oyj - Class A | 46 | 489 |
| Sampo Oyj - Class A | 31 | 328 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Stora Enso Oyj - Class R (a) | 54 | 632 |
| UPM-Kymmene Oyj | 18 | 569 |
| Valmet Oy (a) | 15 | 433 |
| Wartsila Oyj Abp | 19 | 712 |
| | | 9709 |
| **Israel 1.3%** | **Israel 1.3%** | **Israel 1.3%** |
| Africa Israel Residences Ltd. | 1 | 73 |
| Alrov Properties & Lodgings Ltd. |  | 8 |
| Ashtrom Group Ltd. | 1 | 32 |
| Aura Investments Ltd. | 6 | 39 |
| Azrieli Group Ltd. |  | 48 |
| Bank Hapoalim B.M. | 23 | 541 |
| Bank Leumi Le-Israel B.M. | 36 | 791 |
| Bezeq Israel Communications Company Ltd. | 73 | 176 |
| Big Shopping Centers Ltd. |  | 56 |
| Blue Square Real Estate Ltd. |  | 54 |
| Camtek Ltd. (b) |  | 21 |
| Carasso Motors Ltd. | 4 | 41 |
| Cellcom Israel Ltd. | 2 | 19 |
| CLAL Insurance Enterprises Holdings Ltd. | 7 | 511 |
| Danya Cebus Ltd. |  | 21 |
| Delek Group Ltd. |  | 137 |
| Delta Galil Industries Ltd. | 1 | 63 |
| Doral Group Renewable Energy Resources Ltd. (b) | 1 | 20 |
| Elbit Systems Ltd. |  | 55 |
| Electra Ltd. | 4 | 115 |
| Enlight Renewable Energy Ltd. (b) | 3 | 188 |
| Equital Ltd. (b) | 3 | 131 |
| Fattal Holdings (1998) Ltd. (b) | 1 | 150 |
| First International Bank of Israel Ltd. | 2 | 143 |
| Formula Systems (1985) Ltd. | 1 | 111 |
| Fox - Wizel Ltd. | 1 | 63 |
| Harel Insurance Investments & Financial Services Ltd. | 5 | 274 |
| I.D.I. Insurance Company Ltd | 2 | 103 |
| Industrial Buildings Corporation Ltd. | 50 | 207 |
| Isracard Ltd. | 56 | 248 |
| Israel Canada (T.R) Ltd. | 15 | 87 |
| Israel Discount Bank Limited | 31 | 313 |
| Matrix I.T. Ltd. | 5 | 140 |
| Mega OR Holdings Ltd. |  | 25 |
| Melisron Limited |  | 42 |
| Menora Mivtachim Insurance Ltd. | 1 | 101 |
| Migdal Insurance and Financial Holdings Ltd. | 21 | 109 |
| Mizrahi Tefahot Bank Ltd. | 4 | 256 |
| Nayax Ltd. (b) |  | 25 |
| Neto Malinda Trading Ltd. | 1 | 27 |
| Next Vision Stabilized Systems Ltd. |  | 20 |
| Nice Ltd. (b) |  | 20 |
| Nova Ltd. (b) |  | 51 |
| Oil Refineries Ltd. | 241 | 104 |
| Partner Communications Ltd. | 13 | 150 |
| Paz Retail And Energy Ltd. | 1 | 277 |
| Phoenix Financial Ltd. | 10 | 542 |
| Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | 1 | 146 |
| Shikun & Binui Ltd. | 22 | 113 |
| Shufersal Ltd. | 16 | 240 |
| Strauss Group Ltd. | 3 | 114 |
| Tel Aviv Stock Exchange Ltd., The | 12 | 537 |
| Teva Pharmaceutical Industries Ltd. - ADR (b) | 4 | 123 |
| Teva Pharmaceutical Industries Ltd. (b) | 13 | 382 |
| Tower Semiconductor Ltd. (b) |  | 84 |
| Veridis Environment Ltd. (b) | 5 | 66 |
|  |  | 8533 |
| **Hong Kong 1.3%** | **Hong Kong 1.3%** | **Hong Kong 1.3%** |
| AIA Group Limited | 115 | 1271 |
| Bank of East Asia, Limited, The | 146 | 245 |
| Cathay Pacific Airways Limited | 83 | 119 |
| CK Asset Holdings Limited | 48 | 276 |
| CK Hutchison Holdings Limited | 40 | 307 |
| CK Infrastructure Holdings Limited | 15 | 120 |
| CLP Holdings Limited | 22 | 202 |
| Dfi Retail Group Holdings Limited | 44 | 183 |
| First Pacific Company Limited | 390 | 273 |
| Guotai Junan International Holdings Limited (a) | 234 | 70 |
| Hang Lung Properties Limited | 528 | 591 |
| HK Electric Investments Limited (a) | 49 | 40 |
| HKT Trust | 283 | 442 |
| Hong Kong And China Gas Company Limited - The- | 235 | 214 |
| Hong Kong Exchanges and Clearing Limited | 13 | 663 |
| Hysan Development Company Limited | 9 | 22 |
| Johnson Electric Holdings Limited | 101 | 304 |
| MH Development Limited (b) (e) | 12 |  |
| MTR Corporation Limited (a) | 34 | 139 |
| New World Development Company Limited (b) | 282 | 293 |
| PCCW Limited | 138 | 102 |
| Sino Land Company Limited | 237 | 348 |
| Sun Hung Kai Properties Limited | 15 | 250 |
| Swire Pacific Limited - Class A | 10 | 109 |
| Swire Properties Limited | 56 | 163 |
| Techtronic Industries Company Limited | 34 | 450 |
| United Laboratories International Holdings Ltd. (a) | 252 | 310 |
| WH Group Limited (c) | 400 | 527 |
| Wharf Real Estate Investment Company Limited | 43 | 125 |
| Xinyi Glass Holdings Limited (a) | 132 | 165 |
| Yue Yuen Industrial (Holdings) Limited (a) | 85 | 166 |
|  |  | 8489 |
| **Singapore 1.2%** | **Singapore 1.2%** | **Singapore 1.2%** |
| ASMPT Limited | 23 | 301 |
| Capitaland Investment Limited | 75 | 159 |
| DBS Group Holdings Ltd. | 27 | 1188 |
| Genting Singapore Limited | 238 | 125 |
| Golden Agri-Resources Ltd. | 640 | 152 |
| Hafnia Limited | 13 | 100 |
| Jardine Cycle & Carriage Limited | 22 | 587 |
| Keppel Ltd. | 66 | 608 |
| NetLink NBN Trust | 30 | 22 |
| Oversea-Chinese Banking Corporation Limited | 33 | 573 |
| SATS Ltd. | 66 | 183 |
| Seatrium Limited (a) | 357 | 662 |
| Sembcorp Industries Ltd. (a) | 63 | 328 |
| Singapore Airlines Limited | 106 | 544 |
| Singapore Exchange Limited | 36 | 543 |
| Singapore Land Group Limited | 27 | 75 |
| Singapore Technologies Engineering Ltd. | 14 | 114 |
| Singapore Telecommunications Limited | 78 | 299 |
| United Overseas Bank Limited | 23 | 653 |
| UOL Group Limited | 10 | 75 |
| Venture Corporation Limited | 21 | 253 |
| Wilmar International Limited | 108 | 324 |
|  |  | 7868 |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Ackermans | 3 | 936 |
| Ageas SA/NV | 7 | 503 |
| Anheuser-Busch InBev | 24 | 1657 |
| Argenx SE (b) |  | 127 |
| Azelis Group | 6 | 64 |
| Colruyt Group (a) | 3 | 114 |
| DEME Group |  | 85 |
| D'Ieteren Group | 2 | 436 |
| Elia Group | 2 | 294 |
| KBC Groep | 9 | 1160 |
| Lotus Bakeries (a) |  | 238 |
| U C B | 3 | 973 |
| Umicore | 11 | 217 |
|  |  | 6804 |
| **Norway 0.8%** | **Norway 0.8%** | **Norway 0.8%** |
| Aker BP ASA | 11 | 415 |
| Aker Solutions ASA (c) | 25 | 118 |
| Atea ASA | 10 | 144 |
| Austevoll Seafood ASA | 5 | 49 |
| Bluenord ASA | 2 | 129 |
| Borregaard ASA | 4 | 76 |
| BW Energy Limited (b) (d) | 9 | 60 |
| Bw Lpg Limited | 5 | 95 |
| DNB Bank ASA | 8 | 260 |
| DOF Group ASA | 8 | 110 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Elkem ASA (c) | 14 | 40 |
| Entra ASA (c) | 1 | 11 |
| Equinor ASA | 23 | 953 |
| Eurizon Opportunita | 22 | 205 |
| Frontline PLC | 4 | 133 |
| Gjensidige Forsikring ASA | 3 | 78 |
| Hoegh Autoliners ASA | 11 | 160 |
| Kitron ASA | 3 | 25 |
| Kongsberg Gruppen ASA | 4 | 174 |
| Leroy Seafood Group ASA | 5 | 28 |
| Mowi ASA | 3 | 74 |
| Nordic Semiconductor ASA (b) | 4 | 61 |
| Norsk Hydro ASA | 31 | 330 |
| Odfjell Drilling Ltd. | 10 | 100 |
| Orkla ASA | 3 | 39 |
| Protector Forsikring ASA | 2 | 103 |
| SalMar ASA |  | 15 |
| Scatec ASA (b) (c) | 12 | 168 |
| Sparebank 1 Ostlandet | 2 | 47 |
| Sparebank 1 Sor-Norge ASA | 7 | 147 |
| Storebrand ASA | 15 | 274 |
| Telenor ASA | 7 | 128 |
| TGS-NOPEC Geophysical Company | 10 | 134 |
| TOMRA Systems ASA | 3 | 37 |
| Var Energi ASA | 7 | 39 |
| Veidekke ASA | 9 | 173 |
| Vend Marketplaces ASA - Class B | 3 | 83 |
| Wallenius Wilhelmsen ASA | 6 | 74 |
| Yara International ASA | 2 | 124 |
| | | 5413 |
| **Austria 0.6%** | **Austria 0.6%** | **Austria 0.6%** |
| Andritz AG | 5 | 316 |
| BAWAG Group AG (c) | 6 | 879 |
| Erste Group Bank AG | 6 | 674 |
| OMV Aktiengesellschaft | 8 | 600 |
| Raiffeisen Bank International AG | 1 | 49 |
| Strabag SE | 1 | 142 |
| Telekom Austria Aktiengesellschaft | 7 | 69 |
| UNIQA Insurance Group AG | 16 | 275 |
| Verbund AG | 1 | 95 |
| voestalpine AG | 16 | 716 |
|  |  | 3815 |
| **United States of America 0.5%** | **United States of America 0.5%** | **United States of America 0.5%** |
| Brookfield Infrastructure Corporation - Class A | 1 | 28 |
| International Paper Company | 16 | 571 |
| James Hardie Industries Public Limited Company - CHESS | 7 | 141 |
| Reliance Worldwide Corporation Limited | 88 | 189 |
| Samsonite Group S.A. (c) | 121 | 226 |
| Sunbelt Rental Holdings Inc. | 22 | 1386 |
| Universal Music Group N.V. | 17 | 328 |
| Waste Connections, Inc. | 4 | 588 |
|  |  | 3457 |
| **Ireland 0.5%** | **Ireland 0.5%** | **Ireland 0.5%** |
| AIB Group Public Limited Company | 151 | 1602 |
| Bank of Ireland Group Public Limited Company | 50 | 909 |
| Glanbia Public Limited Company | 4 | 72 |
| Kerry Group Public Limited Company - Class A | 3 | 209 |
| Kingspan Group Public Limited Company | 6 | 482 |
|  |  | 3274 |
| **Portugal 0.3%** | **Portugal 0.3%** | **Portugal 0.3%** |
| Banco Comercial Portugues S.A. | 607 | 592 |
| EDP, S.A. | 67 | 350 |
| Galp Energia, SGPS, S.A. - Class B | 31 | 740 |
| Jeronimo Martins, SGPS S.A. | 7 | 162 |
| Sonae - SGPS, S.A. | 94 | 209 |
|  |  | 2053 |
| **New Zealand 0.2%** | **New Zealand 0.2%** | **New Zealand 0.2%** |
| Air New Zealand Limited | 113 | 28 |
| Auckland International Airport Limited | 20 | 91 |
| Chorus Limited | 20 | 107 |
| Contact Energy Limited | 13 | 71 |
| Fisher & Paykel Healthcare Corporation Limited | 6 | 118 |
| Fletcher Building Limited (b) | 55 | 93 |
| Freightways Group Limited | 16 | 114 |
| Genesis Energy Limited | 97 | 121 |
| Infratil Limited (a) | 9 | 59 |
| Mainfreight Limited | 3 | 112 |
| Mercury NZ Limited | 10 | 37 |
| Meridian Energy Limited | 15 | 48 |
| Port of Tauranga Limited | 2 | 11 |
| Ryman Healthcare Limited (b) | 21 | 26 |
| Spark New Zealand Limited | 35 | 42 |
| Summerset Group Holdings Limited (a) | 9 | 47 |
| The a2 Milk Company Limited (a) | 17 | 111 |
| Vector Limited | 4 | 11 |
| Xero Limited (b) | 3 | 183 |
|  |  | 1430 |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| BOC Hong Kong (Holdings) Limited | 42 | 232 |
| Cowell E Holdings Inc. (a) | 28 | 94 |
| SITC International Holdings Company Limited | 107 | 468 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 36 | 106 |
|  |  | 900 |
| **Zambia 0.1%** | **Zambia 0.1%** | **Zambia 0.1%** |
| First Quantum Minerals Ltd. (b) | 37 | 873 |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Antofagasta PLC | 12 | 541 |
| Capstone Copper Corp. (b) | 35 | 265 |
|  |  | 806 |
| **Cote D'Ivoire 0.1%** | **Cote D'Ivoire 0.1%** | **Cote D'Ivoire 0.1%** |
| Endeavour Mining Corporation | 13 | 792 |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Galaxy Entertainment Group Limited | 49 | 221 |
| MGM China Holdings Limited | 15 | 21 |
| Sands China Ltd. | 32 | 67 |
| Wynn Macau, Limited | 111 | 78 |
|  |  | 387 |
| **Georgia 0.1%** | **Georgia 0.1%** | **Georgia 0.1%** |
| TBC Bank Group PLC | 6 | 329 |
| **Argentina 0.0%** | **Argentina 0.0%** | **Argentina 0.0%** |
| Tenaris S.A. | 9 | 252 |
| **Poland 0.0%** | **Poland 0.0%** | **Poland 0.0%** |
| InPost S.A. (a) (b) | 7 | 123 |
| **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) (b) | 11 | 94 |
| **Faroe Islands 0.0%** | **Faroe Islands 0.0%** | **Faroe Islands 0.0%** |
| P/F Bakkafrost Sales | 1 | 35 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| NMC Health PLC (e) | 1 |  |
| Total Common Stocks (cost $517,660) | Total Common Stocks (cost $517,660) | 653503 |
| **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** |
| **Germany 0.5%** | **Germany 0.5%** | **Germany 0.5%** |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 112 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 6 | 295 |
| Henkel AG & Co. KGaA (f) | 11 | 844 |
| Jungheinrich Aktiengesellschaft | 3 | 83 |
| Porsche Automobil Holding SE (f) | 19 | 706 |
| Sartorius Aktiengesellschaft |  | 46 |
| Volkswagen Aktiengesellschaft (f) | 12 | 1196 |
| Total Preferred Stocks (cost $3,836) | Total Preferred Stocks (cost $3,836) | 3282 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Webuild S.p.A. (b) (g) |  |  |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software Inc. (b) (e) |  |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) |  |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. (b) (g) | 1739 |  |
| Total Rights (cost $0) | Total Rights (cost $0) |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 2.5%** | **SHORT TERM INVESTMENTS 2.5%** | **SHORT TERM INVESTMENTS 2.5%** |
| **Securities Lending Collateral 2.2%** | **Securities Lending Collateral 2.2%** | **Securities Lending Collateral 2.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (h) (i) | 14475 | 14475 |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.53% (h) (i) | 2040 | 2040 |
| Total Short Term Investments (cost $16,515) | Total Short Term Investments (cost $16,515) | 16515 |
| **Total Investments 101.6% (cost $538,011)** | **Total Investments 101.6% (cost $538,011)** | **673300** |
| **Other Assets and Liabilities, Net (1.6)%** | **Other Assets and Liabilities, Net (1.6)%** | **(10924)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **662376** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(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 is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $248 and 0.0% of the Fund.

(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) 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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 5242 | 49053 | 52255 | 50 |  |  | 2040 | 0.3 |
| JNL Government Money Market Fund, 3.63% - Class SL | 10338 | 28518 | 24381 | 71 |  |  | 14475 | 2.2 |
|  | 15580 | 77571 | 76636 | 121 |  |  | 16515 | 2.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 1711 | 0.3 |
| Adyen N.V. | 11/24/21 | 316 | 182 |  |
| Aker Solutions ASA | 08/15/25 | 73 | 118 |  |
| Amadeus IT Holding, S.A. | 07/17/20 | 1318 | 1021 | 0.2 |
| Ambea AB (publ) | 02/09/26 | 75 | 73 |  |
| Amundi | 08/21/25 | 333 | 370 | 0.1 |
| BAWAG Group AG | 05/29/20 | 458 | 879 | 0.1 |
| Bravida Holding AB | 01/13/25 | 301 | 336 | 0.1 |
| Cellnex Telecom, S.A. | 06/25/19 | 163 | 126 |  |
| Dometic Group AB (publ) | 05/22/23 | 166 | 68 |  |
| DWS Group GmbH & Co. KGaA | 02/18/26 | 344 | 323 | 0.1 |
| Elkem ASA | 07/23/24 | 27 | 40 |  |
| Emera Incorporated | 01/05/21 | 256 | 306 | 0.1 |
| Entra ASA | 01/10/24 | 11 | 11 |  |
| EQT AB | 06/13/25 | 21 | 23 |  |
| Euronext N.V. | 11/18/20 | 628 | 920 | 0.1 |
| Evolution AB (publ) | 05/06/22 | 185 | 127 |  |
| Hapag-Lloyd Aktiengesellschaft | 10/25/21 | 191 | 141 |  |
| Infrastrutture Wireless Italiane S.p.A. | 03/04/26 | 128 | 102 |  |
| Knorr - Bremse Aktiengesellschaft | 10/19/23 | 938 | 1172 | 0.2 |
| Koninklijke Philips N.V. | 08/06/21 | 72 | 56 |  |
| Orsted A/S | 12/23/20 | 225 | 175 |  |
| Pirelli & C. S.p.A. | 02/06/26 | 331 | 309 | 0.1 |
| Poste Italiane - Societa' Per Azioni | 08/23/22 | 139 | 233 |  |
| Samsonite Group S.A. | 08/25/23 | 355 | 226 |  |
| Scatec ASA | 05/12/22 | 98 | 168 |  |
| Scout24 SE | 09/09/25 | 800 | 521 | 0.1 |
| Siemens Healthineers AG | 03/04/21 | 917 | 771 | 0.1 |
| Thule Group AB | 05/10/23 | 60 | 52 |  |
| VAT Group AG | 10/18/23 | 511 | 743 | 0.1 |
| Ventia Services Group Limited | 02/06/25 | 704 | 772 | 0.1 |
| WH Group Limited | 03/02/21 | 291 | 527 | 0.1 |
| Zalando SE | 08/13/25 | 606 | 525 | 0.1 |
|  |  | 11948 | 13127 | 2.0 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 95578 | 557925 |  | 653503 |
| &nbsp;&nbsp;Preferred Stocks |  | 3282 |  | 3282 |
| &nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 16515 |  |  | 16515 |
|  | 112093 | 561207 |  | 673300 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Information Technology 26.1%** | **Information Technology 26.1%** | **Information Technology 26.1%** |
| 8X8, Inc. (a) | 8 | 14 |
| A10 Networks, Inc. | 3 | 66 |
| Accenture Public Limited Company - Class A | 12 | 2328 |
| ACI Worldwide, Inc. (a) | 5 | 203 |
| ACM Research, Inc. - Class A (a) | 1 | 21 |
| Adeia Inc. | 8 | 191 |
| Adobe Inc. (a) | 5 | 1328 |
| Advanced Energy Industries, Inc. | 2 | 518 |
| Advanced Micro Devices, Inc. (a) | 17 | 3442 |
| Agilysys, Inc. (a) |  | 33 |
| Akamai Technologies, Inc. (a) | 5 | 566 |
| Alarm.Com Holdings, Inc. (a) | 2 | 99 |
| Allegro Microsystems Inc. (a) | 4 | 128 |
| Alpha and Omega Semiconductor Limited (a) | 2 | 55 |
| Ambarella Inc. (a) | 1 | 65 |
| Amdocs Limited | 5 | 324 |
| Amkor Technology, Inc. | 10 | 458 |
| Amphenol Corporation - Class A | 20 | 2484 |
| Amtech Systems, Inc. (a) | 1 | 11 |
| Analog Devices, Inc. | 6 | 1780 |
| AppFolio, Inc. - Class A (a) | 1 | 79 |
| Apple Inc. | 251 | 63596 |
| Applied Materials, Inc. | 10 | 3422 |
| Applied Optoelectronics, Inc. (a) | 1 | 87 |
| AppLovin Corporation - Class A (a) | 4 | 1783 |
| Arista Networks, Inc. (a) | 10 | 1246 |
| Arrow Electronics, Inc. (a) | 3 | 453 |
| ASGN Incorporated (a) | 2 | 79 |
| Astera Labs, Inc. (a) | 2 | 265 |
| Atlassian Corporation - Class A (a) | 1 | 66 |
| Aurora Innovations Inc. - Class A (a) | 15 | 61 |
| Autodesk, Inc. (a) | 4 | 903 |
| AvePoint, Inc. - Class A (a) | 3 | 27 |
| Aviat Networks, Inc. (a) | 1 | 25 |
| Avnet, Inc. | 5 | 332 |
| Axcelis Technologies, Inc. (a) | 2 | 142 |
| Badger Meter, Inc. | 1 | 173 |
| Bel Fuse Inc. - Class B | 1 | 113 |
| Belden Inc. | 2 | 209 |
| Benchmark Electronics, Inc. | 3 | 162 |
| Bentley Systems, Incorporated - Class B | 6 | 218 |
| Bill Holdings, Inc. (a) | 4 | 140 |
| Blackbaud, Inc. (a) | 2 | 62 |
| Blackline, Inc. (a) | 1 | 55 |
| Box, Inc. - Class A (a) | 5 | 118 |
| Broadcom Inc. | 61 | 18761 |
| C3.ai, Inc. - Class A (a) | 3 | 24 |
| Cadence Design Systems, Inc. (a) | 3 | 715 |
| Calix, Inc. (a) | 2 | 93 |
| CCC Intelligent Solutions Holdings Inc. (a) | 11 | 66 |
| CDW Corp. | 5 | 634 |
| Cerence Inc. (a) | 2 | 15 |
| CEVA Inc. (a) | 1 | 15 |
| Ciena Corporation (a) | 5 | 2072 |
| Cirrus Logic, Inc. (a) | 2 | 328 |
| Cisco Systems, Inc. | 43 | 3331 |
| Cleanspark Inc. (a) | 4 | 37 |
| Clear Secure, Inc. - Class A | 2 | 100 |
| Clearfield, Inc. (a) (b) | 1 | 16 |
| Cloudflare, Inc. - Class A (a) | 2 | 474 |
| Cognex Corporation | 4 | 214 |
| Cognizant Technology Solutions Corporation - Class A | 13 | 776 |
| Coherent Corp. (a) | 5 | 1237 |
| Cohu, Inc. (a) | 2 | 56 |
| CommVault Systems, Inc. (a) | 1 | 62 |
| Comtech Telecommunications Corp. (a) | 1 | 4 |
| Consensus Cloud Solutions, Inc. (a) | 1 | 34 |
| Corning Incorporated | 9 | 1283 |
| Corsair Gaming, Inc. (a) | 3 | 17 |
| Crane Nxt, Co. | 3 | 118 |
| Credo Technology Group Holding Ltd. (a) | 3 | 269 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 460 |
| CTS Corporation | 2 | 97 |
| Daily Journal Corporation (a) |  | 39 |
| Daktronics, Inc. (a) | 4 | 74 |
| Datadog, Inc. - Class A (a) | 2 | 277 |
| Dell Technologies Inc. - Class C | 4 | 682 |
| Diebold Nixdorf, Incorporated (a) |  | 29 |
| Digi International Inc. (a) | 3 | 142 |
| Digital Turbine USA, Inc. (a) (b) | 5 | 15 |
| DigitalOcean Holdings, Inc. (a) | 3 | 265 |
| Diodes Incorporated (a) | 2 | 148 |
| DocuSign, Inc. (a) | 4 | 187 |
| Dolby Laboratories, Inc. - Class A | 2 | 132 |
| Dropbox, Inc. - Class A (a) | 9 | 201 |
| DXC Technology Company (a) | 10 | 122 |
| Dynatrace, Inc. (a) | 6 | 213 |
| Enphase Energy, Inc. (a) | 3 | 107 |
| Entegris, Inc. | 4 | 428 |
| EPAM Systems, Inc. (a) | 1 | 180 |
| ePlus inc. | 1 | 83 |
| F5, Inc. (a) | 3 | 779 |
| Fabrinet (a) | 1 | 672 |
| Fair Isaac Corporation (a) |  | 416 |
| Fastly, Inc. - Class A (a) | 7 | 212 |
| First Solar, Inc. (a) | 3 | 653 |
| Flex Ltd. (a) | 17 | 1089 |
| Formfactor, Inc. (a) | 2 | 219 |
| Fortinet, Inc. (a) | 14 | 1107 |
| Frequency Electronics, Inc. (a) | 1 | 44 |
| Freshworks, Inc. - Class A (a) | 6 | 45 |
| Gartner, Inc. (a) | 1 | 202 |
| Gen Digital Inc. | 25 | 464 |
| Globalfoundries Inc. (a) | 4 | 195 |
| Globant S.A. (a) | 1 | 50 |
| GoDaddy Inc. - Class A (a) | 2 | 185 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 4 | 25 |
| Guidewire Software, Inc. (a) | 2 | 249 |
| Hackett Group, Inc., The | 2 | 25 |
| Harmonic, Inc. (a) | 7 | 64 |
| Hewlett Packard Enterprise Company | 35 | 839 |
| HP, Inc. | 15 | 284 |
| HubSpot, Inc. (a) | 1 | 126 |
| I3 Verticals, Inc. - Class A (a) (b) | 2 | 38 |
| Ichor Holdings, Ltd. (a) | 2 | 113 |
| Information Services Group, Inc. | 4 | 15 |
| Insight Enterprises, Inc. (a) | 1 | 61 |
| Intapp US, Inc. (a) | 1 | 23 |
| Intel Corporation (a) | 71 | 3141 |
| InterDigital, Inc. | 1 | 426 |
| International Business Machines Corporation | 16 | 3989 |
| Intuit Inc. | 3 | 1200 |
| ionQ, Inc. (a) | 9 | 263 |
| IPG Photonics Corporation (a) | 2 | 213 |
| Itron, Inc. (a) | 2 | 198 |
| Jabil Inc. | 4 | 955 |
| Key Tronic Corporation (a) |  | 1 |
| Keysight Technologies, Inc. (a) | 3 | 943 |
| Kimball Electronics Group, LLC (a) |  | 11 |
| KLA Corporation | 3 | 3862 |
| Klaviyo, Inc. - Series A (a) | 1 | 10 |
| Knowles Corporation (a) | 6 | 161 |
| Kulicke and Soffa Industries, Inc. | 3 | 168 |
| KVH Industries, Inc. (a) | 2 | 14 |
| Kyndryl Holdings, Inc. (a) | 16 | 206 |
| Lam Research Corporation | 21 | 4588 |
| Lattice Semiconductor Corporation (a) | 1 | 82 |
| Littelfuse, Inc. | 1 | 317 |
| LiveRamp Holdings, Inc. (a) | 2 | 51 |
| Lumentum Holdings Inc. (a) | 2 | 1491 |
| MACOM Technology Solutions Holdings, Inc. (a) | 2 | 362 |
| Magnachip Semiconductor Corporation (a) | 4 | 11 |
| Manhattan Associates, Inc. (a) | 1 | 136 |
| Marvell Technology, Inc. | 10 | 982 |
| MaxLinear, Inc. (a) | 4 | 73 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Methode Electronics, Inc. | 2 | 11 |
| Microchip Technology Incorporated | 11 | 718 |
| Micron Technology, Inc. | 17 | 5850 |
| Microsoft Corporation | 119 | 44188 |
| Mirion Technologies (US), Inc. - Class A (a) | 9 | 174 |
| Mitek Systems, Inc. (a) | 1 | 12 |
| MKS Inc. | 2 | 441 |
| MongoDB, Inc. - Class A (a) | 1 | 241 |
| Monolithic Power Systems, Inc. | 1 | 699 |
| Motorola Solutions, Inc. | 3 | 1400 |
| N-Able, Inc. (a) | 6 | 26 |
| Napco Security Technologies, Inc. | 2 | 77 |
| nCino OpCo, Inc. (a) | 2 | 34 |
| NCR Voyix Corporation (a) | 6 | 40 |
| NetApp, Inc. | 6 | 641 |
| NETGEAR, Inc. (a) | 2 | 48 |
| NetScout Systems, Inc. (a) | 5 | 172 |
| Nlight, Inc. (a) | 2 | 115 |
| Novanta Inc. (a) | 1 | 141 |
| Nutanix, Inc. - Class A (a) | 3 | 133 |
| NVE Corporation |  | 31 |
| NVIDIA Corporation | 403 | 70214 |
| NXP Semiconductors N.V. | 9 | 1692 |
| Okta, Inc. - Class A (a) | 4 | 311 |
| ON Semiconductor Corporation (a) | 12 | 720 |
| ON24, Inc. (a) | 6 | 51 |
| OneSpan Inc. | 3 | 35 |
| Onto Innovation Inc. (a) | 2 | 377 |
| Oracle Corporation | 29 | 4228 |
| OSI Systems, Inc. (a) | 1 | 230 |
| Palantir Technologies Inc. - Class A (a) | 12 | 1696 |
| Palo Alto Networks, Inc. (a) | 5 | 881 |
| PAR Technology Corporation (a) (b) | 2 | 29 |
| PC Connection, Inc. | 2 | 103 |
| PDF Solutions, Inc. (a) | 2 | 78 |
| Pegasystems Inc. | 5 | 201 |
| Penguin Solutions, Inc. (a) | 3 | 57 |
| Photronics, Inc. (a) | 3 | 129 |
| Plexus Corp. (a) | 1 | 297 |
| Porch Group Inc - Class A (a) | 2 | 12 |
| Power Integrations, Inc. | 2 | 90 |
| Progress Software Corporation (a) | 2 | 62 |
| PTC Inc. (a) | 3 | 465 |
| Pure Storage, Inc. - Class A (a) | 5 | 293 |
| Q2 Holdings, Inc. (a) | 1 | 48 |
| Qnity Electronics, Inc. | 6 | 710 |
| Qorvo, Inc. (a) | 4 | 285 |
| Qualcomm Incorporated | 19 | 2458 |
| Qualys, Inc. (a) | 1 | 116 |
| Ralliant Corporation | 3 | 138 |
| Rambus Inc. (a) | 3 | 281 |
| Red Violet, Inc. (a) |  | 11 |
| Ribbon Communications Inc. (a) | 7 | 15 |
| Richardson Electronics, Ltd. | 1 | 7 |
| RingCentral, Inc. - Class A | 4 | 137 |
| Riot Platforms, Inc. (a) | 14 | 168 |
| Rogers Corporation (a) | 1 | 102 |
| Roper Technologies, Inc. | 1 | 522 |
| Salesforce, Inc. | 12 | 2290 |
| Samsara Inc. - Class A (a) | 3 | 81 |
| SanDisk LLC (a) | 4 | 2251 |
| Sanmina Corporation (a) | 3 | 415 |
| ScanSource, Inc. (a) | 2 | 58 |
| Seagate Technology Holdings Public Limited Company | 4 | 1700 |
| SentinelOne, Inc. - Class A (a) | 5 | 61 |
| ServiceNow, Inc. (a) | 9 | 957 |
| Silicon Laboratories Inc. (a) | 2 | 326 |
| Sitime Corporation (a) | 1 | 249 |
| Skyworks Solutions, Inc. | 6 | 302 |
| Snowflake Inc. - Class A (a) | 1 | 224 |
| SolarEdge Technologies Ltd. (a) | 1 | 51 |
| SPS Commerce, Inc. (a) |  | 22 |
| Super Micro Computer, Inc. (a) | 14 | 313 |
| Synaptics Incorporated (a) | 1 | 104 |
| Synopsys, Inc. (a) | 2 | 824 |
| TD SYNNEX Corporation | 4 | 630 |
| TE Connectivity Public Limited Company | 7 | 1531 |
| Teledyne Technologies Incorporated (a) | 1 | 620 |
| Telos Corporation (a) | 5 | 22 |
| Teradata Corporation (a) | 3 | 79 |
| Teradyne, Inc. | 2 | 628 |
| Texas Instruments Incorporated | 14 | 2746 |
| TransAct Technologies Incorporated (a) |  |  |
| Trimble Inc. (a) | 7 | 475 |
| TTM Technologies, Inc. (a) | 7 | 725 |
| Twilio Inc. - Class A (a) | 5 | 609 |
| Tyler Technologies, Inc. (a) | 1 | 288 |
| Uipath, Inc. - Class A (a) (b) | 10 | 110 |
| Ultra Clean Holdings, Inc. (a) | 3 | 186 |
| Unisys Corporation (a) | 4 | 8 |
| Unity Software Inc. (a) | 11 | 242 |
| Universal Display Corporation | 1 | 104 |
| Veeco Instruments Inc. (a) | 3 | 104 |
| VeriSign, Inc. | 2 | 485 |
| Vertex, Inc. - Class A (a) | 2 | 23 |
| ViaSat, Inc. (a) | 4 | 165 |
| Viavi Solutions Inc. (a) | 8 | 251 |
| Vishay Intertechnology, Inc. | 5 | 92 |
| Vishay Precision Group, Inc. (a) | 1 | 30 |
| Vistance Networks, Inc. (a) | 2 | 44 |
| Vontier Corporation | 10 | 348 |
| Western Digital Corporation | 11 | 2876 |
| Workday, Inc. - Class A (a) | 2 | 266 |
| Xerox Holdings Corporation (b) | 13 | 16 |
| Yext, Inc. (a) | 10 | 37 |
| Zebra Technologies Corporation - Class A (a) | 2 | 328 |
| Zeta Global Holdings Corp. - Class A (a) | 4 | 71 |
| Zoom Communications, Inc. - Class A (a) | 7 | 597 |
| Zscaler, Inc. (a) | 2 | 271 |
| | | 322286 |
| **Financials 15.6%** | **Financials 15.6%** | **Financials 15.6%** |
| 1st Security Bank of Washington | 1 | 20 |
| 1st Source Corporation | 2 | 137 |
| Acacia Research Corporation (a) | 2 | 8 |
| ACNB Corporation | 1 | 41 |
| Affiliated Managers Group, Inc. | 2 | 496 |
| Affirm Holdings, Inc. - Class A (a) | 7 | 318 |
| AFLAC Incorporated | 11 | 1252 |
| Allstate Corporation, The | 7 | 1475 |
| Ally Financial Inc. | 14 | 551 |
| Amalgamated Financial Corp. | 2 | 86 |
| Amerant Bancorp Inc. - Class A | 2 | 36 |
| American Coastal Insurance Corporation | 1 | 17 |
| American Express Company | 10 | 2936 |
| American Financial Group, Inc. | 5 | 609 |
| American International Group, Inc. | 14 | 1081 |
| Ameriprise Financial, Inc. | 3 | 1395 |
| Ameris Bancorp | 5 | 370 |
| Amerisafe, Inc. | 1 | 46 |
| AON Public Limited Company - Class A | 5 | 1729 |
| Apollo Global Management, Inc. | 10 | 1138 |
| Arch Capital Group Ltd. (a) | 10 | 1006 |
| Ares Management Corporation - Class A | 2 | 223 |
| Arrow Financial Corporation | 2 | 72 |
| Arthur J. Gallagher & Co. | 4 | 781 |
| Artisan Partners Asset Management Inc. - Class A | 4 | 134 |
| Associated Banc-Corp | 11 | 283 |
| Assurant, Inc. | 3 | 554 |
| Assured Guaranty Ltd. | 3 | 274 |
| Atlantic Union Bank | 8 | 270 |
| Atlanticus Holdings Corporation (a) | 1 | 52 |
| AXIS Capital Holdings Limited | 4 | 418 |
| Axos Financial, Inc. (a) | 4 | 337 |
| Baldwin Insurance Group, Inc. , The - Class A (a) | 1 | 26 |
| Banc of California, Inc. | 2 | 31 |
| BancFirst Corporation | 2 | 231 |
| Bancorp, Inc., The (a) | 3 | 163 |
| Bank of America Corporation | 109 | 5303 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bank of Hawaii Corporation | 3 | 201 |
| Bank of Marin Bancorp | 2 | 44 |
| Bank of N.T. Butterfield & Son Limited, The | 3 | 173 |
| Bank of New York Mellon Corporation, The | 16 | 1896 |
| Bank OZK | 8 | 350 |
| BankUnited, Inc. | 5 | 237 |
| Bankwell Financial Group, Inc. |  | 12 |
| Banner Corporation | 2 | 115 |
| Bar Harbor Bankshares | 1 | 43 |
| Baycom Corp | 1 | 27 |
| BCB Bancorp, Inc. | 1 | 12 |
| Beacon Financial Corporation | 7 | 216 |
| Berkshire Hathaway Inc. - Class B (a) | 28 | 13190 |
| BGC Group, Inc. - Class A | 20 | 194 |
| BlackRock, Inc. | 2 | 1633 |
| Blackstone Inc. - Class A | 6 | 691 |
| Block, Inc. - Class A (a) | 9 | 541 |
| Blue Foundry Bancorp (a) | 2 | 20 |
| Blue Ridge Bankshares, Inc. | 3 | 11 |
| BOK Financial Corporation | 4 | 553 |
| Bread Financial Payments, Inc. | 3 | 200 |
| Bridgewater Bancshares, Inc. (a) (c) | 1 | 19 |
| Brighthouse Financial, Inc. (a) | 5 | 272 |
| Brightsphere Investment Group Inc. | 2 | 98 |
| Brown & Brown, Inc. | 8 | 534 |
| Burke & Herbert Financial Services Corp. |  | 26 |
| Business First Bancshares, Inc. (b) | 1 | 38 |
| Byline Bancorp, Inc. | 3 | 109 |
| C&F Financial Corporation |  | 3 |
| Camden National Corporation | 2 | 77 |
| Cantaloupe, Inc. (a) | 2 | 27 |
| Capital Bancorp, Inc. |  | 13 |
| Capital City Bank Group, Inc. | 1 | 43 |
| Capital One Financial Corporation | 10 | 1816 |
| Capitol Federal Financial | 13 | 96 |
| Carlyle Group Inc., The | 11 | 556 |
| Carter Bankshares, Inc. (a) | 2 | 57 |
| Cass Information Systems, Inc. | 1 | 55 |
| Cathay General Bancorp | 5 | 231 |
| CBOE Global Markets, Inc. | 3 | 790 |
| Central Pacific Financial Corp. | 3 | 92 |
| Charles Schwab Corporation, The | 27 | 2520 |
| Chubb Limited | 6 | 1946 |
| Cincinnati Financial Corporation | 4 | 652 |
| Citigroup Inc. | 28 | 3205 |
| Citizens & Northern Corporation | 1 | 17 |
| Citizens Financial Group, Inc. | 13 | 785 |
| Citizens, Inc. - Class A (a) (b) | 4 | 19 |
| City Holding Company | 1 | 118 |
| Civista Bancshares, Inc. | 2 | 50 |
| CME Group Inc. - Class A | 4 | 1214 |
| CNB Financial Corporation | 2 | 63 |
| CNO Financial Group, Inc. | 1 | 60 |
| Coastal Financial Corporation (a) |  | 19 |
| Cohen & Steers, Inc. | 2 | 124 |
| Coinbase Global, Inc. - Class A (a) | 2 | 430 |
| Columbia Banking System, Inc. | 12 | 325 |
| Columbia Financial, Inc. (a) | 6 | 97 |
| Commerce Bancshares, Inc. | 7 | 327 |
| Community Financial System, Inc. | 3 | 177 |
| Community Trust Bancorp, Inc. | 1 | 86 |
| Community West Bancshares |  | 5 |
| ConnectOne Bancorp, Inc. | 5 | 121 |
| Consumer Portfolio Services, Inc. (a) | 2 | 16 |
| Corebridge Financial, Inc. | 28 | 662 |
| Corpay Inc (a) | 3 | 847 |
| Crawford & Company - Class A | 2 | 17 |
| Crawford & Company - Class B | 1 | 15 |
| Credit Acceptance Corporation (a) | 1 | 238 |
| Cullen/Frost Bankers, Inc. | 3 | 461 |
| Customers Bancorp, Inc. (a) | 2 | 162 |
| CVB Financial Corp. | 7 | 134 |
| Dave Inc. - Class A (a) |  | 65 |
| Diamond Hill Investment Group, Inc. - Class A |  | 54 |
| Dime Community Bancshares, Inc. | 3 | 106 |
| Donegal Group Inc. - Class A | 2 | 27 |
| Donnelley Financial Solutions, Inc. (a) | 2 | 71 |
| Eagle Bancorp, Inc. | 3 | 64 |
| East West Bancorp, Inc. | 8 | 802 |
| Eastern Bankshares, Inc. | 8 | 154 |
| eHealth, Inc. (a) | 2 | 2 |
| Employers Holdings, Inc. | 2 | 71 |
| Enact Holdings, Inc. | 1 | 28 |
| Encore Capital Group, Inc. (a) | 2 | 116 |
| Enova International, Inc. (a) | 2 | 233 |
| Enterprise Financial Services Corp. | 3 | 140 |
| Equitable Holdings, Inc. | 9 | 351 |
| Equity Bancshares, Inc. - Class A | 1 | 47 |
| Erie Indemnity Company - Class A | 1 | 169 |
| Esquire Financial Holdings, Inc. |  | 32 |
| Essent Group Ltd. | 6 | 362 |
| Euronet Worldwide, Inc. (a) | 2 | 147 |
| Evercore Inc. - Class A | 2 | 511 |
| Everest Group, Ltd. | 2 | 492 |
| EVERTEC, Inc. | 1 | 33 |
| EZCORP, Inc. - Class A (a) | 3 | 86 |
| F&G Annuities & Life, Inc. | 2 | 59 |
| F.N.B. Corporation | 23 | 379 |
| FactSet Research Systems Inc. | 1 | 220 |
| Farmers National Banc Corp. | 1 | 11 |
| FB Financial Corporation | 4 | 192 |
| Federal Agricultural Mortgage Corporation - Class C | 1 | 106 |
| Federated Hermes, Inc. - Class B | 5 | 275 |
| Fidelis Insurance Holdings Limited | 3 | 51 |
| Fidelity National Financial, Inc. - Class A | 13 | 581 |
| Fidelity National Information Services, Inc. | 14 | 644 |
| Fifth Third Bancorp | 27 | 1263 |
| Financial Institutions, Inc. | 2 | 61 |
| First American Financial Corporation | 6 | 387 |
| First Bancorp | 3 | 174 |
| First Bancorp | 10 | 220 |
| First Bancorp, Inc., The | 1 | 32 |
| First Bank of New Jersey | 1 | 18 |
| First Busey Corporation | 5 | 135 |
| First Business Financial Services, Inc. | 1 | 50 |
| First Citizens BancShares, Inc. - Class A |  | 677 |
| First Commonwealth Financial Corporation | 6 | 109 |
| First Community Bancshares, Inc. | 2 | 72 |
| First Financial Bancorp. | 7 | 200 |
| First Financial Bankshares, Inc. | 6 | 191 |
| First Financial Corporation | 1 | 60 |
| First Foundation Inc. (a) | 4 | 24 |
| First Hawaiian, Inc. | 9 | 210 |
| First Horizon Corporation | 23 | 518 |
| First Internet Bancorp | 1 | 17 |
| First Interstate BancSystem, Inc. - Class A | 7 | 226 |
| First Merchants Corporation | 4 | 163 |
| First Mid Bancshares, Inc. | 2 | 68 |
| First Western Financial, Inc. (a) | 1 | 13 |
| FirstCash, Inc. | 3 | 537 |
| Fiserv, Inc. (a) | 11 | 597 |
| Flagstar Bank, National Association | 12 | 152 |
| Flushing Financial Corporation | 3 | 54 |
| Flywire Corporation (a) |  | 5 |
| Franklin Resources, Inc. | 17 | 396 |
| Fulton Financial Corporation | 10 | 199 |
| FVCBankcorp, Inc. | 2 | 24 |
| GCM Grosvenor Inc. - Class A | 3 | 33 |
| Genworth Financial, Inc. - Class A (a) | 25 | 200 |
| German American Bancorp, Inc. | 3 | 114 |
| Glacier Bancorp, Inc. | 6 | 260 |
| Global Payments Inc. | 7 | 452 |
| Globe Life Inc. | 4 | 622 |
| Goldman Sachs Group, Inc., The | 6 | 4683 |
| Goosehead Insurance, Inc. - Class A (a) | 1 | 40 |
| Great Southern Bancorp, Inc. | 1 | 75 |
| Green Dot Corporation - Class A (a) | 3 | 39 |
| Greenlight Capital Re, Ltd. - Class A (a) | 3 | 56 |
| Hagerty, Inc. - Class A (a) | 1 | 11 |
| Hamilton Insurance Group, Ltd. - Class B | 1 | 42 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hamilton Lane Incorporated - Class A | 1 | 147 |
| Hancock Whitney Corporation | 6 | 360 |
| Hanmi Financial Corporation | 3 | 71 |
| Hanover Insurance Group Inc, The | 2 | 388 |
| Hartford Insurance Group, Inc., The | 12 | 1681 |
| HBT Financial, Inc. | 1 | 18 |
| HCI Group, Inc. | 1 | 121 |
| Hennessy Advisors, Inc. |  | 4 |
| Heritage Commerce Corp | 5 | 57 |
| Heritage Financial Corporation | 3 | 88 |
| Heritage Insurance Holdings, Inc. (a) | 3 | 70 |
| Hilltop Holdings Inc. | 5 | 173 |
| Hingham Institution For Savings, The |  | 61 |
| Hippo Holdings Inc. (a) |  | 11 |
| Home BancShares, Inc. | 11 | 309 |
| Hometrust Bancshares, Inc. | 1 | 61 |
| Hope Bancorp, Inc. | 6 | 71 |
| Horace Mann Educators Corporation | 3 | 135 |
| Horizon Bancorp, Inc. | 5 | 75 |
| Houlihan Lokey, Inc. - Class A | 3 | 385 |
| Huntington Bancshares Incorporated | 59 | 927 |
| Independence Holdings, LLC | 8 | 408 |
| Independent Bank Corp. | 3 | 234 |
| Independent Bank Corporation | 2 | 70 |
| Interactive Brokers Group, Inc. - Class A | 4 | 288 |
| Intercontinental Exchange, Inc. | 8 | 1218 |
| International Bancshares Corporation | 4 | 289 |
| International Money Express Inc. (a) | 3 | 45 |
| Invesco Ltd. | 21 | 510 |
| Investar Holding Corporation | 1 | 21 |
| Investors Title Company |  | 22 |
| Jack Henry & Associates, Inc. | 3 | 458 |
| James River Group Holdings, Inc. | 2 | 10 |
| Janus Henderson Group PLC | 10 | 515 |
| Jefferies Financial Group Inc. | 8 | 335 |
| JPMorgan Chase & Co. | 55 | 16179 |
| Kearny Financial Corp | 5 | 35 |
| Kestrel Group Ltd. (a) (b) |  | 5 |
| KeyCorp | 32 | 634 |
| Kinsale Capital Group, Inc. | 1 | 366 |
| KKR & Co. Inc. - Class A | 6 | 588 |
| Lakeland Financial Corporation | 2 | 101 |
| Lazard, Inc. | 4 | 153 |
| LendingClub Corporation (a) | 9 | 130 |
| LendingTree, Inc. (a) |  | 19 |
| Lincoln National Corporation | 7 | 250 |
| Live Oak Bancshares, Inc. | 2 | 71 |
| Loews Corporation | 7 | 744 |
| LPL Financial Holdings Inc. | 3 | 946 |
| M&T Bank Corporation | 4 | 810 |
| Markel Group Inc. (a) |  | 731 |
| MarketAxess Holdings Inc. | 1 | 130 |
| Marqeta, Inc. - Class A (a) | 7 | 27 |
| Marsh & Mclennan Companies, Inc. | 9 | 1573 |
| MasterCard Incorporated - Class A | 15 | 7692 |
| Mechanics Bancorp - Class A | 3 | 42 |
| Mercantile Bank Corporation | 2 | 83 |
| Merchants Bancorp, Inc. | 2 | 101 |
| Mercury General Corporation | 4 | 316 |
| MetLife, Inc. | 19 | 1337 |
| Metrocity Bankshares, Inc. | 1 | 25 |
| Metropolitan Bank Holding Corp. | 1 | 81 |
| MGIC Investment Corporation | 15 | 405 |
| Mid Penn Bancorp, Inc. | 1 | 18 |
| Midland States Bancorp, Inc. | 2 | 34 |
| Moelis & Company - Class A | 2 | 99 |
| Moody's Corporation | 3 | 1256 |
| Morgan Stanley | 27 | 4512 |
| Morningstar, Inc. | 2 | 360 |
| MSCI Inc. - Class A | 1 | 772 |
| MVB Financial Corp. | 1 | 14 |
| Nasdaq, Inc. | 15 | 1256 |
| National Bank Holdings Corporation - Class A | 2 | 90 |
| National Bankshares, Inc. |  | 2 |
| Navient Corporation | 6 | 46 |
| NB Bancorp, Inc. | 3 | 57 |
| NBT Bancorp Inc. | 4 | 151 |
| NCR Atleos Corporation (a) | 4 | 188 |
| Nelnet, Inc. - Class A | 2 | 224 |
| NI Holdings Inc. (a) | 1 | 12 |
| Nicolet Bankshares, Inc. | 1 | 193 |
| NMI Holdings, Inc. - Class A (a) | 5 | 171 |
| Northeast Bank | 1 | 56 |
| Northern Trust Corporation | 6 | 771 |
| Northfield Bancorp Inc. | 5 | 71 |
| Northrim Bancorp, Inc. | 2 | 37 |
| Northwest Bancshares, Inc. | 10 | 127 |
| Norwood Financial Corp. |  | 9 |
| OceanFirst Financial Corp. | 5 | 87 |
| Octave Specialty Group, Inc. (a) | 2 | 11 |
| OFG Bancorp | 3 | 137 |
| Old National Bancorp | 22 | 491 |
| Old Republic International Corporation | 12 | 477 |
| Old Second Bancorp, Inc. | 1 | 14 |
| Onity Group Inc. (a) |  | 9 |
| Open Lending Corporation - Class A (a) | 3 | 4 |
| Oppenheimer Holdings Inc. - Class A | 1 | 97 |
| Orange County Bancorp, Inc. |  | 12 |
| Origin Bancorp, Inc. | 1 | 34 |
| Orrstown Financial Services, Inc. | 1 | 34 |
| Oscar Health, Inc. - Class A (a) | 5 | 63 |
| P.C.B. Bancorp, Inc. | 1 | 12 |
| Palomar Holdings, Inc. (a) | 1 | 96 |
| Park National Corporation | 1 | 144 |
| Parke Bancorp, Inc. | 1 | 20 |
| Pathward Financial, Inc. | 2 | 139 |
| Paymentus Holdings, Inc. - Class A (a) | 2 | 49 |
| Payoneer Global Inc. (a) | 13 | 64 |
| PayPal Holdings, Inc. | 22 | 975 |
| Paysafe Limited (a) (b) | 5 | 32 |
| Peapack-Gladstone Financial Corporation | 1 | 45 |
| PennyMac Financial Services, Inc. | 2 | 135 |
| Peoples Bancorp Inc. | 2 | 69 |
| Peoples Financial Services Corp. |  | 11 |
| Perella Weinberg Partners - Class A | 1 | 17 |
| Pinnacle Financial Partners, Inc. | 7 | 615 |
| Pioneer Bancorp, Inc. (a) | 1 | 16 |
| Piper Sandler Companies | 3 | 251 |
| PJT Partners Inc. - Class A | 1 | 97 |
| Pop Mart International Group Limited (a) | 1 | 11 |
| Popular, Inc. | 4 | 594 |
| PRA Group, Inc. (a) | 4 | 62 |
| Preferred Bank | 1 | 98 |
| Primerica, Inc. | 2 | 588 |
| Primis Financial Corp. | 3 | 41 |
| Principal Financial Group, Inc. | 7 | 672 |
| ProAssurance Corporation (a) | 1 | 25 |
| PROG Holdings, Inc. | 2 | 60 |
| Progressive Corporation, The | 10 | 1950 |
| Prosperity Bancshares, Inc. | 5 | 322 |
| Provident Financial Holdings, Inc. |  | 7 |
| Provident Financial Services, Inc. | 8 | 169 |
| Prudential Financial, Inc. | 9 | 863 |
| QCR Holdings, Inc. | 1 | 83 |
| Radian Group Inc. | 9 | 282 |
| Raymond James Financial, Inc. | 6 | 854 |
| Red River Bancshares, Inc. |  | 17 |
| Regional Management Corp. | 2 | 58 |
| Regions Financial Corporation | 27 | 707 |
| Reinsurance Group of America, Incorporated | 3 | 558 |
| Remitly Global, Inc. (a) | 4 | 58 |
| RenaissanceRe Holdings Ltd. | 2 | 617 |
| Renasant Corporation | 5 | 180 |
| Repay Holdings Corporation - Class A (a) | 2 | 5 |
| Republic Bancorp, Inc. - Class A | 2 | 107 |
| RLI Corp. | 4 | 214 |
| Robinhood Markets, Inc. - Class A (a) | 17 | 1160 |
| Rocket Companies, Inc. - Class A | 39 | 551 |
| Root LLC - Class A (a) |  | 6 |
| S&P Global Inc. | 4 | 1533 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| S&T Bancorp, Inc. | 3 | 111 |
| Safety Insurance Group, Inc. | 1 | 84 |
| Seacoast Banking Corporation of Florida | 4 | 114 |
| SEI Investments Company | 6 | 488 |
| Selective Insurance Group, Inc. | 4 | 266 |
| ServisFirst Bancshares, Inc. | 3 | 190 |
| Sezzle Inc. (a) (b) | 1 | 56 |
| Shore Bancshares, Inc. | 1 | 28 |
| Sierra BanCorp | 1 | 50 |
| Simmons First National Corporation - Class A | 8 | 147 |
| SiriusPoint Ltd. (a) | 9 | 191 |
| Skyward Specialty Insurance Group, Inc. (a) | 3 | 113 |
| SLM Corporation | 12 | 261 |
| Smartfinancial, Inc. | 1 | 34 |
| SoFi Technologies, Inc. (a) | 37 | 590 |
| South Plains Financial, Inc. |  | 14 |
| Southern First Bancshares, Inc. (a) | 1 | 65 |
| Southern Missouri Bancorp, Inc. | 1 | 37 |
| Southside Bancshares, Inc. | 3 | 82 |
| Southstate Bank Corporation | 6 | 528 |
| State Street Corporation | 8 | 952 |
| Stellar Bancorp, Inc. | 1 | 47 |
| Stewart Information Services Corporation | 1 | 91 |
| Stifel Financial Corp. | 7 | 533 |
| Stock Yards Bancorp, Inc. | 2 | 127 |
| StoneX Group Inc. (a) | 6 | 453 |
| Synchrony Financial | 14 | 925 |
| T. Rowe Price Group, Inc. | 7 | 615 |
| Texas Capital Bancshares, Inc. (a) | 3 | 257 |
| TFS Financial Corporation | 11 | 149 |
| The PNC Financial Services Group, Inc. | 6 | 1323 |
| Third Coast Bancshares, Inc. (a) |  | 12 |
| Tiptree Inc. | 3 | 50 |
| Toast, Inc. - Class A (a) | 7 | 189 |
| Tompkins Financial Corporation | 1 | 93 |
| TowneBank | 5 | 172 |
| TPG Inc. - Class A | 1 | 30 |
| Tradeweb Markets Inc. - Class A | 2 | 273 |
| Travelers Companies, Inc., The | 11 | 3232 |
| TriCo Bancshares | 3 | 122 |
| Triumph Financial, Inc. (a) | 1 | 60 |
| Truist Financial Corporation | 24 | 1093 |
| Trupanion, Inc. (a) | 1 | 26 |
| Trustco Bank Corp N Y | 2 | 83 |
| Trustmark Corporation | 4 | 187 |
| U.S. Bancorp | 25 | 1293 |
| UMB Financial Corporation | 5 | 564 |
| United Bankshares, Inc. | 9 | 364 |
| United Community Banks, Inc. | 8 | 249 |
| United Fire Group, Inc. | 2 | 86 |
| Unity Bancorp, Inc. |  | 20 |
| Universal Insurance Holdings, Inc. | 2 | 57 |
| Univest Financial Corporation | 2 | 80 |
| Unum Group | 8 | 550 |
| Upstart Holdings, Inc. (a) (b) | 1 | 34 |
| Valley National Bancorp | 32 | 390 |
| Velocity Financial Inc. (a) | 1 | 16 |
| Victory Capital Holdings, Inc. - Class A | 3 | 172 |
| Virtu Financial, Inc. - Class A | 6 | 283 |
| Virtus Investment Partners, Inc. |  | 60 |
| Visa Inc. - Class A | 28 | 8449 |
| Voya Financial, Inc. | 5 | 356 |
| W. R. Berkley Corporation | 11 | 720 |
| WAFD, Inc. | 5 | 146 |
| Walker & Dunlop, Inc. | 1 | 63 |
| Washington Trust Bancorp, Inc. | 2 | 69 |
| Waterstone Financial, Inc. | 3 | 59 |
| Webster Financial Corporation | 8 | 575 |
| Wells Fargo & Company | 54 | 4313 |
| WesBanco, Inc. | 7 | 226 |
| West Bancorporation, Inc. | 2 | 43 |
| Westamerica Bancorporation | 2 | 90 |
| Western Alliance Bancorporation | 6 | 411 |
| Western Union Company, The | 20 | 178 |
| Westwood Holdings Group, Inc. | 1 | 13 |
| Wex, Inc. (a) | 2 | 292 |
| White Mountains Insurance Group Ltd. |  | 378 |
| Willis Towers Watson Public Limited Company | 3 | 870 |
| Wintrust Financial Corporation | 3 | 483 |
| WisdomTree, Inc. (b) | 9 | 136 |
| World Acceptance Corporation (a) |  | 63 |
| WSFS Financial Corporation | 4 | 263 |
| Zions Bancorporation, National Association | 8 | 475 |
| Zurich American Corporation | 3 | 79 |
| | | 192238 |
| **Industrials 13.0%** | **Industrials 13.0%** | **Industrials 13.0%** |
| 3D Systems Corporation (a) | 9 | 17 |
| 3M Company | 11 | 1557 |
| A. O. Smith Corporation | 6 | 416 |
| AAON, Inc. | 2 | 135 |
| AAR Corp. (a) | 2 | 228 |
| ABM Industries Incorporated | 3 | 133 |
| ACCO Brands Corporation | 8 | 25 |
| Acuity Brands, Inc. | 2 | 430 |
| ACV Auctions Inc. - Class A (a) | 6 | 26 |
| Advanced Drainage Systems, Inc. | 4 | 543 |
| Aebi Schmidt Holding AG | 3 | 29 |
| AECOM | 5 | 461 |
| AGCO Corporation | 5 | 528 |
| Alamo Group Inc. | 1 | 134 |
| Alaska Air Group, Inc. (a) | 7 | 251 |
| Albany International Corp. - Class A | 1 | 60 |
| Alight, Inc. - Class A | 12 | 7 |
| Allegiant Travel Company (a) | 1 | 46 |
| Allegion Public Limited Company | 5 | 667 |
| Allison Systems, Inc. | 7 | 763 |
| Alta Equipment Group Inc. - Class A | 2 | 11 |
| Amentum Holdings, Inc. (a) | 2 | 49 |
| Ameresco, Inc. - Class A (a) | 1 | 29 |
| American Airlines Group Inc. (a) | 18 | 195 |
| American Woodmark Corporation (a) | 1 | 48 |
| AMETEK, Inc. | 6 | 1304 |
| API Group Corporation (a) | 20 | 811 |
| Apogee Enterprises, Inc. | 1 | 44 |
| Applied Industrial Technologies, Inc. | 2 | 514 |
| Arcbest Corporation | 1 | 114 |
| Arcosa, Inc. | 3 | 291 |
| Argan, Inc. | 1 | 325 |
| Armstrong World Industries, Inc. | 2 | 397 |
| Astec Industries, Inc. | 2 | 90 |
| Astronics Corporation (a) | 2 | 148 |
| Astronics Corporation - Class B (a) | 1 | 94 |
| ATI Inc. (a) | 7 | 1000 |
| Atkore Inc. | 1 | 86 |
| ATMUS Filtration Technologies Inc. | 1 | 63 |
| Automatic Data Processing, Inc. | 7 | 1415 |
| Avis Budget Group, Inc. (a) (b) |  | 70 |
| Axon Enterprise, Inc. (a) | 1 | 344 |
| AZZ Inc. | 2 | 206 |
| Barrett Business Services, Inc. | 2 | 44 |
| Bloom Energy Corporation - Class A (a) | 1 | 181 |
| Blue Bird Global Corporation (a) | 1 | 50 |
| BlueLinx Holdings Inc. (a) | 1 | 41 |
| Boeing Company, The (a) | 11 | 2113 |
| Boise Cascade Company | 2 | 133 |
| Booz Allen Hamilton Holding Corporation - Class A | 3 | 221 |
| Bowman Consulting Group Ltd. (a) | 1 | 38 |
| Brady Corporation - Class A | 3 | 204 |
| BrightView Holdings, Inc. (a) | 7 | 81 |
| Brink's Company, The | 2 | 237 |
| Broadridge Financial Solutions, Inc. | 3 | 492 |
| Builders FirstSource, Inc. (a) | 6 | 487 |
| BWXT Government Group, Inc. | 3 | 702 |
| C.H. Robinson Worldwide, Inc. | 5 | 810 |
| CACI International Inc. - Class A (a) | 1 | 603 |
| Cadre Holdings, Inc. | 1 | 18 |
| Carlisle Companies Incorporated | 2 | 576 |
| Carpenter Technology Corporation | 2 | 819 |
| Carrier Global Corporation | 15 | 831 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Casella Waste Systems, Inc. - Class A (a) | 2 | 187 |
| Caterpillar Inc. | 8 | 5532 |
| CBIZ, Inc. (a) | 2 | 59 |
| CECO Environmental Corp. (a) | 2 | 107 |
| Cimpress Public Limited Company (a) | 1 | 103 |
| Cintas Corporation | 6 | 1071 |
| Civeo Corporation (a) | 1 | 18 |
| Clarivate PLC (a) | 24 | 61 |
| Clean Harbors, Inc. (a) | 3 | 871 |
| CNH Industrial N.V. | 62 | 678 |
| Columbus McKinnon Corporation | 2 | 27 |
| Comfort Systems USA, Inc. | 1 | 1451 |
| Commercial Vehicle Group, Inc. (a) | 5 | 15 |
| Concentrix Corporation | 1 | 30 |
| Concrete Pumping Holdings, Inc. (a) | 1 | 9 |
| Conduent Incorporated (a) | 15 | 19 |
| Construction Partners, Inc. - Class A (a) | 2 | 228 |
| Copa Holdings, S.A. - Class A | 2 | 244 |
| Copart, Inc. (a) | 14 | 480 |
| Core & Main, Inc. - Class A (a) | 8 | 407 |
| Costamare Bulkers Holdings Limited (a) | 2 | 25 |
| Costamare Inc. | 8 | 135 |
| Covenant Logistics Group, Inc. - Class A | 2 | 51 |
| CRA International, Inc. |  | 62 |
| Crane Company | 3 | 477 |
| CSW Industrials, Inc. | 1 | 167 |
| CSX Corporation | 56 | 2310 |
| Cummins Inc. | 4 | 1978 |
| Curtiss-Wright Corporation | 1 | 661 |
| Deere & Company | 5 | 2572 |
| Delta Air Lines, Inc. | 26 | 1762 |
| Deluxe Corporation | 4 | 116 |
| Distribution Solutions Group, Inc. (a) | 1 | 26 |
| DNOW Inc. (a) | 15 | 175 |
| Donaldson Company, Inc. | 5 | 448 |
| Douglas Dynamics, Inc. | 2 | 90 |
| Dover Corporation | 3 | 724 |
| Ducommun Incorporated (a) | 1 | 138 |
| DXP Enterprises, Inc. (a) | 1 | 144 |
| Dycom Industries, Inc. (a) | 2 | 629 |
| Eaton Corporation Public Limited Company | 4 | 1444 |
| EMCOR Group, Inc. | 1 | 927 |
| Emerson Electric Co. | 7 | 940 |
| Energy Recovery, Inc. (a) | 3 | 27 |
| Enerpac Tool Group Corp. - Class A | 3 | 95 |
| EnerSys | 2 | 434 |
| Ennis, Inc. | 2 | 53 |
| Enpro Inc. | 1 | 270 |
| Enviri Corporation (a) | 5 | 93 |
| Equifax Inc. | 3 | 540 |
| ESAB Corporation | 3 | 312 |
| ESCO Technologies Inc. | 1 | 346 |
| Everus Construction Group, Inc. (a) | 3 | 328 |
| ExlService Holdings, Inc. (a) | 7 | 218 |
| Expeditors International of Washington, Inc. - Class A | 6 | 833 |
| Exponent, Inc. | 1 | 51 |
| Fastenal Company | 23 | 1049 |
| Federal Signal Corporation | 3 | 324 |
| FedEx Corporation | 6 | 2151 |
| Ferguson Enterprises Inc. | 6 | 1448 |
| First Advantage Corporation (a) | 5 | 53 |
| Flowserve Corporation | 6 | 446 |
| Fluor Corporation (a) | 6 | 303 |
| Format, Inc. (a) | 1 | 44 |
| Forrester Research, Inc. (a) | 2 | 10 |
| Fortive Corporation | 10 | 549 |
| Fortune Brands Innovations, Inc. | 4 | 166 |
| Forward Air Corporation (a) | 2 | 25 |
| Franklin Covey Co. (a) | 1 | 17 |
| Franklin Electric Co., Inc. | 2 | 191 |
| Frontier Group Holdings, Inc. (a) (b) | 2 | 8 |
| FTAI Aviation Ltd. | 2 | 611 |
| FTAI Infrastructure Inc. | 4 | 21 |
| FTI Consulting, Inc. (a) | 1 | 209 |
| FuelCell Energy, Inc. (a) |  | 3 |
| Gates Industrial Corporation PLC (a) | 5 | 118 |
| GATX Corporation | 2 | 381 |
| GE Vernova Inc. | 3 | 2458 |
| Genco Shipping & Trading Limited | 1 | 17 |
| Gencor Industries, Inc. (a) | 1 | 8 |
| Generac Holdings Inc. (a) | 2 | 343 |
| General Dynamics Corporation | 4 | 1253 |
| General Electric Company | 15 | 4291 |
| Genpact Limited | 10 | 358 |
| Gibraltar Industries, Inc. (a) | 2 | 60 |
| Global Industrial Company | 2 | 74 |
| Gorman- Rupp Company, The | 2 | 125 |
| Graco Inc. | 7 | 628 |
| Graham Corporation (a) |  | 32 |
| Granite Construction Incorporated | 2 | 286 |
| Great Lakes Dredge & Dock Corporation (a) | 5 | 84 |
| Greenbrier Companies, Inc., The | 1 | 62 |
| Griffon Corporation | 2 | 137 |
| GXO Logistics Inc. (a) | 5 | 253 |
| Hayward Holdings, Inc. (a) | 3 | 42 |
| Healthcare Services Group, Inc. (a) | 5 | 93 |
| Heartland Express, Inc. | 5 | 50 |
| HEICO Corporation | 1 | 293 |
| HEICO Corporation - Class A | 2 | 330 |
| Helios Technologies, Inc. | 2 | 140 |
| Herc Holdings Inc. | 3 | 297 |
| Hertz Global Holdings, Inc. (a) (b) | 17 | 78 |
| Hexcel Corporation | 2 | 180 |
| Hillman Solutions Corp. - Class A (a) | 7 | 62 |
| HNI Corporation | 4 | 149 |
| Honeywell International Inc. | 11 | 2473 |
| Howmet Aerospace Inc. | 6 | 1371 |
| Hub Group, Inc. - Class A | 3 | 109 |
| Hubbell Incorporated | 2 | 803 |
| Hudson Global, Inc. (a) |  | 1 |
| Hudson Technologies, Inc. (a) | 3 | 16 |
| Huntington Ingalls Industries, Inc. | 2 | 598 |
| Hurco Companies, Inc. (a) |  | 5 |
| Huron Consulting Group Inc. (a) | 1 | 142 |
| Hyster-Yale, Inc. - Class A | 1 | 23 |
| IBEX Limited (a) | 1 | 23 |
| ICF International, Inc. | 1 | 49 |
| IDEX Corporation | 2 | 413 |
| IES Holdings, Inc. (a) | 1 | 481 |
| Illinois Tool Works Inc. | 6 | 1645 |
| Ingersoll Rand Inc. | 8 | 653 |
| Innodata Inc. (a) |  | 18 |
| Insperity, Inc. | 1 | 29 |
| Insteel Industries, Inc. | 1 | 35 |
| Interface, Inc. - Class A | 4 | 107 |
| ITT Inc. | 4 | 735 |
| J.B. Hunt Transport Services, Inc. | 5 | 1083 |
| Jacobs Solutions Inc. | 4 | 552 |
| Janus International Group, Inc. (a) | 2 | 10 |
| JELD-WEN Holding, Inc. (a) | 6 | 7 |
| JetBlue Airways Corporation (a) | 14 | 61 |
| Johnson Controls International Public Limited Company | 7 | 902 |
| Kadant Inc. |  | 108 |
| Karat Packaging Inc. | 1 | 17 |
| KBR, Inc. | 8 | 287 |
| Kennametal Inc. | 5 | 176 |
| Kforce Inc. | 1 | 30 |
| Kirby Corporation (a) | 3 | 336 |
| Knight-Swift Transportation Holdings Inc. - Class A | 7 | 425 |
| Korn Ferry | 4 | 232 |
| Kratos Defense & Security Solutions, Inc. (a) | 8 | 531 |
| L. B. Foster Company (a) | 1 | 28 |
| L3Harris Technologies, Inc. | 4 | 1411 |
| Landstar System, Inc. | 1 | 159 |
| Leidos Holdings, Inc. | 5 | 818 |
| Lennox International Inc. | 1 | 502 |
| Leonardo DRS, Inc. | 4 | 187 |
| Limbach Holdings, Inc. (a) |  | 31 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lincoln Electric Holdings, Inc. | 2 | 590 |
| Lindsay Corporation |  | 55 |
| Liquidity Services, Inc. (a) | 2 | 51 |
| Loar Holdings Inc. (a) | 1 | 83 |
| Lockheed Martin Corporation | 4 | 2422 |
| LSI Industries Inc. | 1 | 22 |
| Luxfer Holdings PLC | 2 | 19 |
| Lyft, Inc. - Class A (a) | 6 | 75 |
| Manitowoc Company, Inc., The (a) | 1 | 15 |
| ManpowerGroup Inc. | 2 | 65 |
| Marten Transport, Ltd. | 2 | 28 |
| Masco Corporation | 7 | 450 |
| MasTec, Inc. (a) | 3 | 1050 |
| Masterbrand, Inc. (a) | 4 | 35 |
| Matrix Service Company (a) | 3 | 37 |
| Matson Intermodal - Paragon, Inc. | 2 | 246 |
| Maximus, Inc. | 3 | 169 |
| Mayville Engineering Company, Inc. (a) | 1 | 17 |
| McGrath RentCorp | 1 | 165 |
| Mercury Systems, Inc. (a) | 3 | 221 |
| Microvast Holdings, Inc. (a) (b) | 9 | 14 |
| Middleby Corporation, The (a) | 3 | 437 |
| Miller Industries, Inc. | 1 | 44 |
| Millerknoll, Inc. | 4 | 54 |
| Mine Safety Appliances Company, LLC | 2 | 325 |
| Mistras Group, Inc. (a) | 3 | 38 |
| Modine Manufacturing Company (a) | 2 | 448 |
| Monocle Acquisition Corporation (a) | 2 | 15 |
| Montrose Environmental Group, Inc. (a) | 2 | 33 |
| MOOG Inc. - Class A | 1 | 434 |
| MSC Industrial Direct Co., Inc. - Class A | 3 | 268 |
| Mueller Industries, Inc. | 5 | 580 |
| Mueller Water Products, Inc. - Class A | 9 | 234 |
| MYR Group Inc. (a) | 1 | 189 |
| N L Industries, Inc. | 1 | 5 |
| National Presto Industries, Inc. | 1 | 85 |
| Newpark Resources, Inc. (a) | 4 | 64 |
| NextPower LLC - Class A (a) | 5 | 616 |
| NN, Inc. (a) | 3 | 4 |
| Nordson Corporation | 2 | 432 |
| Norfolk Southern Corporation | 5 | 1545 |
| Northrop Grumman Corporation | 2 | 1463 |
| Nvent Electric Public Limited Company | 6 | 704 |
| NWPX Infrastructure, Inc. (a) | 1 | 78 |
| Old Dominion Freight Line, Inc. | 4 | 870 |
| Omega Flex, Inc. |  | 3 |
| Openlane, Inc. (a) | 8 | 227 |
| Orion Group Holdings, Inc. (a) | 2 | 17 |
| Oshkosh Corporation | 4 | 542 |
| Otis Worldwide Corporation | 7 | 569 |
| Owens Corning | 6 | 636 |
| P.A.M. Transportation Services, Inc. (a) | 1 | 10 |
| PACCAR Inc | 12 | 1390 |
| Pangaea Logistics Solutions Ltd. | 3 | 24 |
| Park Aerospace Technologies Corp. | 2 | 59 |
| Parker-Hannifin Corporation | 1 | 1295 |
| Park-Ohio Holdings Corp. | 1 | 31 |
| Parsons Corporation (a) | 3 | 159 |
| Paychex, Inc. | 8 | 694 |
| Paycom Software, Inc. | 2 | 208 |
| Paylocity Holding Corporation (a) | 1 | 160 |
| Pentair Public Limited Company | 8 | 690 |
| Pitney Bowes Inc. | 6 | 67 |
| Planet Labs Inc. - Class A (a) | 5 | 130 |
| Plug Power Inc. (a) | 24 | 53 |
| Powell Industries, Inc. | 1 | 308 |
| Preformed Line Products Company |  | 51 |
| Primoris Services Corporation | 3 | 395 |
| Proto Labs, Inc. (a) | 2 | 101 |
| Quad/Graphics, Inc. - Class A | 4 | 29 |
| Quanex Building Products Corporation | 4 | 65 |
| Quanta Services, Inc. | 2 | 948 |
| Radiant Logistics, Inc. (a) | 3 | 24 |
| RBC Bearings Incorporated (a) | 1 | 779 |
| Regal Rexnord Corporation | 3 | 536 |
| Republic Services, Inc. | 6 | 1406 |
| Resideo Technologies, Inc. (a) | 9 | 290 |
| Resources Connection, Inc. | 4 | 16 |
| Robert Half Inc. | 3 | 69 |
| Rocket Lab USA, Inc. (a) | 5 | 317 |
| Rockwell Automation, Inc. | 2 | 807 |
| Rollins, Inc. | 11 | 582 |
| RTX Corporation | 22 | 4165 |
| Rush Enterprises, Inc. - Class A | 3 | 230 |
| Rush Enterprises, Inc. - Class B | 1 | 44 |
| RXO Inc (a) | 5 | 74 |
| Ryder System, Inc. | 3 | 687 |
| Saia, Inc. (a) | 1 | 279 |
| Schneider National, Inc. - Class B | 3 | 90 |
| Science Applications International Corporation | 3 | 263 |
| Sensata Technologies Holding PLC | 6 | 200 |
| Shoals Technologies Group, Inc. - Class A (a) | 2 | 15 |
| SIFCO Industries, Inc. (a) |  | 2 |
| Simpson Manufacturing Co., Inc. | 2 | 346 |
| SiteOne Landscape Supply, Inc. (a) | 2 | 223 |
| SkyWest, Inc. (a) | 3 | 241 |
| Snap-on Incorporated | 2 | 776 |
| Southwest Airlines Co. | 17 | 637 |
| SPX Technologies, Inc. (a) | 3 | 505 |
| SS&C Technologies Holdings, Inc. | 8 | 509 |
| StandardAero, Inc. (a) | 5 | 141 |
| Standex International Corporation | 1 | 143 |
| Stanley Black & Decker, Inc. | 6 | 449 |
| Sterling Infrastructure, Inc. (a) | 1 | 598 |
| Sun Country Airlines Holdings, Inc. (a) | 2 | 36 |
| Sunrun Inc. (a) | 11 | 150 |
| Symbotic Inc. - Class A (a) | 1 | 50 |
| Taskus, Inc. - Class A (b) | 1 | 3 |
| Tecnoglass Inc. | 2 | 92 |
| Tennant Company | 1 | 49 |
| Terex Corporation | 5 | 309 |
| Tetra Tech, Inc. | 8 | 254 |
| Textron Inc. | 8 | 677 |
| Thermon Group Holdings, Inc. (a) | 2 | 99 |
| TIC Solutions, Inc. (a) | 4 | 29 |
| Timken Company, The | 3 | 330 |
| Titan Machinery Inc. (a) | 1 | 21 |
| Toro Company, The | 5 | 463 |
| Trane Technologies Public Limited Company | 4 | 1561 |
| Transcat, Inc. (a) |  | 34 |
| TransDigm Group Incorporated | 1 | 907 |
| TransUnion | 5 | 352 |
| Trex Company, Inc. (a) | 3 | 103 |
| Trinet Group, Inc. | 1 | 46 |
| Trinity Industries, Inc. | 4 | 142 |
| TrueBlue, Inc. (a) | 6 | 23 |
| TTEC Holdings, Inc. (a) (b) | 5 | 11 |
| Tutor Perini Corporation | 5 | 349 |
| Twin Disc, Incorporated | 1 | 18 |
| Uber Technologies, Inc. (a) | 21 | 1546 |
| UFP Industries, Inc. | 3 | 234 |
| U-Haul Holding Company (a) (b) | 1 | 53 |
| U-Haul Holding Company - Series N | 7 | 316 |
| UL Solutions Inc. - Class A | 1 | 66 |
| Ultralife Corporation (a) |  | 1 |
| Unifirst Corporation | 1 | 248 |
| Union Pacific Corporation | 11 | 2691 |
| United Airlines Holdings, Inc. (a) | 20 | 1846 |
| United Parcel Service, Inc. - Class B | 17 | 1632 |
| United Rentals, Inc. | 3 | 1872 |
| Universal Logistics Holdings, Inc. (b) | 2 | 48 |
| Upwork Inc. (a) | 5 | 52 |
| V2X, Inc. (a) | 1 | 87 |
| Valmont Industries, Inc. | 1 | 392 |
| Veralto Corporation | 8 | 751 |
| Verisk Analytics, Inc. | 3 | 486 |
| Verra Mobility Corporation - Class A (a) | 8 | 107 |
| Vertiv Holdings Co - Class A | 6 | 1612 |
| Vestis Corporation (a) | 5 | 36 |
| Vicor Corporation (a) | 1 | 225 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| VSE Corporation | 1 | 203 |
| W.W. Grainger, Inc. | 1 | 1208 |
| Wabash National Corporation | 1 | 13 |
| Waste Management, Inc. | 7 | 1665 |
| Watsco, Inc. | 1 | 294 |
| Watts Water Technologies, Inc. - Class A | 1 | 427 |
| Werner Enterprises, Inc. | 3 | 79 |
| WESCO International, Inc. | 3 | 753 |
| Westinghouse Air Brake Technologies Corporation | 5 | 1131 |
| Willdan Group, Inc. (a) | 1 | 74 |
| Willis Lease Finance Corporation |  | 40 |
| Willscot Holdings Corporation - Class A | 8 | 142 |
| Woodward, Inc. | 2 | 890 |
| Worthington Industries, Inc. | 2 | 103 |
| XPO, Inc. (a) | 5 | 971 |
| Xylem Inc. | 6 | 663 |
| Zurn Elkay Water Solutions Corporation | 3 | 124 |
| | | 160202 |
| **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** |
| 1-800-Flowers.com, Inc. - Class A (a) (b) | 4 | 11 |
| Abercrombie & Fitch Co. - Class A (a) | 3 | 249 |
| Academy Sports & Outdoors, Inc. | 4 | 222 |
| Acushnet Holdings Corp. | 3 | 304 |
| Adient Public Limited Company (a) | 3 | 63 |
| ADT, Inc. | 36 | 238 |
| Advance Auto Parts, Inc. (b) | 3 | 140 |
| Airbnb, Inc. - Class A (a) | 4 | 499 |
| Amazon.com, Inc. (a) | 158 | 32806 |
| American Eagle Outfitters, Inc. | 6 | 94 |
| American Outdoor Brands, Inc. (a) | 2 | 15 |
| American Public Education, Inc. (a) | 2 | 108 |
| America's Car Mart, Inc. (a) |  | 5 |
| Aptiv PLC (a) | 8 | 542 |
| Aramark | 13 | 547 |
| Arhaus, Inc. - Class A | 3 | 21 |
| ARKO Corp. - Class A | 3 | 16 |
| Asbury Automotive Group, Inc. (a) | 1 | 259 |
| Autoliv, Inc. | 5 | 564 |
| AutoNation, Inc. (a) | 3 | 535 |
| AutoZone, Inc. (a) |  | 966 |
| Bassett Furniture Industries, Incorporated | 1 | 7 |
| Bath & Body Works, Inc. | 6 | 106 |
| Beazer Homes USA, Inc. (a) | 3 | 55 |
| Bed Bath & Beyond, Inc. (a) | 2 | 7 |
| Best Buy Co., Inc. | 12 | 775 |
| Biglari Holdings Inc. - Class A (a) |  | 19 |
| Biglari Holdings Inc. - Class B (a) |  | 37 |
| Birkenstock Holding PLC (a) (b) | 5 | 180 |
| BJ's Restaurants, Inc. (a) | 2 | 66 |
| Bloomin' Brands, Inc. | 5 | 27 |
| Booking Holdings Inc. |  | 1882 |
| Boot Barn Holdings, Inc. (a) | 2 | 236 |
| BorgWarner Inc. | 13 | 725 |
| Boyd Gaming Corporation | 2 | 180 |
| Bright Horizons Family Solutions, Inc. (a) | 3 | 215 |
| Brinker International, Inc. (a) | 2 | 267 |
| Brunswick Corporation | 3 | 210 |
| Build-A-Bear Workshop, Inc. (b) | 1 | 38 |
| Burlington Stores, Inc. (a) | 2 | 784 |
| Caesars Entertainment, Inc. (a) | 7 | 186 |
| Caleres, Inc. | 2 | 19 |
| Callaway Golf Company (a) | 9 | 118 |
| Camping World Holdings, Inc. - Class A | 3 | 19 |
| Capri Holdings Limited (a) | 7 | 123 |
| CarMax, Inc. (a) | 6 | 238 |
| Carnival Corporation | 40 | 1035 |
| Carriage Services, Inc. | 2 | 72 |
| Carter's, Inc. | 1 | 41 |
| Carvana Co. - Class A (a) | 2 | 710 |
| Cato Corporation, The - Class A (a) | 2 | 7 |
| CAVA Group, Inc. (a) | 1 | 113 |
| Cavco Industries, Inc. (a) |  | 201 |
| Century Communities, Inc. | 1 | 73 |
| Cheesecake Factory Incorporated, The | 3 | 167 |
| Chegg, Inc. (a) | 4 | 3 |
| Chewy, Inc. - Class A (a) | 4 | 110 |
| Chipotle Mexican Grill, Inc. (a) | 23 | 741 |
| Choice Hotels International, Inc. (b) | 2 | 180 |
| Churchill Downs Incorporated | 3 | 227 |
| Citi Trends, Inc. (a) | 2 | 80 |
| Columbia Sportswear Company | 2 | 121 |
| Cooper-Standard Holdings Inc. (a) | 3 | 84 |
| Coupang, Inc. - Class A (a) | 23 | 428 |
| Coursera, Inc. (a) | 4 | 23 |
| Covista Inc. (a) | 2 | 257 |
| Cracker Barrel Old Country Store, Inc. | 1 | 28 |
| Crocs, Inc. (a) | 3 | 228 |
| Culp, Inc. (a) | 2 | 4 |
| D.R. Horton, Inc. | 8 | 1035 |
| Dana Incorporated | 6 | 203 |
| Darden Restaurants, Inc. | 4 | 753 |
| Dauch Corporation (a) | 9 | 53 |
| Dave & Buster's Entertainment, Inc. (a) | 1 | 8 |
| Deckers Outdoor Corporation (a) | 6 | 574 |
| Destination XL Group, Inc. (a) | 4 | 2 |
| Dick's Sporting Goods, Inc. | 3 | 691 |
| Dillard's, Inc. - Class A (b) | 1 | 530 |
| Domino's Pizza, Inc. | 1 | 303 |
| DoorDash, Inc. - Class A (a) | 5 | 725 |
| Dorman Products, Inc. (a) | 2 | 172 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 2 | 34 |
| Driven Brands Holdings Inc. (a) (b) | 2 | 30 |
| Duluth Holdings Inc. - Class B (a) | 3 | 9 |
| Duolingo, Inc. - Class A (a) | 1 | 67 |
| Dutch Bros Inc. - Class A (a) | 3 | 134 |
| eBay Inc. | 15 | 1363 |
| El Pollo Loco Holdings, Inc. (a) | 2 | 24 |
| Escalade, Incorporated | 1 | 15 |
| Ethan Allen Interiors Inc. | 3 | 57 |
| ETSY, Inc. (a) | 2 | 108 |
| Expedia Group, Inc. | 3 | 680 |
| FIGS, Inc. - Class A (a) | 9 | 129 |
| First Watch Restaurant Group, Inc. (a) | 3 | 33 |
| Five Below, Inc. (a) | 2 | 372 |
| Flexsteel Industries, Inc. | 1 | 33 |
| Floor & Decor Holdings, Inc. - Class A (a) | 3 | 145 |
| Flutter Entertainment Public Limited Company (a) | 2 | 193 |
| Ford Motor Company | 129 | 1488 |
| Fossil Group, Inc. (a) | 5 | 21 |
| Fox Factory Holding Corp. (a) | 2 | 41 |
| Frontdoor, Inc. (a) | 3 | 173 |
| GameStop Corp. - Class A (a) | 4 | 86 |
| Gap, Inc., The | 26 | 627 |
| Garmin Ltd. | 5 | 1153 |
| Garrett Motion Inc. | 4 | 73 |
| General Motors Company | 37 | 2787 |
| Gentex Corporation | 7 | 157 |
| Gentherm Incorporated (a) | 1 | 38 |
| Genuine Parts Company | 6 | 653 |
| Gigacloud Technology Inc. - Class A (a) | 1 | 27 |
| G-III Apparel Group, Ltd. | 2 | 50 |
| Global Business Travel Group, Inc. - Class A (a) (b) | 3 | 15 |
| Gold.Com, Inc. | 1 | 31 |
| Gopro Inc. - Class A (a) (b) | 8 | 6 |
| Graham Holdings Co., Ltd. - Class B |  | 239 |
| Grand Canyon Education, Inc. (a) | 1 | 247 |
| Green Brick Partners, Inc. (a) | 3 | 170 |
| Group 1 Automotive, Inc. | 1 | 270 |
| H & R Block, Inc. | 5 | 146 |
| Hamilton Beach Brands Holding Company - Class A | 1 | 19 |
| Harley-Davidson, Inc. | 4 | 83 |
| Hasbro, Inc. | 4 | 356 |
| Haverty Furniture Companies, Inc. | 2 | 33 |
| Helen of Troy Limited (a) | 1 | 18 |
| Hilton Grand Vacations Inc. (a) | 3 | 131 |
| Hilton Worldwide Holdings Inc. | 4 | 1266 |
| Holley Inc. (a) | 5 | 16 |
| Home Depot, Inc., The | 17 | 5495 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hooker Furnishings Corporation (b) | 1 | 17 |
| Hovnanian Enterprises, Inc. - Class A (a) |  | 33 |
| Hyatt Hotels Corporation - Class A (b) | 2 | 269 |
| Installed Building Products, Inc. | 1 | 353 |
| Johnson Outdoors Inc. - Class A | 1 | 45 |
| KB Home | 3 | 164 |
| Kohl's Corporation | 4 | 55 |
| Kontoor Brands, Inc. | 3 | 200 |
| Kura Sushi USA, Inc. - Class A (a) (b) |  | 29 |
| Lakeland Industries, Inc. (b) |  | 1 |
| Lands' End, Inc. (a) | 2 | 17 |
| Las Vegas Sands Corp. | 10 | 521 |
| Latham Group, Inc. (a) | 3 | 17 |
| Laureate Education, Inc. - Class A (a) | 10 | 336 |
| La-Z-Boy Incorporated | 2 | 73 |
| LCI Industries | 1 | 134 |
| Lear Corporation | 2 | 259 |
| Leggett & Platt, Incorporated | 4 | 43 |
| Lennar Corporation - Class A | 6 | 503 |
| Lennar Corporation - Class B | 1 | 44 |
| Levi Strauss & Co. - Class A | 4 | 72 |
| LGI Homes, Inc. (a) | 1 | 31 |
| Liberty Live Holdings, Inc. - Series A (a) | 1 | 127 |
| Liberty Live Holdings, Inc. - Series C (a) | 3 | 259 |
| Life Time Group Holdings, Inc. (a) | 6 | 160 |
| Lifetime Brands, Inc. | 1 | 6 |
| Lindblad Expeditions, LLC (a) | 1 | 20 |
| Lithia Motors, Inc. - Class A | 1 | 351 |
| LKQ Corporation | 10 | 282 |
| Lovesac Company, The (a) (b) | 1 | 19 |
| Lowe`s Companies, Inc. | 8 | 1870 |
| Lucid Group, Inc. (a) (b) | 1 | 12 |
| Lululemon Athletica Inc. (a) | 2 | 370 |
| M/I Homes, Inc. (a) | 1 | 160 |
| Macy's, Inc. | 17 | 315 |
| Malibu Boats, Inc. - Class A (a) | 1 | 29 |
| Marine Products Corporation | 2 | 13 |
| MarineMax, Inc. (a) | 2 | 42 |
| Marriott International, Inc. - Class A | 3 | 1040 |
| Marriott Vacations Worldwide Corporation | 2 | 102 |
| MasterCraft Boat Holdings, Inc. (a) | 1 | 16 |
| Mattel, Inc. (a) | 20 | 294 |
| Matthews International Corporation - Class A | 2 | 46 |
| McDonald's Corporation | 10 | 3046 |
| Meritage Homes Corporation | 3 | 171 |
| MGM Resorts International (a) | 9 | 333 |
| Mister Car Wash, Inc. (a) | 14 | 98 |
| Mobileye Global Inc. - Class A (a) | 3 | 19 |
| Mohawk Industries, Inc. (a) | 3 | 262 |
| Monarch Casino & Resort, Inc. | 1 | 67 |
| Monro, Inc. | 2 | 32 |
| Motorcar Parts of America, Inc. (a) | 2 | 22 |
| Movado Group, Inc. | 1 | 27 |
| Murphy USA Inc. | 1 | 377 |
| Nathan's Famous, Inc. |  | 15 |
| National Vision Holdings, Inc. (a) | 5 | 125 |
| Newell Brands Inc. | 19 | 67 |
| Nike, Inc. - Class B | 13 | 686 |
| Nishka, Inc. - Class A (a) | 3 | 10 |
| Norwegian Cruise Line Holdings Ltd. (a) | 16 | 304 |
| NVR, Inc. (a) |  | 883 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 3 | 264 |
| OneSpaWorld Holdings Limited | 6 | 135 |
| O'Reilly Automotive, Inc. (a) | 12 | 1100 |
| Oxford Industries, Inc. | 1 | 36 |
| Papa John's International, Inc. | 1 | 38 |
| Patrick Industries, Inc. | 2 | 223 |
| PENN Entertainment, Inc. (a) | 6 | 97 |
| Penske Automotive Group, Inc. | 3 | 378 |
| Perdoceo Education Corporation | 5 | 188 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 7 | 20 |
| PetMed Express, Inc. (a) | 2 | 5 |
| Phinia Inc. | 3 | 208 |
| Planet Fitness, Inc. - Class A (a) | 4 | 267 |
| Polaris Inc. | 2 | 109 |
| Pool Corporation | 1 | 241 |
| PulteGroup, Inc. | 7 | 799 |
| Pursuit Attractions And Hospitality, Inc. (a) | 2 | 60 |
| PVH Corp. | 2 | 136 |
| Quantumscape Battery, Inc. - Class A (a) (b) | 3 | 19 |
| Ralph Lauren Corporation - Class A | 2 | 705 |
| Red Rock Resorts, Inc. - Class A | 1 | 80 |
| Revolve Group Inc. - Class A (a) | 1 | 26 |
| RH (a) |  | 54 |
| Rivian Automotive, Inc. - Class A (a) | 26 | 397 |
| Rocky Brands, Inc. | 1 | 24 |
| Ross Stores, Inc. | 8 | 1754 |
| Royal Caribbean Cruises Ltd. | 7 | 1900 |
| Sally Beauty Holdings, Inc. (a) | 6 | 80 |
| Service Corporation International | 7 | 569 |
| Shake Shack, Inc. - Class A (a) | 1 | 74 |
| SharkNinja, Inc. (a) | 5 | 581 |
| Shoe Carnival, Inc. | 2 | 24 |
| Signet Jewelers Limited | 2 | 144 |
| Skyline Champion Corporation (a) | 2 | 184 |
| Sleep Number Corporation (a) | 1 | 3 |
| Smith & Wesson Brands, Inc. | 2 | 22 |
| Solid Power Operating, Inc. - Class A (a) | 13 | 38 |
| Somnigroup International Inc. | 7 | 521 |
| Sonic Automotive, Inc. - Class A | 2 | 121 |
| Sonos, Inc. (a) | 3 | 39 |
| Sportsman's Warehouse Holdings, Inc. (a) | 3 | 4 |
| Standard Motor Products, Inc. | 2 | 68 |
| Starbucks Corporation | 16 | 1420 |
| Steven Madden, Ltd. | 2 | 74 |
| Stitch Fix, Inc. - Class A (a) | 1 | 3 |
| Stoneridge, Inc. (a) | 3 | 15 |
| Strategic Education, Inc. | 1 | 67 |
| Strattec Security Corporation (a) |  | 18 |
| Stride, Inc. (a) | 3 | 244 |
| Superior Group of Companies, Inc. | 1 | 10 |
| Sweetgreen, Inc. - Class A (a) (b) | 3 | 18 |
| Tapestry, Inc. | 5 | 760 |
| Taylor Morrison Home II Corporation - Class A (a) | 6 | 332 |
| Tesla Inc. (a) | 22 | 8317 |
| Texas Roadhouse, Inc. - Class A | 3 | 571 |
| The Buckle, Inc. | 5 | 227 |
| The Goodyear Tire & Rubber Company (a) | 10 | 66 |
| Thor Industries, Inc. | 2 | 184 |
| Tilly's, Inc. - Class A (a) (b) | 1 | 4 |
| TJX Companies, Inc., The | 19 | 3001 |
| Toll Brothers, Inc. | 5 | 695 |
| TopBuild Corp. (a) | 2 | 549 |
| Tractor Supply Company | 13 | 582 |
| Travel + Leisure Co. | 3 | 214 |
| TRI Pointe Homes Holdings, Inc. (a) | 3 | 143 |
| Ulta Beauty, Inc. (a) | 1 | 564 |
| Under Armour, Inc. - Class A (a) (b) | 11 | 66 |
| Under Armour, Inc. - Class C (a) | 14 | 80 |
| Unifi, Inc. (a) | 2 | 8 |
| United Parks And Resorts Inc. (a) | 2 | 69 |
| Universal Electronics Inc. (a) | 1 | 3 |
| Universal Technical Institute, Inc. (a) | 2 | 60 |
| Upbound Group, Inc. | 4 | 77 |
| Urban Outfitters, Inc. (a) | 6 | 390 |
| V.F. Corporation | 14 | 241 |
| Vail Resorts, Inc. (b) | 1 | 169 |
| Valvoline, Inc. (a) | 5 | 175 |
| Vera Bradley, Inc. (a) | 3 | 10 |
| Victoria's Secret & Co. (a) | 5 | 228 |
| Visteon Corporation | 1 | 109 |
| Warby Parker Inc. - Class A (a) | 2 | 49 |
| Wayfair Inc. - Class A (a) | 2 | 169 |
| Wendy's Company, The | 6 | 41 |
| Weyco Group, Inc. | 1 | 30 |
| Whirlpool Corporation (b) | 3 | 139 |
| Williams-Sonoma, Inc. | 4 | 640 |
| Wingstop Inc. | 1 | 113 |
| Winmark Corporation |  | 73 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Winnebago Industries, Inc. | 1 | 40 |
| Wolverine World Wide, Inc. | 3 | 56 |
| Wyndham Hotels & Resorts, Inc. | 2 | 201 |
| Wynn Resorts, Limited | 3 | 317 |
| XPEL, Inc. (a) | 1 | 27 |
| YETI Holdings, Inc. (a) | 5 | 173 |
| Yum! Brands, Inc. | 5 | 796 |
| Zumiez Inc. (a) | 2 | 35 |
| | | 123736 |
| **Health Care 9.0%** | **Health Care 9.0%** | **Health Care 9.0%** |
| 10X Genomics, Inc. - Class A (a) | 3 | 73 |
| 4D Molecular Therapeutics, Inc. (a) | 2 | 23 |
| Abbott Laboratories | 25 | 2611 |
| AbbVie Inc. | 24 | 5304 |
| Acadia Healthcare Company, Inc. (a) | 3 | 73 |
| Acadia Pharmaceuticals Inc. (a) | 4 | 79 |
| Accendra Health, Inc. (a) | 3 | 7 |
| Accuray Incorporated (a) | 6 | 2 |
| AdaptHealth LLC - Class A (a) | 9 | 109 |
| Adaptive Biotechnologies Corporation (a) | 4 | 49 |
| Addus HomeCare Corporation (a) | 1 | 104 |
| ADMA Biologics, Inc. (a) | 7 | 66 |
| Agilent Technologies, Inc. | 7 | 773 |
| Agilon Health, Inc. (a) |  | 3 |
| Agios Pharmaceuticals, Inc. (a) | 1 | 31 |
| Aldeyra Therapeutics, Inc. (a) | 4 | 7 |
| Alector, Inc. (a) | 5 | 12 |
| Align Technology, Inc. (a) | 2 | 349 |
| Alkermes Public Limited Company (a) | 8 | 299 |
| Allogene Therapeutics, Inc. (a) | 13 | 32 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 436 |
| American Well Corporation - Class A (a) |  | 2 |
| Amgen Inc. | 11 | 4014 |
| AMN Healthcare Services, Inc. (a) | 3 | 51 |
| Amneal Pharmaceuticals, Inc. - Class A (a) | 9 | 111 |
| AngioDynamics, Inc. (a) | 4 | 51 |
| ANI Pharmaceuticals, Inc. (a) | 1 | 60 |
| Anika Therapeutics, Inc. (a) | 1 | 22 |
| Apellis Pharmaceuticals, Inc. (a) | 1 | 57 |
| Arcturus Therapeutics Holdings Inc. (a) (b) | 1 | 9 |
| Arcus Biosciences, Inc. (a) | 3 | 70 |
| Arrowhead Pharmaceuticals Inc (a) | 1 | 53 |
| Artivion, Inc. (a) | 3 | 102 |
| Assertio Holdings, Inc. (a) |  | 1 |
| Astrana Health, Inc. (a) | 2 | 49 |
| AtriCure, Inc. (a) | 2 | 49 |
| Avanos Medical, Inc. (a) | 1 | 20 |
| Avantor, Inc. (a) | 20 | 159 |
| AxoGen, Inc. (a) | 3 | 90 |
| Azenta, Inc. (a) | 2 | 33 |
| Baxter International Inc. | 12 | 198 |
| Beam Therapeutics Inc. (a) | 2 | 56 |
| Becton, Dickinson and Company | 5 | 767 |
| Biogen Inc. (a) | 4 | 650 |
| BioLife Solutions, Inc. (a) | 2 | 39 |
| BioMarin Pharmaceutical Inc. (a) | 6 | 318 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 1 | 215 |
| Bio-Techne Corporation | 4 | 201 |
| Blade Urban Air Mobility, Inc. - Class A (a) | 8 | 33 |
| Boston Scientific Corporation (a) | 15 | 914 |
| Bridgebio Pharma, Inc. (a) | 4 | 315 |
| Brightspring Health Services, Inc. (a) | 4 | 172 |
| Bristol-Myers Squibb Company | 60 | 3651 |
| Brookdale Senior Living Inc. (a) | 16 | 223 |
| Bruker Corporation | 4 | 156 |
| C4 Therapeutics, Inc. (a) | 7 | 19 |
| Cardinal Health, Inc. | 4 | 950 |
| Caredx, Inc. (a) | 1 | 20 |
| Castle Biosciences, Inc. (a) | 1 | 18 |
| Catalyst Pharmaceuticals, Inc. (a) | 7 | 186 |
| Celldex Therapeutics, Inc. (a) | 2 | 52 |
| Cencora, Inc. | 4 | 1344 |
| Centene Corporation (a) | 13 | 417 |
| Certara, Inc. (a) | 4 | 24 |
| Charles River Laboratories International, Inc. (a) | 2 | 273 |
| Chemed Corporation | 1 | 220 |
| Cigna Group, The | 6 | 1608 |
| Collegium Pharmaceutical, Inc. (a) | 2 | 56 |
| Concentra Group Holdings Parent, Inc. | 6 | 127 |
| CONMED Corporation | 2 | 54 |
| Cooper Companies, Inc., The (a) | 5 | 370 |
| Corcept Therapeutics Incorporated (a) | 2 | 89 |
| CorVel Corporation (a) | 2 | 117 |
| Crinetics Pharmaceuticals, Inc. (a) | 1 | 20 |
| CRISPR Therapeutics AG (a) (b) | 3 | 136 |
| Cross Country Healthcare, Inc. (a) | 2 | 22 |
| Cryoport, Inc. (a) | 2 | 17 |
| Cumberland Pharmaceuticals, Inc. (a) | 1 | 3 |
| CVS Health Corporation | 21 | 1491 |
| Cytek Biosciences, Inc. (a) | 6 | 26 |
| Danaher Corporation | 7 | 1400 |
| Davita Inc. (a) | 2 | 324 |
| Day One Biopharmaceuticals, Inc. (a) | 1 | 27 |
| Denali Therapeutics Inc. (a) | 5 | 103 |
| Dentsply Sirona Inc. | 8 | 97 |
| DexCom, Inc. (a) | 8 | 473 |
| Doximity, Inc. - Class A (a) | 3 | 70 |
| Dyne Therapeutics Inc. (a) | 4 | 78 |
| Edgewise Therapeutics, Inc. (a) | 1 | 37 |
| Edwards Lifesciences Corporation (a) | 12 | 934 |
| Elanco Animal Health Incorporated (a) | 19 | 459 |
| Elevance Health, Inc. | 4 | 1256 |
| Eli Lilly and Company | 13 | 12145 |
| Embecta Corp. | 1 | 8 |
| Emergent BioSolutions Inc. (a) | 4 | 34 |
| Enanta Pharmaceuticals, Inc. (a) | 2 | 20 |
| Encompass Health Corporation | 6 | 589 |
| Enhabit Inc. (a) | 4 | 55 |
| Enliven Therapeutics, Inc. (a) (b) | 2 | 62 |
| Enovis Corporation (a) | 2 | 53 |
| Ensign Group, Inc., The | 3 | 575 |
| Envista Holdings Corporation (a) | 8 | 195 |
| Evolent Health, Inc. - Class A (a) | 6 | 14 |
| Exelixis, Inc. (a) | 14 | 611 |
| Fate Therapeutics, Inc. (a) | 2 | 2 |
| Fortrea Holdings Inc. (a) | 4 | 39 |
| Fulcrum Therapeutics, Inc. (a) | 2 | 17 |
| Fulgent Genetics, Inc. (a) | 1 | 23 |
| GE HealthCare Technologies Inc. | 11 | 770 |
| Gilead Sciences, Inc. | 23 | 3222 |
| Glaukos Corporation (a) | 1 | 87 |
| Globus Medical, Inc. - Class A (a) | 2 | 155 |
| GoodRx Holdings, Inc. - Class A (a) (b) | 3 | 6 |
| Grail, Inc. (a) | 1 | 34 |
| Guardant Health, Inc. (a) | 1 | 119 |
| Haemonetics Corporation (a) | 1 | 79 |
| Halozyme Therapeutics, Inc. (a) | 4 | 268 |
| Harmony Biosciences Holdings, Inc. (a) | 2 | 49 |
| Harrow, Inc. (a) | 1 | 27 |
| HCA Healthcare, Inc. | 2 | 1061 |
| Health Catalyst, Inc. (a) (b) | 1 | 2 |
| HealthEquity, Inc. (a) | 4 | 321 |
| Healthstream, Inc. | 2 | 44 |
| Henry Schein, Inc. (a) | 6 | 412 |
| Humana Inc. | 3 | 487 |
| Icon Public Limited Company (a) | 2 | 173 |
| ICU Medical, Inc. (a) | 1 | 80 |
| IDEAYA Biosciences, Inc. (a) | 1 | 37 |
| IDEXX Laboratories, Inc. (a) | 2 | 914 |
| Illumina, Inc. (a) | 2 | 305 |
| Incyte Corporation (a) | 6 | 585 |
| Indivior Pharmaceuticals, Inc. (a) | 2 | 72 |
| InnovAge Holding Corp (a) | 1 | 11 |
| Innoviva, Inc. (a) | 5 | 114 |
| Inogen, Inc. (a) | 1 | 7 |
| Insmed Incorporated (a) | 2 | 396 |
| Inspire Medical Systems, Inc. (a) |  | 23 |
| Insulet Corporation (a) | 2 | 469 |
| Integer Holdings Corporation (a) | 1 | 102 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Integra LifeSciences Holdings Corporation (a) | 3 | 29 |
| Intellia Therapeutics, Inc. (a) (b) | 3 | 37 |
| Intuitive Surgical, Inc. (a) | 3 | 1428 |
| Ionis Pharmaceuticals, Inc. (a) | 2 | 121 |
| Iovance Biotherapeutics, Inc. (a) | 10 | 34 |
| IQVIA Holdings Inc (a) | 6 | 1038 |
| Iradimed Corporation |  | 41 |
| Ironwood Pharmaceuticals, Inc. - Class A (a) | 4 | 15 |
| Jazz Pharmaceuticals Public Limited Company (a) | 3 | 630 |
| Johnson & Johnson | 26 | 6249 |
| Kiniksa Pharmaceuticals International, PLC - Class A (a) | 1 | 49 |
| Kodiak Sciences Inc. (a) | 3 | 101 |
| Krystal Biotech, Inc. (a) | 1 | 156 |
| Kura Oncology, Inc. (a) | 5 | 38 |
| Kymera Therapeutics, Inc. (a) | 1 | 76 |
| Labcorp Holdings Inc. | 3 | 761 |
| Lantheus Holdings, Inc. (a) | 3 | 223 |
| LeMaitre Vascular, Inc. | 1 | 142 |
| Lensar, Inc. (a) |  | 3 |
| Lifestance Health Group, Inc. (a) | 13 | 81 |
| Ligand Pharmaceuticals Incorporated (a) | 1 | 211 |
| LivaNova PLC (a) | 2 | 153 |
| MacroGenics, Inc. (a) | 3 | 9 |
| MannKind Corporation (a) | 14 | 33 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 5 | 14 |
| Masimo Corporation (a) | 1 | 93 |
| McKesson Corporation | 2 | 1472 |
| Medpace Holdings, Inc. (a) | 1 | 346 |
| Medtronic, Inc. | 21 | 1818 |
| Merck & Co., Inc. | 55 | 6606 |
| Merit Medical Systems, Inc. (a) | 2 | 158 |
| Mesa Laboratories, Inc. |  | 23 |
| Mettler-Toledo International Inc. (a) | 1 | 675 |
| MiMedx Group, Inc. (a) | 2 | 9 |
| Moderna, Inc. (a) | 6 | 299 |
| Molina Healthcare, Inc. (a) | 2 | 326 |
| Myriad Genetics, Inc. (a) | 6 | 26 |
| Natera, Inc. (a) | 2 | 317 |
| National HealthCare Corporation | 1 | 135 |
| National Research Corporation (b) | 1 | 12 |
| Neogen Corporation (a) | 1 | 12 |
| Neogenomics, Inc. (a) | 7 | 50 |
| Neurocrine Biosciences, Inc. (a) | 4 | 462 |
| Nurix Therapeutics, Inc. (a) | 1 | 21 |
| Nuvation Bio Operating Company LLC - Class A (a) | 18 | 75 |
| Olema Pharmaceuticals Inc. (a) | 2 | 26 |
| OmniAb, Inc. (a) (d) |  |  |
| OmniAb, Inc. (a) (d) |  |  |
| OmniAb, Inc. (a) | 6 | 10 |
| Omnicell, Inc. (a) | 2 | 81 |
| OptimizeRX Corporation (a) | 3 | 16 |
| Option Care Health, Inc. (a) | 5 | 122 |
| Orasure Technologies, Inc. (a) | 4 | 12 |
| Organogenesis Holdings Inc. - Class A (a) | 8 | 20 |
| Organon & Co. | 13 | 77 |
| Oric Pharmaceuticals, Inc. (a) | 1 | 17 |
| Orthofix Medical Inc. (a) | 3 | 40 |
| Orthopediatrics Corp. (a) | 1 | 22 |
| Pacific Biosciences of California, Inc. (a) | 6 | 7 |
| Pacira Pharmaceuticals, Inc. (a) | 3 | 68 |
| PACS Group, Inc. (a) | 2 | 57 |
| PDL BioPharma, Inc. (a) (d) | 6 | 2 |
| Pediatrix Medical Group, Inc. (a) | 7 | 145 |
| Pennant Group, Inc., The (a) | 3 | 82 |
| Penumbra, Inc. (a) | 1 | 374 |
| Perrigo Company Public Limited Company | 7 | 79 |
| Personalis, Inc. (a) | 3 | 19 |
| Pfizer Inc. | 101 | 2836 |
| Phibro Animal Health Corporation - Class A | 2 | 88 |
| Phreesia, Inc. (a) | 2 | 13 |
| Prestige Consumer Healthcare Inc. (a) | 3 | 150 |
| Privia Health Group Inc. (a) | 3 | 66 |
| Progyny, Inc. (a) | 2 | 33 |
| Protagonist Therapeutics, Inc. (a) | 1 | 72 |
| Prothena Corporation Public Limited Company (a) | 3 | 28 |
| PTC Therapeutics, Inc. (a) | 2 | 125 |
| Quest Diagnostics Incorporated | 3 | 668 |
| QuidelOrtho Corporation (a) | 1 | 12 |
| RadNet, Inc. (a) | 3 | 165 |
| Rafael Holdings, Inc. - Class B (a) | 1 | 2 |
| Regeneron Pharmaceuticals, Inc. | 1 | 910 |
| Regenxbio Inc. (a) | 3 | 29 |
| Relay Therapeutics, Inc. (a) | 2 | 24 |
| Repligen Corporation (a) | 2 | 251 |
| Replimune Group, Inc. (a) | 3 | 26 |
| ResMed Inc. | 3 | 718 |
| Revolution Medicines, Inc. (a) | 3 | 302 |
| Revvity, Inc. | 4 | 341 |
| Rigel Pharmaceuticals, Inc. (a) | 1 | 19 |
| Roivant Sciences Ltd. (a) | 20 | 552 |
| Royalty Pharma PLC - Class A | 10 | 476 |
| Sarepta Therapeutics, Inc. (a) | 1 | 31 |
| Schrodinger, Inc. (a) | 1 | 11 |
| Seer, Inc. - Class A (a) | 8 | 13 |
| Select Medical Holdings Corporation | 9 | 144 |
| SI-BONE, Inc. (a) | 2 | 31 |
| SIGA Technologies, Inc. | 6 | 30 |
| Sight Sciences, Inc. (a) | 3 | 10 |
| Solventum Corporation (a) | 3 | 175 |
| Sotera Health LLC (a) | 13 | 182 |
| STAAR Surgical Company (a) | 3 | 61 |
| Steris Public Limited Company | 3 | 662 |
| Stoke Therapeutics, Inc. (a) | 2 | 73 |
| Stryker Corporation | 4 | 1340 |
| Supernus Pharmaceuticals, Inc. (a) | 3 | 175 |
| Surgery Partners, Inc. (a) (b) | 3 | 40 |
| Tactile Systems Technology, Inc. (a) |  | 10 |
| Teladoc Health, Inc. (a) | 5 | 30 |
| Teleflex Incorporated | 2 | 193 |
| Tenet Healthcare Corporation (a) | 5 | 990 |
| TG Therapeutics, Inc. (a) | 1 | 36 |
| Theravance Biopharma, Inc. (a) | 3 | 41 |
| Thermo Fisher Scientific Inc. | 4 | 2054 |
| TransMedics Group, Inc. (a) |  | 32 |
| TruBridge, Inc. (a) | 1 | 11 |
| U.S. Physical Therapy, Inc. | 1 | 66 |
| UFP Technologies, Inc. (a) |  | 58 |
| United Therapeutics Corporation (a) | 2 | 1214 |
| UnitedHealth Group Incorporated | 12 | 3158 |
| Universal Health Services, Inc. - Class B | 3 | 517 |
| Utah Medical Products, Inc. |  | 12 |
| Vanda Pharmaceuticals Inc. (a) | 5 | 33 |
| Varex Imaging Corporation (a) | 3 | 32 |
| Vaxcyte, Inc. (a) | 1 | 43 |
| Veeva Systems Inc. - Class A (a) | 2 | 375 |
| Veracyte, Inc. (a) | 3 | 111 |
| Vericel Corporation (a) | 2 | 56 |
| Vertex Pharmaceuticals Incorporated (a) | 2 | 1062 |
| Viatris Inc. | 44 | 597 |
| Waters Corporation (a) | 3 | 787 |
| Waystar Holding Corp. (a) | 2 | 55 |
| West Pharmaceutical Services, Inc. | 2 | 443 |
| Xencor, Inc. (a) | 4 | 52 |
| Zentalis Pharmaceuticals, Inc. (a) | 3 | 8 |
| Zimmer Biomet Holdings, Inc. | 5 | 484 |
| Zoetis Inc. - Class A | 8 | 988 |
| Zymeworks Inc. (a) | 4 | 94 |
| | | 111552 |
| **Communication Services 8.8%** | **Communication Services 8.8%** | **Communication Services 8.8%** |
| Advantage Solutions, Inc. - Class A (a) (b) |  | 9 |
| Alphabet Inc. - Class A | 84 | 24158 |
| Alphabet Inc. - Class C | 70 | 20208 |
| Angi Inc. - Class A (a) | 1 | 5 |
| Anterix Inc. (a) |  | 19 |
| Array Digital Infrastructure, Inc. | 2 | 109 |
| AST Spacemobile, Inc. - Class A (a) (b) | 2 | 207 |
| AT&T Inc. | 161 | 4663 |
| Atlanta Braves Holdings, Inc. - Series A (a) |  | 17 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Atlanta Braves Holdings, Inc. - Series C (a) | 3 | 131 |
| ATN International, Inc. | 3 | 70 |
| Bandwidth Inc. - Class A (a) | 1 | 14 |
| Boston Omaha Corporation - Class A (a) | 1 | 16 |
| Bumble Inc. - Class A (a) | 2 | 6 |
| Cable One, Inc. (a) |  | 35 |
| CarGurus, Inc. - Class A (a) | 3 | 104 |
| Cars.com Inc. (a) | 2 | 20 |
| Cinemark Holdings, Inc. | 7 | 210 |
| Comcast Corporation - Class A | 115 | 3301 |
| DHI Group, Inc. (a) |  | 1 |
| DoubleVerify Holdings, Inc. (a) | 2 | 17 |
| E.W. Scripps Company, The - Class A (a) | 8 | 29 |
| Electronic Arts Inc. | 7 | 1344 |
| Entravision Communications Corporation - Class A | 6 | 16 |
| Former Charter Communications Parent, Inc. - Class A (a) | 5 | 1090 |
| Fox Corporation - Class A | 7 | 414 |
| Fox Corporation - Class B | 7 | 389 |
| Gogo, Inc. (a) | 3 | 13 |
| Gray Media, Inc. | 5 | 23 |
| Grizzly Merger Sub 1, LLC - Series A (a) |  | 9 |
| Grizzly Merger Sub 1, LLC - Series C (a) | 1 | 54 |
| IDT Corporation - Class B | 2 | 83 |
| IMAX Corporation (a) | 3 | 97 |
| Iridium Communications Inc. | 4 | 115 |
| John Wiley & Sons, Inc. - Class A | 4 | 135 |
| Liberty Broadband Corporation - Series A (a) | 1 | 61 |
| Liberty Broadband Corporation - Series C (a) | 5 | 247 |
| Liberty Global Ltd. - Class A (a) | 6 | 73 |
| 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 | 73 |
| Liberty Media Corporation - Series A (a) | 1 | 52 |
| Liberty Media Corporation - Series C (a) | 6 | 509 |
| Lionsgate Studios Corp. (a) | 12 | 116 |
| Live Nation Entertainment, Inc. (a) | 5 | 809 |
| Lumen Technologies, Inc. (a) | 34 | 239 |
| Magnite, Inc. (a) | 7 | 86 |
| Marchex, Inc. - Class B (a) |  |  |
| Marcus Corporation, The | 2 | 28 |
| Match Group, Inc. | 7 | 222 |
| Meta Platforms, Inc. - Class A | 38 | 21698 |
| Netflix, Inc. (a) | 63 | 6060 |
| News Corporation - Class A | 14 | 349 |
| News Corporation - Class B | 8 | 215 |
| Nexstar Media Group, Inc. - Class A | 2 | 448 |
| Omnicom Group Inc. | 14 | 1021 |
| Paramount Skydance Corporation - Class B | 10 | 88 |
| Pinterest, Inc. - Class A (a) | 10 | 191 |
| PubMatic, Inc. - Class A (a) | 2 | 14 |
| QuinStreet, Inc. (a) | 2 | 28 |
| Reddit, Inc. - Class A (a) | 2 | 269 |
| Roblox Corporation - Class A (a) | 4 | 230 |
| Roku, Inc. - Class A (a) | 5 | 449 |
| Scholastic Corporation | 2 | 59 |
| Shenandoah Telecommunications Company | 3 | 43 |
| Shutterstock, Inc. | 2 | 26 |
| Sinclair, Inc. - Class A | 2 | 20 |
| Sirius XM Holdings Inc. | 7 | 163 |
| Snap Inc. - Class A (a) | 27 | 125 |
| Sphere Entertainment Co. - Class A (a) (b) | 2 | 260 |
| Sphere Entertainment Co. - Class A (a) | 2 | 130 |
| Spok Holdings, Inc. | 2 | 23 |
| Spotify Technology S.A. (a) | 1 | 579 |
| Stagwell, Inc. - Class A (a) | 3 | 18 |
| Starz Entertainment (a) | 1 | 16 |
| Take-Two Interactive Software, Inc. (a) | 2 | 410 |
| TechTarget, Inc. (a) | 1 | 5 |
| Telephone and Data Systems, Inc. | 7 | 283 |
| The New York Times Company - Class A | 8 | 654 |
| Thryv Holdings, Inc. (a) | 1 | 4 |
| TKO Group Holdings Inc. - Class A | 1 | 209 |
| T-Mobile US, Inc. | 11 | 2402 |
| Townsquare Media, Inc. - Class A |  | 2 |
| Trade Desk, Inc., The - Class A (a) | 4 | 93 |
| Travelzoo (a) (b) | 1 | 6 |
| TripAdvisor, Inc. (a) | 6 | 60 |
| USA TODAY Co., Inc. (a) | 13 | 90 |
| Verizon Communications Inc. | 131 | 6595 |
| Versant Media Group, Inc. - Class A | 5 | 185 |
| Walt Disney Company, The | 28 | 2740 |
| Warner Bros. Discovery, Inc. - Series A (a) | 69 | 1884 |
| Warner Music Group Corp. - Class A | 3 | 80 |
| Yelp Inc. (a) | 2 | 58 |
| Zedge, Inc. - Class B | 1 | 2 |
| Ziff Davis, Inc. (a) | 2 | 82 |
| ZoomInfo Technologies Inc. - Class A (a) (b) | 10 | 60 |
| | | 108228 |
| **Energy 5.8%** | **Energy 5.8%** | **Energy 5.8%** |
| Antero Midstream Corporation | 23 | 531 |
| Antero Resources Corporation (a) | 14 | 587 |
| Apa Corp. | 16 | 691 |
| Archrock, Inc. | 9 | 310 |
| Ardmore Shipping Services (Ireland) Limited | 2 | 33 |
| Atlas Energy Solutions Inc. (b) | 1 | 11 |
| Baker Hughes Company - Class A | 26 | 1569 |
| BKV Corporation (a) | 1 | 41 |
| Bristow Holdings U.S. Inc. | 1 | 69 |
| Cactus, Inc. - Class A | 2 | 96 |
| California Resources Corporation | 4 | 302 |
| Centrus Energy Corp. - Class A (a) | 1 | 191 |
| Cheniere Energy, Inc. | 7 | 1929 |
| Chevron Corporation | 31 | 6334 |
| Chord Energy Corporation | 2 | 236 |
| Clean Energy Fuels Corp. (a) | 5 | 13 |
| CNX Resources Corporation (a) | 8 | 302 |
| Comstock Resources, Inc. (a) (b) | 13 | 272 |
| ConocoPhillips | 42 | 5494 |
| Core Laboratories LP | 3 | 49 |
| Core Natural Resources, Inc. | 1 | 102 |
| Coterra Energy Inc. | 25 | 890 |
| Crescent Energy Company - Class A | 12 | 164 |
| CVR Energy, Inc. (a) | 3 | 90 |
| Devon Energy Corporation | 42 | 2101 |
| DHT Holdings, Inc. | 12 | 227 |
| Diamondback Energy, Inc. | 8 | 1564 |
| DMC Global Inc. (a) | 2 | 12 |
| Dorian LPG Ltd. | 3 | 100 |
| DT Midstream, Inc. | 5 | 607 |
| EOG Resources, Inc. | 19 | 2676 |
| EQT Corporation | 17 | 1062 |
| Evolution Petroleum Corporation | 3 | 12 |
| Excelerate Energy, Inc. - Class A | 1 | 34 |
| Expand Energy Corporation | 8 | 933 |
| Expro Group Holdings N.V. (a) | 4 | 63 |
| Exxon Mobil Corporation | 82 | 13902 |
| Forum Energy Technologies, Inc. (a) | 1 | 32 |
| FutureFuel Corp. | 4 | 14 |
| Geospace Technologies Corporation (a) | 1 | 9 |
| Granite Ridge Resources, Inc. | 5 | 29 |
| Green Plains Inc. (a) | 4 | 65 |
| Gulfport Energy Corporation (a) | 1 | 190 |
| Halliburton Company | 36 | 1409 |
| Helix Energy Solutions Group, Inc. (a) | 9 | 92 |
| Helmerich & Payne, Inc. | 4 | 128 |
| HF Sinclair Corporation | 6 | 395 |
| Innovex International, Inc. (a) | 4 | 100 |
| International Seaways, Inc. | 2 | 146 |
| Kinder Morgan, Inc. | 39 | 1318 |
| Kinetik Holdings Inc. - Class A (b) | 2 | 91 |
| Kodiak Gas Services, LLC | 3 | 201 |
| Kosmos Energy Ltd. (a) | 15 | 42 |
| Liberty Energy Inc. - Class A | 10 | 287 |
| Magnolia Oil & Gas Corporation - Class A | 15 | 487 |
| Mammoth Energy Services, Inc. (a) | 2 | 6 |
| Marathon Petroleum Corporation | 8 | 2014 |
| Matador Resources Company | 6 | 355 |
| Murphy Oil Corporation | 6 | 236 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nabors Industries Ltd. (a) | 1 | 82 |
| NACCO Industries, Inc. - Class A | 1 | 26 |
| National Energy Services Reunited Corporation (a) | 4 | 94 |
| Natural Gas Services Group, Inc. | 2 | 63 |
| Noble Corporation PLC | 5 | 229 |
| Nordic American Tankers Limited | 13 | 75 |
| Northern Oil and Gas Incorporated | 3 | 89 |
| NOV Inc. | 12 | 235 |
| Occidental Petroleum Corporation | 29 | 1888 |
| Oceaneering International, Inc. (a) | 6 | 223 |
| Oil States International, Inc. (a) | 6 | 68 |
| ONEOK, Inc. | 16 | 1412 |
| Ovintiv Canada ULC | 15 | 869 |
| Par Pacific Holdings, Inc. (a) | 3 | 206 |
| Patterson-UTI Energy, Inc. | 8 | 88 |
| PBF Energy Inc. - Class A | 4 | 213 |
| Peabody Energy Corporation | 5 | 158 |
| Permian Resources Corporation - Class A | 31 | 662 |
| Phillips 66 | 9 | 1649 |
| Primeenergy Resources Corporation (a) |  | 22 |
| Propetro Holding Corp. (a) | 6 | 87 |
| Range Resources Corporation | 12 | 555 |
| REX American Resources Corporation (a) | 1 | 46 |
| RPC, Inc. | 13 | 89 |
| Scorpio Tankers Inc. | 2 | 151 |
| SEACOR Marine Holdings Inc. (a) | 2 | 13 |
| Seadrill Limited (a) | 2 | 98 |
| Select Water Solutions, Inc. - Class A | 8 | 125 |
| SFL Corporation Ltd. | 9 | 102 |
| SLB Limited | 30 | 1561 |
| SM Energy Company | 6 | 195 |
| Solaris Energy Infrastructure, Inc. - Class A | 2 | 110 |
| Talos Energy Inc. (a) | 7 | 116 |
| Targa Resources Corp. | 6 | 1574 |
| TechnipFMC PLC | 20 | 1367 |
| Teekay Corporation | 7 | 90 |
| Teekay Tankers Ltd. - Class A | 1 | 77 |
| TETRA Technologies, Inc. (a) | 8 | 67 |
| Texas Pacific Land Corporation | 2 | 742 |
| Tidewater Inc. (a) | 2 | 168 |
| Transocean Ltd. (a) (c) | 35 | 235 |
| Uranium Energy Corp. (a) | 12 | 158 |
| VAALCO Energy, Inc. | 6 | 38 |
| Valaris Limited (a) | 2 | 175 |
| Valero Energy Corporation | 6 | 1550 |
| Viper Energy, Inc. - Class A | 5 | 237 |
| Vitesse Energy, Inc. (b) | 2 | 38 |
| W&T Offshore, Inc. | 16 | 53 |
| Weatherford International Public Limited Company | 4 | 336 |
| Williams Companies, Inc., The | 15 | 1086 |
| World Kinect Corporation | 4 | 92 |
| | | 70927 |
| **Consumer Staples 5.3%** | **Consumer Staples 5.3%** | **Consumer Staples 5.3%** |
| Albertsons Companies, Inc. - Class A | 25 | 428 |
| Alico, Inc. | 1 | 34 |
| Altria Group, Inc. | 23 | 1534 |
| Andersons, Inc. , The | 1 | 69 |
| Archer-Daniels-Midland Company | 7 | 501 |
| B&G Foods, Inc. (b) | 3 | 12 |
| Bellring Intermediate Holdings, Inc. (a) | 5 | 78 |
| BJ's Wholesale Club Holdings, Inc. (a) | 7 | 734 |
| Boston Beer Company, Inc., The - Class A (a) |  | 89 |
| Brown-Forman Corporation - Class A | 3 | 84 |
| Brown-Forman Corporation - Class B | 6 | 166 |
| Bunge Global S.A. | 6 | 716 |
| Calavo Growers, Inc. | 2 | 43 |
| Cal-Maine Foods, Inc. | 2 | 188 |
| Campbell's Company, The (b) | 13 | 286 |
| Casey's General Stores, Inc. | 1 | 1023 |
| Central Garden & Pet Company (a) | 1 | 42 |
| Central Garden & Pet Company - Class A (a) | 4 | 125 |
| Church & Dwight Co., Inc. | 6 | 600 |
| Clorox Company, The | 2 | 259 |
| Coca-Cola Company, The | 67 | 5087 |
| Coca-Cola Consolidated, Inc. | 4 | 761 |
| Colgate-Palmolive Company | 15 | 1305 |
| Conagra Brands, Inc. | 18 | 278 |
| Constellation Brands, Inc. - Class A | 5 | 740 |
| Costco Wholesale Corporation | 6 | 6218 |
| Coty Inc. - Class A (a) | 28 | 57 |
| Darling Ingredients Inc. (a) | 6 | 364 |
| Del Monte Fresh Produce Company | 4 | 156 |
| Dole Public Limited Company | 2 | 26 |
| Dollar General Corporation | 6 | 735 |
| Dollar Tree, Inc. (a) | 6 | 712 |
| e.l.f. Beauty, Inc. (a) | 2 | 91 |
| Edgewell Personal Care Colombia S A S | 2 | 52 |
| Energizer Holdings, Inc. | 4 | 61 |
| Estee Lauder Companies Inc., The - Class A | 5 | 359 |
| Farmer Bros. Co. (a) | 2 | 2 |
| Flowers Foods, Inc. | 9 | 74 |
| Freshpet, Inc. (a) | 1 | 56 |
| General Mills, Inc. | 18 | 687 |
| Grocery Outlet Holding Corp. (a) | 4 | 29 |
| Hain Celestial Group, Inc., The (a) (b) | 6 | 4 |
| Herbalife Nutrition Ltd. (a) | 4 | 56 |
| Hershey Company, The | 4 | 815 |
| Hormel Foods Corporation | 16 | 356 |
| Ingles Markets, Incorporated - Class A | 1 | 74 |
| Ingredion Incorporated | 4 | 397 |
| Interparfums, Inc. | 1 | 115 |
| J&J Snack Foods Corp. | 1 | 52 |
| J. M. Smucker Company, The | 4 | 395 |
| John B. Sanfilippo & Son, Inc. | 1 | 69 |
| Kenvue Inc. | 43 | 736 |
| Keurig Dr Pepper Inc. | 25 | 654 |
| Kimberly-Clark Corporation | 8 | 772 |
| Kraft Heinz Company, The | 23 | 520 |
| Kroger Co., The | 33 | 2361 |
| Lamb Weston Holdings, Inc. | 5 | 231 |
| Limoneira Company | 1 | 14 |
| Mama's Creations, Inc. (a) | 1 | 10 |
| Maplebear Inc. (a) | 6 | 219 |
| McCormick & Company, Incorporated | 8 | 384 |
| McCormick & Company, Incorporated | 1 | 31 |
| Medifast, Inc. (a) | 1 | 5 |
| MGPI Processing, Inc. | 1 | 15 |
| Mission Produce, Inc. (a) | 3 | 46 |
| Molson Coors Beverage Company - Class B | 8 | 337 |
| Mondelez International, Inc. - Class A | 25 | 1418 |
| Monster Beverage 1990 Corporation (a) | 10 | 690 |
| National Beverage Corp. (a) | 4 | 122 |
| Natural Grocers By Vitamin Cottage, Inc. | 2 | 55 |
| Natural Health Trends Corp. |  |  |
| Nature's Sunshine Products, Inc. (a) | 1 | 18 |
| Nu Skin Enterprises, Inc. - Class A | 5 | 34 |
| Oil-Dri Corporation of America | 1 | 52 |
| PepsiCo, Inc. | 23 | 3595 |
| Performance Food Group Company (a) | 7 | 637 |
| Philip Morris International Inc. | 22 | 3575 |
| Pilgrim's Pride Corporation | 7 | 246 |
| Post Holdings, Inc. (a) | 4 | 355 |
| PriceSmart, Inc. | 2 | 283 |
| Procter & Gamble Company, The | 42 | 6011 |
| Reynolds Consumer Products Inc. | 10 | 202 |
| Seaboard Corporation |  | 204 |
| Seneca Foods Corporation - Class A (a) | 1 | 103 |
| Simply Good Foods Company, The (a) | 5 | 77 |
| Smithfield Foods, Inc. | 1 | 20 |
| Spectrum Brands Holdings, Inc. | 1 | 93 |
| Sprouts Farmers Market, Inc. (a) | 5 | 368 |
| Sysco Corporation | 14 | 1018 |
| Target Corporation | 15 | 1768 |
| The Chefs' Warehouse, Inc. (a) | 3 | 150 |
| The Honest Company, Inc. (a) (b) | 5 | 14 |
| The Marzetti Company | 1 | 190 |
| Tootsie Roll Industries, Inc. | 3 | 108 |
| Turning Point Brands, Inc. | 1 | 110 |
| Tyson Foods, Inc. - Class A | 9 | 569 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| United Natural Foods, Inc. (a) | 4 | 179 |
| Universal Corporation | 2 | 106 |
| US Foods Holding Corp. (a) | 12 | 1139 |
| USANA Health Sciences, Inc. (a) | 1 | 23 |
| UTZ Brands, Inc. - Class A | 2 | 19 |
| Village Super Market, Inc. - Class A | 1 | 42 |
| Vita Coco Company, Inc., The (a) | 1 | 48 |
| Vital Farms, Inc. (a) (b) | 2 | 21 |
| Walmart Inc. | 62 | 7742 |
| WD-40 Company | 1 | 109 |
| Weis Markets, Inc. (b) | 2 | 138 |
| | | 65180 |
| **Materials 3.3%** | **Materials 3.3%** | **Materials 3.3%** |
| AdvanSix Inc. | 2 | 54 |
| Air Products and Chemicals, Inc. | 4 | 1151 |
| Albemarle Corporation | 4 | 670 |
| Alcoa Corporation | 9 | 620 |
| Alpha Metallurgical Resources, Inc. (a) | 1 | 106 |
| Alto Ingredients, Inc. (a) | 10 | 47 |
| Amcor Pty Ltd. | 18 | 710 |
| American Vanguard Corporation (a) | 4 | 9 |
| Ampco-Pittsburgh Corporation (a) | 1 | 6 |
| AptarGroup, Inc. | 3 | 335 |
| Ardagh Metal Packaging S.A. | 14 | 57 |
| Ashland Inc. | 2 | 120 |
| Aspen Aerogels, Inc. (a) | 2 | 7 |
| Avery Dennison Corporation | 4 | 627 |
| Avient Corporation | 3 | 96 |
| Axalta Coating Systems Ltd. (a) | 16 | 455 |
| Balchem Corporation | 1 | 241 |
| Ball Corporation | 8 | 471 |
| Cabot Corporation | 3 | 195 |
| Caledonia Mining Corporation PLC (b) | 1 | 25 |
| Celanese Corporation - Class A | 4 | 250 |
| Century Aluminum Company (a) | 4 | 250 |
| CF Industries Holdings, Inc. | 9 | 1201 |
| Chemours Company, The | 3 | 74 |
| Clearwater Paper Corporation (a) |  | 2 |
| Cleveland-Cliffs Inc. (a) | 18 | 152 |
| Coeur Mining, Inc. (a) | 17 | 325 |
| Commercial Metals Company | 7 | 414 |
| Compass Minerals International, Inc. (a) | 3 | 78 |
| Core Molding Technologies, Inc. (a) | 1 | 18 |
| Corteva, Inc. | 17 | 1416 |
| CRH Public Limited Company | 12 | 1241 |
| Crown Holdings, Inc. | 7 | 749 |
| Dow Inc. | 17 | 707 |
| DuPont de Nemours, Inc. | 11 | 503 |
| Eagle Materials Inc. | 2 | 418 |
| Eastman Chemical Company | 6 | 447 |
| Ecolab Inc. | 5 | 1201 |
| Ecovyst Inc. (a) | 4 | 52 |
| Element Solutions Inc. | 13 | 429 |
| Ferroglobe PLC | 13 | 54 |
| FMC Corporation | 4 | 68 |
| Fortitude Gold Corporation | 1 | 6 |
| Freeport-McMoRan Inc. | 24 | 1424 |
| Graphic Packaging Holding Company | 19 | 191 |
| Greif, Inc. - Class A | 2 | 136 |
| Greif, Inc. - Class B (b) | 1 | 92 |
| H.B. Fuller Company | 2 | 135 |
| Hawkins, Inc. | 1 | 183 |
| Hecla Mining Company | 33 | 610 |
| Huntsman Corporation | 8 | 104 |
| Ingevity Corporation (a) | 2 | 125 |
| Innospec Inc. | 1 | 90 |
| International Flavors & Fragrances Inc. | 7 | 501 |
| International Paper Company | 15 | 531 |
| Intrepid Potash, Inc. (a) | 2 | 88 |
| Kaiser Aluminum Corporation | 1 | 133 |
| KRC Materials, Inc. (a) | 3 | 221 |
| Kronos Worldwide, Inc. | 8 | 50 |
| Linde Public Limited Company | 7 | 3704 |
| Louisiana-Pacific Corporation (W VA) | 3 | 212 |
| LSB Industries, Inc. (a) | 4 | 52 |
| LyondellBasell Industries N.V. - Class A | 9 | 752 |
| Martin Marietta Materials, Inc. | 2 | 898 |
| Materion Corporation | 1 | 138 |
| MATIV Holdings, Inc. | 5 | 44 |
| Mercer International Inc. (b) | 8 | 12 |
| Metallus Inc. (a) | 3 | 51 |
| Minera Andes Inc. (a) |  | 2 |
| Minerals Technologies Inc. | 2 | 108 |
| Mosaic Company, The | 15 | 392 |
| MP Materials Corp. - Class A (a) (b) | 6 | 284 |
| Myers Industries, Inc. | 2 | 45 |
| NewMarket Corporation | 1 | 348 |
| Newmont Corporation | 21 | 2244 |
| Nucor Corporation | 6 | 996 |
| O-I Glass, Inc. (a) | 7 | 75 |
| Olin Corporation | 4 | 105 |
| Orion Engineered Carbons Finance & Co. S.C.A. | 4 | 29 |
| Packaging Corporation of America | 4 | 934 |
| Perimeter Solutions, Inc. (a) | 3 | 67 |
| PPG Industries, Inc. | 7 | 705 |
| Quaker Chemical Corporation | 1 | 93 |
| Ramaco Resources, Inc. - Class A (a) | 4 | 61 |
| Ramaco Resources, Inc. - Class B | 1 | 12 |
| Ranpak Holdings Corp - Class A (a) | 3 | 10 |
| Reliance, Inc. | 2 | 722 |
| Royal Gold, Inc. | 2 | 611 |
| RPM International Inc. | 5 | 496 |
| Ryerson Holding Corporation | 3 | 75 |
| Scotts Miracle-Gro Company, The | 1 | 57 |
| Sensient Technologies Corporation | 2 | 188 |
| Sherwin-Williams Company, The | 4 | 1299 |
| Silgan Holdings Inc. | 4 | 165 |
| Smurfit Westrock Public Limited Company | 14 | 563 |
| Solstice Advanced Materials US, Inc. | 3 | 212 |
| Sonoco Products Company | 6 | 340 |
| Southern Copper Corporation | 1 | 225 |
| Steel Dynamics, Inc. | 4 | 702 |
| Stepan Company | 1 | 64 |
| SunCoke Energy, Inc. | 4 | 26 |
| Sylvamo Corporation | 2 | 90 |
| Tredegar Corporation (a) | 3 | 22 |
| TriMas Corporation | 3 | 120 |
| Tronox Holdings PLC | 10 | 98 |
| United States Lime & Minerals, Inc. | 2 | 206 |
| Vulcan Materials Company | 3 | 938 |
| Warrior Met Coal, Inc. | 3 | 237 |
| Westlake Corporation | 2 | 288 |
| Worthington Steel, Inc. | 2 | 69 |
|  |  | 40857 |
| **Utilities 2.6%** | **Utilities 2.6%** | **Utilities 2.6%** |
| AES Corporation, The | 16 | 221 |
| Alliant Energy Corporation | 7 | 528 |
| Ameren Corporation | 5 | 558 |
| American Electric Power Company, Inc. | 9 | 1242 |
| American States Water Company | 2 | 114 |
| American Water Works Company, Inc. | 3 | 456 |
| Artesian Resources Corporation - Class A | 1 | 30 |
| Atmos Energy Corporation | 3 | 561 |
| Avista Corporation | 3 | 131 |
| Black Hills Corporation | 3 | 185 |
| California Water Service Group | 3 | 120 |
| CenterPoint Energy, Inc. | 14 | 601 |
| Chesapeake Utilities Corporation | 1 | 111 |
| Clearway Energy, Inc. - Class A | 2 | 79 |
| Clearway Energy, Inc. - Class C | 3 | 103 |
| CMS Energy Corporation | 8 | 623 |
| Consolidated Edison, Inc. | 7 | 783 |
| Constellation Energy Group, Inc. | 5 | 1312 |
| Dominion Energy, Inc. | 15 | 931 |
| DTE Energy Company | 4 | 568 |
| Duke Energy Corporation | 11 | 1424 |
| Edison International | 9 | 624 |
| Entergy Corporation | 8 | 919 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Essential Utilities, Inc. | 10 | 407 |
| Evergy, Inc. | 7 | 570 |
| Eversource Energy | 8 | 524 |
| Exelon Corporation | 19 | 935 |
| FirstEnergy Corp. | 11 | 540 |
| Genie Energy Ltd. - Class B | 2 | 28 |
| H2O America | 1 | 52 |
| Hallador Energy Company (a) | 3 | 50 |
| Hawaiian Electric Industries, Inc. (a) | 6 | 89 |
| IDACORP, Inc. | 2 | 320 |
| MDU Resources Group, Inc. | 14 | 295 |
| MGE Energy, Inc. | 2 | 127 |
| Middlesex Water Company | 1 | 37 |
| National Fuel Gas Company | 4 | 354 |
| New Jersey Resources Corporation | 6 | 350 |
| NextEra Energy, Inc. | 27 | 2473 |
| NiSource Inc. | 13 | 618 |
| Northwest Natural Holding Company | 2 | 112 |
| NorthWestern Corporation | 2 | 137 |
| NRG Energy, Inc. | 6 | 888 |
| OGE Energy Corp. | 8 | 383 |
| Oklo Inc. - Class A (a) |  | 15 |
| One Gas, Inc. | 2 | 202 |
| Ormat Technologies, Inc. | 3 | 341 |
| Otter Tail Corporation | 2 | 142 |
| PG&E Corporation | 35 | 609 |
| Pinnacle West Capital Corporation | 5 | 484 |
| Portland General Electric Company | 5 | 247 |
| PPL Corporation | 14 | 551 |
| Public Service Enterprise Group Incorporated | 9 | 762 |
| Sempra | 12 | 1143 |
| Southwest Gas Holdings, Inc. | 3 | 260 |
| Spire Inc. | 2 | 224 |
| Talen Energy Corporation (a) |  | 102 |
| The Southern Company | 15 | 1494 |
| The York Water Company | 1 | 23 |
| TXNM Energy, Inc. | 1 | 77 |
| UGI Corporation | 8 | 295 |
| Unitil Corporation | 1 | 52 |
| Vistra Corp. | 10 | 1521 |
| WEC Energy Group Inc. | 6 | 686 |
| XCEL Energy Inc. | 11 | 895 |
| | | 31638 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| CBRE Group, Inc. - Class A (a) | 8 | 1064 |
| Compass, Inc. - Class A (a) | 14 | 100 |
| CoStar Group, Inc. (a) | 9 | 352 |
| Cushman & Wakefield Ltd. (a) | 13 | 162 |
| Douglas Elliman Inc. (a) | 6 | 9 |
| Dwight A. Walker Real Estate, Inc. - Class A (a) | 3 | 17 |
| eXp World Holdings, Inc. (b) | 2 | 13 |
| Five Point Holdings, LLC - Class A (a) | 2 | 10 |
| Florida Rock Properties, Inc. (a) | 1 | 23 |
| Forestar Group Inc. (a) | 2 | 50 |
| Howard Hughes Holdings Inc. (a) | 3 | 203 |
| Jones Lang LaSalle Incorporated (a) | 2 | 664 |
| Kennedy-Wilson Holdings, Inc. | 11 | 120 |
| Marcus & Millichap Company | 2 | 64 |
| Newmark Group, Inc. - Class A | 9 | 137 |
| Seaport Entertainment Group Inc. (a) | 1 | 17 |
| St. Joe Company, The | 2 | 120 |
| Stratus Properties Inc. (a) |  | 13 |
| Tejon Ranch Co. (a) | 3 | 58 |
| The Rmr Group Inc. - Class A | 2 | 29 |
| Zillow Group, Inc. - Class A (a) | 2 | 94 |
| Zillow Group, Inc. - Class C (a) | 7 | 278 |
|  |  | 3597 |
| Total Common Stocks (cost $662,982) | Total Common Stocks (cost $662,982) | 1230441 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (a) (d) | 1 | 1 |
| Akero Therapeutics Inc. (a) (d) | 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 |
| Resolute Forest Products Inc. (a) (d) | 8 | 2 |
| Sage Therapeutics Inc. (a) (d) | 1 | 1 |
| Spectrum Pharmaceuticals, Inc. (a) (d) | 3 |  |
| Treehouse Foods, Inc. (a) (d) | 3 | 4 |
| Total Rights (cost $0) | Total Rights (cost $0) | 25 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Xerox Holdings Corporation (a) | 6 | 1 |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 1 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.53% (e) (f) | 2222 | 2222 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (e) (f) | 2109 | 2109 |
| Total Short Term Investments (cost $4,331) | Total Short Term Investments (cost $4,331) | 4331 |
| **Total Investments 100.1% (cost $667,313)** | **Total Investments 100.1% (cost $667,313)** | **1234798** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(1794)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1233004** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 2487 | 39397 | 39662 | 27 |  |  | 2222 | 0.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 1642 | 6473 | 6006 | 16 |  |  | 2109 | 0.2 |
|  | 4129 | 45870 | 45668 | 43 |  |  | 4331 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Core Equity Fund — Restricted Securities (continued)** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities (continued)** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities (continued)** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities (continued)** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Transocean Ltd. | 07/07/15 | 415 | 235 |  |
|  |  | 434 | 254 |  |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1230439 |  | 2 | 1230441 |
| &nbsp;&nbsp;Rights |  |  | 25 | 25 |
| &nbsp;&nbsp;Warrants | 1 |  |  | 1 |
| &nbsp;&nbsp;Short Term Investments | 4331 |  |  | 4331 |
|  | 1234771 |  | 27 | 1234798 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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%** |
| **Financials 19.8%** | **Financials 19.8%** | **Financials 19.8%** |
| 1st Security Bank of Washington | 2 | 72 |
| 1st Source Corporation | 4 | 296 |
| Acacia Research Corporation (a) | 12 | 58 |
| ACNB Corporation | 2 | 91 |
| Affiliated Managers Group, Inc. | 5 | 1353 |
| Alerus Financial Corporation | 5 | 121 |
| Ally Financial Inc. | 28 | 1110 |
| Amalgamated Financial Corp. | 6 | 216 |
| Amerant Bancorp Inc. - Class A | 8 | 169 |
| American Coastal Insurance Corporation | 9 | 96 |
| American Financial Group, Inc. | 5 | 606 |
| Ameris Bancorp | 12 | 958 |
| Amerisafe, Inc. | 4 | 122 |
| Ames National Corporation | 2 | 68 |
| Arrow Financial Corporation | 4 | 119 |
| Artisan Partners Asset Management Inc. - Class A | 13 | 473 |
| Associated Banc-Corp | 27 | 703 |
| Associated Capital Group Inc. - Class A | 1 | 24 |
| Assurant, Inc. | 5 | 1076 |
| Assured Guaranty Ltd. | 9 | 774 |
| Atlantic Union Bank | 24 | 851 |
| Atlanticus Holdings Corporation (a) | 4 | 186 |
| AXIS Capital Holdings Limited | 13 | 1309 |
| Axos Financial, Inc. (a) | 10 | 880 |
| Baldwin Insurance Group, Inc. , The - Class A (a) | 16 | 342 |
| Banc of California, Inc. | 27 | 478 |
| BancFirst Corporation | 6 | 611 |
| Bancorp, Inc., The (a) | 9 | 478 |
| Bank First Corporation | 2 | 206 |
| Bank of Hawaii Corporation | 7 | 522 |
| Bank of Marin Bancorp | 3 | 87 |
| Bank of N.T. Butterfield & Son Limited, The | 8 | 400 |
| Bank OZK | 20 | 898 |
| Bank7 Corp. | 1 | 36 |
| BankUnited, Inc. | 13 | 578 |
| Bankwell Financial Group, Inc. | 2 | 93 |
| Banner Corporation | 6 | 390 |
| Bar Harbor Bankshares | 3 | 96 |
| Baycom Corp | 3 | 79 |
| BCB Bancorp, Inc. | 5 | 44 |
| Beacon Financial Corporation | 15 | 459 |
| BGC Group, Inc. - Class A | 64 | 622 |
| Blue Foundry Bancorp (a) | 4 | 56 |
| Blue Ridge Bankshares, Inc. | 13 | 55 |
| BOK Financial Corporation | 10 | 1303 |
| Bowhead Specialty Holdings Inc. (a) | 5 | 103 |
| Bread Financial Payments, Inc. | 8 | 624 |
| Bridgewater Bancshares, Inc. (a) (b) | 5 | 84 |
| Brighthouse Financial, Inc. (a) | 10 | 616 |
| Brightsphere Investment Group Inc. | 7 | 375 |
| Burke & Herbert Financial Services Corp. | 3 | 160 |
| Business First Bancshares, Inc. (c) | 6 | 154 |
| BV Financial, Inc. (a) | 1 | 17 |
| Byline Bancorp, Inc. | 9 | 284 |
| C&F Financial Corporation | 1 | 51 |
| California BanCorp | 5 | 94 |
| Camden National Corporation | 3 | 160 |
| Cantaloupe, Inc. (a) | 7 | 72 |
| Capital Bancorp, Inc. | 3 | 99 |
| Capital City Bank Group, Inc. | 3 | 149 |
| Capitol Federal Financial | 26 | 185 |
| Carter Bankshares, Inc. (a) | 5 | 124 |
| Cass Information Systems, Inc. | 3 | 121 |
| Cathay General Bancorp | 13 | 624 |
| Central Pacific Financial Corp. | 5 | 166 |
| CF Bankshares Inc. | 1 | 23 |
| Chemung Financial Corporation | 1 | 61 |
| ChoiceOne Financial Services, Inc. | 2 | 64 |
| Citizens & Northern Corporation | 4 | 86 |
| Citizens Community Bancorp, Inc | 2 | 30 |
| City Holding Company | 3 | 311 |
| Civista Bancshares, Inc. | 4 | 82 |
| CNB Financial Corporation | 5 | 140 |
| CNO Financial Group, Inc. | 16 | 647 |
| Coastal Financial Corporation (a) | 3 | 226 |
| Cohen & Steers, Inc. | 9 | 556 |
| Colony Bankcorp, Inc. | 4 | 78 |
| Columbia Banking System, Inc. | 38 | 1031 |
| Columbia Financial, Inc. (a) | 17 | 303 |
| Commerce Bancshares, Inc. | 22 | 1098 |
| Community Financial System, Inc. | 9 | 552 |
| Community Trust Bancorp, Inc. | 4 | 221 |
| Community West Bancshares | 4 | 91 |
| ConnectOne Bancorp, Inc. | 10 | 257 |
| Consumer Portfolio Services, Inc. (a) | 6 | 45 |
| Crawford & Company - Class A | 6 | 64 |
| Crawford & Company - Class B | 5 | 46 |
| Credit Acceptance Corporation (a) (c) | 2 | 813 |
| Cullen/Frost Bankers, Inc. | 10 | 1343 |
| Customers Bancorp, Inc. (a) | 6 | 422 |
| CVB Financial Corp. | 24 | 458 |
| Dave Inc. - Class A (a) | 2 | 371 |
| Diamond Hill Investment Group, Inc. - Class A |  | 48 |
| Dime Community Bancshares, Inc. | 8 | 281 |
| Donegal Group Inc. - Class A | 6 | 108 |
| Donnelley Financial Solutions, Inc. (a) | 5 | 247 |
| Eagle Bancorp Montana, Inc. | 1 | 30 |
| Eagle Bancorp, Inc. | 6 | 143 |
| Eagle Financial Services, Inc. | 1 | 27 |
| Eastern Bankshares, Inc. | 41 | 805 |
| eHealth, Inc. (a) | 7 | 8 |
| Employers Holdings, Inc. | 5 | 193 |
| Enact Holdings, Inc. | 12 | 497 |
| Encore Capital Group, Inc. (a) | 4 | 301 |
| Enova International, Inc. (a) | 5 | 646 |
| Enterprise Financial Services Corp. | 7 | 370 |
| Equitable Holdings, Inc. | 39 | 1435 |
| Equity Bancshares, Inc. - Class A | 3 | 155 |
| Esquire Financial Holdings, Inc. | 2 | 189 |
| Essent Group Ltd. | 17 | 980 |
| Euronet Worldwide, Inc. (a) | 8 | 507 |
| Evercore Inc. - Class A | 5 | 1638 |
| EVERTEC, Inc. | 12 | 337 |
| EZCORP, Inc. - Class A (a) | 10 | 256 |
| F&G Annuities & Life, Inc. | 4 | 92 |
| F.N.B. Corporation | 61 | 1012 |
| FactSet Research Systems Inc. | 4 | 872 |
| Farmers & Merchants Bancorp, Inc. | 2 | 54 |
| Farmers National Banc Corp. | 10 | 130 |
| FB Bancorp (a) | 2 | 33 |
| FB Financial Corporation | 9 | 475 |
| Federal Agricultural Mortgage Corporation - Class C | 2 | 258 |
| Federated Hermes, Inc. - Class B | 14 | 786 |
| Fidelis Insurance Holdings Limited | 19 | 361 |
| Fidelity D&D Bancorp, Inc. |  | 9 |
| Finance of America Companies Inc. - Class A (a) (c) | 1 | 24 |
| Financial Institutions, Inc. | 4 | 122 |
| Finwise Bancorp (a) |  | 8 |
| First American Financial Corporation | 16 | 981 |
| First Bancorp | 7 | 410 |
| First Bancorp | 30 | 651 |
| First Bancorp, Inc., The | 3 | 75 |
| First Bank of New Jersey | 4 | 57 |
| First Busey Corporation | 16 | 395 |
| First Business Financial Services, Inc. | 2 | 94 |
| First Commonwealth Financial Corporation | 18 | 322 |
| First Community Bancshares, Inc. | 4 | 155 |
| First Community Corporation | 1 | 31 |
| First Financial Bancorp. | 19 | 527 |
| First Financial Bankshares, Inc. | 23 | 687 |
| First Financial Corporation | 2 | 153 |
| First Foundation Inc. (a) | 15 | 90 |
| First Hawaiian, Inc. | 21 | 524 |
| First Horizon Corporation | 65 | 1487 |
| First Internet Bancorp | 2 | 45 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| First Interstate BancSystem, Inc. - Class A | 18 | 596 |
| First Merchants Corporation | 11 | 441 |
| First Mid Bancshares, Inc. | 5 | 191 |
| First National Corporation | 1 | 33 |
| First United Corporation | 1 | 29 |
| First Western Financial, Inc. (a) | 2 | 62 |
| FirstCash, Inc. | 8 | 1434 |
| Firstsun Capital Bancorp (a) | 4 | 145 |
| Five Star Bancorp | 3 | 120 |
| Flagstar Bank, National Association | 66 | 872 |
| Flushing Financial Corporation | 7 | 114 |
| Flywire Corporation (a) | 22 | 262 |
| Franklin Resources, Inc. | 10 | 237 |
| Fulton Financial Corporation | 29 | 594 |
| FVCBankcorp, Inc. | 2 | 27 |
| GBank Financial Holdings Inc. (a) | 1 | 21 |
| GCM Grosvenor Inc. - Class A | 10 | 99 |
| Genworth Financial, Inc. - Class A (a) | 71 | 573 |
| German American Bancorp, Inc. | 7 | 297 |
| Glacier Bancorp, Inc. | 21 | 950 |
| Globe Life Inc. | 11 | 1513 |
| GoHealth, Inc. - Class A (a) (c) | 1 | 2 |
| Goosehead Insurance, Inc. - Class A (a) | 4 | 177 |
| Great Southern Bancorp, Inc. | 2 | 144 |
| Green Dot Corporation - Class A (a) | 11 | 125 |
| Greene County Bancorp, MHC | 2 | 54 |
| Greenlight Capital Re, Ltd. - Class A (a) | 7 | 130 |
| Hagerty, Inc. - Class A (a) | 10 | 111 |
| Hamilton Insurance Group, Ltd. - Class B | 11 | 320 |
| Hamilton Lane Incorporated - Class A | 7 | 684 |
| Hancock Whitney Corporation | 14 | 907 |
| Hanmi Financial Corporation | 6 | 158 |
| Hanover Insurance Group Inc, The | 6 | 1023 |
| HBT Financial, Inc. | 6 | 151 |
| HCI Group, Inc. | 2 | 329 |
| Hennessy Advisors, Inc. | 1 | 7 |
| Heritage Commerce Corp | 13 | 156 |
| Heritage Financial Corporation | 7 | 172 |
| Heritage Global Solutions, Inc. (a) | 6 | 8 |
| Heritage Insurance Holdings, Inc. (a) | 6 | 171 |
| Hingham Institution For Savings, The |  | 136 |
| Hippo Holdings Inc. (a) | 5 | 118 |
| Home Bancorp, Inc. | 2 | 102 |
| Home BancShares, Inc. | 33 | 881 |
| Hometrust Bancshares, Inc. | 3 | 140 |
| Hope Bancorp, Inc. | 25 | 276 |
| Horace Mann Educators Corporation | 8 | 323 |
| Horizon Bancorp, Inc. | 10 | 158 |
| Houlihan Lokey, Inc. - Class A | 6 | 920 |
| Independence Holdings, LLC | 19 | 1037 |
| Independent Bank Corp. | 9 | 655 |
| Independent Bank Corporation | 4 | 138 |
| International Bancshares Corporation | 10 | 702 |
| Invesco Ltd. | 61 | 1476 |
| Investar Holding Corporation | 2 | 60 |
| Investors Title Company |  | 86 |
| Isabella Bank Corporation | 1 | 28 |
| Jack Henry & Associates, Inc. | 8 | 1222 |
| James River Group Holdings, Inc. | 9 | 54 |
| Janus Henderson Group PLC | 22 | 1132 |
| Jefferies Financial Group Inc. | 26 | 1086 |
| Kearny Financial Corp | 14 | 105 |
| Kestrel Group Ltd. (a) (c) | 1 | 12 |
| Kingstone Companies, Inc. | 2 | 31 |
| Kinsale Capital Group, Inc. | 3 | 1023 |
| Lakeland Financial Corporation | 4 | 257 |
| Lazard, Inc. | 18 | 755 |
| LCNB Corp. | 3 | 42 |
| LendingClub Corporation (a) | 21 | 307 |
| LendingTree, Inc. (a) | 3 | 125 |
| Lincoln National Corporation | 29 | 1013 |
| Linkbancorp, Inc. | 5 | 45 |
| Live Oak Bancshares, Inc. | 8 | 271 |
| Loandepot, Inc. - Class A (a) (c) | 15 | 21 |
| Mainstreet Bancshares, Inc. | 1 | 31 |
| MarketAxess Holdings Inc. | 6 | 977 |
| Marqeta, Inc. - Class A (a) | 75 | 305 |
| Mechanics Bancorp - Class A | 16 | 230 |
| Mercantile Bank Corporation | 3 | 164 |
| Merchants Bancorp, Inc. | 7 | 321 |
| Mercury General Corporation | 9 | 823 |
| Meridian Bank | 3 | 53 |
| Metrocity Bankshares, Inc. | 5 | 143 |
| Metropolitan Bank Holding Corp. | 2 | 167 |
| MGIC Investment Corporation | 39 | 1029 |
| Mid Penn Bancorp, Inc. | 4 | 123 |
| Midland States Bancorp, Inc. | 5 | 107 |
| Moelis & Company - Class A | 11 | 654 |
| Morningstar, Inc. | 6 | 1017 |
| MVB Financial Corp. | 3 | 73 |
| National Bank Holdings Corporation - Class A | 7 | 291 |
| National Bankshares, Inc. | 1 | 35 |
| Navient Corporation | 18 | 151 |
| NB Bancorp, Inc. | 6 | 124 |
| NBT Bancorp Inc. | 10 | 410 |
| NCR Atleos Corporation (a) | 13 | 568 |
| Nelnet, Inc. - Class A | 5 | 582 |
| Nerdwallet, Inc. - Class A (a) | 7 | 75 |
| NI Holdings Inc. (a) | 3 | 41 |
| Nicolet Bankshares, Inc. | 4 | 607 |
| NMI Holdings, Inc. - Class A (a) | 14 | 523 |
| Northeast Bank | 2 | 186 |
| Northeast Community Bancorp, Inc. | 3 | 62 |
| Northfield Bancorp Inc. | 8 | 109 |
| Northrim Bancorp, Inc. | 5 | 103 |
| Northwest Bancshares, Inc. | 27 | 337 |
| Norwood Financial Corp. | 2 | 48 |
| Oak Valley Bancorp. | 1 | 29 |
| OceanFirst Financial Corp. | 11 | 204 |
| Octave Specialty Group, Inc. (a) | 10 | 49 |
| OFG Bancorp | 8 | 333 |
| Ohio Valley Banc Corp. | 1 | 24 |
| Old National Bancorp | 54 | 1195 |
| Old Republic International Corporation | 33 | 1325 |
| Old Second Bancorp, Inc. | 10 | 192 |
| Onity Group Inc. (a) | 2 | 69 |
| OP Bancorp | 2 | 33 |
| Open Lending Corporation - Class A (a) | 19 | 24 |
| Oportun Financial Corporation (a) | 8 | 39 |
| Oppenheimer Holdings Inc. - Class A | 2 | 181 |
| OppFi Inc. - Class A | 5 | 37 |
| Orange County Bancorp, Inc. | 2 | 56 |
| Origin Bancorp, Inc. | 6 | 239 |
| Orrstown Financial Services, Inc. | 4 | 134 |
| Oscar Health, Inc. - Class A (a) | 39 | 449 |
| P.C.B. Bancorp, Inc. | 3 | 79 |
| Palomar Holdings, Inc. (a) | 5 | 556 |
| Park National Corporation | 3 | 510 |
| Parke Bancorp, Inc. | 3 | 83 |
| Pathward Financial, Inc. | 5 | 405 |
| Paymentus Holdings, Inc. - Class A (a) | 10 | 266 |
| Payoneer Global Inc. (a) | 63 | 303 |
| Paysafe Limited (a) (c) | 10 | 71 |
| Paysign, Inc. (a) | 8 | 48 |
| Peapack-Gladstone Financial Corporation | 3 | 121 |
| PennyMac Financial Services, Inc. | 9 | 751 |
| Peoples Bancorp Inc. | 7 | 231 |
| Peoples Bancorp of North Carolina, Inc. |  | 18 |
| Peoples Financial Services Corp. | 2 | 83 |
| Perella Weinberg Partners - Class A | 10 | 184 |
| Pinnacle Financial Partners, Inc. | 12 | 995 |
| Piper Sandler Companies | 12 | 907 |
| PJT Partners Inc. - Class A | 4 | 530 |
| Plumas Bancorp | 1 | 59 |
| Pop Mart International Group Limited (a) | 5 | 85 |
| Popular, Inc. | 11 | 1513 |
| PRA Group, Inc. (a) | 7 | 123 |
| Preferred Bank | 2 | 222 |
| Primerica, Inc. | 4 | 1053 |
| Primis Financial Corp. | 6 | 73 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Princeton Bancorp, Inc. | 1 | 49 |
| Priority Technology Holdings, Inc. (a) (c) | 11 | 50 |
| ProAssurance Corporation (a) | 8 | 186 |
| PROG Holdings, Inc. | 8 | 226 |
| Prosperity Bancshares, Inc. | 13 | 898 |
| Provident Financial Services, Inc. | 24 | 502 |
| QCR Holdings, Inc. | 3 | 279 |
| Radian Group Inc. | 22 | 741 |
| RBB Bancorp | 5 | 96 |
| Red River Bancshares, Inc. | 1 | 135 |
| Regional Management Corp. | 2 | 70 |
| Reinsurance Group of America, Incorporated |  | 51 |
| Remitly Global, Inc. (a) | 34 | 527 |
| RenaissanceRe Holdings Ltd. | 1 | 325 |
| Renasant Corporation | 16 | 580 |
| Repay Holdings Corporation - Class A (a) | 17 | 45 |
| Republic Bancorp, Inc. - Class A | 3 | 235 |
| Richmond Mutual Bancorporation, Inc. | 3 | 40 |
| Riverview Bancorp, Inc. | 3 | 15 |
| RLI Corp. | 15 | 856 |
| Root LLC - Class A (a) | 2 | 99 |
| S&T Bancorp, Inc. | 7 | 295 |
| Safety Insurance Group, Inc. | 3 | 202 |
| Seacoast Banking Corporation of Florida | 18 | 532 |
| Security National Financial Corporation - Class A (a) | 4 | 35 |
| SEI Investments Company | 16 | 1289 |
| Selective Insurance Group, Inc. | 10 | 749 |
| SelectQuote, Inc. (a) | 19 | 12 |
| ServisFirst Bancshares, Inc. | 9 | 666 |
| Sezzle Inc. (a) (c) | 6 | 367 |
| Shore Bancshares, Inc. | 7 | 122 |
| Sierra BanCorp | 3 | 102 |
| Silvercrest Asset Management Group Inc. - Class A | 2 | 31 |
| Simmons First National Corporation - Class A | 25 | 479 |
| SiriusPoint Ltd. (a) | 22 | 474 |
| Skyward Specialty Insurance Group, Inc. (a) | 8 | 340 |
| SLM Corporation | 35 | 740 |
| Smartfinancial, Inc. | 3 | 134 |
| South Plains Financial, Inc. | 2 | 100 |
| Southern First Bancshares, Inc. (a) | 2 | 100 |
| Southern Missouri Bancorp, Inc. | 2 | 134 |
| Southside Bancshares, Inc. | 6 | 177 |
| Southstate Bank Corporation | 17 | 1533 |
| SR Bancorp, Inc. (c) | 1 | 11 |
| Stellar Bancorp, Inc. | 9 | 348 |
| Stewart Information Services Corporation | 6 | 339 |
| Stifel Financial Corp. | 21 | 1583 |
| Stock Yards Bancorp, Inc. | 5 | 363 |
| StoneX Group Inc. (a) | 12 | 1002 |
| Texas Capital Bancshares, Inc. (a) | 8 | 748 |
| TFS Financial Corporation (c) | 28 | 392 |
| Third Coast Bancshares, Inc. (a) | 2 | 90 |
| Timberland Bancorp, Inc. | 2 | 89 |
| Tiptree Inc. | 8 | 130 |
| Tompkins Financial Corporation | 3 | 219 |
| TowneBank | 16 | 525 |
| TriCo Bancshares | 6 | 275 |
| Triumph Financial, Inc. (a) | 4 | 251 |
| Trupanion, Inc. (a) | 8 | 197 |
| Trustco Bank Corp N Y | 4 | 163 |
| Trustmark Corporation | 11 | 455 |
| TWFG, Inc. (a) | 3 | 50 |
| UMB Financial Corporation | 12 | 1406 |
| United Bankshares, Inc. | 24 | 977 |
| United Community Banks, Inc. | 20 | 624 |
| United Fire Group, Inc. | 5 | 193 |
| Unity Bancorp, Inc. | 2 | 100 |
| Universal Insurance Holdings, Inc. | 6 | 189 |
| Univest Financial Corporation | 6 | 191 |
| Unum Group | 14 | 992 |
| Upstart Holdings, Inc. (a) (c) | 13 | 328 |
| USCB Financial Holdings, Inc. - Class A | 2 | 42 |
| Usio, Inc. (a) | 5 | 5 |
| Valley National Bancorp | 92 | 1125 |
| Value Line, Inc. (c) |  | 17 |
| Velocity Financial Inc. (a) | 5 | 93 |
| Victory Capital Holdings, Inc. - Class A | 9 | 615 |
| Virginia National Bankshares Corporation |  | 13 |
| Virtu Financial, Inc. - Class A | 15 | 673 |
| Virtus Investment Partners, Inc. | 1 | 155 |
| Voya Financial, Inc. | 14 | 981 |
| WAFD, Inc. | 14 | 448 |
| Walker & Dunlop, Inc. | 6 | 265 |
| Washington Trust Bancorp, Inc. | 4 | 118 |
| Waterstone Financial, Inc. | 4 | 80 |
| Webster Financial Corporation | 18 | 1248 |
| WesBanco, Inc. | 17 | 581 |
| West Bancorporation, Inc. | 4 | 102 |
| Westamerica Bancorporation | 5 | 250 |
| Western Alliance Bancorporation | 14 | 978 |
| Western New England Bancorp, Inc. | 6 | 79 |
| Western Union Company, The | 55 | 482 |
| Westwood Holdings Group, Inc. | 2 | 34 |
| Wex, Inc. (a) | 5 | 823 |
| White Mountains Insurance Group Ltd. |  | 942 |
| Wintrust Financial Corporation | 11 | 1514 |
| WisdomTree, Inc. (c) | 27 | 387 |
| World Acceptance Corporation (a) | 1 | 150 |
| WSFS Financial Corporation | 11 | 697 |
| Zions Bancorporation, National Association | 23 | 1347 |
| Zurich American Corporation | 10 | 318 |
| | | 147302 |
| **Industrials 19.7%** | **Industrials 19.7%** | **Industrials 19.7%** |
| 3D Systems Corporation (a) | 26 | 48 |
| A. O. Smith Corporation | 14 | 925 |
| AAON, Inc. | 12 | 971 |
| AAR Corp. (a) | 7 | 717 |
| ABM Industries Incorporated | 12 | 450 |
| ACCO Brands Corporation | 22 | 66 |
| Acuity Brands, Inc. | 5 | 1358 |
| ACV Auctions Inc. - Class A (a) | 21 | 90 |
| Advanced Drainage Systems, Inc. | 11 | 1475 |
| Aebi Schmidt Holding AG | 8 | 78 |
| AECOM | 2 | 202 |
| AGCO Corporation | 9 | 1092 |
| Air Lease Corporation - Class A |  | 12 |
| Alamo Group Inc. | 2 | 366 |
| Alaska Air Group, Inc. (a) | 20 | 734 |
| Albany International Corp. - Class A | 5 | 275 |
| Alight, Inc. - Class A | 79 | 46 |
| Allegiant Travel Company (a) | 3 | 271 |
| Allient Inc. | 3 | 195 |
| Allison Systems, Inc. | 13 | 1544 |
| Alta Equipment Group Inc. - Class A | 8 | 41 |
| Amentum Holdings, Inc. (a) | 11 | 281 |
| Ameresco, Inc. - Class A (a) | 6 | 165 |
| American Airlines Group Inc. (a) | 82 | 876 |
| American Superconductor Corporation (a) | 9 | 290 |
| American Woodmark Corporation (a) | 3 | 110 |
| Apogee Enterprises, Inc. | 4 | 142 |
| Applied Industrial Technologies, Inc. | 6 | 1651 |
| Arcbest Corporation | 4 | 410 |
| Arcosa, Inc. | 8 | 881 |
| Argan, Inc. | 3 | 1487 |
| Armstrong World Industries, Inc. | 7 | 1179 |
| Astec Industries, Inc. | 4 | 216 |
| Astronics Corporation (a) | 6 | 403 |
| Astronics Corporation - Class B (a) |  | 9 |
| Asure Software, Inc. (a) | 6 | 54 |
| Atkore Inc. | 6 | 349 |
| ATMUS Filtration Technologies Inc. | 13 | 730 |
| Avis Budget Group, Inc. (a) (c) | 4 | 653 |
| AZZ Inc. | 5 | 628 |
| Barrett Business Services, Inc. | 5 | 135 |
| BGSF, Inc. | 2 | 10 |
| Blue Bird Global Corporation (a) | 6 | 341 |
| BlueLinx Holdings Inc. (a) | 1 | 77 |
| Boise Cascade Company | 7 | 509 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Booz Allen Hamilton Holding Corporation - Class A | 16 | 1255 |
| Bowman Consulting Group Ltd. (a) | 3 | 93 |
| Brady Corporation - Class A | 7 | 602 |
| Bridger Aerospace Group Holdings, Inc. (a) | 4 | 7 |
| BrightView Holdings, Inc. (a) | 18 | 213 |
| Brink's Company, The | 7 | 712 |
| Broadwind Inc. (a) | 2 | 4 |
| Builders FirstSource, Inc. (a) | 11 | 904 |
| Byrna Technologies Inc. (a) (c) | 4 | 34 |
| CACI International Inc. - Class A (a) | 2 | 938 |
| Cadre Holdings, Inc. | 8 | 232 |
| Casella Waste Systems, Inc. - Class A (a) | 10 | 809 |
| CBIZ, Inc. (a) | 4 | 103 |
| CECO Environmental Corp. (a) | 6 | 372 |
| Centuri Holdings, Inc. (a) | 17 | 511 |
| Cimpress Public Limited Company (a) | 4 | 325 |
| Civeo Corporation (a) | 3 | 75 |
| Clarivate PLC (a) | 124 | 315 |
| Clean Harbors, Inc. (a) |  | 27 |
| CNH Industrial N.V. | 57 | 625 |
| Columbus McKinnon Corporation | 5 | 79 |
| Commercial Vehicle Group, Inc. (a) | 1 | 2 |
| Concentrix Corporation | 10 | 287 |
| Concrete Pumping Holdings, Inc. (a) | 9 | 63 |
| Conduent Incorporated (a) | 35 | 45 |
| Construction Partners, Inc. - Class A (a) | 7 | 793 |
| Copa Holdings, S.A. - Class A | 5 | 572 |
| Core & Main, Inc. - Class A (a) | 23 | 1143 |
| Costamare Bulkers Holdings Limited (a) | 4 | 61 |
| Costamare Inc. | 20 | 336 |
| Covenant Logistics Group, Inc. - Class A | 4 | 107 |
| CRA International, Inc. | 1 | 202 |
| Crane Company | 8 | 1322 |
| CSW Industrials, Inc. | 3 | 715 |
| Custom Truck One Source, Inc. (a) | 34 | 220 |
| Deluxe Corporation | 9 | 246 |
| Distribution Solutions Group, Inc. (a) | 6 | 151 |
| DLH Holdings Corp. (a) (c) | 1 | 4 |
| DNOW Inc. (a) | 33 | 397 |
| Donaldson Company, Inc. | 16 | 1321 |
| Douglas Dynamics, Inc. | 5 | 207 |
| Ducommun Incorporated (a) | 3 | 333 |
| DXP Enterprises, Inc. (a) | 3 | 477 |
| Dycom Industries, Inc. (a) | 5 | 1605 |
| Eastern Company The (c) | 1 | 25 |
| Energy Recovery, Inc. (a) | 11 | 109 |
| Enerpac Tool Group Corp. - Class A | 10 | 363 |
| EnerSys | 7 | 1152 |
| Ennis, Inc. | 5 | 117 |
| Enpro Inc. | 4 | 885 |
| Enviri Corporation (a) | 16 | 309 |
| ESAB Corporation | 9 | 881 |
| ESCO Technologies Inc. | 4 | 1184 |
| Espey Mfg. & Electronics Corp. | 1 | 31 |
| Everus Construction Group, Inc. (a) | 8 | 972 |
| EVI Industries, Inc. | 3 | 61 |
| ExlService Holdings, Inc. (a) | 27 | 813 |
| Exponent, Inc. | 9 | 566 |
| Federal Signal Corporation | 10 | 1067 |
| First Advantage Corporation (a) | 12 | 144 |
| Flowserve Corporation | 21 | 1536 |
| Fluor Corporation (a) | 26 | 1211 |
| Format, Inc. (a) | 4 | 246 |
| Forrester Research, Inc. (a) | 5 | 27 |
| Fortune Brands Innovations, Inc. | 19 | 741 |
| Forward Air Corporation (a) | 5 | 84 |
| Franklin Covey Co. (a) | 3 | 44 |
| Franklin Electric Co., Inc. | 8 | 731 |
| FreightCar America, Inc. (a) | 2 | 20 |
| Frontier Group Holdings, Inc. (a) (c) | 30 | 107 |
| FTAI Infrastructure Inc. | 15 | 76 |
| FTI Consulting, Inc. (a) | 6 | 1004 |
| FuelCell Energy, Inc. (a) | 9 | 57 |
| Gates Industrial Corporation PLC (a) | 43 | 962 |
| GATX Corporation | 6 | 1046 |
| Genco Shipping & Trading Limited | 8 | 190 |
| Gencor Industries, Inc. (a) | 2 | 29 |
| Generac Holdings Inc. (a) | 6 | 1223 |
| Genpact Limited | 28 | 1035 |
| Gibraltar Industries, Inc. (a) | 6 | 220 |
| Global Industrial Company | 6 | 203 |
| Gorman- Rupp Company, The | 5 | 331 |
| Graham Corporation (a) | 2 | 182 |
| Granite Construction Incorporated | 7 | 880 |
| Great Lakes Dredge & Dock Corporation (a) | 9 | 146 |
| Greenbrier Companies, Inc., The | 6 | 298 |
| Griffon Corporation | 8 | 600 |
| GXO Logistics Inc. (a) | 18 | 936 |
| Hayward Holdings, Inc. (a) | 37 | 493 |
| Healthcare Services Group, Inc. (a) | 13 | 234 |
| Heartland Express, Inc. | 15 | 158 |
| Helios Technologies, Inc. | 6 | 383 |
| Herc Holdings Inc. | 6 | 553 |
| Hertz Global Holdings, Inc. (a) (c) | 52 | 240 |
| Hexcel Corporation | 12 | 980 |
| Hillman Solutions Corp. - Class A (a) | 36 | 296 |
| HireQuest, Inc. (c) | 1 | 6 |
| HNI Corporation | 12 | 404 |
| Hub Group, Inc. - Class A | 11 | 390 |
| Hudson Global, Inc. (a) |  | 5 |
| Hudson Technologies, Inc. (a) | 10 | 60 |
| Huntington Ingalls Industries, Inc. |  | 171 |
| Hurco Companies, Inc. (a) | 2 | 23 |
| Huron Consulting Group Inc. (a) | 3 | 399 |
| Hyliion Holdings Corp. - Class A (a) (c) | 22 | 38 |
| Hyster-Yale, Inc. - Class A | 3 | 95 |
| IBEX Limited (a) | 3 | 83 |
| ICF International, Inc. | 3 | 214 |
| IES Holdings, Inc. (a) | 4 | 1743 |
| Innodata Inc. (a) (c) | 6 | 224 |
| Innovative Solutions and Support, Inc. (a) | 4 | 82 |
| Insperity, Inc. | 6 | 175 |
| Insteel Industries, Inc. | 4 | 129 |
| Interface, Inc. - Class A | 12 | 287 |
| Janus International Group, Inc. (a) | 26 | 133 |
| JELD-WEN Holding, Inc. (a) | 15 | 19 |
| JetBlue Airways Corporation (a) | 65 | 287 |
| Kadant Inc. | 2 | 565 |
| Karat Packaging Inc. | 4 | 104 |
| KBR, Inc. | 20 | 731 |
| Kelly Services, Inc. - Class A | 7 | 60 |
| Kennametal Inc. | 14 | 488 |
| Kforce Inc. | 3 | 97 |
| Kirby Corporation (a) | 9 | 1209 |
| Knight-Swift Transportation Holdings Inc. - Class A | 22 | 1268 |
| Korn Ferry | 9 | 581 |
| Kratos Defense & Security Solutions, Inc. (a) | 10 | 684 |
| L. B. Foster Company (a) | 2 | 65 |
| Landstar System, Inc. | 5 | 820 |
| LegalZoom.com, Inc. (a) | 33 | 185 |
| Leonardo DRS, Inc. | 17 | 763 |
| Limbach Holdings, Inc. (a) | 2 | 190 |
| Lincoln Electric Holdings, Inc. |  | 84 |
| Lindsay Corporation | 2 | 241 |
| Liquidity Services, Inc. (a) | 6 | 178 |
| Loar Holdings Inc. (a) | 14 | 814 |
| LSI Industries Inc. | 6 | 116 |
| Luxfer Holdings PLC | 5 | 57 |
| Lyft, Inc. - Class A (a) | 61 | 810 |
| Manitowoc Company, Inc., The (a) | 8 | 92 |
| ManpowerGroup Inc. | 8 | 225 |
| Marten Transport, Ltd. | 15 | 191 |
| Mastech Digital, Inc. (a) | 3 | 15 |
| Masterbrand, Inc. (a) | 22 | 187 |
| Matrix Service Company (a) | 4 | 52 |
| Matson Intermodal - Paragon, Inc. | 5 | 901 |
| Maximus, Inc. | 9 | 605 |
| Mayville Engineering Company, Inc. (a) | 4 | 69 |
| McGrath RentCorp | 4 | 467 |
| Mercury Systems, Inc. (a) | 10 | 736 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Microvast Holdings, Inc. (a) (c) | 53 | 80 |
| Middleby Corporation, The (a) | 7 | 970 |
| Miller Industries, Inc. | 2 | 111 |
| Millerknoll, Inc. | 12 | 181 |
| Mine Safety Appliances Company, LLC | 6 | 1046 |
| Mistras Group, Inc. (a) | 7 | 107 |
| Modine Manufacturing Company (a) | 9 | 1966 |
| Monocle Acquisition Corporation (a) | 11 | 67 |
| Montrose Environmental Group, Inc. (a) | 7 | 151 |
| MOOG Inc. - Class A | 5 | 1385 |
| MSC Industrial Direct Co., Inc. - Class A | 8 | 773 |
| Mueller Industries, Inc. | 16 | 1739 |
| Mueller Water Products, Inc. - Class A | 25 | 699 |
| MYR Group Inc. (a) | 3 | 748 |
| National Presto Industries, Inc. | 1 | 194 |
| NET Power Inc. - Class A (a) (c) | 6 | 10 |
| Newpark Resources, Inc. (a) | 17 | 250 |
| NN, Inc. (a) | 11 | 16 |
| NWPX Infrastructure, Inc. (a) | 2 | 156 |
| Omega Flex, Inc. | 2 | 58 |
| Openlane, Inc. (a) | 18 | 537 |
| Orion Group Holdings, Inc. (a) | 8 | 85 |
| Oshkosh Corporation | 11 | 1549 |
| Owens Corning | 11 | 1164 |
| P.A.M. Transportation Services, Inc. (a) | 4 | 37 |
| Pangaea Logistics Solutions Ltd. | 11 | 78 |
| Park Aerospace Technologies Corp. | 5 | 132 |
| Park-Ohio Holdings Corp. | 3 | 76 |
| Parsons Corporation (a) | 17 | 896 |
| Paycom Software, Inc. | 5 | 633 |
| Paylocity Holding Corporation (a) | 8 | 889 |
| Perma-Fix Environmental Services, Inc. (a) (c) | 3 | 35 |
| Perma-Pipe International Holdings, Inc. (a) | 1 | 35 |
| Pitney Bowes Inc. | 30 | 330 |
| Planet Labs Inc. - Class A (a) | 30 | 845 |
| Plug Power Inc. (a) | 241 | 545 |
| Powell Industries, Inc. | 2 | 1138 |
| Preformed Line Products Company | 1 | 260 |
| Primoris Services Corporation | 9 | 1297 |
| Proto Labs, Inc. (a) | 5 | 265 |
| Quad/Graphics, Inc. - Class A | 8 | 55 |
| Quanex Building Products Corporation | 6 | 108 |
| Quest Resource Holding Corporation (a) | 1 | 2 |
| Radiant Logistics, Inc. (a) | 8 | 57 |
| RCM Technologies, Inc. (a) | 2 | 41 |
| Regal Rexnord Corporation | 8 | 1449 |
| Resideo Technologies, Inc. (a) | 25 | 832 |
| Resources Connection, Inc. | 7 | 25 |
| Robert Half Inc. | 12 | 308 |
| Rush Enterprises, Inc. - Class A | 10 | 663 |
| Rush Enterprises, Inc. - Class B | 3 | 199 |
| RXO Inc (a) | 24 | 344 |
| Ryder System, Inc. | 7 | 1402 |
| Saia, Inc. (a) | 4 | 1232 |
| Schneider National, Inc. - Class B | 15 | 393 |
| Science Applications International Corporation | 8 | 742 |
| Sensata Technologies Holding PLC | 23 | 803 |
| SES AI Corporation - Class A (a) | 46 | 44 |
| Shoals Technologies Group, Inc. - Class A (a) | 31 | 206 |
| Simpson Manufacturing Co., Inc. | 7 | 1178 |
| SiteOne Landscape Supply, Inc. (a) | 7 | 926 |
| Skillsoft (US) LLC - Class A (a) (c) | 1 | 3 |
| SkyWest, Inc. (a) | 7 | 664 |
| SPX Technologies, Inc. (a) | 8 | 1524 |
| StandardAero, Inc. (a) | 22 | 557 |
| Standex International Corporation | 2 | 562 |
| Stanley Black & Decker, Inc. | 10 | 732 |
| Sterling Infrastructure, Inc. (a) | 5 | 2155 |
| Sun Country Airlines Holdings, Inc. (a) | 10 | 159 |
| Sunrun Inc. (a) | 42 | 574 |
| Taskus, Inc. - Class A (c) | 3 | 22 |
| Taylor Devices, Inc. (a) |  | 23 |
| Tecnoglass Inc. | 8 | 345 |
| Tennant Company | 3 | 231 |
| Terex Corporation | 20 | 1158 |
| Tetra Tech, Inc. | 34 | 1016 |
| Thermon Group Holdings, Inc. (a) | 6 | 325 |
| TIC Solutions, Inc. (a) (c) | 32 | 208 |
| Timken Company, The | 12 | 1161 |
| Titan International, Inc. (a) | 12 | 83 |
| Titan Machinery Inc. (a) | 5 | 79 |
| Toro Company, The | 13 | 1205 |
| Transcat, Inc. (a) | 2 | 120 |
| Trex Company, Inc. (a) | 16 | 597 |
| Trinet Group, Inc. | 8 | 306 |
| Trinity Industries, Inc. | 14 | 455 |
| TrueBlue, Inc. (a) | 6 | 25 |
| TTEC Holdings, Inc. (a) (c) | 8 | 20 |
| Tutor Perini Corporation | 10 | 775 |
| Twin Disc, Incorporated | 3 | 45 |
| UFP Industries, Inc. | 10 | 929 |
| U-Haul Holding Company (a) (c) | 3 | 138 |
| U-Haul Holding Company - Series N | 19 | 843 |
| Ultralife Corporation (a) | 3 | 17 |
| Unifirst Corporation | 3 | 652 |
| Universal Logistics Holdings, Inc. (c) | 5 | 103 |
| Upwork Inc. (a) | 24 | 259 |
| V2X, Inc. (a) | 6 | 399 |
| Valmont Industries, Inc. | 3 | 1323 |
| Verra Mobility Corporation - Class A (a) | 27 | 391 |
| Vestis Corporation (a) | 22 | 169 |
| Vicor Corporation (a) | 5 | 875 |
| Virco Mfg. Corporation (c) | 4 | 23 |
| VirTra, Inc. (a) (c) | 1 | 6 |
| VSE Corporation | 4 | 793 |
| Wabash National Corporation | 9 | 75 |
| Watts Water Technologies, Inc. - Class A | 5 | 1312 |
| Werner Enterprises, Inc. | 11 | 320 |
| WESCO International, Inc. | 4 | 1173 |
| Willdan Group, Inc. (a) | 3 | 199 |
| Willis Lease Finance Corporation | 1 | 210 |
| Willscot Holdings Corporation - Class A | 28 | 490 |
| Worthington Industries, Inc. | 9 | 461 |
| Zurn Elkay Water Solutions Corporation | 22 | 981 |
| | | 145996 |
| **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** |
| 1-800-Flowers.com, Inc. - Class A (a) (c) | 5 | 16 |
| 1stdibs.com, Inc. (a) | 7 | 36 |
| Abercrombie & Fitch Co. - Class A (a) | 7 | 650 |
| Academy Sports & Outdoors, Inc. | 13 | 712 |
| Accel Entertainment, Inc. - Class A (a) | 14 | 156 |
| Acushnet Holdings Corp. | 11 | 1049 |
| Adient Public Limited Company (a) | 15 | 299 |
| ADT, Inc. | 115 | 758 |
| Advance Auto Parts, Inc. (c) | 10 | 532 |
| Allbirds, Inc. - Class A (a) (c) |  | 1 |
| American Eagle Outfitters, Inc. | 31 | 510 |
| American Outdoor Brands, Inc. (a) | 3 | 31 |
| American Public Education, Inc. (a) | 4 | 217 |
| America's Car Mart, Inc. (a) | 2 | 21 |
| Ammo, Inc. (a) | 16 | 32 |
| Aramark | 36 | 1467 |
| Arhaus, Inc. - Class A | 9 | 60 |
| Ark Restaurants Corp. (a) | 1 | 4 |
| ARKO Corp. - Class A | 23 | 128 |
| Asbury Automotive Group, Inc. (a) | 3 | 665 |
| Autoliv, Inc. | 9 | 986 |
| AutoNation, Inc. (a) | 6 | 1212 |
| Bassett Furniture Industries, Incorporated | 2 | 32 |
| Bath & Body Works, Inc. | 31 | 575 |
| Beazer Homes USA, Inc. (a) | 5 | 102 |
| Bed Bath & Beyond, Inc. (a) | 13 | 62 |
| Biglari Holdings Inc. - Class A (a) |  | 16 |
| Biglari Holdings Inc. - Class B (a) |  | 145 |
| Birkenstock Holding PLC (a) (c) | 19 | 675 |
| BJ's Restaurants, Inc. (a) | 4 | 147 |
| Bloomin' Brands, Inc. | 15 | 80 |
| Boot Barn Holdings, Inc. (a) | 5 | 740 |
| BorgWarner Inc. | 31 | 1689 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bowlero Corp. - Class A (c) | 5 | 43 |
| Boyd Gaming Corporation | 1 | 109 |
| Bright Horizons Family Solutions, Inc. (a) | 9 | 768 |
| Brightstar Lottery PLC | 28 | 353 |
| Brinker International, Inc. (a) | 9 | 1232 |
| Brunswick Corporation | 11 | 792 |
| Build-A-Bear Workshop, Inc. (c) | 3 | 115 |
| Caesars Entertainment, Inc. (a) | 26 | 700 |
| Caleres, Inc. | 7 | 74 |
| Callaway Golf Company (a) | 32 | 446 |
| Camping World Holdings, Inc. - Class A | 10 | 71 |
| Capri Holdings Limited (a) | 21 | 378 |
| CarMax, Inc. (a) | 18 | 767 |
| Carriage Services, Inc. | 3 | 139 |
| Carter's, Inc. | 6 | 231 |
| Cato Corporation, The - Class A (a) | 5 | 13 |
| CAVA Group, Inc. (a) | 12 | 1002 |
| Cavco Industries, Inc. (a) | 1 | 714 |
| Century Communities, Inc. | 5 | 303 |
| Cheesecake Factory Incorporated, The | 9 | 478 |
| Chegg, Inc. (a) | 22 | 16 |
| Chewy, Inc. - Class A (a) | 28 | 745 |
| Choice Hotels International, Inc. | 7 | 696 |
| Churchill Downs Incorporated | 8 | 723 |
| Citi Trends, Inc. (a) | 2 | 84 |
| CLARUS Corporation | 9 | 25 |
| Columbia Sportswear Company | 9 | 505 |
| Cooper-Standard Holdings Inc. (a) | 4 | 103 |
| Coursera, Inc. (a) | 32 | 183 |
| Covista Inc. (a) | 7 | 793 |
| Cracker Barrel Old Country Store, Inc. | 4 | 103 |
| Cricut, Inc. - Class A (c) | 9 | 34 |
| Crocs, Inc. (a) | 8 | 705 |
| Culp, Inc. (a) | 2 | 5 |
| Dana Incorporated | 24 | 809 |
| Dauch Corporation (a) | 42 | 251 |
| Dave & Buster's Entertainment, Inc. (a) | 7 | 74 |
| Deckers Outdoor Corporation (a) | 2 | 227 |
| Designer Brands Inc. - Class A (c) | 10 | 56 |
| Destination XL Group, Inc. (a) | 16 | 8 |
| Dillard's, Inc. - Class A (c) | 2 | 1001 |
| Dine Brands Global, Inc. | 3 | 79 |
| DK Crown Holdings Inc. - Class A (a) | 6 | 131 |
| Dorman Products, Inc. (a) | 5 | 552 |
| Dream Finders Homes, Inc. - Class A (a) | 6 | 88 |
| Driven Brands Holdings Inc. (a) (c) | 28 | 352 |
| Duluth Holdings Inc. - Class B (a) | 6 | 20 |
| Duolingo, Inc. - Class A (a) | 3 | 281 |
| Dutch Bros Inc. - Class A (a) | 15 | 768 |
| Educational Development Corporation (a) | 1 | 1 |
| El Pollo Loco Holdings, Inc. (a) | 7 | 96 |
| Envela Corporation (a) | 3 | 45 |
| Escalade, Incorporated | 3 | 53 |
| Ethan Allen Interiors Inc. | 5 | 115 |
| ETSY, Inc. (a) | 15 | 751 |
| European Wax Center, Inc. - Class A (a) | 6 | 34 |
| FIGS, Inc. - Class A (a) | 29 | 428 |
| First Watch Restaurant Group, Inc. (a) | 11 | 110 |
| Five Below, Inc. (a) | 7 | 1627 |
| Flexsteel Industries, Inc. | 1 | 52 |
| Floor & Decor Holdings, Inc. - Class A (a) | 17 | 857 |
| Fossil Group, Inc. (a) | 1 | 3 |
| Fox Factory Holding Corp. (a) | 8 | 136 |
| Frontdoor, Inc. (a) | 11 | 581 |
| Full House Resorts, Inc. (a) | 8 | 18 |
| GameStop Corp. - Class A (a) | 46 | 1067 |
| Gap, Inc., The | 62 | 1494 |
| Garrett Motion Inc. | 36 | 647 |
| Genesco Inc. (a) | 3 | 73 |
| Gentex Corporation | 33 | 723 |
| Gentherm Incorporated (a) | 6 | 159 |
| Gigacloud Technology Inc. - Class A (a) | 5 | 210 |
| G-III Apparel Group, Ltd. | 8 | 221 |
| Global Business Travel Group, Inc. - Class A (a) (c) | 48 | 269 |
| Gold.Com, Inc. | 5 | 192 |
| Golden Entertainment, Inc. | 3 | 68 |
| Gopro Inc. - Class A (a) (c) | 13 | 10 |
| Graham Holdings Co., Ltd. - Class B | 1 | 673 |
| Grand Canyon Education, Inc. (a) | 5 | 836 |
| Green Brick Partners, Inc. (a) | 7 | 476 |
| Group 1 Automotive, Inc. | 2 | 816 |
| Groupon, Inc. (a) (c) | 7 | 83 |
| GrowGeneration Corp. (a) (c) | 4 | 4 |
| H & R Block, Inc. | 22 | 695 |
| Hamilton Beach Brands Holding Company - Class A | 1 | 15 |
| Harley-Davidson, Inc. | 21 | 419 |
| Hasbro, Inc. | 16 | 1503 |
| Haverty Furniture Companies, Inc. | 3 | 74 |
| Helen of Troy Limited (a) | 4 | 60 |
| Hilton Grand Vacations Inc. (a) | 15 | 605 |
| Holley Inc. (a) | 17 | 53 |
| Hooker Furnishings Corporation (c) | 3 | 39 |
| Hovnanian Enterprises, Inc. - Class A (a) | 1 | 110 |
| Inspired Entertainment, Inc. (a) | 4 | 28 |
| Installed Building Products, Inc. | 5 | 1223 |
| J.jill, Inc. (c) | 2 | 28 |
| JAKKS Pacific, Inc. | 2 | 44 |
| Johnson Outdoors Inc. - Class A | 2 | 102 |
| KB Home | 12 | 623 |
| Kohl's Corporation | 20 | 256 |
| Kontoor Brands, Inc. | 10 | 671 |
| Krispy Kreme, Inc. (c) | 29 | 98 |
| Kura Sushi USA, Inc. - Class A (a) | 2 | 148 |
| Lakeland Industries, Inc. (c) | 2 | 13 |
| Lands' End, Inc. (a) | 7 | 74 |
| Latham Group, Inc. (a) | 19 | 104 |
| Laureate Education, Inc. - Class A (a) | 26 | 893 |
| La-Z-Boy Incorporated | 8 | 259 |
| LCI Industries | 4 | 538 |
| Lear Corporation | 8 | 987 |
| Legacy Education Inc. (a) | 1 | 11 |
| Legacy Housing Corporation (a) | 4 | 91 |
| Leggett & Platt, Incorporated | 22 | 217 |
| Levi Strauss & Co. - Class A | 15 | 278 |
| LGI Homes, Inc. (a) | 4 | 161 |
| Life Time Group Holdings, Inc. (a) | 35 | 955 |
| Lifetime Brands, Inc. | 5 | 30 |
| Lincoln Educational Services Corporation (a) | 7 | 267 |
| Lindblad Expeditions, LLC (a) | 11 | 194 |
| Lithia Motors, Inc. - Class A | 4 | 938 |
| LKQ Corporation | 29 | 848 |
| Lovesac Company, The (a) (c) | 4 | 54 |
| Lucid Group, Inc. (a) (c) | 7 | 71 |
| M/I Homes, Inc. (a) | 2 | 254 |
| Macy's, Inc. | 45 | 809 |
| Malibu Boats, Inc. - Class A (a) | 4 | 91 |
| Marine Products Corporation | 6 | 41 |
| MarineMax, Inc. (a) | 4 | 116 |
| Marriott Vacations Worldwide Corporation | 6 | 404 |
| MasterCraft Boat Holdings, Inc. (a) | 4 | 75 |
| Mattel, Inc. (a) | 48 | 703 |
| Matthews International Corporation - Class A | 6 | 150 |
| Meritage Homes Corporation | 5 | 289 |
| MGM Resorts International (a) | 3 | 97 |
| Mister Car Wash, Inc. (a) | 44 | 306 |
| Mobileye Global Inc. - Class A (a) | 32 | 222 |
| Mohawk Industries, Inc. (a) | 10 | 974 |
| Monarch Casino & Resort, Inc. | 2 | 198 |
| Monro, Inc. | 6 | 90 |
| Motorcar Parts of America, Inc. (a) | 5 | 53 |
| Movado Group, Inc. | 4 | 93 |
| Murphy USA Inc. | 3 | 1316 |
| Nathan's Famous, Inc. |  | 22 |
| National Vision Holdings, Inc. (a) | 14 | 363 |
| Newell Brands Inc. | 69 | 237 |
| Nishka, Inc. - Class A (a) | 8 | 24 |
| Norwegian Cruise Line Holdings Ltd. (a) | 61 | 1133 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 10 | 949 |
| OneSpaWorld Holdings Limited | 18 | 424 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Onewater Marine Inc. - Class A (a) | 2 | 21 |
| Oxford Industries, Inc. | 3 | 106 |
| Papa John's International, Inc. | 6 | 207 |
| Patrick Industries, Inc. | 6 | 661 |
| PENN Entertainment, Inc. (a) | 24 | 362 |
| Penske Automotive Group, Inc. | 5 | 783 |
| Perdoceo Education Corporation | 11 | 423 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 43 | 121 |
| PetMed Express, Inc. (a) | 5 | 11 |
| Phinia Inc. | 7 | 450 |
| Planet Fitness, Inc. - Class A (a) | 12 | 926 |
| Polaris Inc. | 10 | 533 |
| Pool Corporation | 5 | 961 |
| Portillo's Inc. - Class A (a) (c) | 10 | 54 |
| Pursuit Attractions And Hospitality, Inc. (a) | 5 | 174 |
| PVH Corp. | 8 | 583 |
| Quantumscape Battery, Inc. - Class A (a) (c) | 89 | 568 |
| RCI Hospitality Holdings, Inc. | 2 | 42 |
| Red Rock Resorts, Inc. - Class A | 8 | 442 |
| Revolve Group Inc. - Class A (a) | 8 | 180 |
| RH (a) | 3 | 459 |
| Rocky Brands, Inc. | 1 | 52 |
| Rush Street Interactive, Inc. - Class A (a) | 12 | 265 |
| Sabre Corporation (a) | 63 | 92 |
| Sally Beauty Holdings, Inc. (a) | 18 | 252 |
| Savers Value Village, Inc. (a) | 20 | 146 |
| Service Corporation International | 19 | 1584 |
| Shake Shack, Inc. - Class A (a) | 7 | 591 |
| Shoe Carnival, Inc. | 5 | 81 |
| Signet Jewelers Limited | 7 | 598 |
| Skyline Champion Corporation (a) | 9 | 705 |
| Sleep Number Corporation (a) (c) | 1 | 2 |
| Smith & Wesson Brands, Inc. | 9 | 128 |
| Smith Douglas Homes Corp. - Class A (a) (c) | 1 | 15 |
| Solid Power Operating, Inc. - Class A (a) | 35 | 104 |
| Solo Brands, Inc. - Class A (a) (c) |  |  |
| Sonic Automotive, Inc. - Class A | 4 | 269 |
| Sonos, Inc. (a) | 21 | 286 |
| Sportsman's Warehouse Holdings, Inc. (a) | 11 | 15 |
| Standard Motor Products, Inc. | 4 | 132 |
| Steven Madden, Ltd. | 13 | 447 |
| Stitch Fix, Inc. - Class A (a) | 24 | 79 |
| Stoneridge, Inc. (a) | 6 | 31 |
| Strategic Education, Inc. | 4 | 351 |
| Strattec Security Corporation (a) | 1 | 67 |
| Stride, Inc. (a) | 8 | 693 |
| Sturm, Ruger & Company, Inc. | 3 | 107 |
| Superior Group of Companies, Inc. | 3 | 35 |
| Sweetgreen, Inc. - Class A (a) (c) | 17 | 89 |
| Sypris Solutions, Inc. (a) | 3 | 7 |
| Target Hospitality Corp. (a) | 15 | 135 |
| Taylor Morrison Home II Corporation - Class A (a) | 17 | 968 |
| Texas Roadhouse, Inc. - Class A | 9 | 1513 |
| The Buckle, Inc. | 9 | 454 |
| The Goodyear Tire & Rubber Company (a) | 51 | 339 |
| Thor Industries, Inc. | 8 | 679 |
| Tilly's, Inc. - Class A (a) (c) | 4 | 17 |
| Toll Brothers, Inc. | 3 | 430 |
| TopBuild Corp. (a) | 4 | 1352 |
| Travel + Leisure Co. | 11 | 778 |
| TRI Pointe Homes Holdings, Inc. (a) | 6 | 268 |
| Udemy, Inc. (a) | 21 | 97 |
| Under Armour, Inc. - Class A (a) (c) | 32 | 191 |
| Under Armour, Inc. - Class C (a) | 35 | 204 |
| Unifi, Inc. (a) | 4 | 16 |
| United Parks And Resorts Inc. (a) | 10 | 319 |
| Universal Electronics Inc. (a) | 3 | 14 |
| Universal Technical Institute, Inc. (a) | 10 | 374 |
| Upbound Group, Inc. | 10 | 179 |
| Urban Outfitters, Inc. (a) | 15 | 967 |
| V.F. Corporation | 49 | 828 |
| Vail Resorts, Inc. (c) | 6 | 717 |
| Valvoline, Inc. (a) | 22 | 757 |
| Vera Bradley, Inc. (a) | 8 | 24 |
| Victoria's Secret & Co. (a) | 13 | 603 |
| Vince Holding Corp. (a) | 1 | 2 |
| Visteon Corporation | 5 | 438 |
| Warby Parker Inc. - Class A (a) | 18 | 374 |
| Wayfair Inc. - Class A (a) | 14 | 1082 |
| Wendy's Company, The | 34 | 239 |
| Weyco Group, Inc. | 3 | 82 |
| Whirlpool Corporation (c) | 7 | 376 |
| Wingstop Inc. | 4 | 661 |
| Winmark Corporation | 1 | 285 |
| Winnebago Industries, Inc. | 5 | 169 |
| Wolverine World Wide, Inc. | 14 | 233 |
| Wyndham Hotels & Resorts, Inc. | 12 | 985 |
| Wynn Resorts, Limited | 13 | 1286 |
| XPEL, Inc. (a) | 5 | 207 |
| YETI Holdings, Inc. (a) | 14 | 498 |
| Zumiez Inc. (a) | 4 | 89 |
| | | 102607 |
| **Health Care 12.5%** | **Health Care 12.5%** | **Health Care 12.5%** |
| 10X Genomics, Inc. - Class A (a) | 20 | 425 |
| 4D Molecular Therapeutics, Inc. (a) | 8 | 73 |
| Aadi Bioscience, Inc. (a) | 6 | 20 |
| Abeona Therapeutics Inc. (a) (c) | 5 | 21 |
| AbSci, LLC (a) | 18 | 55 |
| AC Immune S.A. (a) (c) | 8 | 22 |
| Acadia Healthcare Company, Inc. (a) | 15 | 359 |
| Acadia Pharmaceuticals Inc. (a) | 26 | 575 |
| Accendra Health, Inc. (a) | 2 | 6 |
| Accuray Incorporated (a) | 25 | 10 |
| Aclaris Therapeutics, Inc. (a) | 16 | 60 |
| Acme United Corporation | 1 | 31 |
| Actinium Pharmaceuticals, Inc. (a) | 5 | 5 |
| Acumen Pharmaceuticals, Inc. (a) (c) | 11 | 25 |
| AdaptHealth LLC - Class A (a) | 22 | 262 |
| Addus HomeCare Corporation (a) | 3 | 287 |
| ADMA Biologics, Inc. (a) | 45 | 406 |
| Agilon Health, Inc. (a) |  | 3 |
| Agios Pharmaceuticals, Inc. (a) | 11 | 371 |
| Akebia Therapeutics, Inc. (a) | 29 | 40 |
| Aldeyra Therapeutics, Inc. (a) | 17 | 29 |
| Alector, Inc. (a) | 17 | 37 |
| Align Technology, Inc. (a) | 6 | 1016 |
| Alkermes Public Limited Company (a) | 27 | 969 |
| Allogene Therapeutics, Inc. (a) | 40 | 99 |
| Altimmune, Inc. (a) (c) | 18 | 55 |
| Alto Neuroscience, Inc. (a) | 1 | 16 |
| Alumis Inc. (a) | 4 | 77 |
| American Well Corporation - Class A (a) | 2 | 9 |
| AMN Healthcare Services, Inc. (a) | 7 | 132 |
| Amneal Pharmaceuticals, Inc. - Class A (a) | 53 | 660 |
| Amphastar Pharmaceuticals, Inc. (a) | 8 | 157 |
| Amylyx Pharmaceuticals, Inc. (a) | 11 | 154 |
| An2 Therapeutics, Inc. (a) |  | 1 |
| AngioDynamics, Inc. (a) | 8 | 94 |
| ANI Pharmaceuticals, Inc. (a) | 4 | 328 |
| Anika Therapeutics, Inc. (a) | 4 | 54 |
| Annexon, Inc. (a) | 16 | 87 |
| Apellis Pharmaceuticals, Inc. (a) | 21 | 863 |
| Arcturus Therapeutics Holdings Inc. (a) (c) | 6 | 48 |
| Arcus Biosciences, Inc. (a) | 15 | 331 |
| ArriVent Biopharma, Inc. (a) | 4 | 97 |
| Arrowhead Pharmaceuticals Inc (a) | 13 | 800 |
| ARS Pharmaceuticals, Inc. (a) (c) | 3 | 21 |
| Artivion, Inc. (a) | 8 | 296 |
| Arvinas Operations, Inc. (a) | 12 | 124 |
| Assertio Holdings, Inc. (a) |  | 7 |
| Astrana Health, Inc. (a) | 9 | 228 |
| Atea Pharmaceuticals, Inc. (a) | 12 | 64 |
| AtriCure, Inc. (a) | 8 | 242 |
| Atyr Pharma, Inc. (a) (c) | 4 | 3 |
| Aura Biosciences, Inc. (a) | 8 | 54 |
| Avalo Therapeutics, Inc. (a) (c) | 1 | 11 |
| Avanos Medical, Inc. (a) | 9 | 124 |
| Avantor, Inc. (a) | 73 | 569 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Aveanna Healthcare Holdings Inc. (a) | 28 | 181 |
| AxoGen, Inc. (a) | 9 | 300 |
| Azenta, Inc. (a) | 8 | 174 |
| Baxter International Inc. | 55 | 921 |
| Beam Therapeutics Inc. (a) | 18 | 425 |
| BFLY Operations, Inc. - Class A (a) | 28 | 111 |
| Bicara Therapeutics Inc. (a) | 4 | 75 |
| Bioage Labs, Inc. (a) | 5 | 86 |
| BioCryst Pharmaceuticals, Inc. (a) | 42 | 397 |
| BioLife Solutions, Inc. (a) | 8 | 160 |
| BioMarin Pharmaceutical Inc. (a) | 26 | 1496 |
| Biomea Fusion, Inc. (a) (c) | 3 | 5 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 3 | 776 |
| Biote Corp. - Class A (a) | 6 | 8 |
| Bio-Techne Corporation | 20 | 1046 |
| Bioventus Inc. - Class A (a) (c) | 10 | 91 |
| Black Diamond Therapeutics, Inc. (a) | 11 | 24 |
| Blade Urban Air Mobility, Inc. - Class A (a) | 17 | 73 |
| Brightspring Health Services, Inc. (a) | 25 | 1061 |
| Brookdale Senior Living Inc. (a) | 43 | 583 |
| Bruker Corporation | 23 | 848 |
| C4 Therapeutics, Inc. (a) | 13 | 35 |
| Cabaletta Bio, Inc. (a) | 18 | 49 |
| Caredx, Inc. (a) | 10 | 178 |
| Caribou Biosciences, Inc. (a) | 18 | 34 |
| Castle Biosciences, Inc. (a) | 6 | 144 |
| Catalyst Pharmaceuticals, Inc. (a) | 21 | 514 |
| Celldex Therapeutics, Inc. (a) | 11 | 359 |
| Century Therapeutics, Inc. (a) | 6 | 13 |
| Certara, Inc. (a) | 30 | 174 |
| CG Oncology, Inc. (a) | 6 | 397 |
| Champions Oncology, Inc. (a) | 1 | 5 |
| Charles River Laboratories International, Inc. (a) | 7 | 1164 |
| Chemed Corporation | 2 | 825 |
| Chinook Therapeutics, Inc. (a) (d) | 3 | 1 |
| Claritev Corporation - Class A (a) (c) | 1 | 14 |
| Climb Bio, Inc. (a) | 5 | 34 |
| Clover Health Investments, Corp. - Class A (a) | 39 | 69 |
| Codexis, Inc. (a) | 10 | 16 |
| Collegium Pharmaceutical, Inc. (a) | 6 | 210 |
| Community Health Systems, Inc. (a) | 30 | 87 |
| Compass Therapeutics, Inc. (a) (c) | 8 | 43 |
| Concentra Group Holdings Parent, Inc. | 22 | 480 |
| CONMED Corporation | 6 | 204 |
| Contineum Therapeutics, Inc. - Class A (a) | 1 | 19 |
| Corbus Pharmaceuticals Holdings, Inc. (a) | 1 | 14 |
| Corcept Therapeutics Incorporated (a) | 17 | 691 |
| CorVel Corporation (a) | 9 | 504 |
| Crinetics Pharmaceuticals, Inc. (a) | 16 | 573 |
| CRISPR Therapeutics AG (a) (c) | 15 | 730 |
| Cross Country Healthcare, Inc. (a) | 8 | 74 |
| Cryoport, Inc. (a) | 9 | 75 |
| Cullinan Oncology, LLC (a) | 11 | 154 |
| Cumberland Pharmaceuticals, Inc. (a) | 3 | 9 |
| CVRx, Inc. (a) | 1 | 12 |
| Cytek Biosciences, Inc. (a) | 22 | 97 |
| Cytomx Therapeutics, Inc. (a) | 37 | 175 |
| Davita Inc. (a) | 9 | 1393 |
| Day One Biopharmaceuticals, Inc. (a) | 1 | 31 |
| Definitive Healthcare Corp. - Class A (a) | 15 | 18 |
| Denali Therapeutics Inc. (a) | 26 | 503 |
| Dentsply Sirona Inc. | 34 | 397 |
| Design Therapeutics, Inc. (a) | 9 | 101 |
| Dianthus Therapeutics, Inc. (a) | 5 | 400 |
| Disc Medicine, Inc. (a) | 6 | 356 |
| Doximity, Inc. - Class A (a) | 13 | 304 |
| Dyne Therapeutics Inc. (a) | 19 | 347 |
| Edgewise Therapeutics, Inc. (a) | 13 | 399 |
| Elanco Animal Health Incorporated (a) | 65 | 1559 |
| Electromed, Inc. (a) | 2 | 36 |
| Embecta Corp. | 10 | 93 |
| Emergent BioSolutions Inc. (a) | 10 | 82 |
| Enanta Pharmaceuticals, Inc. (a) | 5 | 62 |
| Encompass Health Corporation | 14 | 1307 |
| enGene Holdings Inc. (a) | 10 | 68 |
| Enhabit Inc. (a) | 10 | 137 |
| Enliven Therapeutics, Inc. (a) (c) | 9 | 334 |
| Enovis Corporation (a) | 10 | 224 |
| Ensign Group, Inc., The | 9 | 1789 |
| Entrada Therapeutics, Inc. (a) | 6 | 70 |
| Envista Holdings Corporation (a) | 26 | 662 |
| Erasca, Inc. (a) | 24 | 395 |
| Evolent Health, Inc. - Class A (a) | 20 | 46 |
| Exagen Inc. (a) | 1 | 2 |
| Exelixis, Inc. (a) | 36 | 1537 |
| Eyepoint, Inc. (a) | 5 | 67 |
| Fate Therapeutics, Inc. (a) | 14 | 17 |
| Fonar Corporation (a) | 1 | 11 |
| Fortrea Holdings Inc. (a) | 11 | 104 |
| Fulcrum Therapeutics, Inc. (a) | 12 | 95 |
| Fulgent Genetics, Inc. (a) | 6 | 96 |
| GeneDx Holdings Corp. - Class A (a) | 5 | 315 |
| Glaukos Corporation (a) | 5 | 550 |
| Globus Medical, Inc. - Class A (a) | 15 | 1313 |
| GoodRx Holdings, Inc. - Class A (a) (c) | 18 | 35 |
| Grail, Inc. (a) | 5 | 242 |
| Guardian Pharmacy Services, Inc. - Class A (a) | 6 | 215 |
| Haemonetics Corporation (a) | 8 | 455 |
| Halozyme Therapeutics, Inc. (a) | 20 | 1302 |
| Harmony Biosciences Holdings, Inc. (a) | 10 | 267 |
| Harrow, Inc. (a) (c) | 6 | 227 |
| Health Catalyst, Inc. (a) (c) | 13 | 17 |
| HealthEquity, Inc. (a) | 14 | 1162 |
| Healthstream, Inc. | 6 | 116 |
| Henry Schein, Inc. (a) | 19 | 1405 |
| Icon Public Limited Company (a) | 5 | 542 |
| ICU Medical, Inc. (a) | 4 | 512 |
| IDEAYA Biosciences, Inc. (a) | 15 | 494 |
| Indivior Pharmaceuticals, Inc. (a) | 18 | 563 |
| InfuSystem Holdings, Inc. (a) | 5 | 48 |
| InnovAge Holding Corp (a) | 10 | 84 |
| Innoviva, Inc. (a) | 13 | 308 |
| Inogen, Inc. (a) | 6 | 35 |
| Inspire Medical Systems, Inc. (a) | 4 | 204 |
| Integer Holdings Corporation (a) | 6 | 514 |
| Integra LifeSciences Holdings Corporation (a) | 13 | 120 |
| Intellia Therapeutics, Inc. (a) (c) | 20 | 261 |
| Iovance Biotherapeutics, Inc. (a) | 56 | 196 |
| Iradimed Corporation | 2 | 235 |
| Ironwood Pharmaceuticals, Inc. - Class A (a) | 28 | 99 |
| Janux Therapeutics, Inc. (a) | 2 | 32 |
| Jasper Therapeutics, Inc. (a) | 3 | 2 |
| Jazz Pharmaceuticals Public Limited Company (a) | 9 | 1630 |
| Joint Corp, The (a) (c) |  | 4 |
| Kalaris Therapeutics, Inc. (a) |  |  |
| Keros Therapeutics, Inc. (a) | 2 | 21 |
| Kewaunee Scientific Corporation (a) (c) |  | 15 |
| Kiniksa Pharmaceuticals International, PLC - Class A (a) | 8 | 363 |
| Kodiak Sciences Inc. (a) | 9 | 329 |
| Krystal Biotech, Inc. (a) | 5 | 1217 |
| Kura Oncology, Inc. (a) | 17 | 140 |
| Kymera Therapeutics, Inc. (a) | 5 | 403 |
| Lantheus Holdings, Inc. (a) | 11 | 804 |
| Larimar Therapeutics, Inc. (a) (c) | 17 | 78 |
| LeMaitre Vascular, Inc. | 4 | 431 |
| Lensar, Inc. (a) | 1 | 6 |
| LENZ Therapeutics, Inc. (a) (c) | 2 | 20 |
| Lexeo Therapeutics Inc. (a) | 12 | 68 |
| Lifestance Health Group, Inc. (a) | 66 | 422 |
| Ligand Pharmaceuticals Incorporated (a) | 3 | 645 |
| LivaNova PLC (a) | 10 | 618 |
| Lyell Immunopharma Inc. (a) | 2 | 44 |
| MacroGenics, Inc. (a) | 15 | 44 |
| MannKind Corporation (a) | 58 | 141 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 25 | 71 |
| Masimo Corporation (a) | 1 | 159 |
| MaxCyte, Inc. (a) | 19 | 13 |
| MBX Biosciences, Inc. (a) | 1 | 29 |
| MediciNova, Inc. (a) | 3 | 4 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Medpace Holdings, Inc. (a) |  | 24 |
| Merit Medical Systems, Inc. (a) | 10 | 675 |
| Merrimack Pharmaceuticals, Inc. (a) (d) | 4 |  |
| Mesa Laboratories, Inc. | 1 | 99 |
| MiMedx Group, Inc. (a) | 25 | 98 |
| Molina Healthcare, Inc. (a) | 6 | 853 |
| Monte Rosa Therapeutics, Inc. (a) (c) | 13 | 217 |
| MoonLake Immunotherapeutics AG - Class A (a) | 2 | 43 |
| Myriad Genetics, Inc. (a) | 17 | 75 |
| National HealthCare Corporation | 3 | 464 |
| National Research Corporation (c) | 5 | 86 |
| Nautilus Subsidiary, Inc. (a) (c) | 6 | 22 |
| Neogen Corporation (a) | 35 | 327 |
| Neogenomics, Inc. (a) | 23 | 171 |
| Neumora Therapeutics, Inc. (a) | 8 | 16 |
| Neurocrine Biosciences, Inc. (a) |  | 58 |
| Nkarta, Inc. (a) | 7 | 16 |
| Novocure Limited (a) | 15 | 163 |
| Nurix Therapeutics, Inc. (a) | 14 | 218 |
| Nutex Health Inc. (a) (c) |  | 21 |
| Ocular Therapeutix, Inc. (a) | 29 | 246 |
| Olema Pharmaceuticals Inc. (a) | 14 | 213 |
| Omeros Corporation (a) | 12 | 129 |
| OmniAb, Inc. (a) (d) | 1 |  |
| OmniAb, Inc. (a) (d) | 1 |  |
| OmniAb, Inc. (a) | 23 | 36 |
| Omnicell, Inc. (a) | 8 | 271 |
| OPKO Health, Inc. (a) | 22 | 25 |
| OptimizeRX Corporation (a) | 4 | 25 |
| Option Care Health, Inc. (a) | 27 | 732 |
| Oramed Pharmaceuticals Inc. (a) | 2 | 7 |
| Orasure Technologies, Inc. (a) | 14 | 43 |
| Organogenesis Holdings Inc. - Class A (a) | 22 | 53 |
| Organon & Co. | 35 | 212 |
| Oric Pharmaceuticals, Inc. (a) | 18 | 229 |
| Orthofix Medical Inc. (a) | 7 | 81 |
| Orthopediatrics Corp. (a) | 5 | 82 |
| Oruka Therapeutics, Inc. (a) | 3 | 169 |
| Pacific Biosciences of California, Inc. (a) | 12 | 16 |
| Pacira Pharmaceuticals, Inc. (a) | 8 | 184 |
| PACS Group, Inc. (a) | 21 | 667 |
| PDL BioPharma, Inc. (a) (d) | 14 | 4 |
| Pediatrix Medical Group, Inc. (a) | 17 | 354 |
| Pennant Group, Inc., The (a) | 7 | 204 |
| Penumbra, Inc. (a) | 4 | 1213 |
| PepGen Inc. (a) | 6 | 10 |
| Perrigo Company Public Limited Company | 24 | 258 |
| Personalis, Inc. (a) (c) | 11 | 71 |
| Perspective Therapeutics, Inc. (a) (c) | 13 | 53 |
| Phibro Animal Health Corporation - Class A | 4 | 235 |
| Phreesia, Inc. (a) | 10 | 80 |
| Pliant Therapeutics, Inc. (a) | 10 | 12 |
| Prelude Therapeutics Incorporated (a) | 3 | 12 |
| Prestige Consumer Healthcare Inc. (a) | 9 | 510 |
| Prime Medicine, Inc. (a) | 17 | 59 |
| Privia Health Group Inc. (a) | 21 | 434 |
| Progyny, Inc. (a) | 16 | 268 |
| Protagonist Therapeutics, Inc. (a) | 9 | 947 |
| Protalix Biotherapeutics, Inc. (a) | 7 | 15 |
| Protara Therapeutics, Inc. (a) | 8 | 44 |
| Prothena Corporation Public Limited Company (a) | 9 | 83 |
| PTC Therapeutics, Inc. (a) | 13 | 863 |
| Pulmonx Corporation (a) | 9 | 11 |
| Puma Biotechnology, Inc. (a) | 10 | 66 |
| Pyxis Oncology, Inc. (a) | 4 | 6 |
| Quanterix Corporation (a) | 9 | 31 |
| QuidelOrtho Corporation (a) | 11 | 177 |
| RadNet, Inc. (a) | 14 | 762 |
| Rafael Holdings, Inc. - Class B (a) | 4 | 5 |
| Rapport Therapeutics, Inc. (a) | 6 | 188 |
| Regenxbio Inc. (a) | 10 | 86 |
| Relay Therapeutics, Inc. (a) | 32 | 315 |
| Repligen Corporation (a) | 9 | 1006 |
| Replimune Group, Inc. (a) | 15 | 116 |
| Revvity, Inc. | 15 | 1321 |
| Rezolute, Inc. (a) | 15 | 45 |
| Rigel Pharmaceuticals, Inc. (a) | 3 | 79 |
| Rocket Pharmaceuticals, Inc. (a) | 12 | 42 |
| RxSight, Inc. (a) | 7 | 43 |
| Sagimet Biosciences Inc. - Series A (a) | 4 | 20 |
| Sana Biotechnology, Inc. (a) | 8 | 24 |
| Sarepta Therapeutics, Inc. (a) | 6 | 131 |
| Schrodinger, Inc. (a) | 11 | 126 |
| Seer, Inc. - Class A (a) | 6 | 11 |
| Select Medical Holdings Corporation | 22 | 362 |
| Sensus Healthcare, Inc. (a) (c) | 2 | 10 |
| Sera Prognostics, Inc. - Class A (a) (c) | 3 | 7 |
| Shattuck Labs, Inc. (a) | 6 | 36 |
| SI-BONE, Inc. (a) | 8 | 98 |
| SIGA Technologies, Inc. | 14 | 74 |
| Sight Sciences, Inc. (a) | 8 | 30 |
| Simulations Plus, Inc. (a) | 4 | 44 |
| Solid Biosciences Inc. (a) | 14 | 99 |
| Solventum Corporation (a) | 14 | 912 |
| Sonida Senior Living, Inc. (a) | 6 | 178 |
| Sotera Health LLC (a) | 45 | 643 |
| STAAR Surgical Company (a) | 8 | 156 |
| Stoke Therapeutics, Inc. (a) | 10 | 335 |
| Supernus Pharmaceuticals, Inc. (a) | 10 | 521 |
| Surgery Partners, Inc. (a) (c) | 22 | 258 |
| Tactile Systems Technology, Inc. (a) | 5 | 129 |
| Talkspace, Inc. (a) | 25 | 129 |
| Tango Therapeutics, Inc. (a) (c) | 7 | 141 |
| Taysha Gene Therapies, Inc. (a) (c) | 12 | 52 |
| Teladoc Health, Inc. (a) | 32 | 175 |
| Teleflex Incorporated | 7 | 814 |
| Tenax Therapeutics, Inc. (a) | 2 | 26 |
| Terns Pharmaceuticals, Inc. (a) | 12 | 639 |
| TG Therapeutics, Inc. (a) | 24 | 811 |
| Theravance Biopharma, Inc. (a) | 9 | 149 |
| TransMedics Group, Inc. (a) | 5 | 523 |
| Treace Medical Concepts, Inc. (a) | 5 | 6 |
| TruBridge, Inc. (a) | 4 | 52 |
| TScan Therapeutics, Inc. (a) | 3 | 3 |
| Twist Bioscience Corporation (a) | 9 | 426 |
| Tyra Biosciences, Inc. (a) | 3 | 98 |
| U.S. Physical Therapy, Inc. | 3 | 201 |
| UFP Technologies, Inc. (a) | 1 | 285 |
| Unicycive Therapeutics, Inc. (a) (c) | 2 | 10 |
| Universal Health Services, Inc. - Class B | 7 | 1318 |
| Upstream Bio, Inc. (a) | 1 | 12 |
| Utah Medical Products, Inc. | 1 | 60 |
| Vanda Pharmaceuticals Inc. (a) | 14 | 96 |
| Varex Imaging Corporation (a) | 9 | 96 |
| Vaxcyte, Inc. (a) | 17 | 988 |
| Veracyte, Inc. (a) | 14 | 451 |
| Vericel Corporation (a) | 9 | 290 |
| Viatris Inc. | 61 | 824 |
| Viking Therapeutics, Inc. (a) | 11 | 344 |
| VIR Biotechnology, Inc. (a) | 27 | 244 |
| Viridian Therapeutics, Inc. (a) | 1 | 21 |
| Voyager Therapeutics, Inc. (a) | 8 | 29 |
| Waystar Holding Corp. (a) | 28 | 673 |
| Xbiotech Inc (a) (c) | 6 | 14 |
| Xencor, Inc. (a) | 13 | 157 |
| Xoma Royalty Corporation (a) | 1 | 45 |
| Zentalis Pharmaceuticals, Inc. (a) | 10 | 24 |
| Zevra Therapeutics, Inc. (a) | 9 | 81 |
| Zura Bio Limited - Class A (a) | 13 | 76 |
| Zymeworks Inc. (a) | 11 | 273 |
| | | 92514 |
| **Information Technology 11.4%** | **Information Technology 11.4%** | **Information Technology 11.4%** |
| 8X8, Inc. (a) | 16 | 27 |
| 908 Devices Inc. (a) | 5 | 34 |
| A10 Networks, Inc. | 13 | 305 |
| Access Newswire Inc. (a) | 1 | 8 |
| ACI Worldwide, Inc. (a) | 19 | 760 |
| ACM Research, Inc. - Class A (a) | 10 | 391 |
| Adeia Inc. | 20 | 481 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Adtran Holdings, Inc. (a) | 13 | 167 |
| Advanced Energy Industries, Inc. | 6 | 2030 |
| Aehr Test Systems (a) (c) | 6 | 212 |
| Agilysys, Inc. (a) | 5 | 341 |
| Airgain, Inc. (a) | 2 | 12 |
| Akamai Technologies, Inc. (a) | 1 | 120 |
| Alarm.Com Holdings, Inc. (a) | 9 | 371 |
| Alkami Technology, Inc. (a) (c) | 2 | 25 |
| Allegro Microsystems Inc. (a) | 28 | 876 |
| Alpha and Omega Semiconductor Limited (a) | 6 | 127 |
| Ambarella Inc. (a) | 7 | 362 |
| Amdocs Limited | 13 | 875 |
| Amkor Technology, Inc. | 40 | 1817 |
| Amplitude Inc. - Class A (a) | 10 | 71 |
| Amtech Systems, Inc. (a) | 3 | 36 |
| AppFolio, Inc. - Class A (a) | 3 | 547 |
| Arlo Technologies, Inc. (a) | 6 | 81 |
| Arrow Electronics, Inc. (a) | 9 | 1243 |
| ASGN Incorporated (a) | 8 | 301 |
| AstroNova, Inc. (a) |  | 5 |
| Aurora Innovations Inc. - Class A (a) | 200 | 826 |
| AvePoint, Inc. - Class A (a) | 36 | 341 |
| Aviat Networks, Inc. (a) | 3 | 65 |
| Avnet, Inc. | 14 | 864 |
| Aware Inc. (a) | 5 | 6 |
| Axcelis Technologies, Inc. (a) | 5 | 505 |
| Backblaze Inc. - Class A (a) | 7 | 24 |
| Badger Meter, Inc. | 5 | 741 |
| Bel Fuse Inc. - Class B | 2 | 484 |
| Belden Inc. | 7 | 775 |
| Benchmark Electronics, Inc. | 7 | 388 |
| Bentley Systems, Incorporated - Class B | 6 | 214 |
| Bill Holdings, Inc. (a) | 16 | 603 |
| Bk Technologies, Inc. (a) | 1 | 46 |
| Blackbaud, Inc. (a) | 9 | 342 |
| Blackline, Inc. (a) | 10 | 369 |
| Box, Inc. - Class A (a) | 25 | 596 |
| Braze, Inc. - Class A (a) | 12 | 293 |
| C3.ai, Inc. - Class A (a) | 17 | 144 |
| Calix, Inc. (a) | 11 | 515 |
| CCC Intelligent Solutions Holdings Inc. (a) | 101 | 607 |
| Cerence Inc. (a) | 9 | 56 |
| CEVA Inc. (a) | 6 | 103 |
| Cipher Mining Inc. (a) (c) | 28 | 364 |
| Cirrus Logic, Inc. (a) | 9 | 1333 |
| Cleanspark Inc. (a) (c) | 45 | 379 |
| Clear Secure, Inc. - Class A | 15 | 727 |
| Clearfield, Inc. (a) | 2 | 51 |
| Climb Global Solutions, Inc. | 4 | 85 |
| Coda Octopus Group, Inc. (a) (c) | 1 | 12 |
| Cognex Corporation | 22 | 1061 |
| Cohu, Inc. (a) | 9 | 267 |
| CommVault Systems, Inc. (a) | 7 | 555 |
| Comtech Telecommunications Corp. (a) | 8 | 26 |
| Consensus Cloud Solutions, Inc. (a) | 4 | 97 |
| Corsair Gaming, Inc. (a) | 18 | 99 |
| CPI Card Group Inc. (a) | 2 | 32 |
| Crane Nxt, Co. | 10 | 391 |
| Crexendo, Inc. (a) | 2 | 13 |
| CS Disco, Inc. (a) | 13 | 50 |
| CSP, Inc. (c) | 1 | 6 |
| CTS Corporation | 5 | 256 |
| Daily Journal Corporation (a) (c) |  | 123 |
| Daktronics, Inc. (a) | 10 | 192 |
| Diebold Nixdorf, Incorporated (a) | 6 | 455 |
| Digi International Inc. (a) | 7 | 316 |
| Digital Turbine USA, Inc. (a) (c) | 17 | 49 |
| DigitalOcean Holdings, Inc. (a) | 13 | 1151 |
| Diodes Incorporated (a) | 8 | 556 |
| DocuSign, Inc. (a) | 17 | 790 |
| Dolby Laboratories, Inc. - Class A | 9 | 567 |
| Dropbox, Inc. - Class A (a) | 29 | 664 |
| DXC Technology Company (a) | 29 | 371 |
| Dynatrace, Inc. (a) | 42 | 1547 |
| Eastman Kodak Company (a) | 14 | 125 |
| Egain Corporation (a) | 9 | 71 |
| Enphase Energy, Inc. (a) | 16 | 612 |
| EPAM Systems, Inc. (a) | 7 | 916 |
| ePlus inc. | 5 | 346 |
| Everspin Technologies, Inc. (a) | 5 | 45 |
| Fastly, Inc. - Class A (a) | 25 | 740 |
| Five9, Inc. (a) | 8 | 114 |
| Formfactor, Inc. (a) | 13 | 1230 |
| Frequency Electronics, Inc. (a) | 2 | 74 |
| Freshworks, Inc. - Class A (a) | 42 | 341 |
| Globant S.A. (a) | 5 | 246 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 15 | 84 |
| Hackett Group, Inc., The | 6 | 73 |
| Harmonic, Inc. (a) | 20 | 179 |
| I3 Verticals, Inc. - Class A (a) (c) | 5 | 106 |
| Ichor Holdings, Ltd. (a) | 6 | 296 |
| Identiv, Inc. (a) | 6 | 21 |
| Indie Semiconductor, Inc. - Class A (a) (c) | 31 | 99 |
| Information Services Group, Inc. | 11 | 43 |
| Inseego Corp. (a) (c) | 2 | 24 |
| Insight Enterprises, Inc. (a) | 6 | 394 |
| Intapp US, Inc. (a) | 9 | 243 |
| Intellicheck, Inc. (a) | 1 | 5 |
| InterDigital, Inc. | 5 | 1510 |
| inTEST Corporation (a) | 3 | 35 |
| IPG Photonics Corporation (a) | 7 | 816 |
| Itron, Inc. (a) | 8 | 678 |
| Kimball Electronics Group, LLC (a) | 5 | 127 |
| Klaviyo, Inc. - Series A (a) | 6 | 118 |
| Knowles Corporation (a) | 16 | 402 |
| Kulicke and Soffa Industries, Inc. | 9 | 594 |
| KVH Industries, Inc. (a) | 5 | 41 |
| Kyndryl Holdings, Inc. (a) | 38 | 498 |
| Lantronix, Inc. (a) | 11 | 55 |
| Lattice Semiconductor Corporation (a) | 3 | 258 |
| Life360, Inc. (a) (c) | 8 | 336 |
| Littelfuse, Inc. | 4 | 1217 |
| LiveRamp Holdings, Inc. (a) | 12 | 315 |
| Magnachip Semiconductor Corporation (a) | 12 | 33 |
| Manhattan Associates, Inc. (a) | 8 | 1035 |
| MaxLinear, Inc. (a) | 16 | 273 |
| Methode Electronics, Inc. | 6 | 35 |
| Mirion Technologies (US), Inc. - Class A (a) | 39 | 721 |
| Mitek Systems, Inc. (a) | 10 | 131 |
| MKS Inc. | 1 | 254 |
| M-Tron Industries, Inc. (a) |  | 25 |
| N-Able, Inc. (a) | 30 | 139 |
| Napco Security Technologies, Inc. | 7 | 258 |
| Navitas Semiconductor USA, Inc. (a) (c) | 16 | 136 |
| nCino OpCo, Inc. (a) | 19 | 284 |
| NCR Voyix Corporation (a) | 25 | 156 |
| NETGEAR, Inc. (a) | 7 | 143 |
| NetScout Systems, Inc. (a) | 13 | 407 |
| Network-1 Technologies, Inc. | 3 | 4 |
| Nlight, Inc. (a) | 9 | 537 |
| Novanta Inc. (a) | 6 | 709 |
| Nutanix, Inc. - Class A (a) | 36 | 1376 |
| NVE Corporation | 1 | 58 |
| ON24, Inc. (a) | 10 | 84 |
| OneSpan Inc. | 8 | 83 |
| Onto Innovation Inc. (a) | 7 | 1375 |
| Ooma, Inc. (a) | 6 | 89 |
| OSI Systems, Inc. (a) | 3 | 804 |
| Ouster, Inc. - Class A (a) | 2 | 28 |
| Pagerduty, Inc. (a) | 17 | 103 |
| PAR Technology Corporation (a) (c) | 6 | 80 |
| PC Connection, Inc. | 5 | 279 |
| PDF Solutions, Inc. (a) | 8 | 260 |
| Pegasystems Inc. | 22 | 946 |
| Penguin Solutions, Inc. (a) | 10 | 180 |
| Photronics, Inc. (a) | 12 | 470 |
| Plexus Corp. (a) | 5 | 974 |
| Porch Group Inc - Class A (a) | 21 | 150 |
| Power Integrations, Inc. | 10 | 489 |
| Powerfleet Inc. (a) | 23 | 72 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Progress Software Corporation (a) | 7 | 189 |
| Q2 Holdings, Inc. (a) | 10 | 450 |
| Qorvo, Inc. (a) | 15 | 1152 |
| Qualys, Inc. (a) | 6 | 530 |
| Ralliant Corporation | 4 | 185 |
| Rambus Inc. (a) | 18 | 1525 |
| Rapid7, Inc. (a) | 6 | 33 |
| Red Violet, Inc. (a) | 3 | 93 |
| Research Solutions, Inc. (a) | 3 | 7 |
| RF Industries, Ltd. (a) | 1 | 12 |
| Ribbon Communications Inc. (a) | 35 | 74 |
| Richardson Electronics, Ltd. | 2 | 24 |
| Rimini Street, Inc. (a) | 13 | 41 |
| RingCentral, Inc. - Class A | 13 | 493 |
| Riot Platforms, Inc. (a) (c) | 65 | 801 |
| Rogers Corporation (a) | 3 | 346 |
| SailPoint, Inc. (a) | 7 | 95 |
| Sanmina Corporation (a) | 9 | 1157 |
| ScanSource, Inc. (a) | 4 | 159 |
| Semtech Corporation (a) | 4 | 316 |
| SentinelOne, Inc. - Class A (a) | 48 | 616 |
| Silicon Laboratories Inc. (a) | 5 | 1019 |
| Sitime Corporation (a) | 1 | 192 |
| Skywater Technology, Inc. (a) | 6 | 154 |
| Skyworks Solutions, Inc. | 19 | 1034 |
| SmartRent, Inc. - Class A (a) | 12 | 18 |
| SolarEdge Technologies Ltd. (a) | 7 | 350 |
| Soundthinking, Inc. (a) (c) | 3 | 21 |
| Sprinklr, Inc. - Class A (a) | 25 | 150 |
| SPS Commerce, Inc. (a) | 6 | 347 |
| Synaptics Incorporated (a) | 7 | 464 |
| TD SYNNEX Corporation | 3 | 491 |
| Telos Corporation (a) | 17 | 71 |
| Tenable Holdings, Inc. (a) | 15 | 251 |
| Teradata Corporation (a) | 17 | 439 |
| TransAct Technologies Incorporated (a) |  | 1 |
| TTM Technologies, Inc. (a) | 17 | 1682 |
| Turtle Beach Corporation (a) | 3 | 27 |
| Uipath, Inc. - Class A (a) (c) | 72 | 797 |
| Ultra Clean Holdings, Inc. (a) | 8 | 517 |
| Unisys Corporation (a) | 15 | 30 |
| Unity Software Inc. (a) | 57 | 1245 |
| Universal Display Corporation | 8 | 688 |
| Varonis Systems, Inc. (a) | 7 | 144 |
| Veeco Instruments Inc. (a) | 11 | 361 |
| Vertex, Inc. - Class A (a) | 10 | 120 |
| Viant Technology Inc. - Class A (a) | 3 | 29 |
| ViaSat, Inc. (a) | 17 | 780 |
| Viavi Solutions Inc. (a) | 39 | 1293 |
| Vishay Intertechnology, Inc. | 21 | 385 |
| Vishay Precision Group, Inc. (a) | 3 | 116 |
| Vistance Networks, Inc. (a) | 35 | 637 |
| Vontier Corporation | 24 | 853 |
| Xerox Holdings Corporation (c) | 22 | 28 |
| Xperi Inc. (a) | 9 | 48 |
| Yext, Inc. (a) | 23 | 87 |
| Zebra Technologies Corporation - Class A (a) | 4 | 859 |
| Zeta Global Holdings Corp. - Class A (a) | 33 | 525 |
| | | 84275 |
| **Energy 6.4%** | **Energy 6.4%** | **Energy 6.4%** |
| Amplify Energy Corp. (a) | 9 | 59 |
| Antero Midstream Corporation | 78 | 1778 |
| Antero Resources Corporation (a) | 30 | 1261 |
| Apa Corp. | 32 | 1339 |
| Archrock, Inc. | 29 | 1005 |
| Ardmore Shipping Services (Ireland) Limited | 8 | 129 |
| Atlas Energy Solutions Inc. (c) | 10 | 128 |
| BKV Corporation (a) | 11 | 317 |
| Borr Drilling Limited (a) | 54 | 313 |
| Bristow Holdings U.S. Inc. | 5 | 248 |
| Cactus, Inc. - Class A | 11 | 513 |
| California Resources Corporation | 14 | 954 |
| Centrus Energy Corp. - Class A (a) | 3 | 446 |
| Chord Energy Corporation | 7 | 1002 |
| Clean Energy Fuels Corp. (a) | 46 | 113 |
| CNX Resources Corporation (a) | 24 | 931 |
| Comstock Inc. (a) | 11 | 33 |
| Comstock Resources, Inc. (a) (c) | 46 | 961 |
| Core Laboratories LP | 9 | 146 |
| Core Natural Resources, Inc. | 3 | 314 |
| Crescent Energy Company - Class A | 51 | 690 |
| CVR Energy, Inc. (a) | 18 | 594 |
| DHT Holdings, Inc. | 28 | 516 |
| DMC Global Inc. (a) | 5 | 28 |
| Dorian LPG Ltd. | 8 | 276 |
| Drilling Tools International, Inc. (a) | 3 | 15 |
| DT Midstream, Inc. | 11 | 1469 |
| enCore Energy Corp. (a) (c) | 6 | 12 |
| Energy Services of America Corporation | 3 | 36 |
| Epsilon Energy Ltd. (c) | 5 | 30 |
| Evolution Petroleum Corporation | 9 | 39 |
| Excelerate Energy, Inc. - Class A | 5 | 157 |
| Expro Group Holdings N.V. (a) | 20 | 347 |
| Forum Energy Technologies, Inc. (a) | 2 | 130 |
| FutureFuel Corp. | 10 | 40 |
| Geospace Technologies Corporation (a) | 3 | 42 |
| Gevo, Inc. (a) (c) | 10 | 28 |
| Granite Ridge Resources, Inc. | 21 | 123 |
| Green Plains Inc. (a) | 12 | 196 |
| Gulfport Energy Corporation (a) | 3 | 613 |
| Helix Energy Solutions Group, Inc. (a) | 27 | 264 |
| Helmerich & Payne, Inc. | 17 | 620 |
| HF Sinclair Corporation | 28 | 1720 |
| Innovex International, Inc. (a) | 12 | 281 |
| International Seaways, Inc. | 8 | 617 |
| Kinetik Holdings Inc. - Class A (c) | 9 | 413 |
| KLX Energy Services Holdings, Inc. (a) | 1 | 2 |
| Kodiak Gas Services, LLC | 14 | 813 |
| Kosmos Energy Ltd. (a) | 87 | 242 |
| Liberty Energy Inc. - Class A | 27 | 788 |
| Magnolia Oil & Gas Corporation - Class A | 30 | 963 |
| Mammoth Energy Services, Inc. (a) | 11 | 27 |
| Matador Resources Company | 19 | 1183 |
| Murphy Oil Corporation | 23 | 944 |
| Nabors Industries Ltd. (a) | 2 | 210 |
| NACCO Industries, Inc. - Class A | 2 | 91 |
| National Energy Services Reunited Corporation (a) | 17 | 364 |
| Natural Gas Services Group, Inc. | 2 | 88 |
| NCS Multistage Holdings, Inc. (a) |  | 18 |
| Noble Corporation PLC | 21 | 1048 |
| Nordic American Tankers Limited | 40 | 237 |
| Northern Oil and Gas Incorporated | 18 | 533 |
| NOV Inc. | 58 | 1083 |
| Oceaneering International, Inc. (a) | 17 | 612 |
| Oil States International, Inc. (a) | 13 | 153 |
| Opal Fuels Inc. - Class A (a) | 2 | 5 |
| Ovintiv Canada ULC | 11 | 675 |
| Par Pacific Holdings, Inc. (a) | 8 | 528 |
| Patterson-UTI Energy, Inc. | 67 | 722 |
| PBF Energy Inc. - Class A | 19 | 917 |
| Peabody Energy Corporation | 21 | 682 |
| Permian Resources Corporation - Class A | 29 | 618 |
| Primeenergy Resources Corporation (a) (c) |  | 61 |
| ProFrac Holding Corp. - Class A (a) | 4 | 23 |
| Propetro Holding Corp. (a) | 21 | 310 |
| Range Resources Corporation | 39 | 1767 |
| Ranger Energy Services, Inc. - Class A | 4 | 73 |
| REX American Resources Corporation (a) | 7 | 312 |
| Riley Exploration - Permian, LLC | 4 | 144 |
| Ring Energy Inc. (a) (c) | 2 | 3 |
| RPC, Inc. | 38 | 267 |
| SandRidge Energy, Inc. | 6 | 101 |
| Scorpio Tankers Inc. | 9 | 675 |
| SEACOR Marine Holdings Inc. (a) | 7 | 52 |
| Seadrill Limited (a) | 11 | 492 |
| Select Water Solutions, Inc. - Class A | 21 | 327 |
| SFL Corporation Ltd. | 29 | 312 |
| SM Energy Company | 35 | 1078 |
| Smart Sand, Inc. | 10 | 49 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Solaris Energy Infrastructure, Inc. - Class A | 8 | 465 |
| Talos Energy Inc. (a) | 30 | 472 |
| Teekay Corporation | 17 | 209 |
| Teekay Tankers Ltd. - Class A | 6 | 411 |
| TETRA Technologies, Inc. (a) | 28 | 240 |
| Tidewater Inc. (a) | 9 | 726 |
| Transocean Ltd. (a) (b) | 141 | 933 |
| Uranium Energy Corp. (a) | 56 | 750 |
| VAALCO Energy, Inc. | 19 | 118 |
| Valaris Limited (a) | 11 | 1124 |
| Vitesse Energy, Inc. (c) | 5 | 94 |
| W&T Offshore, Inc. | 13 | 44 |
| Weatherford International Public Limited Company | 10 | 948 |
| World Kinect Corporation | 11 | 243 |
| | | 47655 |
| **Materials 5.4%** | **Materials 5.4%** | **Materials 5.4%** |
| AdvanSix Inc. | 5 | 122 |
| Alcoa Corporation | 2 | 158 |
| Alpha Metallurgical Resources, Inc. (a) | 2 | 460 |
| Alto Ingredients, Inc. (a) | 20 | 95 |
| American Battery Technology Company (a) | 22 | 61 |
| American Vanguard Corporation (a) | 6 | 15 |
| Ampco-Pittsburgh Corporation (a) | 3 | 18 |
| AptarGroup, Inc. | 8 | 947 |
| Ardagh Metal Packaging S.A. | 73 | 295 |
| ARQ, Inc. (a) | 6 | 15 |
| Ascent Industries Co. (a) | 2 | 24 |
| Ashland Inc. | 8 | 436 |
| Aspen Aerogels, Inc. (a) | 13 | 46 |
| Avient Corporation | 16 | 589 |
| Axalta Coating Systems Ltd. (a) | 34 | 945 |
| Balchem Corporation | 6 | 934 |
| Cabot Corporation | 9 | 711 |
| Caledonia Mining Corporation PLC | 4 | 82 |
| Celanese Corporation - Class A | 13 | 828 |
| Century Aluminum Company (a) | 17 | 983 |
| CF Industries Holdings, Inc. | 11 | 1481 |
| Chemours Company, The | 24 | 537 |
| Clearwater Paper Corporation (a) | 3 | 49 |
| Cleveland-Cliffs Inc. (a) | 92 | 778 |
| Coeur Mining, Inc. (a) | 76 | 1419 |
| Commercial Metals Company | 20 | 1240 |
| Compass Minerals International, Inc. (a) | 7 | 161 |
| Core Molding Technologies, Inc. (a) |  | 4 |
| Crown Holdings, Inc. | 10 | 1000 |
| Dakota Gold Corp. (a) | 13 | 64 |
| Eagle Materials Inc. | 5 | 925 |
| Eastman Chemical Company | 15 | 1131 |
| Ecovyst Inc. (a) | 20 | 259 |
| Element Solutions Inc. | 44 | 1497 |
| Ferroglobe PLC | 26 | 108 |
| Flotek Industries, Inc. (a) (c) | 6 | 95 |
| FMC Corporation | 15 | 257 |
| Fortitude Gold Corporation | 2 | 11 |
| Friedman Industries, Incorporated | 2 | 27 |
| Graphic Packaging Holding Company | 39 | 386 |
| Greif, Inc. - Class A | 4 | 300 |
| Greif, Inc. - Class B (c) | 3 | 227 |
| H.B. Fuller Company | 10 | 598 |
| Hawkins, Inc. | 4 | 587 |
| Hecla Mining Company | 107 | 1994 |
| Huntsman Corporation | 30 | 397 |
| Idaho Strategic Resources, Inc. (a) | 1 | 30 |
| Ingevity Corporation (a) | 6 | 461 |
| Innospec Inc. | 4 | 320 |
| Intrepid Potash, Inc. (a) | 3 | 122 |
| Ivanhoe Electric Inc. (a) | 9 | 105 |
| Kaiser Aluminum Corporation | 3 | 367 |
| Koppers Holdings Inc. | 4 | 162 |
| KRC Materials, Inc. (a) | 9 | 742 |
| Kronos Worldwide, Inc. | 12 | 81 |
| Lifezone Metals Limited (a) (c) | 6 | 19 |
| Louisiana-Pacific Corporation (W VA) | 11 | 836 |
| LSB Industries, Inc. (a) | 14 | 205 |
| Magnera Corporation (a) | 3 | 27 |
| Materion Corporation | 4 | 519 |
| MATIV Holdings, Inc. | 12 | 104 |
| Mercer International Inc. (c) | 13 | 19 |
| Metallus Inc. (a) | 8 | 137 |
| Minera Andes Inc. (a) | 10 | 207 |
| Minerals Technologies Inc. | 6 | 403 |
| Mosaic Company, The | 39 | 989 |
| MP Materials Corp. - Class A (a) (c) | 21 | 995 |
| Myers Industries, Inc. | 6 | 122 |
| NewMarket Corporation | 2 | 992 |
| Nexa Resources S.A. | 11 | 121 |
| O-I Glass, Inc. (a) | 27 | 287 |
| Olin Corporation | 20 | 596 |
| Orion Engineered Carbons Finance & Co. S.C.A. | 11 | 70 |
| Perimeter Solutions, Inc. (a) | 25 | 615 |
| Quaker Chemical Corporation | 3 | 371 |
| Ramaco Resources, Inc. - Class A (a) | 11 | 174 |
| Ramaco Resources, Inc. - Class B | 2 | 22 |
| Ranpak Holdings Corp - Class A (a) | 14 | 49 |
| Rayonier Advanced Materials Inc. (a) | 13 | 144 |
| Ryerson Holding Corporation | 10 | 214 |
| Scotts Miracle-Gro Company, The | 9 | 553 |
| Sensient Technologies Corporation | 7 | 615 |
| Silgan Holdings Inc. | 18 | 687 |
| Smith-Midland Corporation (a) (c) | 1 | 39 |
| Solstice Advanced Materials US, Inc. | 1 | 113 |
| Sonoco Products Company | 15 | 803 |
| Stepan Company | 4 | 203 |
| SunCoke Energy, Inc. | 17 | 114 |
| Sylvamo Corporation | 7 | 288 |
| Tredegar Corporation (a) | 8 | 65 |
| TriMas Corporation | 8 | 270 |
| Tronox Holdings PLC | 28 | 277 |
| United States Lime & Minerals, Inc. | 5 | 652 |
| Warrior Met Coal, Inc. | 8 | 782 |
| Westlake Corporation | 7 | 833 |
| Worthington Steel, Inc. | 9 | 274 |
|  |  | 40491 |
| **Consumer Staples 4.2%** | **Consumer Staples 4.2%** | **Consumer Staples 4.2%** |
| Albertsons Companies, Inc. - Class A | 71 | 1208 |
| Alico, Inc. | 2 | 63 |
| Andersons, Inc. , The | 6 | 434 |
| B&G Foods, Inc. (c) | 13 | 61 |
| Bellring Intermediate Holdings, Inc. (a) | 20 | 327 |
| BJ's Wholesale Club Holdings, Inc. (a) | 10 | 1030 |
| Boston Beer Company, Inc., The - Class A (a) | 2 | 350 |
| Brown-Forman Corporation - Class B | 20 | 536 |
| Calavo Growers, Inc. | 3 | 84 |
| Cal-Maine Foods, Inc. | 8 | 597 |
| Campbell's Company, The (c) | 37 | 826 |
| Central Garden & Pet Company (a) | 1 | 55 |
| Central Garden & Pet Company - Class A (a) | 9 | 305 |
| Clorox Company, The | 7 | 757 |
| Coca-Cola Consolidated, Inc. | 5 | 982 |
| Conagra Brands, Inc. | 61 | 953 |
| Coty Inc. - Class A (a) | 73 | 147 |
| Darling Ingredients Inc. (a) | 21 | 1325 |
| Del Monte Fresh Produce Company | 9 | 355 |
| Dole Public Limited Company | 16 | 233 |
| e.l.f. Beauty, Inc. (a) | 7 | 418 |
| Edgewell Personal Care Colombia S A S | 8 | 181 |
| Energizer Holdings, Inc. | 12 | 203 |
| Farmer Bros. Co. (a) | 4 | 5 |
| Flowers Foods, Inc. | 34 | 275 |
| Freshpet, Inc. (a) | 8 | 474 |
| Grocery Outlet Holding Corp. (a) | 16 | 113 |
| Hain Celestial Group, Inc., The (a) (c) | 17 | 12 |
| Herbalife Nutrition Ltd. (a) | 18 | 267 |
| Hormel Foods Corporation | 8 | 183 |
| Ingles Markets, Incorporated - Class A | 3 | 245 |
| Ingredion Incorporated | 11 | 1203 |
| Interparfums, Inc. | 6 | 516 |
| J&J Snack Foods Corp. | 4 | 292 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| J. M. Smucker Company, The | 15 | 1420 |
| John B. Sanfilippo & Son, Inc. | 2 | 148 |
| Lamb Weston Holdings, Inc. | 22 | 937 |
| LifeVantage Corporation (c) | 2 | 8 |
| Lifeway Foods, Inc. (a) | 3 | 50 |
| Limoneira Company | 4 | 60 |
| Mama's Creations, Inc. (a) | 8 | 123 |
| Maplebear Inc. (a) | 32 | 1197 |
| Medifast, Inc. (a) (c) | 2 | 22 |
| MGPI Processing, Inc. | 3 | 63 |
| Mission Produce, Inc. (a) | 13 | 179 |
| Molson Coors Beverage Company - Class B | 22 | 962 |
| National Beverage Corp. (a) | 15 | 498 |
| Natural Alternatives International, Inc. (a) | 1 | 2 |
| Natural Grocers By Vitamin Cottage, Inc. | 5 | 139 |
| Natural Health Trends Corp. | 1 | 3 |
| Nature's Sunshine Products, Inc. (a) | 5 | 114 |
| Niagen Bioscience, Inc. (a) | 13 | 56 |
| Nu Skin Enterprises, Inc. - Class A | 9 | 66 |
| Oil-Dri Corporation of America | 2 | 142 |
| Olaplex Holdings, Inc. (a) (c) | 6 | 12 |
| Pilgrim's Pride Corporation | 18 | 678 |
| Post Holdings, Inc. (a) | 10 | 965 |
| PriceSmart, Inc. | 5 | 783 |
| Reynolds Consumer Products Inc. | 29 | 622 |
| Rocky Mountain Chocolate Factory, Inc. (a) | 1 | 3 |
| Seaboard Corporation |  | 814 |
| Seneca Foods Corporation - Class A (a) | 1 | 167 |
| Simply Good Foods Company, The (a) | 16 | 237 |
| Spectrum Brands Holdings, Inc. | 5 | 346 |
| Sprouts Farmers Market, Inc. (a) | 11 | 839 |
| The Beauty Health Company - Class A (a) (c) | 14 | 13 |
| The Chefs' Warehouse, Inc. (a) | 7 | 433 |
| The Honest Company, Inc. (a) (c) | 16 | 48 |
| The Marzetti Company | 5 | 637 |
| Tootsie Roll Industries, Inc. | 7 | 320 |
| Turning Point Brands, Inc. | 4 | 327 |
| United Natural Foods, Inc. (a) | 12 | 522 |
| United-Guardian, Inc. |  | 1 |
| Universal Corporation | 4 | 229 |
| USANA Health Sciences, Inc. (a) | 3 | 59 |
| UTZ Brands, Inc. - Class A | 16 | 129 |
| Village Super Market, Inc. - Class A | 2 | 101 |
| Vita Coco Company, Inc., The (a) | 10 | 482 |
| Vital Farms, Inc. (a) (c) | 9 | 124 |
| WD-40 Company | 2 | 485 |
| Weis Markets, Inc. | 5 | 320 |
| ZEVIA PBC - Class A (a) | 6 | 7 |
| | | 30907 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| AES Corporation, The | 97 | 1364 |
| American States Water Company | 7 | 522 |
| Artesian Resources Corporation - Class A | 2 | 55 |
| Avista Corporation | 14 | 575 |
| Black Hills Corporation | 12 | 813 |
| California Water Service Group | 11 | 483 |
| Chesapeake Utilities Corporation | 4 | 509 |
| Clearway Energy, Inc. - Class A | 6 | 235 |
| Clearway Energy, Inc. - Class C | 13 | 528 |
| Consolidated Water Co. Ltd. | 3 | 98 |
| Essential Utilities, Inc. | 36 | 1430 |
| Genie Energy Ltd. - Class B | 5 | 70 |
| Global Water Resources, Inc. | 1 | 7 |
| H2O America | 6 | 364 |
| Hallador Energy Company (a) | 9 | 145 |
| Hawaiian Electric Industries, Inc. (a) | 29 | 428 |
| IDACORP, Inc. (c) | 8 | 1149 |
| MDU Resources Group, Inc. | 33 | 680 |
| MGE Energy, Inc. | 6 | 500 |
| Middlesex Water Company | 3 | 153 |
| Montauk Renewables, Inc. (a) | 25 | 29 |
| National Fuel Gas Company | 15 | 1366 |
| New Jersey Resources Corporation | 17 | 919 |
| Northwest Natural Holding Company | 7 | 385 |
| NorthWestern Corporation | 10 | 660 |
| OGE Energy Corp. | 30 | 1458 |
| One Gas, Inc. | 9 | 805 |
| Ormat Technologies, Inc. | 10 | 1084 |
| Otter Tail Corporation | 7 | 601 |
| Pinnacle West Capital Corporation | 10 | 1043 |
| Portland General Electric Company | 19 | 1003 |
| Pure Cycle Corporation (a) | 6 | 59 |
| RGC Resources, Inc. | 2 | 41 |
| Southwest Gas Holdings, Inc. | 11 | 977 |
| Spire Inc. | 10 | 864 |
| The York Water Company | 3 | 92 |
| TXNM Energy, Inc. | 1 | 88 |
| UGI Corporation | 32 | 1161 |
| Unitil Corporation | 3 | 180 |
|  |  | 22923 |
| **Communication Services 2.7%** | **Communication Services 2.7%** | **Communication Services 2.7%** |
| Advantage Solutions, Inc. - Class A (a) (c) | 1 | 26 |
| AMC Networks, Inc. - Class A (a) | 8 | 53 |
| Angi Inc. - Class A (a) | 7 | 45 |
| Anterix Inc. (a) | 4 | 155 |
| Array Digital Infrastructure, Inc. | 9 | 407 |
| Atlanta Braves Holdings, Inc. - Series A (a) (c) | 2 | 85 |
| Atlanta Braves Holdings, Inc. - Series C (a) | 8 | 361 |
| ATN International, Inc. | 4 | 97 |
| Bandwidth Inc. - Class A (a) | 6 | 99 |
| Boston Omaha Corporation - Class A (a) | 6 | 68 |
| Bumble Inc. - Class A (a) | 20 | 67 |
| Cable One, Inc. (a) | 1 | 70 |
| CarGurus, Inc. - Class A (a) | 15 | 516 |
| Cars.com Inc. (a) | 11 | 93 |
| Cinemark Holdings, Inc. | 22 | 615 |
| Clear Channel Outdoor Holdings, Inc. (a) | 30 | 72 |
| Curiositystream, Inc. - Class A | 6 | 19 |
| DHI Group, Inc. (a) | 12 | 34 |
| DoubleVerify Holdings, Inc. (a) | 25 | 234 |
| E.W. Scripps Company, The - Class A (a) | 20 | 73 |
| Entravision Communications Corporation - Class A | 19 | 57 |
| EverQuote, Inc. - Class A (a) | 6 | 93 |
| fuboTV Inc. - Class A (a) (c) | 4 | 39 |
| Gaia, Inc. - Class A (a) | 3 | 10 |
| Gambling.Com Group Limited (a) | 7 | 27 |
| Globalstar, Inc. (a) | 3 | 181 |
| Gogo, Inc. (a) | 25 | 99 |
| Gray Media, Inc. | 17 | 73 |
| Grindr Inc. (a) (c) | 18 | 217 |
| Grizzly Merger Sub 1, LLC - Series A (a) |  | 8 |
| Grizzly Merger Sub 1, LLC - Series C (a) | 6 | 220 |
| Harte Hanks, Inc. (a) | 1 | 3 |
| Ibotta, Inc. - Class A (a) (c) | 1 | 23 |
| IDT Corporation - Class B | 4 | 220 |
| IMAX Corporation (a) | 10 | 388 |
| Iridium Communications Inc. | 19 | 533 |
| John Wiley & Sons, Inc. - Class A | 8 | 311 |
| Liberty Broadband Corporation - Series A (a) | 3 | 138 |
| Liberty Broadband Corporation - Series C (a) | 17 | 850 |
| Liberty Global Ltd. - Class A (a) | 30 | 359 |
| Liberty Global Ltd. - Class C (a) | 23 | 270 |
| Liberty Latin America Ltd. - Class A (a) | 5 | 41 |
| Liberty Latin America Ltd. - Class C (a) | 30 | 267 |
| Lionsgate Studios Corp. (a) | 11 | 110 |
| Lumen Technologies, Inc. (a) | 155 | 1080 |
| Magnite, Inc. (a) | 25 | 292 |
| Marchex, Inc. - Class B (a) |  |  |
| Marcus Corporation, The | 4 | 77 |
| Match Group, Inc. | 33 | 999 |
| Mediaalpha, Inc. - Class A (a) | 10 | 89 |
| National CineMedia, Inc. | 11 | 33 |
| Nexstar Media Group, Inc. - Class A | 5 | 935 |
| Nextdoor Holdings, Inc. - Class A (a) | 34 | 48 |
| Nicholas Financial, Inc. (a) | 2 | 8 |
| Paramount Skydance Corporation - Class B | 33 | 297 |
| Pinterest, Inc. - Class A (a) | 59 | 1091 |
| Playstudios, Inc. - Class A (a) | 5 | 2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Podcastone, Inc. (a) |  |  |
| PubMatic, Inc. - Class A (a) | 8 | 65 |
| QuinStreet, Inc. (a) | 10 | 122 |
| Reservoir Media Management, Inc. (a) | 4 | 44 |
| Saga Communications, Inc. - Class A | 1 | 10 |
| Scholastic Corporation | 5 | 203 |
| Shenandoah Telecommunications Company | 10 | 150 |
| Shutterstock, Inc. | 6 | 105 |
| Sinclair, Inc. - Class A | 9 | 112 |
| Sirius XM Holdings Inc. | 43 | 983 |
| Skillz Inc. - Class A (a) (c) | 4 | 11 |
| Snap Inc. - Class A (a) | 152 | 701 |
| Sphere Entertainment Co. - Class A (a) (c) | 5 | 627 |
| Sphere Entertainment Co. - Class A (a) | 7 | 413 |
| Spok Holdings, Inc. | 3 | 38 |
| Stagwell, Inc. - Class A (a) | 32 | 204 |
| Starz Entertainment (a) | 1 | 9 |
| TechTarget, Inc. (a) | 6 | 24 |
| Telephone and Data Systems, Inc. | 21 | 868 |
| The New York Times Company - Class A | 13 | 1074 |
| Thryv Holdings, Inc. (a) | 8 | 22 |
| Travelzoo (a) (c) | 2 | 12 |
| TripAdvisor, Inc. (a) | 21 | 223 |
| Urban One, Inc. - Class A (a) |  | 1 |
| Urban One, Inc. - Class D (a) | 1 | 4 |
| USA TODAY Co., Inc. (a) | 30 | 214 |
| Vivid Seats Inc. - Class A (a) (c) | 1 | 7 |
| Yelp Inc. (a) | 11 | 269 |
| Zedge, Inc. - Class B | 1 | 3 |
| Ziff Davis, Inc. (a) | 8 | 320 |
| ZoomInfo Technologies Inc. - Class A (a) (c) | 52 | 308 |
| | | 19823 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| Compass, Inc. - Class A (a) | 109 | 798 |
| Cushman & Wakefield Ltd. (a) | 39 | 484 |
| Douglas Elliman Inc. (a) | 22 | 36 |
| Dwight A. Walker Real Estate, Inc. - Class A (a) | 4 | 22 |
| eXp World Holdings, Inc. (c) | 25 | 152 |
| Five Point Holdings, LLC - Class A (a) | 16 | 79 |
| Florida Rock Properties, Inc. (a) | 3 | 77 |
| Forestar Group Inc. (a) | 9 | 216 |
| Howard Hughes Holdings Inc. (a) | 9 | 566 |
| Kennedy-Wilson Holdings, Inc. | 24 | 256 |
| Marcus & Millichap Company | 7 | 175 |
| Maui Land & Pineapple Company, Inc. (a) | 2 | 34 |
| Newmark Group, Inc. - Class A | 26 | 383 |
| Open Doors Technology Inc. - Class A (a) | 145 | 681 |
| Seaport Entertainment Group Inc. (a) (c) | 2 | 44 |
| St. Joe Company, The | 10 | 627 |
| Stratus Properties Inc. (a) (c) | 2 | 61 |
| Tejon Ranch Co. (a) | 5 | 100 |
| The Rmr Group Inc. - Class A | 4 | 62 |
| Uniti Group Inc. (a) | 29 | 272 |
| Zillow Group, Inc. - Class A (a) | 6 | 266 |
| Zillow Group, Inc. - Class C (a) | 25 | 1047 |
|  |  | 6438 |
| Total Common Stocks (cost $686,085) | Total Common Stocks (cost $686,085) | 740931 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| 89Bio, Inc. (a) (c) (d) | 11 | 4 |
| Akero Therapeutics Inc. (a) (d) | 1 |  |
| Albireo Pharma, Inc. (a) (d) | 5 | 33 |
| Bristol-Myers Squibb Company (a) | 8 | 1 |
| Chinook Therapeutics, Inc. (a) (d) | 11 |  |
| HilleVax, Inc. (a) (d) | 8 | 1 |
| Iteos Therapeutics, LLC (a) (d) | 7 |  |
| Kinnate Biopharma Inc. (a) (d) | 1 |  |
| M-Tron Industries, Inc. (a) |  | 1 |
| Opiant Pharmaceuticals, Inc. (a) (c) (d) | 1 |  |
| Poseida Therapeutics, Inc. (a) (d) | 21 | 11 |
| Resolute Forest Products Inc. (a) (d) | 16 | 4 |
| Sage Therapeutics Inc. (a) (d) | 8 | 4 |
| Spectrum Pharmaceuticals, Inc. (a) (d) | 30 |  |
| Treehouse Foods, Inc. (a) (d) | 9 | 17 |
| Verve Therapeutics, Inc. (a) (d) | 1 | 3 |
| Total Rights (cost $0) | Total Rights (cost $0) | 79 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Xerox Holdings Corporation (a) | 11 | 1 |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 1 |
| **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 3.63% (e) (f) | 5916 | 5916 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 3.53% (e) (f) | 339 | 339 |
| Total Short Term Investments (cost $6,255) | Total Short Term Investments (cost $6,255) | 6255 |
| **Total Investments 100.8% (cost $692,340)** | **Total Investments 100.8% (cost $692,340)** | **747266** |
| **Other Assets and Liabilities, Net (0.8)%** | **Other Assets and Liabilities, Net (0.8)%** | **(5668)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **741598** |

---

(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 March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 2374 | 56473 | 58508 | 24 |  |  | 339 |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 8852 | 19049 | 21985 | 73 |  |  | 5916 | 0.8 |
|  | 11226 | 75522 | 80493 | 97 |  |  | 6255 | 0.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 84 |  |
| Transocean Ltd. | 03/02/21 | 606 | 933 | 0.1 |
|  |  | 682 | 1017 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 740926 |  | 5 | 740931 |
| &nbsp;&nbsp;Rights | 2 |  | 77 | 79 |
| &nbsp;&nbsp;Warrants | 1 |  |  | 1 |
| &nbsp;&nbsp;Short Term Investments | 6255 |  |  | 6255 |
|  | 747184 |  | 82 | 747266 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 48.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 48.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 48.1%** |
| **Mortgage-Backed Securities 22.4%** | **Mortgage-Backed Securities 22.4%** | **Mortgage-Backed Securities 22.4%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.36%, (1 Year Treasury + 2.36%), 07/01/27 (a) |  |  |
| 3.00%, 08/01/46 - 07/01/52 | 62987 | 56464 |
| 4.00%, 10/01/48 | 1551 | 1479 |
| 2.00%, 11/01/50 - 05/01/51 | 23349 | 19191 |
| 5.50%, 04/01/53 - 04/01/55 | 46194 | 47090 |
| 5.00%, 06/01/53 - 11/01/53 | 22211 | 22130 |
| 6.00%, 11/01/53 - 12/01/54 | 50024 | 51700 |
| Series 2023-A-GSP, REMIC, 6.70%, 01/12/29 (a) | 2350 | 2433 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 04/01/26 - 01/01/46 | 17 | 16 |
| 4.50%, 04/01/26 - 07/01/42 | 1428 | 1424 |
| 5.10%, 03/01/30 | 3682 | 3760 |
| 5.09%, 05/01/30 | 4289 | 4417 |
| 4.48%, 06/01/30 | 12431 | 12466 |
| 4.97%, 07/01/31 | 7014 | 7125 |
| 2.46%, 04/01/32 | 11428 | 10265 |
| 5.78%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.45%), 01/01/35 (a) | 88 | 90 |
| 6.23%, (1 Year Treasury + 2.24%), 01/01/36 (a) | 854 | 880 |
| 5.00%, 12/01/38 - 08/01/53 | 40271 | 40091 |
| 5.53%, 06/01/40 | 8413 | 8594 |
| 5.48%, 04/01/41 | 5433 | 5547 |
| 5.07%, 10/01/41 | 1986 | 1938 |
| 5.11%, (12 Month Treasury Average + 1.20%), 06/01/43 (a) | 22 | 22 |
| 3.00%, 04/01/47 - 07/01/52 | 12520 | 11191 |
| 2.50%, 10/01/50 - 05/01/52 | 80649 | 69014 |
| 2.00%, 11/01/50 - 12/01/51 | 35456 | 28954 |
| 5.50%, 06/01/53 - 08/01/55 | 48798 | 49773 |
| 6.00%, 12/01/53 - 10/01/54 | 3024 | 3143 |
| Government National Mortgage Association |  |  |
| 5.63%, (1 Year Treasury + 1.50%), 05/20/26 - 02/20/32 (a) | 8 | 8 |
| 5.00%, 02/15/38 - 07/15/39 | 2427 | 2469 |
| 3.50%, 09/15/42 - 07/20/51 | 31155 | 29185 |
| 3.00%, 11/15/44 - 04/20/52 | 24267 | 21586 |
| 2.50%, 12/20/50 - 02/20/52 | 40228 | 34604 |
|  |  | 547049 |
| **U.S. Treasury Note 10.7%** | **U.S. Treasury Note 10.7%** | **U.S. Treasury Note 10.7%** |
| Treasury, United States Department of |  |  |
| 0.75%, 05/31/26 - 01/31/28 | 3950 | 3799 |
| 0.63%, 03/31/27 - 08/15/30 | 151120 | 132120 |
| 0.50%, 10/31/27 | 970 | 921 |
| 0.88%, 11/15/30 | 144260 | 125726 |
|  |  | 262566 |
| **U.S. Treasury Bond 8.3%** | **U.S. Treasury Bond 8.3%** | **U.S. Treasury Bond 8.3%** |
| Treasury, United States Department of |  |  |
| 1.13%, 05/15/40 - 08/15/40 | 156680 | 97753 |
| 1.38%, 11/15/40 - 08/15/50 | 3090 | 1924 |
| 1.88%, 02/15/41 - 02/15/51 | 106780 | 73910 |
| 1.75%, 08/15/41 | 44530 | 29783 |
| 1.25%, 05/15/50 | 440 | 209 |
|  |  | 203579 |
| **Sovereign 4.3%** | **Sovereign 4.3%** | **Sovereign 4.3%** |
| Assembleia da Republica |  |  |
| 0.48%, 10/18/30, EUR (b) | 1210 | 1262 |
| 3.00%, 06/15/35, EUR (c) | 500 | 564 |
| Bundesrepublik Deutschland |  |  |
| 0.00%, 02/15/31, EUR (b) (d) | 1750 | 1780 |
| 1.70%, 08/15/32, EUR | 1190 | 1292 |
| Cabinet Office, Government of Japan |  |  |
| 0.10%, 12/20/26 - 12/20/27, JPY | 279800 | 1733 |
| 1.90%, 03/20/31, JPY | 133000 | 843 |
| 0.50%, 03/20/38, JPY | 284500 | 1404 |
| 0.30%, 09/20/39, JPY | 130000 | 592 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.84%, 06/20/30 | 500 | 466 |
| 6.15%, 08/12/32, PEN | 3900 | 1185 |
| 5.40%, 08/12/34, PEN | 9600 | 2666 |
| 7.60%, 08/12/39, PEN (e) | 3600 | 1100 |
| Commonwealth of Australia |  |  |
| 1.50%, 06/21/31, AUD (b) | 900 | 530 |
| 2.75%, 06/21/35, AUD (b) | 3910 | 2261 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 7.50%, 08/26/26, COP | 3436700 | 918 |
| 4.13%, 05/15/51 | 1750 | 1070 |
| Estado Espanol |  |  |
| 0.60%, 10/31/29, EUR | 1000 | 1071 |
| 0.50%, 04/30/30, EUR (b) | 2500 | 2633 |
| Fondo Mivivienda S.A. |  |  |
| 5.40%, 03/31/31 (c) | 150 | 150 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.50%, 05/03/26 (b) | 600 | 600 |
| 4.38%, 06/05/27 (b) | 200 | 198 |
| 4.88%, 02/13/28 (b) | 300 | 298 |
| 5.25%, 08/10/29 (b) | 700 | 696 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 8.50%, 02/28/30, MXN | 22000 | 1220 |
| 7.75%, 05/29/31, MXN | 60300 | 3193 |
| 7.50%, 05/26/33, MXN | 49400 | 2509 |
| 8.00%, 02/21/36, MXN | 54800 | 2828 |
| 4.40%, 02/12/52 | 500 | 353 |
| 6.34%, 05/04/53 | 2800 | 2599 |
| Government of Canada |  |  |
| 3.25%, 12/01/34 - 06/01/35, CAD | 780 | 553 |
| Government of Ireland |  |  |
| 1.10%, 05/15/29, EUR (b) | 1030 | 1134 |
| Government of the Republic of Trinidad and Tobago |  |  |
| 6.50%, 01/28/36 (c) | 450 | 443 |
| HM Treasury |  |  |
| 4.38%, 03/07/30, GBP | 930 | 1231 |
| 4.25%, 03/07/36, GBP (b) | 1400 | 1762 |
| Malaysia, Government of |  |  |
| 3.58%, 07/15/32, MYR | 7200 | 1781 |
| 3.83%, 07/05/34, MYR | 7700 | 1923 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 7.25%, 10/18/34, COP | 9611400 | 1840 |
| Ministry of Finance |  |  |
| 4.15%, 10/31/35, ILS | 3500 | 1117 |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (b) | 200 | 192 |
| 5.95%, 03/08/28 (b) | 300 | 304 |
| 3.00%, 12/15/32 (b) | 300 | 257 |
| 4.00%, 12/15/50 (b) | 600 | 410 |
| New Zealand Parliament |  |  |
| 1.50%, 05/15/31, NZD | 700 | 352 |
| 4.50%, 05/15/35, NZD | 1290 | 735 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/27 - 01/01/31, BRL | 46000 | 8214 |
| 4.75%, 01/14/50 | 800 | 578 |
| Presidencia de la Republica de Chile |  |  |
| 5.80%, 10/01/29, CLP | 1835000 | 2003 |
| 2.45%, 01/31/31 | 400 | 365 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (b) | 400 | 402 |
| 5.50%, 02/22/29 (b) | 150 | 149 |
| 5.75%, 03/17/34 (c) (e) | 850 | 810 |
| Prime Minister's Office Singapore |  |  |
| 2.75%, 03/01/35, SGD | 2000 | 1617 |
| 2.38%, 07/01/39, SGD | 2000 | 1559 |
| Republic of Indonesia, The Government of, The |  |  |
| 8.25%, 05/15/29, IDR | 24190000 | 1496 |
| 7.00%, 02/15/33, IDR | 17080000 | 1012 |
| 8.38%, 03/15/34, IDR | 24170000 | 1550 |
| 7.50%, 06/15/35, IDR | 5600000 | 343 |
| 6.75%, 07/15/35, IDR | 18160000 | 1061 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Republique Francaise Presidence |  |  |
| 0.50%, 05/25/29, EUR (b) | 830 | 891 |
| 1.50%, 05/25/31, EUR (b) | 1570 | 1676 |
| Romania, Government of |  |  |
| 6.30%, 04/26/28, RON | 7200 | 1617 |
| 8.00%, 04/29/30, RON | 1900 | 444 |
| Sandor-Palota |  |  |
| 4.75%, 11/24/32, HUF | 392200 | 1027 |
| 7.00%, 10/24/35, HUF | 678100 | 2008 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 3.60%, 10/01/35, EUR | 780 | 886 |
| Service Public Federal Chancellerie Du Premier Ministre |  |  |
| 0.90%, 06/22/29, EUR (b) | 290 | 316 |
| 2.85%, 10/22/34, EUR (c) | 1170 | 1299 |
| South Africa, Parliament of |  |  |
| 8.88%, 02/28/35, ZAR | 67200 | 3899 |
| 8.50%, 01/31/37, ZAR | 50100 | 2766 |
| 10.88%, 03/31/38, ZAR | 44300 | 2861 |
| Thailand, Kingdom of |  |  |
| 2.40%, 11/17/27, THB | 11900 | 368 |
| 3.35%, 06/17/33, THB | 40300 | 1328 |
| 1.59%, 12/17/35, THB (b) | 53800 | 1540 |
| Urad Vlady Ceske Republiky |  |  |
| 2.75%, 07/23/29, CZK | 43900 | 1967 |
| 6.20%, 06/16/31, CZK | 29500 | 1494 |
| 3.00%, 03/03/33, CZK | 18500 | 782 |
| Urzad Rady Ministrow |  |  |
| 4.50%, 07/25/30, PLN | 5400 | 1415 |
| 1.75%, 04/25/32, PLN | 4300 | 940 |
| 5.00%, 10/25/34 - 10/25/35, PLN | 9500 | 2416 |
| | | 105147 |
| **Collateralized Mortgage Obligations 1.3%** | **Collateralized Mortgage Obligations 1.3%** | **Collateralized Mortgage Obligations 1.3%** |
| Connecticut Avenue Securities Trust 2022-R04 |  |  |
| Series 2022-1M2-R04, REMIC, 6.76%, (SOFR 30-Day Average + 3.10%), 03/25/42 (a) | 6000 | 6106 |
| Connecticut Avenue Securities Trust 2024-R03 |  |  |
| Series 2024-2M1-R03, REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 03/25/27 (a) | 3444 | 3442 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series LZ-2764, REMIC, 4.50%, 03/15/34 | 800 | 799 |
| Series 2022-M1B-DNA3, REMIC, 6.56%, (SOFR 30-Day Average + 2.90%), 04/25/42 (a) | 10000 | 10141 |
| Series 2024-M2-HQA2, REMIC, 5.46%, (SOFR 30-Day Average + 1.80%), 08/25/44 (a) | 4000 | 4008 |
| Series 2025-A1-DNA1, REMIC, 4.61%, (SOFR 30-Day Average + 0.95%), 01/25/45 (a) | 1237 | 1235 |
| Series FK-5092, REMIC, 4.00%, (SOFR 30-Day Average + 0.70%), 03/25/51 (a) | 3909 | 3146 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2006-3A2-5, REMIC, 6.12%, 05/25/35 (a) | 4 | 4 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2020-IO-188, REMIC, 2.00%, 12/20/50 | 7866 | 935 |
| Interest Only, Series 2021-IU-159, REMIC, 3.00%, 09/20/51 | 9640 | 1636 |
|  |  | 31452 |
| **U.S. Treasury Inflation Indexed Securities 1.1%** | **U.S. Treasury Inflation Indexed Securities 1.1%** | **U.S. Treasury Inflation Indexed Securities 1.1%** |
| Treasury, United States Department of |  |  |
| 0.38%, 07/15/27 (f) | 8071 | 8067 |
| 1.63%, 10/15/27 (f) | 10464 | 10622 |
| 0.50%, 01/15/28 (f) | 8123 | 8058 |
|  |  | 26747 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| Republique Francaise Presidence |  |  |
| 0.70%, 07/25/30, EUR (b) (f) | 692 | 811 |
| Total Government And Agency Obligations (cost $1,198,471) | Total Government And Agency Obligations (cost $1,198,471) | 1177351 |
| **CORPORATE BONDS AND NOTES 25.1%** | **CORPORATE BONDS AND NOTES 25.1%** | **CORPORATE BONDS AND NOTES 25.1%** |
| **Financials 5.5%** | **Financials 5.5%** | **Financials 5.5%** |
| Acrisure, LLC |  |  |
| 6.00%, 08/01/29 (c) | 170 | 160 |
| 6.75%, 07/01/32 (c) | 415 | 399 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 5.10%, 01/19/29 | 1327 | 1344 |
| 6.95%, 03/10/55 | 1708 | 1750 |
| AIB Group Public Limited Company |  |  |
| 5.87%, 03/28/35 (c) | 1736 | 1792 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.50%, 10/01/31 (c) | 380 | 372 |
| American Express Company |  |  |
| 5.41%, 02/08/41 | 2267 | 2252 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (c) | 200 | 181 |
| Ardonagh Finco Limited |  |  |
| 7.75%, 02/15/31 (c) | 520 | 525 |
| Arthur J. Gallagher & Co. |  |  |
| 4.85%, 12/15/29 | 1019 | 1030 |
| Asian Development Bank |  |  |
| 6.20%, 10/06/26 (b) | 129000 | 1350 |
| Asurion LLC |  |  |
| 8.00%, 12/31/32 (c) | 135 | 140 |
| 8.38%, 02/01/34 (c) | 105 | 102 |
| Athene Global Funding |  |  |
| 5.35%, 07/09/27 (c) | 1433 | 1442 |
| 4.72%, 10/08/29 (c) | 897 | 883 |
| 5.03%, 07/17/30 (c) | 986 | 975 |
| Aviation Capital Group LLC |  |  |
| 5.38%, 07/15/29 (c) | 1280 | 1299 |
| Avilease Capital Limited |  |  |
| 4.75%, 11/12/30 (c) | 2485 | 2422 |
| Avolon Holdings Funding Limited |  |  |
| 5.75%, 03/01/29 - 11/15/29 (c) | 3431 | 3515 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (c) | 275 | 283 |
| 7.25%, 01/15/31 (c) | 385 | 388 |
| Banco Davivienda S A |  |  |
| 6.65%, (100, 04/22/31) (c) (g) | 400 | 353 |
| 8.13%, 07/02/35 (b) | 300 | 303 |
| 8.13%, 07/02/35 (c) | 500 | 505 |
| Banco de Credito del Peru |  |  |
| 3.25%, 09/30/31 (b) | 2250 | 2218 |
| Banco Espirito Santo S.A. |  |  |
| 0.00%, 01/21/29, EUR (b) (h) (i) | 6400 | 1628 |
| Banco GNB Sudameris S.A. |  |  |
| 7.50%, 04/16/31 (b) | 150 | 150 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 4.80%, 07/15/31 (c) | 650 | 642 |
| 6.40%, 04/30/35 (b) | 1050 | 1065 |
| 6.40%, 04/30/35 (c) | 450 | 456 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.50%, (100, 06/27/29) (b) (g) | 200 | 199 |
| 7.63%, (100, 01/10/28) (b) (g) | 400 | 400 |
| 8.38%, (100, 05/20/31) (c) (g) | 1100 | 1135 |
| Banco Santander Chile |  |  |
| 4.55%, 11/20/30 (c) | 400 | 396 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 8.13%, 01/08/39 (b) (e) | 1300 | 1368 |
| Bancolombia S.A. |  |  |
| 8.63%, 12/24/34 | 300 | 314 |
| Bank of America Corporation |  |  |
| 6.63%, (100, 05/01/30) (g) | 900 | 925 |
| 2.57%, 10/20/32 | 1426 | 1273 |
| 5.47%, 01/23/35 | 1372 | 1399 |
| 5.74%, 02/12/36 | 1502 | 1527 |
| Bank of New York Mellon Corporation, The |  |  |
| 5.63%, (100, 03/20/31) (e) (g) | 1510 | 1480 |
| 5.06%, 07/22/32 | 1535 | 1565 |
| Bank of Nova Scotia, The |  |  |
| 4.81%, 02/02/34 | 587 | 580 |
| Barclays PLC |  |  |
| 5.86%, 08/11/46 | 1962 | 1936 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.13%, 01/18/33 (b) | 400 | 391 |
| 5.88%, 09/13/34 (b) | 300 | 292 |
| BPCE |  |  |
| 4.76%, 01/13/32 (c) | 1918 | 1892 |
| Brown & Brown, Inc. |  |  |
| 6.25%, 06/23/55 | 727 | 726 |
| Charles Schwab Corporation, The |  |  |
| 4.91%, 11/14/36 | 939 | 912 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (g) | 911 | 909 |
| 3.07%, 02/24/28 | 712 | 704 |
| 4.95%, 05/07/31 | 1487 | 1498 |
| 4.50%, 09/11/31 | 1049 | 1038 |
| 6.17%, 05/25/34 | 850 | 879 |
| Credit Agricole S.A. |  |  |
| 4.82%, 09/25/33 (c) | 1994 | 1956 |
| Daimler Trucks Finance North America LLC |  |  |
| 4.50%, 04/12/31 (c) | 2158 | 2120 |
| European Investment Bank |  |  |
| 6.95%, 03/01/29 (c) | 87000 | 914 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32 (c) | 280 | 276 |
| Gabx Leasing LLC |  |  |
| 4.63%, 04/15/31 (c) | 1066 | 1051 |
| General Motors Financial Company, Inc. |  |  |
| 4.60%, 01/08/31 | 1839 | 1810 |
| GGAM Finance Ltd. |  |  |
| 6.88%, 04/15/29 (c) | 525 | 536 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (c) | 860 | 873 |
| Global Payments Inc. |  |  |
| 5.55%, 11/15/35 | 882 | 849 |
| Goldman Sachs Group, Inc., The |  |  |
| 6.85%, (100, 02/10/30) (g) | 873 | 888 |
| 4.37%, 10/21/31 | 1817 | 1782 |
| 4.52%, 01/21/32 | 277 | 273 |
| 5.33%, 07/23/35 | 1659 | 1664 |
| Guardian Life Insurance Co. |  |  |
| 4.80%, 04/28/30 (c) | 1490 | 1500 |
| Hightower Holdings LLC |  |  |
| 6.75%, 04/15/29 (c) | 370 | 362 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (c) | 260 | 267 |
| Huntington Bancshares Incorporated |  |  |
| 2.49%, 08/15/36 | 1094 | 938 |
| Industrial Subordinated Trust 2.0 |  |  |
| 6.55%, 04/15/36 (c) | 300 | 299 |
| ING Groep N.V. |  |  |
| 5.42%, 03/23/37 | 2087 | 2078 |
| Inter-American Development Bank |  |  |
| 7.00%, 01/25/29 (b) | 120000 | 1249 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (b) | 1000 | 989 |
| International Bank for Reconstruction and Development |  |  |
| 6.85%, 04/24/28 | 100000 | 1042 |
| International Finance Corporation |  |  |
| 7.50%, 01/18/28, MXN | 24200 | 1333 |
| JPMorgan Chase & Co. |  |  |
| 5.14%, 01/24/31 | 1496 | 1526 |
| 5.10%, 04/22/31 | 1675 | 1709 |
| 4.26%, 10/22/31 | 908 | 895 |
| 5.29%, 07/22/35 | 3317 | 3353 |
| 5.58%, 07/23/36 | 1126 | 1141 |
| LFS Topco LLC |  |  |
| 8.75%, 07/15/30 (c) | 245 | 234 |
| Lloyds Banking Group PLC |  |  |
| 6.07%, 06/13/36 | 2160 | 2200 |
| Macquarie AirFinance Holdings Limited |  |  |
| 5.20%, 03/27/28 (c) | 902 | 906 |
| 5.15%, 03/17/30 (c) | 892 | 886 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 4.95%, 03/15/36 | 909 | 899 |
| MetLife, Inc. |  |  |
| 6.35%, 03/15/55 | 1496 | 1516 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 5.06%, 01/14/37 | 1943 | 1909 |
| Morgan Stanley |  |  |
| 4.24%, 01/09/30 | 919 | 910 |
| 4.36%, 10/22/31 | 901 | 884 |
| 5.07%, 01/30/37 | 1055 | 1034 |
| 5.95%, 01/19/38 | 869 | 891 |
| 5.94%, 02/07/39 | 1675 | 1713 |
| Nationwide Building Society |  |  |
| 5.54%, 07/14/36 (c) | 2095 | 2101 |
| NatWest Group PLC |  |  |
| 5.91%, 03/03/47 | 1681 | 1646 |
| Navient Corporation |  |  |
| 5.00%, 03/15/27 | 150 | 146 |
| 7.88%, 06/15/32 (e) | 150 | 133 |
| New York Life Insurance Company |  |  |
| 6.75%, 11/15/39 (c) | 779 | 869 |
| OneMain Finance Corporation |  |  |
| 7.50%, 05/15/31 | 235 | 236 |
| 6.50%, 03/15/33 | 355 | 340 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 4.60%, 06/15/32 (b) | 1100 | 1100 |
| 4.55%, 09/08/35 (b) (j) | 1200 | 1186 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/31 (c) | 425 | 426 |
| PennyMac Financial Services, Inc. |  |  |
| 4.25%, 02/15/29 (c) | 280 | 265 |
| 7.88%, 12/15/29 (c) | 310 | 316 |
| 6.88%, 05/15/32 (c) | 185 | 178 |
| Progressive Corporation, The |  |  |
| 5.15%, 03/26/36 | 1799 | 1801 |
| Rocket Companies, Inc. |  |  |
| 6.38%, 08/01/33 (c) | 250 | 252 |
| Royal Bank of Canada |  |  |
| 4.31%, 11/03/31 | 2687 | 2644 |
| Scotiabank Peru S.A.A. |  |  |
| 6.10%, 10/01/35 (c) | 200 | 204 |
| Societe Generale |  |  |
| 5.44%, 10/03/36 (c) | 1994 | 1953 |
| Starwood Property Trust, Inc. |  |  |
| 5.25%, 10/15/28 (c) | 420 | 415 |
| 7.25%, 04/01/29 (c) | 350 | 360 |
| 6.00%, 04/15/30 (c) | 165 | 165 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/26 (c) (h) (i) | 700 | 3 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.37%, 07/21/36 | 586 | 589 |
| 5.42%, 01/25/41 | 765 | 750 |
| Toronto-Dominion Bank, The |  |  |
| 4.93%, 10/15/35 | 902 | 888 |
| Travelers Companies, Inc., The |  |  |
| 4.60%, 08/01/43 | 999 | 886 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 745 | 792 |
| 5.15%, 08/05/32 | 1686 | 1711 |
| UBS Group AG |  |  |
| 5.01%, 03/23/37 (c) | 1998 | 1936 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 0.00%, 12/31/44 (b) (h) (i) (k) | 263 | 1 |
| United Overseas Bank Limited |  |  |
| 2.00%, 10/14/31 (b) (j) | 1100 | 1085 |
| 3.86%, 10/07/32 (b) (j) | 500 | 495 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (c) | 325 | 316 |
| Wells Fargo & Company |  |  |
| 5.15%, 04/23/31 | 3477 | 3539 |
| 6.49%, 10/23/34 | 2529 | 2736 |
| 4.89%, 09/15/36 | 753 | 732 |
| Willis North America Inc. |  |  |
| 4.55%, 03/15/31 | 1017 | 1004 |
|  |  | 135516 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Utilities 3.9%** | **Utilities 3.9%** | **Utilities 3.9%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (b) | 400 | 366 |
| 3.87%, 07/22/31 (b) | 400 | 352 |
| Adani Energy Solutions Limited |  |  |
| 4.00%, 08/03/26 (b) | 400 | 399 |
| 4.25%, 05/21/36 (b) | 732 | 639 |
| AEP Texas Inc. |  |  |
| 5.45%, 05/15/29 | 1013 | 1039 |
| 5.20%, 04/15/36 | 667 | 657 |
| AES Andres B.V. |  |  |
| 5.70%, 05/04/28 (c) | 800 | 780 |
| Alliant Energy Corporation |  |  |
| 5.75%, 04/01/56 | 916 | 890 |
| Ameren Illinois Company |  |  |
| 4.95%, 06/01/33 | 1500 | 1509 |
| Arizona Public Service Company |  |  |
| 5.90%, 08/15/55 | 3589 | 3537 |
| Black Hills Corporation |  |  |
| 6.00%, 01/15/35 | 1624 | 1685 |
| Boston Gas Company |  |  |
| 3.15%, 08/01/27 (c) | 5000 | 4921 |
| Buffalo Energy Mexico Holdings, S.A. de C.V. |  |  |
| 7.88%, 02/15/39 (c) | 198 | 208 |
| Chile Electricity Lux MPC II S.a r.l. |  |  |
| 5.67%, 10/20/35 (b) | 777 | 786 |
| 5.67%, 10/20/35 (c) | 583 | 590 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (b) | 839 | 866 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (c) (d) | 1295 | 1174 |
| CMS Energy Corporation |  |  |
| 6.50%, 06/01/55 | 866 | 879 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (b) | 515 | 523 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 3.35%, 02/09/31 (b) (e) | 200 | 179 |
| 6.45%, 01/24/35 (c) | 400 | 398 |
| Commonwealth Edison Company |  |  |
| 5.95%, 06/01/55 | 1692 | 1721 |
| Constellation Energy Generation, LLC |  |  |
| 4.40%, 01/15/31 | 1492 | 1476 |
| Dominion Energy, Inc. |  |  |
| 3.38%, 04/01/30 | 4500 | 4302 |
| Duke Energy Corporation |  |  |
| 4.95%, 09/15/35 | 5000 | 4882 |
| 3.95%, 08/15/47 | 2232 | 1658 |
| 5.00%, 08/15/52 | 595 | 509 |
| 5.80%, 06/15/54 | 1260 | 1208 |
| Electricite de France |  |  |
| 4.88%, 09/21/38 (c) | 1948 | 1805 |
| Emirates Sembcorp Water & Power Company P.J.S.C. |  |  |
| 4.45%, 08/01/35 (c) | 1000 | 920 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (b) | 395 | 356 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.38%, 02/15/31 (b) | 400 | 361 |
| Enel Finance International N.V. |  |  |
| 4.13%, 09/30/28 (c) | 920 | 911 |
| 5.13%, 06/26/29 (c) | 782 | 793 |
| Entergy Corporation |  |  |
| 7.13%, 12/01/54 | 1681 | 1719 |
| Essential Utilities, Inc. |  |  |
| 5.13%, 03/15/36 | 751 | 741 |
| Evergy Kansas Central, Inc. |  |  |
| 5.70%, 03/15/53 | 1773 | 1737 |
| Exelon Corporation |  |  |
| 5.45%, 03/15/34 | 3925 | 4014 |
| Fermaca Enterprises S. de R.L. de C.V. |  |  |
| 6.38%, 03/30/38 (b) | 3380 | 3412 |
| GNL Quintero S.A. |  |  |
| 4.63%, 07/31/29 (b) | 1236 | 1231 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30 (c) | 1250 | 1170 |
| 5.40%, 06/01/33 (c) | 750 | 762 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (b) | 1460 | 1336 |
| JSW Hydro Energy Limited |  |  |
| 4.13%, 05/18/31 (c) | 348 | 318 |
| Kentucky Utilities Company |  |  |
| 5.85%, 08/15/55 | 726 | 719 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (b) | 520 | 521 |
| Minejesa Capital B.V. |  |  |
| 4.63%, 08/10/30 (b) | 1233 | 1218 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (b) | 724 | 712 |
| National Fuel Gas Company |  |  |
| 5.95%, 03/15/35 | 725 | 751 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.90%, 03/15/55 | 865 | 851 |
| NiSource Inc. |  |  |
| 5.35%, 04/01/34 | 1723 | 1753 |
| 6.95%, 11/30/54 | 856 | 879 |
| 5.85%, 04/01/55 | 1489 | 1448 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/33 (c) | 300 | 300 |
| 5.75%, 01/15/34 (c) | 110 | 109 |
| NSTAR Electric Company |  |  |
| 5.20%, 03/01/35 | 5000 | 5033 |
| PSEG Power LLC |  |  |
| 5.20%, 05/15/30 (c) | 584 | 593 |
| PT. Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (b) | 1700 | 1686 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (c) | 300 | 313 |
| Sempra |  |  |
| 5.50%, 08/01/33 | 4000 | 4119 |
| Star Energy Geothermal Wayang Windu Ltd. |  |  |
| 6.75%, 04/24/33 (b) | 446 | 446 |
| Suburban Propane Partners, L.P. |  |  |
| 5.00%, 06/01/31 (c) | 290 | 272 |
| Talen Energy Supply, LLC |  |  |
| 6.25%, 02/01/34 (c) | 210 | 208 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (c) | 1500 | 1470 |
| The Southern Company |  |  |
| 3.70%, 04/30/30 (j) | 2500 | 2417 |
| 6.38%, 03/15/55 | 1195 | 1228 |
| Tierra Mojada Luxembourg II S.a r.l. |  |  |
| 5.75%, 12/01/40 (b) | 506 | 481 |
| Trans-Allegheny Interstate Line Company |  |  |
| 5.00%, 01/15/31 (c) | 3307 | 3363 |
| Transelec S.A. |  |  |
| 3.88%, 01/12/29 (c) | 750 | 729 |
| Virginia Electric and Power Company |  |  |
| 5.55%, 08/15/54 | 621 | 589 |
| 5.60%, 09/15/55 | 890 | 845 |
| Vistra Operations Company LLC |  |  |
| 4.38%, 05/01/29 (c) | 907 | 885 |
| 6.88%, 04/15/32 (c) | 315 | 326 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/30 (c) | 270 | 278 |
| WEC Energy Group Inc. |  |  |
| 5.63%, 05/15/56 | 1267 | 1245 |
|  |  | 95506 |
| **Industrials 3.5%** | **Industrials 3.5%** | **Industrials 3.5%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (c) | 310 | 316 |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.38%, 07/03/29 (b) | 800 | 766 |
| 3.10%, 02/02/31 (b) | 300 | 263 |
| Advanced Drainage Systems, Inc. |  |  |
| 6.38%, 06/15/30 (c) | 508 | 511 |
| 5.38%, 03/01/34 (c) | 230 | 224 |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (c) | 1753 | 1770 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (c) (e) | 60 | 51 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (b) (d) | 1309 | 1067 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 (c) | 315 | 312 |
| 6.75%, 05/15/35 (c) | 270 | 269 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.20%, 04/15/54 | 1228 | 1132 |
| CACI International Inc. |  |  |
| 6.38%, 06/15/33 (c) | 175 | 178 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/32 (c) | 490 | 464 |
| CNH Industrial Capital LLC |  |  |
| 4.38%, 03/07/31 | 951 | 929 |
| Columbus McKinnon Corporation |  |  |
| 7.13%, 02/01/33 (c) | 560 | 558 |
| Corporation De Securite Garda World |  |  |
| 6.50%, 01/15/31 (c) | 420 | 425 |
| 8.25%, 08/01/32 (c) | 480 | 475 |
| CRH SMW Finance Designated Activity Company |  |  |
| 5.13%, 01/09/30 | 2098 | 2136 |
| CSX Corporation |  |  |
| 3.80%, 11/01/46 | 2316 | 1774 |
| Danaos Corporation |  |  |
| 6.88%, 10/15/32 (c) | 345 | 350 |
| Delta Air Lines, Inc. |  |  |
| 5.25%, 07/10/30 | 907 | 914 |
| Eaton Corporation |  |  |
| 4.80%, 03/06/36 | 1419 | 1401 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/28 (c) | 1652 | 1719 |
| 5.04%, 03/25/30 (c) | 1694 | 1709 |
| Empresa de Transporte de Pasajeros Metro S.A. |  |  |
| 5.00%, 01/25/47 (c) | 1095 | 984 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (c) | 525 | 534 |
| Fedex Freight Holding Company, Inc. |  |  |
| 4.95%, 03/15/33 (c) | 306 | 299 |
| Fideicomiso Patrimonio Autonomo Panamericana |  |  |
| 8.25%, 01/15/35 (b) | 373 | 382 |
| GATX Corporation |  |  |
| 5.20%, 03/15/44 | 754 | 693 |
| GE Vernova Inc. |  |  |
| 5.50%, 02/04/56 | 586 | 566 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (c) | 1055 | 1067 |
| GFL Environmental Holdings (US), Inc. |  |  |
| 5.50%, 02/01/34 (c) | 710 | 696 |
| Goat Holdco, LLC |  |  |
| 6.75%, 02/01/32 (c) | 290 | 291 |
| GrafTech Finance Inc. |  |  |
| 4.63%, 12/23/29 (c) (e) | 150 | 83 |
| Griffon Corporation |  |  |
| 5.75%, 03/01/28 | 490 | 487 |
| Groupe WSP Global Inc. |  |  |
| 5.04%, 09/18/31 (c) | 2263 | 2246 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (c) | 270 | 276 |
| 5.75%, 03/15/31 (c) | 165 | 162 |
| 6.00%, 03/15/34 (c) | 165 | 159 |
| Honeywell Aerospace Inc. |  |  |
| 4.95%, 03/16/36 (c) | 1542 | 1530 |
| Hubbell Incorporated |  |  |
| 4.80%, 11/15/35 | 1018 | 993 |
| Icahn Enterprises L.P. |  |  |
| 5.25%, 05/15/27 | 260 | 255 |
| Jacobs Solutions Inc. |  |  |
| 5.38%, 03/03/36 | 3063 | 2985 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (c) | 160 | 151 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (b) | 700 | 683 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (b) | 2460 | 2510 |
| 4.35%, 04/05/36 (b) | 788 | 749 |
| Lockheed Martin Corporation |  |  |
| 5.00%, 08/15/35 | 1736 | 1751 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/29 (c) | 785 | 768 |
| MasTec, Inc. |  |  |
| 5.90%, 06/15/29 (l) | 1724 | 1780 |
| MISC Capital Two (Labuan) Limited |  |  |
| 3.75%, 04/06/27 (b) | 700 | 695 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 (c) | 525 | 503 |
| Molex Electronic Technologies, LLC |  |  |
| 5.25%, 04/30/32 (c) | 1886 | 1914 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (b) | 1249 | 1245 |
| Northrop Grumman Corporation |  |  |
| 4.03%, 10/15/47 | 1075 | 846 |
| 5.20%, 06/01/54 (e) | 1786 | 1643 |
| nVent Finance S.a r.l. |  |  |
| 5.65%, 05/15/33 (l) | 891 | 915 |
| Owens Corning |  |  |
| 5.70%, 06/15/34 (e) | 817 | 846 |
| Paychex, Inc. |  |  |
| 5.35%, 04/15/32 | 3316 | 3333 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.25%, 02/01/30 (c) | 1757 | 1785 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (c) | 270 | 275 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (c) | 475 | 481 |
| Rollins, Inc. |  |  |
| 5.25%, 02/24/35 | 1852 | 1847 |
| Seaspan Corporation |  |  |
| 5.50%, 08/01/29 (c) | 510 | 483 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (b) | 400 | 340 |
| Spirit AeroSystems, Inc. |  |  |
| 4.60%, 06/15/28 | 737 | 737 |
| Standard Building Solutions Inc. |  |  |
| 6.50%, 08/15/32 (c) | 260 | 259 |
| 5.88%, 03/15/34 (c) | 335 | 321 |
| Star Leasing Company, LLC |  |  |
| 7.63%, 02/15/30 (c) | 105 | 97 |
| Textron Inc. |  |  |
| 5.50%, 05/15/35 | 1692 | 1719 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (c) | 200 | 199 |
| TransDigm Inc. |  |  |
| 6.88%, 12/15/30 (c) | 515 | 525 |
| 6.38%, 05/31/33 (c) | 490 | 488 |
| 6.25%, 01/31/34 (c) | 35 | 35 |
| 6.75%, 01/31/34 (c) | 55 | 56 |
| Trident TPI Holdings, Inc. |  |  |
| 12.75%, 12/31/28 (c) | 140 | 136 |
| Triton Container International Limited |  |  |
| 5.15%, 02/15/33 | 1887 | 1845 |
| Trivium Packaging Finance B.V. |  |  |
| 8.25%, 07/15/30 (c) | 271 | 284 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/34 | 1743 | 1705 |
| United Airlines Holdings, Inc. |  |  |
| 4.88%, 03/01/29 | 760 | 746 |
| 5.38%, 03/01/31 | 2570 | 2517 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (c) | 1822 | 1790 |
| Veralto Corporation |  |  |
| 5.35%, 09/18/28 | 604 | 617 |
| 5.45%, 09/18/33 | 870 | 888 |
| Verisk Analytics, Inc. |  |  |
| 5.25%, 06/05/34 | 1690 | 1683 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 (c) | 3696 | 3635 |
| Vertiv Holdings Co |  |  |
| 5.80%, 03/15/56 | 671 | 649 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Waste Connections, Inc. |  |  |
| 5.25%, 09/01/35 (e) | 1421 | 1450 |
| Watco Companies, L.L.C. |  |  |
| 7.13%, 08/01/32 (c) | 520 | 533 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/33 (c) | 170 | 173 |
| 5.50%, 04/15/34 (c) | 265 | 261 |
| Westinghouse Air Brake Technologies Corporation |  |  |
| 4.90%, 05/29/30 | 1681 | 1700 |
| XPO, Inc. |  |  |
| 7.13%, 06/01/31 (c) | 650 | 671 |
| Yinson Bergenia Production B.V. |  |  |
| 8.50%, 01/31/45 (c) | 296 | 312 |
| | | 85975 |
| **Energy 2.5%** | **Energy 2.5%** | **Energy 2.5%** |
| Acu Petroleo Luxembourg S.a r.l. |  |  |
| 7.50%, 07/13/35 (b) | 886 | 899 |
| Adani Renewable Energy (RJ) Limited |  |  |
| 4.63%, 10/15/39 (b) | 575 | 463 |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (c) | 490 | 512 |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (b) | 444 | 449 |
| 5.75%, 06/15/33 (c) | 500 | 441 |
| 5.75%, 06/15/33 (b) | 1500 | 1324 |
| Antero Midstream Partners LP |  |  |
| 5.75%, 07/01/34 (c) | 643 | 633 |
| Apa Corp. |  |  |
| 6.10%, 02/15/35 | 918 | 943 |
| Archrock Partners, L.P. |  |  |
| 6.63%, 09/01/32 (c) | 510 | 519 |
| Baker Hughes Holdings LLC |  |  |
| 5.00%, 06/15/36 | 1516 | 1487 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (c) | 790 | 769 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (b) | 1400 | 1396 |
| Buckeye Partners, L.P. |  |  |
| 6.88%, 07/01/29 (c) | 730 | 748 |
| Cenovus Energy Inc. |  |  |
| 5.40%, 03/20/36 | 928 | 925 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 1741 | 1735 |
| 5.65%, 04/15/34 | 2752 | 2834 |
| 6.00%, 07/30/56 (c) | 154 | 153 |
| Chord Energy Corporation |  |  |
| 6.00%, 10/01/30 (c) | 185 | 187 |
| 6.75%, 03/15/33 (c) | 290 | 299 |
| CNX Midstream Partners LP |  |  |
| 4.75%, 04/15/30 (c) | 470 | 446 |
| CNX Resources Corporation |  |  |
| 5.88%, 03/01/34 (c) | 250 | 243 |
| Colonial Enterprises, Inc. |  |  |
| 5.63%, 11/15/35 (c) | 1044 | 1042 |
| Eastern Energy Gas Holdings, LLC |  |  |
| 5.65%, 10/15/54 | 1822 | 1713 |
| Ecopetrol S.A. |  |  |
| 5.88%, 05/28/45 - 11/02/51 | 2320 | 1643 |
| Empresa Electrica Cochrane SpA |  |  |
| 5.50%, 05/14/27 (b) | 209 | 207 |
| Enbridge Inc. |  |  |
| 5.45%, 03/27/36 | 748 | 755 |
| Energy Transfer LP |  |  |
| 7.13%, (100, 05/15/30) (g) | 1770 | 1792 |
| Enterprise Products Operating LLC |  |  |
| 5.55%, 02/16/55 | 1731 | 1664 |
| Florida Gas Transmission Company, LLC |  |  |
| 5.75%, 07/15/35 (c) | 739 | 758 |
| Frontera Energy Corporation |  |  |
| 7.88%, 06/21/28 (b) | 200 | 194 |
| FS Luxembourg S.a r.l. |  |  |
| 8.13%, 02/11/36 (c) | 400 | 369 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (b) | 147 | 143 |
| Gulfport Energy Corporation |  |  |
| 6.75%, 09/01/29 (c) | 505 | 517 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 05/15/32 (c) | 495 | 503 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (c) | 210 | 209 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 6.95%, 01/15/38 | 779 | 871 |
| Kodiak Gas Services, LLC |  |  |
| 7.25%, 02/15/29 (c) | 520 | 538 |
| 6.50%, 10/01/33 (c) | 145 | 146 |
| 6.75%, 10/01/35 (c) | 145 | 147 |
| Matador Resources Company |  |  |
| 6.50%, 04/15/32 (c) | 420 | 423 |
| 6.00%, 04/15/34 (c) | 305 | 303 |
| Medco Laurel Tree Pte. Ltd. |  |  |
| 6.95%, 11/12/28 (b) | 400 | 398 |
| MPLX LP |  |  |
| 5.40%, 09/15/35 | 2500 | 2490 |
| 5.30%, 04/01/36 | 937 | 930 |
| Nabors Industries, Inc. |  |  |
| 9.13%, 01/31/30 (c) | 250 | 263 |
| 7.63%, 11/15/32 (c) | 350 | 358 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (c) | 150 | 154 |
| NGPL PipeCo LLC |  |  |
| 3.25%, 07/15/31 (c) | 2011 | 1851 |
| ONEOK, Inc. |  |  |
| 4.55%, 07/15/28 | 913 | 914 |
| 6.63%, 09/01/53 | 5000 | 5132 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (b) | 1200 | 1196 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 110 | 109 |
| Permian Resources Operating, LLC |  |  |
| 6.25%, 02/01/33 (c) | 1138 | 1160 |
| PERU LNG |  |  |
| 5.38%, 03/22/30 (b) | 825 | 801 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 250 | 245 |
| Reliance Industries Limited |  |  |
| 3.67%, 11/30/27 (b) | 500 | 493 |
| SM Energy Company |  |  |
| 7.00%, 08/01/32 (c) | 315 | 322 |
| Southern Natural Gas Company, L.L.C. |  |  |
| 5.45%, 08/01/35 (c) | 903 | 918 |
| Southwestern Energy Company |  |  |
| 4.75%, 02/01/32 | 887 | 866 |
| Tallgrass Energy Partners, LP |  |  |
| 7.38%, 02/15/29 (c) | 265 | 272 |
| 6.75%, 03/15/34 (c) | 140 | 140 |
| Targa Resources Corp. |  |  |
| 4.35%, 01/15/29 | 918 | 914 |
| TransCanada PipeLines Limited |  |  |
| 4.63%, 03/01/34 | 3000 | 2899 |
| Transocean International Limited |  |  |
| 7.88%, 10/15/32 (c) | 105 | 111 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (c) | 365 | 375 |
| 8.38%, 06/01/31 (c) | 400 | 416 |
| 9.88%, 02/01/32 (c) | 140 | 151 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (c) | 255 | 262 |
| 7.50%, 05/01/33 (c) | 90 | 99 |
| 6.50%, 01/15/34 (c) | 285 | 297 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (c) | 546 | 547 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | 624 | 626 |
| Vista Energy Argentina S.A.U. |  |  |
| 8.50%, 06/10/33 (c) | 150 | 157 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/32 (c) | 100 | 102 |
| WBI Operations LLC |  |  |
| 6.50%, 10/15/33 (c) | 405 | 401 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Weatherford International Ltd. |  |  |
| 6.75%, 10/15/33 (c) | 485 | 493 |
| Western Midstream Operating, LP |  |  |
| 5.50%, 12/15/35 | 928 | 915 |
| Williams Companies, Inc., The |  |  |
| 5.95%, 03/15/56 | 1791 | 1768 |
| | | 60887 |
| **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** |
| Academy, Ltd. |  |  |
| 6.00%, 11/15/27 (c) | 420 | 420 |
| Acushnet Company |  |  |
| 5.63%, 12/01/33 (c) | 695 | 689 |
| Advance Auto Parts, Inc. |  |  |
| 7.38%, 08/01/33 (c) | 180 | 182 |
| Airbnb, Inc. |  |  |
| 5.25%, 03/16/36 | 1792 | 1796 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 | 210 | 200 |
| 6.38%, 10/15/32 (c) | 210 | 208 |
| 7.75%, 10/15/33 (c) | 185 | 180 |
| Ashton Woods USA L.L.C. |  |  |
| 4.63%, 04/01/30 (c) | 285 | 264 |
| AutoZone, Inc. |  |  |
| 5.13%, 06/15/30 | 1655 | 1684 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (c) (k) | 211 | 224 |
| Caesars Entertainment, Inc. |  |  |
| 6.00%, 10/15/32 (c) (e) | 215 | 198 |
| Carnival Corporation |  |  |
| 5.13%, 05/01/29 (c) | 602 | 595 |
| 5.75%, 08/01/32 (c) | 705 | 705 |
| 6.13%, 02/15/33 (c) | 595 | 599 |
| Clarios Global LP |  |  |
| 6.75%, 05/15/28 - 09/15/32 (c) | 1565 | 1584 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (c) | 260 | 269 |
| DCLI Bidco LLC |  |  |
| 7.75%, 11/15/29 (c) | 685 | 691 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (c) | 745 | 723 |
| DexKo Global Inc. |  |  |
| 6.63%, 10/15/29 (c) (e) | 210 | 187 |
| Expedia Group, Inc. |  |  |
| 3.80%, 02/15/28 | 1775 | 1751 |
| Fertitta Entertainment, LLC |  |  |
| 6.75%, 01/15/30 (c) | 205 | 191 |
| Full House Resorts, Inc. |  |  |
| 8.25%, 02/15/28 (c) (e) | 205 | 187 |
| Gates Corporation |  |  |
| 6.88%, 07/01/29 (c) | 345 | 354 |
| Genting New York LLC |  |  |
| 7.25%, 10/01/29 (c) | 365 | 365 |
| Graham Holdings Co., Ltd. |  |  |
| 5.63%, 12/01/33 (c) | 755 | 736 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (c) | 275 | 266 |
| 6.38%, 01/15/30 (c) | 340 | 342 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.75%, 09/15/33 (c) | 465 | 463 |
| Hyundai Capital America |  |  |
| 5.30%, 01/08/29 (c) | 3380 | 3426 |
| Installed Building Products, Inc. |  |  |
| 5.63%, 02/01/34 (c) | 105 | 103 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.00%, 04/01/31 (c) | 220 | 218 |
| LBM Acquisition, LLC |  |  |
| 6.25%, 01/15/29 (c) | 105 | 77 |
| 9.50%, 06/15/31 (c) | 150 | 130 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (c) | 925 | 929 |
| Light and Wonder International, Inc. |  |  |
| 6.25%, 10/01/33 (c) | 240 | 235 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (c) | 330 | 336 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (c) | 65 | 53 |
| Lowe`s Companies, Inc. |  |  |
| 5.63%, 04/15/53 | 1019 | 965 |
| Marriott International, Inc. |  |  |
| 4.50%, 10/15/31 | 1774 | 1752 |
| 5.30%, 05/15/34 | 1712 | 1729 |
| Mattamy Homes Limited |  |  |
| 4.63%, 03/01/30 (c) | 415 | 394 |
| Mattel, Inc. |  |  |
| 5.00%, 11/17/30 | 711 | 708 |
| McDonald's Corporation |  |  |
| 4.45%, 03/01/47 | 1965 | 1639 |
| Merlin Entertainments Group U.S. Holdings Inc. |  |  |
| 7.38%, 02/15/31 (c) | 570 | 475 |
| Michaels Companies, Inc., The |  |  |
| 8.50%, 03/15/33 (c) | 285 | 277 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (c) | 405 | 393 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 01/15/31 (c) | 140 | 136 |
| Newell Brands Inc. |  |  |
| 6.38%, 05/15/30 (e) | 300 | 288 |
| Nissan Motor Acceptance Company LLC |  |  |
| 5.63%, 09/29/28 (c) | 245 | 240 |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (c) | 210 | 204 |
| 4.81%, 09/17/30 (c) | 215 | 195 |
| 7.75%, 07/17/32 (c) | 200 | 203 |
| Ontario Gaming GTA Limited Partnership |  |  |
| 8.00%, 08/01/30 (c) | 300 | 288 |
| O'Reilly Automotive, Inc. |  |  |
| 5.00%, 08/19/34 | 889 | 879 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (b) | 2050 | 1966 |
| PetSmart, LLC |  |  |
| 7.50%, 09/15/32 (c) | 250 | 251 |
| 10.00%, 09/15/33 (c) | 250 | 249 |
| Rivers Enterprise Borrower, LLC |  |  |
| 6.25%, 10/15/30 (c) | 255 | 254 |
| 6.63%, 02/01/33 (c) | 755 | 748 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/27 (c) | 884 | 887 |
| 5.38%, 01/15/36 | 761 | 749 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 - 03/15/30 (c) | 220 | 184 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (c) | 315 | 292 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/32 (c) | 260 | 261 |
| Swf Holdings I Corp. |  |  |
| 6.50%, 10/01/29 (c) | 95 | 17 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.75%, 11/15/32 (c) | 500 | 499 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.25%, 07/15/31 | 235 | 210 |
| Univision Communications Inc. |  |  |
| 8.50%, 07/31/31 (c) | 490 | 491 |
| Upbound Group, Inc. |  |  |
| 6.38%, 02/15/29 (c) | 170 | 165 |
| Vamos Europe S.A. |  |  |
| 9.20%, 01/26/31 (c) | 600 | 569 |
| Verde Purchaser, LLC |  |  |
| 10.50%, 11/30/30 (c) | 275 | 284 |
| Victra Holdings LLC |  |  |
| 8.75%, 09/15/29 (c) (e) | 895 | 922 |
| Viking Cruises Limited |  |  |
| 5.88%, 10/15/33 (c) | 2105 | 2081 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (c) | 445 | 462 |
| Warnermedia Holdings, Inc. |  |  |
| 4.05%, 03/15/29 | 410 | 397 |
| 4.28%, 03/15/32 | 175 | 155 |
| 5.05%, 03/15/42 | 300 | 199 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Whirlpool Corporation |  |  |
| 6.50%, 06/15/33 | 250 | 236 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 4.38%, 08/15/28 (c) | 585 | 571 |
| | | 45424 |
| **Health Care 1.6%** | **Health Care 1.6%** | **Health Care 1.6%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (c) | 920 | 943 |
| 180 Medical, Inc. |  |  |
| 5.30%, 10/08/35 (c) | 1963 | 1927 |
| AbbVie Inc. |  |  |
| 4.70%, 05/14/45 | 1829 | 1630 |
| 5.50%, 03/15/64 | 1013 | 966 |
| AdaptHealth LLC |  |  |
| 5.13%, 03/01/30 (c) | 165 | 158 |
| Amgen Inc. |  |  |
| 5.75%, 03/02/63 | 2463 | 2371 |
| Augusta SpinCo Corporation |  |  |
| 5.25%, 03/23/36 | 747 | 747 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (c) | 650 | 671 |
| Bausch Health Companies Inc. |  |  |
| 5.25%, 01/30/30 (c) | 185 | 121 |
| 14.00%, 10/15/30 (c) | 30 | 29 |
| BioMarin Pharmaceutical Inc. |  |  |
| 5.50%, 02/15/34 (c) | 260 | 255 |
| Cardinal Health, Inc. |  |  |
| 4.60%, 03/15/43 | 1720 | 1491 |
| 4.50%, 11/15/44 | 243 | 204 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (c) | 360 | 356 |
| 6.88%, 04/15/29 (c) | 180 | 173 |
| 4.75%, 02/15/31 (c) | 225 | 207 |
| Elevance Health, Inc. |  |  |
| 4.55%, 05/15/52 | 490 | 396 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 01/15/31 | 1741 | 1752 |
| Genmab A/S |  |  |
| 6.25%, 12/15/32 (c) | 280 | 287 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (c) | 635 | 622 |
| Illumina, Inc. |  |  |
| 4.75%, 12/12/30 | 1466 | 1459 |
| IQVIA Inc. |  |  |
| 6.25%, 06/01/32 (c) | 340 | 345 |
| Labcorp Holdings Inc. |  |  |
| 4.80%, 10/01/34 | 3639 | 3547 |
| Lifepoint Health, Inc. |  |  |
| 10.00%, 06/01/32 (c) | 230 | 234 |
| Mars, Incorporated |  |  |
| 5.70%, 05/01/55 (c) | 1809 | 1767 |
| Merck & Co., Inc. |  |  |
| 5.70%, 09/15/55 | 2195 | 2180 |
| Mozart Debt Merger Sub Inc. |  |  |
| 5.25%, 10/01/29 (c) | 2432 | 2408 |
| Novartis Capital Corporation |  |  |
| 5.70%, 03/18/56 | 1872 | 1886 |
| Quest Diagnostics Incorporated |  |  |
| 5.00%, 12/15/34 | 1712 | 1700 |
| Radiology Partners, Inc. |  |  |
| 9.78%, 02/15/30 (a) (c) (k) (m) | 157 | 144 |
| 8.50%, 07/15/32 (c) | 375 | 380 |
| Royalty Pharma PLC |  |  |
| 5.95%, 09/25/55 | 1079 | 1052 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (c) (e) | 245 | 234 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.90%, 07/07/55 | 1788 | 1782 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 06/15/30 | 530 | 533 |
| 5.50%, 11/15/32 (c) | 85 | 84 |
| 6.00%, 11/15/33 (c) (e) | 85 | 86 |
| Teva Pharmaceutical Finance, LLC |  |  |
| 6.15%, 02/01/36 | 1823 | 1878 |
| VSP Optical Group, Inc. |  |  |
| 5.45%, 12/01/35 (c) | 650 | 638 |
| Zoetis Inc. |  |  |
| 4.70%, 02/01/43 | 705 | 629 |
|  |  | 38272 |
| **Communication Services 1.5%** | **Communication Services 1.5%** | **Communication Services 1.5%** |
| Altice France |  |  |
| 6.88%, 07/15/32 (c) | 358 | 339 |
| AT&T Inc. |  |  |
| 2.75%, 06/01/31 | 4000 | 3661 |
| 3.50%, 09/15/53 | 4991 | 3271 |
| Bell Canada inc. |  |  |
| 7.00%, 09/15/55 | 1803 | 1840 |
| Black Pearl Compute LLC |  |  |
| 6.13%, 02/15/31 (c) | 260 | 265 |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (c) | 149 | 149 |
| 4.75%, 03/01/30 (c) | 755 | 716 |
| 4.75%, 02/01/32 (c) | 640 | 578 |
| 4.25%, 01/15/34 (c) (e) | 280 | 240 |
| 7.38%, 02/01/36 (c) | 100 | 100 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (c) | 400 | 414 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (c) | 185 | 185 |
| 8.88%, 02/01/30 (c) | 480 | 478 |
| DISH DBS Corporation |  |  |
| 5.75%, 12/01/28 (c) | 720 | 695 |
| 5.13%, 06/01/29 | 525 | 469 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 435 | 469 |
| Getty Images, Inc. |  |  |
| 10.50%, 11/15/30 (c) | 410 | 370 |
| Gray Media, Inc. |  |  |
| 9.63%, 07/15/32 (c) | 240 | 240 |
| 7.25%, 08/15/33 (c) | 365 | 368 |
| iHeartCommunications, Inc. |  |  |
| 9.13%, 05/01/29 (c) (l) | 100 | 91 |
| ION Platform Finance S.a r.l. |  |  |
| 5.00%, 05/01/28 (c) | 475 | 443 |
| Lamar Media Corp. |  |  |
| 5.38%, 11/01/33 (c) | 705 | 691 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (c) | 180 | 174 |
| 6.88%, 06/30/33 (c) | 485 | 493 |
| Lumen Technologies, Inc. |  |  |
| 8.00%, 06/01/36 | 95 | 31 |
| Match Group Holdings II, LLC |  |  |
| 5.00%, 12/15/27 (c) | 570 | 567 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (c) | 270 | 275 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (b) | 540 | 534 |
| 6.25%, 03/25/29 (b) | 630 | 626 |
| 4.50%, 04/27/31 (b) | 200 | 182 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (c) | 280 | 277 |
| Neptune BidCo US Inc. |  |  |
| 10.38%, 05/15/31 (c) | 335 | 337 |
| Nexstar Media Group, Inc. |  |  |
| 6.50%, 09/15/33 (c) | 675 | 673 |
| 7.25%, 04/15/34 (c) | 150 | 150 |
| Outfront Media Capital Corporation |  |  |
| 7.38%, 02/15/31 (c) | 200 | 209 |
| Radiate HoldCo, LLC |  |  |
| 4.50%, 09/15/26 (c) (e) | 85 | 82 |
| Sirius XM Radio LLC |  |  |
| 5.50%, 07/01/29 (c) | 885 | 878 |
| SV RNO Property Owner 1 LLC |  |  |
| 5.88%, 03/01/31 (c) | 390 | 386 |
| Telefonica Celular del Paraguay S.A.E. |  |  |
| 5.88%, 04/15/27 (b) | 200 | 199 |
| TELUS Corporation |  |  |
| 7.00%, 10/15/55 | 1740 | 1769 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| T-Mobile USA, Inc. |  |  |
| 3.40%, 10/15/52 | 1939 | 1274 |
| 5.50%, 01/15/55 | 5000 | 4604 |
| 5.25%, 06/15/55 | 1117 | 993 |
| 5.88%, 11/15/55 | 1078 | 1051 |
| Uniti Group Inc. |  |  |
| 8.63%, 06/15/32 (c) (e) | 200 | 204 |
| 8.63%, 06/15/32 (c) | 85 | 86 |
| Verizon Communications Inc. |  |  |
| 5.75%, 11/30/45 | 2206 | 2156 |
| Videotron Ltee |  |  |
| 5.70%, 01/15/35 (c) | 1712 | 1729 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (c) | 250 | 255 |
| 6.75%, 11/15/32 (c) | 340 | 343 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (c) | 315 | 330 |
| 7.50%, 10/15/33 (c) | 320 | 332 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (c) | 215 | 227 |
| Ziggo B.V. |  |  |
| 4.88%, 01/15/30 (c) | 200 | 187 |
| | | 37685 |
| **Information Technology 1.5%** | **Information Technology 1.5%** | **Information Technology 1.5%** |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (c) | 205 | 212 |
| Amphenol Corporation |  |  |
| 5.30%, 11/15/55 | 1283 | 1206 |
| AppLovin Corporation |  |  |
| 5.38%, 12/01/31 | 862 | 870 |
| ArcelorMittal |  |  |
| 6.00%, 06/17/34 (e) | 927 | 976 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 1711 | 1728 |
| Athenahealth Group Inc. |  |  |
| 6.50%, 02/15/30 (c) | 400 | 376 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 1411 | 1421 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (c) | 325 | 316 |
| 9.00%, 09/30/29 (c) | 280 | 270 |
| 6.63%, 08/15/33 (c) | 180 | 159 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (c) | 290 | 282 |
| Dell Inc. |  |  |
| 6.50%, 04/15/38 | 797 | 850 |
| Ellucian Holdings Inc. |  |  |
| 6.50%, 12/01/29 (c) | 500 | 488 |
| Flash Compute LLC |  |  |
| 7.25%, 12/31/30 (c) | 260 | 261 |
| Flex Ltd. |  |  |
| 5.38%, 11/13/35 | 904 | 891 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (c) | 1500 | 1570 |
| 5.88%, 01/25/34 (c) | 1000 | 1016 |
| Jabil Inc. |  |  |
| 4.75%, 02/01/33 | 758 | 737 |
| Kyndryl Holdings, Inc. |  |  |
| 4.10%, 10/15/41 | 3251 | 2270 |
| Marvell Technology, Inc. |  |  |
| 5.95%, 09/15/33 | 3251 | 3433 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (c) | 115 | 95 |
| Motorola Solutions, Inc. |  |  |
| 5.20%, 08/15/32 | 1416 | 1438 |
| NXP B.V. |  |  |
| 4.85%, 08/19/32 | 1433 | 1417 |
| Oak-Eagle Acquireco, Inc. |  |  |
| 7.25%, 07/01/33 (c) | 315 | 326 |
| 8.75%, 07/01/34 (c) | 175 | 183 |
| Qnity Electronics, Inc. |  |  |
| 6.25%, 08/15/33 (c) | 195 | 197 |
| Qorvo, Inc. |  |  |
| 3.38%, 04/01/31 (c) | 1019 | 922 |
| Renesas Electronics Corporation |  |  |
| 2.17%, 11/25/26 (c) (l) | 3570 | 3513 |
| Roper Technologies, Inc. |  |  |
| 4.25%, 09/15/28 | 530 | 527 |
| SK Hynix Inc. |  |  |
| 4.25%, 09/11/28 (c) | 5060 | 5036 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (c) | 720 | 700 |
| VeriSign, Inc. |  |  |
| 5.25%, 06/01/32 | 2181 | 2199 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (b) | 200 | 199 |
| Workday, Inc. |  |  |
| 3.80%, 04/01/32 | 947 | 879 |
|  |  | 36963 |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (b) | 689 | 629 |
| 3.00%, 02/16/31 (c) | 459 | 419 |
| Agrosuper S.A. |  |  |
| 4.60%, 01/20/32 (b) | 150 | 142 |
| Allied Universal Holdco LLC |  |  |
| 6.00%, 06/01/29 (c) (e) | 235 | 227 |
| 7.88%, 02/15/31 (c) | 670 | 689 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/33 (c) | 1869 | 1887 |
| B.A.T Capital Corporation |  |  |
| 5.63%, 08/15/35 | 1715 | 1765 |
| 4.54%, 08/15/47 | 1554 | 1265 |
| Belron UK Finance PLC |  |  |
| 5.75%, 10/15/29 (c) | 680 | 682 |
| Block Financial LLC |  |  |
| 5.38%, 09/15/32 | 1890 | 1837 |
| Bunge Limited Finance Corp. |  |  |
| 4.65%, 09/17/34 | 1840 | 1780 |
| Cencosud S.A. |  |  |
| 4.38%, 07/17/27 (b) | 200 | 199 |
| Cosan Overseas Limited |  |  |
| 8.25% (b) (g) | 1400 | 1330 |
| Energizer Holdings, Inc. |  |  |
| 6.00%, 09/15/33 (c) (e) | 305 | 286 |
| Froneri Lux Topco S.a r.l. |  |  |
| 6.00%, 08/01/32 (c) | 715 | 699 |
| Industrial F&B Investments III, Inc. |  |  |
| 7.75%, 02/11/33 (c) | 195 | 197 |
| ION Platform Finance S.a r.l. |  |  |
| 7.88%, 09/30/32 (c) | 200 | 155 |
| JBS USA Food Company |  |  |
| 5.63%, 03/10/37 (c) | 560 | 560 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 6.25%, 03/01/56 | 1853 | 1808 |
| Marfrig Holdings (Europe) B.V. |  |  |
| 3.95%, 01/29/31 (b) | 400 | 352 |
| Mavis Tire Express Services TopCo, Corp. |  |  |
| 6.50%, 05/15/29 (c) | 160 | 158 |
| Minerva Luxembourg S.A. |  |  |
| 8.88%, 09/13/33 (c) | 200 | 213 |
| NBM US Holdings, Inc. |  |  |
| 6.63%, 08/06/29 (b) | 600 | 603 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (c) | 740 | 737 |
| Performance Food Group, Inc. |  |  |
| 5.63%, 03/01/34 (c) | 185 | 178 |
| Philip Morris International Inc. |  |  |
| 5.25%, 02/13/34 | 1541 | 1571 |
| Post Holdings, Inc. |  |  |
| 6.38%, 03/01/33 (c) | 405 | 399 |
| 6.25%, 10/15/34 (c) | 35 | 34 |
| Primo Water Holdings Inc. |  |  |
| 6.25%, 04/01/29 (c) | 315 | 315 |
| Prumo Participacoes E Investimentos S.A. |  |  |
| 7.50%, 12/31/31 (b) | 1765 | 1774 |
| PT. Indofood CBP Sukses Makmur |  |  |
| 3.40%, 06/09/31 (b) | 500 | 460 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (c) | 1758 | 1766 |
| Rutas 2 And 7 Finance Ltd. |  |  |
| 0.00%, 09/30/36 (b) (d) | 1540 | 1171 |
| U.S. Foods Inc. |  |  |
| 5.75%, 04/15/33 (c) | 700 | 696 |
| United Rentals (North America), Inc. |  |  |
| 5.38%, 11/15/33 (c) | 330 | 320 |
| VT Topco, Inc. |  |  |
| 8.50%, 08/15/30 (c) (e) | 210 | 212 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (c) | 910 | 930 |
| | | 28445 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| Anglo American Capital PLC |  |  |
| 5.25%, 03/19/36 (c) | 1453 | 1428 |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 1300 | 1251 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (c) | 600 | 618 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30 (c) | 150 | 156 |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (b) | 1400 | 1165 |
| 3.90%, 04/27/31 (c) | 600 | 499 |
| CCL Industries Inc. |  |  |
| 3.05%, 06/01/30 (c) | 1848 | 1725 |
| Celanese US Holdings LLC |  |  |
| 6.50%, 04/15/30 (e) | 230 | 235 |
| 6.75%, 04/15/33 (e) | 230 | 236 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (b) (g) | 2100 | 2090 |
| 7.20%, (100, 06/10/30) (c) (g) | 200 | 203 |
| Chemours Company, The |  |  |
| 7.88%, 03/15/34 (c) | 95 | 95 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (c) | 325 | 325 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (b) | 1000 | 939 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (b) | 1400 | 856 |
| Freeport-McMoRan Inc. |  |  |
| 4.38%, 08/01/28 | 200 | 199 |
| 5.25%, 09/01/29 | 300 | 303 |
| Glencore Funding LLC |  |  |
| 5.20%, 07/01/33 (c) | 1836 | 1839 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (b) | 1000 | 1020 |
| Inversiones CMPC S.A. |  |  |
| 6.70%, 12/09/57 (c) | 200 | 195 |
| MATIV Holdings, Inc. |  |  |
| 8.00%, 10/01/29 (c) (e) | 235 | 219 |
| Minsur S.A. |  |  |
| 4.50%, 10/28/31 (b) | 1400 | 1314 |
| Nexa Resources S.A. |  |  |
| 6.50%, 01/18/28 (b) | 200 | 203 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (c) | 190 | 192 |
| OCP S.A. |  |  |
| 6.75%, 05/02/34 (b) | 1500 | 1561 |
| Olin Corporation |  |  |
| 6.63%, 04/01/33 (c) | 170 | 166 |
| Olympus Water US Holding Corporation |  |  |
| 7.25%, 02/15/33 (c) | 290 | 277 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 6.75%, 09/19/42 (b) | 400 | 319 |
| 5.88%, 09/17/44 (b) | 200 | 143 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (b) | 500 | 499 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (b) | 500 | 499 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26 | 200 | 199 |
| Solstice Advanced Materials US, Inc. |  |  |
| 5.63%, 09/30/33 (c) | 485 | 478 |
| Sonoco Products Company |  |  |
| 4.60%, 09/01/29 | 483 | 482 |
| 5.00%, 09/01/34 (e) | 448 | 439 |
| SunCoke Energy, Inc. |  |  |
| 4.88%, 06/30/29 (c) | 270 | 244 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 1882 | 1820 |
| Tronox Incorporated |  |  |
| 9.13%, 09/30/30 (c) (e) | 85 | 85 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (c) (h) (i) (k) | 44 | 1 |
| 13.50%, 12/31/27 (b) (h) (i) (k) | 62 | 1 |
| 11.00%, 12/31/28 (c) (h) (i) (k) | 52 | 1 |
| 11.00%, 12/31/28 (b) (h) (i) (k) | 222 | 2 |
| Vale Overseas Ltd. |  |  |
| 6.40%, 06/28/54 | 673 | 680 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.50%, 10/28/32 (c) | 450 | 458 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (c) | 350 | 321 |
|  |  | 25980 |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| American Tower Corporation |  |  |
| 5.55%, 07/15/33 | 850 | 873 |
| 3.70%, 10/15/49 | 624 | 449 |
| Anywhere Real Estate Group LLC |  |  |
| 5.25%, 04/15/30 (c) (e) | 210 | 198 |
| 7.00%, 04/15/30 (c) | 235 | 235 |
| 9.75%, 04/15/30 (c) | 220 | 233 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (b) | 693 | 694 |
| 7.25%, 01/31/41 (c) | 495 | 496 |
| Crown Castle Inc. |  |  |
| 5.10%, 05/01/33 | 5000 | 4928 |
| Equinix Europe 2 Financing Corporation LLC |  |  |
| 4.60%, 11/15/30 | 905 | 898 |
| Essential Properties, L.P. |  |  |
| 5.40%, 12/01/35 | 1843 | 1814 |
| Extra Space Storage LP |  |  |
| 5.40%, 02/01/34 | 1716 | 1742 |
| First Industrial, L.P. |  |  |
| 5.25%, 01/15/31 | 2176 | 2197 |
| GLP Financing, LLC |  |  |
| 5.63%, 03/01/36 | 1500 | 1456 |
| Iron Mountain Incorporated |  |  |
| 7.00%, 02/15/29 (c) | 405 | 413 |
| Omega Healthcare Investors, Inc. |  |  |
| 3.38%, 02/01/31 | 966 | 894 |
| 3.25%, 04/15/33 (e) | 1032 | 908 |
| Park Intermediate Holdings LLC |  |  |
| 7.00%, 02/01/30 (c) | 380 | 385 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 5.75%, 07/15/34 | 1326 | 1363 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (c) | 420 | 427 |
| 5.75%, 03/15/34 (c) | 305 | 301 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 1011 | 914 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (c) (d) | 325 | 296 |
| 5.50%, 12/15/27 | 115 | 115 |
| 8.88%, 06/15/32 | 220 | 218 |
| Store Capital LLC |  |  |
| 4.95%, 02/11/31 (c) | 319 | 316 |
| VICI Properties Inc. |  |  |
| 4.63%, 12/01/29 (c) | 1786 | 1756 |
| XHR LP |  |  |
| 6.63%, 05/15/30 (c) | 675 | 682 |
|  |  | 25201 |
| Total Corporate Bonds And Notes (cost $630,780) | Total Corporate Bonds And Notes (cost $630,780) | 615854 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 22.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 22.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 22.5%** |
| AASET 2021-2 Trust |  |  |
| Series 2021-B-2A, 3.54%, 12/15/28 (m) | 956 | 891 |
| AASET 2024-1 |  |  |
| Series 2024-A2-1A, 6.26%, 05/16/31 (m) | 2042 | 2061 |
| Series 2024-B-1A, 6.90%, 05/16/31 (m) | 4008 | 4033 |
| AASET 2024-2 Ltd. |  |  |
| Series 2024-A-2A, 5.93%, 09/16/31 (m) | 1256 | 1260 |
| ABFC 2006-HE1 Trust |  |  |
| Series 2006-A2B-HE1, REMIC, 2.20%, (1 Month Term SOFR + 0.33%), 01/25/37 (a) (m) (n) | 2393 | 1267 |
| ABFC 2007-WMC1 Trust |  |  |
| Series 2007-A1A-WMC1, REMIC, 2.45%, (1 Month Term SOFR + 1.36%), 06/25/37 (a) (m) (n) | 2196 | 1555 |
| Affirm Asset Securitization Trust 2025-X1 |  |  |
| Series 2025-B-X1, 5.19%, 07/15/26 | 2600 | 2603 |
| Affirm Asset Securitization Trust 2025-X2 |  |  |
| Series 2025-A-X2, 4.45%, 12/15/26 | 1663 | 1664 |
| Affirm Master Trust |  |  |
| Series 2026-A-1A, REMIC, 4.37%, 02/15/28 | 1700 | 1696 |
| AIMCO CLO 10 Ltd. |  |  |
| Series 2019-D1RR-10A, 6.67%, (3 Month Term SOFR + 3.00%), 07/22/37 (a) | 2000 | 2003 |
| Alternative Loan Trust 2004-24CB |  |  |
| Series 2005-1A7-6CB, REMIC, 5.50%, 04/25/35 | 2679 | 2243 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-1A2-27, REMIC, 4.54%, (12 Month Treasury Average + 1.40%), 08/25/35 (a) (n) | 127 | 120 |
| Series 2005-A3-32T1, REMIC, 4.79%, (1 Month Term SOFR + 1.11%), 08/25/35 (a) | 4338 | 2124 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-1A1-59, REMIC, 4.33%, (1 Month Term SOFR + 0.77%), 11/20/35 (a) (m) (n) | 2383 | 2218 |
| Series 2005-2A1-J12, REMIC, 2.36%, (1 Month Term SOFR + 0.65%), 11/25/35 (a) (m) (n) | 5351 | 2643 |
| Series 2005-1A10-64CB, REMIC, 5.75%, 12/25/35 | 2102 | 1873 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A5-19CB, REMIC, 6.00%, 08/25/36 | 3107 | 1598 |
| Alternative Loan Trust 2006-25CB |  |  |
| Series 2006-A4-25CB, REMIC, 6.00%, 10/25/36 | 3235 | 1555 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2006-2A4-6CB, REMIC, 5.75%, 05/25/36 | 5100 | 1694 |
| Alternative Loan Trust 2006-OA12 |  |  |
| Series 2006-A1B-OA12, REMIC, 4.30%, (1 Month Term SOFR + 0.30%), 09/20/46 (a) (m) (n) | 358 | 404 |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 4.42%, (1 Month Term SOFR + 0.31%), 12/20/46 (a) (m) (n) | 2655 | 2390 |
| Alternative Loan Trust 2006-OA21 |  |  |
| Series 2006-A1-OA21, REMIC, 4.53%, (1 Month Term SOFR + 0.30%), 03/20/47 (a) (m) (n) | 1761 | 1584 |
| Alternative Loan Trust 2006-OC3 |  |  |
| Series 2006-2A3-OC3, REMIC, 0.00%, (1 Month Term SOFR + 0.69%), 03/25/36 (a) (m) (n) | 4589 | 4012 |
| Alternative Loan Trust 2007-16CB |  |  |
| Series 2007-1A4-16CB, REMIC, 6.00%, 08/25/37 | 2805 | 2011 |
| Alternative Loan Trust 2007-9T1 |  |  |
| Series 2007-2A3-9T1, REMIC, 6.00%, 05/25/37 | 5946 | 2372 |
| Alternative Loan Trust 2007-Oa7 |  |  |
| Series 2007-A1A-OA7, REMIC, 3.82%, (1 Month Term SOFR + 0.47%), 05/25/47 (a) (m) (n) | 118 | 109 |
| Anthelion CLO 2025-1 Ltd. |  |  |
| Series 2025-A1-1A, REMIC, 5.17%, (3 Month Term SOFR + 1.50%), 07/21/36 (a) | 1000 | 998 |
| Apidos CLO XLIII Ltd. |  |  |
| Series 2022-A1R-39A, 4.90%, (3 Month Term SOFR + 1.23%), 10/21/38 (a) | 500 | 500 |
| AREIT 2024-CRE9 Ltd. |  |  |
| Series 2024-B-CRE9, 6.21%, (1 Month Term SOFR + 2.54%), 02/20/29 (a) (m) | 1820 | 1820 |
| AREIT 2025-CRE10 Ltd. |  |  |
| Series 2025-A-CRE10, 5.07%, (1 Month Term SOFR + 1.38%), 07/19/38 (a) | 2290 | 2288 |
| Argent Securities Inc. |  |  |
| Series 2006-A2C-W2, REMIC, 1.54%, (1 Month Term SOFR + 0.69%), 03/25/36 (a) (m) (n) | 10240 | 5444 |
| Argent Securities Trust 2006-M1 |  |  |
| Series 2006-A2C-M1, REMIC, 0.78%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (m) (n) | 12831 | 3292 |
| Avant Credit Card Master Trust |  |  |
| Series 2025-C-1A, 5.28%, 04/15/31 | 1700 | 1684 |
| Bain Capital Credit CLO 2023-2, Limited |  |  |
| Series 2023-A1R-2A, 4.99%, (3 Month Term SOFR + 1.32%), 07/18/38 (a) | 2000 | 2002 |
| Bain Capital Credit CLO 2024-4 Ltd. |  |  |
| Series 2024-D1-4A, 6.77%, (3 Month Term SOFR + 3.10%), 10/23/37 (a) | 500 | 496 |
| Balboa Bay Loan Funding 2025-2 Ltd. |  |  |
| Series 2025-A1-2A, 4.91%, (3 Month Term SOFR + 1.25%), 01/20/39 (a) | 1000 | 998 |
| BAMLL Commercial Mortgage Securities Trust 2016-ISQR |  |  |
| Series 2016-C-ISQ, REMIC, 3.73%, 08/14/26 (a) | 3125 | 1107 |
| Banc of America Funding Corp |  |  |
| Series 2005-4A1-A, REMIC, 4.69%, 02/20/35 (a) | 169 | 158 |
| Bank 2019-BNK23 |  |  |
| Series 2019-A3-BN23, REMIC, 2.92%, 11/16/29 | 2331 | 2190 |
| Bank 2020-BNK26 |  |  |
| Series 2020-A3-BN26, REMIC, 2.16%, 01/17/30 | 2000 | 1846 |
| Bank 2021-BNK38 |  |  |
| Series 2021-A5-BN38, REMIC, 2.52%, 12/15/31 | 3800 | 3309 |
| Bank 2022-BNK39 |  |  |
| Series 2022-E-BNK39, REMIC, 2.50%, 01/16/32 | 900 | 608 |
| Series 2022-AS-BNK39, REMIC, 3.18%, 01/16/32 | 2280 | 2058 |
| Bank of America Corporation |  |  |
| Series 2005-A1-D, REMIC, 5.50%, 05/25/35 (a) | 1309 | 1259 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-AS-5YR10, REMIC, 5.64%, 10/17/29 | 2368 | 2407 |
| Bank5 2024-5YR8 |  |  |
| Series 2024-A3-5YR8, REMIC, 5.88%, 07/17/29 | 870 | 898 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-A3-5YR9, REMIC, 5.61%, 08/15/29 | 2363 | 2425 |
| Bank5 2025-5YR16 |  |  |
| Series 2025-AS-5YR19, REMIC, 5.61%, 12/17/30 | 1891 | 1933 |
| Bank5 2026-5YR20 |  |  |
| Series 2026-A3-5YR20, REMIC, 5.10%, 01/17/31 | 825 | 835 |
| Barclays Mortgage Loan Trust 2026-NQM1 |  |  |
| Series 2026-A1-NQM1, REMIC, 4.84%, 12/25/65 (m) | 992 | 984 |
| Series 2026-A3-NQM1, REMIC, 5.24%, 12/25/65 (m) | 992 | 983 |
| Bayswater Park CLO, Ltd. |  |  |
| Series 2023-A1R-1A, 4.88%, (3 Month Term SOFR + 1.21%), 01/20/39 (a) | 2000 | 1995 |
| BBCMS Mortgage Trust 2019-C3 |  |  |
| Series 2019-C-C3, REMIC, 4.18%, 05/17/29 | 2600 | 2370 |
| BBCMS Mortgage Trust 2020-C8 |  |  |
| Series 2020-A5-C8, REMIC, 2.04%, 10/18/30 | 1275 | 1134 |
| BBCMS Mortgage Trust 2021-C12 |  |  |
| Series 2021-A5-C12, REMIC, 2.69%, 11/18/31 | 3157 | 2819 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BBCMS Mortgage Trust 2021-C9 |  |  |
| Series 2021-A5-C9, REMIC, 2.30%, 02/18/31 | 2916 | 2598 |
| BBCMS Mortgage Trust 2022-C17 |  |  |
| Series 2022-A5-C17, REMIC, 4.44%, 08/17/32 | 3037 | 2953 |
| BBCMS Mortgage Trust 2024-5C27 |  |  |
| Series 2024-AS-5C27, REMIC, 6.41%, 06/15/29 (a) | 1600 | 1664 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A3-5C29, REMIC, 5.21%, 09/17/29 | 2369 | 2421 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Series 2025-A3-5C34, REMIC, 5.66%, 04/15/30 | 1593 | 1647 |
| Series 2026-C-5C40, REMIC, 5.81%, 01/17/31 | 870 | 864 |
| BCAP LLC 2010-RR11-II Trust |  |  |
| Series 2010-5A3-RR11, REMIC, 4.90%, 03/27/47 (a) | 3525 | 2938 |
| BCAP LLC 2011-RR4-II Trust |  |  |
| Series 2011-8A1-RR4, REMIC, 5.25%, 02/26/36 (a) | 458 | 166 |
| BCAP LLC Trust 2007-AA2 |  |  |
| Series 2007-11A-AA2, REMIC, 4.17%, (1 Month Term SOFR + 0.49%), 05/25/47 (a) (m) | 1040 | 1123 |
| BCAP LLC Trust 2011-RR5 |  |  |
| Series 2011-12A1-RR5, REMIC, 4.45%, 03/26/37 (a) | 24 | 23 |
| Series 2011-9A1-RR5, REMIC, 5.25%, 05/25/37 | 2978 | 1266 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-23A1-4, REMIC, 5.16%, 05/25/35 (a) | 44 | 43 |
| Series 2005-22A1-7, REMIC, 4.72%, 09/25/35 (a) | 56 | 29 |
| Bear Stearns ARM Trust 2004-1 |  |  |
| Series 2000-A1-2, REMIC, 4.69%, 11/25/30 (a) |  |  |
| Series 2002-1A1-11, REMIC, 6.13%, 02/25/33 (a) |  |  |
| Series 2003-6A1-1, REMIC, 6.00%, 04/25/33 (a) | 2 | 2 |
| Series 2003-4A1-8, REMIC, 6.18%, 01/25/34 (a) | 26 | 25 |
| Series 2004-2A1-8, REMIC, 5.62%, 11/25/34 (a) | 74 | 66 |
| Bear Stearns Structured Products Inc. Trust 2007-R6 |  |  |
| Series 2007-1A1-R6, REMIC, 4.77%, 01/26/36 (a) | 123 | 87 |
| Series 2007-2A1-R6, REMIC, 4.44%, 12/26/46 (a) | 104 | 80 |
| Benchmark 2019-B13 Mortgage Trust |  |  |
| Series 2019-A3-B13, REMIC, 2.70%, 08/17/29 | 1000 | 945 |
| Series 2019-C-B13, REMIC, 3.84%, 10/17/29 | 889 | 755 |
| Benchmark 2021-B30 Mortgage Trust |  |  |
| Series 2021-A5-B30, REMIC, 2.58%, 11/18/31 | 1654 | 1472 |
| Benchmark 2021-B31 Mortgage Trust |  |  |
| Series 2021-A5-B31, REMIC, 2.67%, 12/17/31 | 1450 | 1288 |
| Benchmark 2022-B32 Mortgage Trust |  |  |
| Series 2022-AS-B32, REMIC, 3.53%, 01/16/32 (a) | 2300 | 1984 |
| Benchmark 2023-B38 Mortgage Trust |  |  |
| Series 2023-A4-B38, REMIC, 5.52%, 02/17/33 | 1650 | 1704 |
| Benchmark 2024-V10 Mortgage Trust |  |  |
| Series 2024-A3-V10, REMIC, 5.28%, 09/17/29 | 2400 | 2439 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-A3-V11, REMIC, 5.91%, 10/17/29 (a) | 1964 | 2037 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A2-V8, REMIC, 5.71%, 05/17/29 (a) | 2386 | 2455 |
| Series 2024-A3-V8, REMIC, 6.19%, 06/15/29 (a) | 1963 | 2050 |
| Series 2024-D-V8, REMIC, 4.00%, 07/17/29 | 984 | 876 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 2361 | 2420 |
| Benchmark 2025-V15 Mortgage Trust |  |  |
| Series 2025-AS-V15, REMIC, 6.17%, 05/15/30 | 1306 | 1358 |
| Benchmark 2025-V18 Mortgage Trust |  |  |
| Series 2025-AS-V18, REMIC, 5.59%, 10/18/30 (a) | 1438 | 1457 |
| Benchmark 2025-V19 Mortgage Trust |  |  |
| Series 2025-B-V19, REMIC, 5.90%, 12/16/30 (a) | 707 | 722 |
| Benchmark 2026-B42 Mortgage Trust |  |  |
| Series 2026-ASB-B42, REMIC, 4.94%, 09/17/35 | 2118 | 2137 |
| Benchmark 2026-V20 Mortgage Trust |  |  |
| Series 2026-C-V20, REMIC, 5.44%, 01/17/31 | 325 | 318 |
| Benchmark 2026-V21 Mortgage Trust |  |  |
| Series 2026-A3-V21, REMIC, 5.13%, 03/17/31 | 1756 | 1775 |
| Benefit Street Partners CLO 42 Ltd. |  |  |
| Series 2025-D1-42A, 6.37%, (3 Month Term SOFR + 2.70%), 10/25/38 (a) | 500 | 492 |
| Benefit Street Partners CLO 46 Ltd. |  |  |
| Series 2025-A-46A, 4.88%, (3 Month Term SOFR + 1.21%), 01/25/39 (a) | 1000 | 998 |
| Bluemountain CLO XXIII LLC |  |  |
| Series 2018-D1R-23A, 7.52%, (3 Month Term SOFR + 3.85%), 07/20/37 (a) | 2000 | 2000 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-A3-5C6, REMIC, 5.32%, 09/17/29 | 2367 | 2405 |
| BMO 2024-5C7 Mortgage Trust |  |  |
| Series 2024-AS-5C7, REMIC, 5.89%, 11/19/57 (a) | 1563 | 1587 |
| BMO 2026-C14 Mortgage Trust |  |  |
| Series 2026-B-C14, REMIC, 5.82%, 02/15/36 (a) | 1649 | 1669 |
| BRAVO Residential Funding Trust 2023-NQM5 |  |  |
| Series 2023-A1-NQM5, REMIC, 6.51%, 06/25/63 (m) | 5762 | 5763 |
| BRSP 2026-Fl3 Ltd. |  |  |
| Series 2026-D-FL3, 6.53%, (1 Month Term SOFR + 2.85%), 08/19/43 (a) (m) | 1770 | 1772 |
| BSPRT 2023-FL10 Issuer LLC |  |  |
| Series 2023-B-FL10, 6.94%, (1 Month Term SOFR + 3.27%), 08/15/28 (a) (m) | 2500 | 2503 |
| BSTN Commercial Mortgage Trust 2025-HUB |  |  |
| Series 2025-D-HUB, REMIC, 6.37%, 04/15/31 (a) | 1330 | 1317 |
| BX Commercial Mortgage Trust 2026-ALOHA |  |  |
| Series 2026-D-ALOHA, REMIC, 0.00%, 04/15/28 (a) | 1290 | 1290 |
| BX Commercial Mortgage Trust 2026-CSMO |  |  |
| Series 2026-C-CSMO, REMIC, 5.67%, (1 Month Term SOFR + 2.00%), 02/15/28 (a) | 1320 | 1321 |
| BX Commercial Mortgage Trust 2026-XL6 |  |  |
| Series 2026-B-XL6, REMIC, 5.12%, (1 Month Term SOFR + 1.45%), 03/15/28 (a) | 1300 | 1294 |
| BX Trust |  |  |
| Series 2025-C-ARIA, REMIC, 5.52%, 12/13/30 (a) | 851 | 846 |
| BXMT 2026-FL6, Ltd. |  |  |
| Series 2026-A-FL6, REMIC, 5.13%, (1 Month Term SOFR + 1.45%), 08/19/43 (a) (m) | 2650 | 2649 |
| BXP Trust 2017-GM |  |  |
| Series 2017-C-GM, REMIC, 3.54%, 06/15/27 (a) | 1306 | 1284 |
| Campbellsville Independent School District |  |  |
| Series 2018-DR-27A, 7.76%, (3 Month Term SOFR + 4.09%), 01/25/35 (a) | 2500 | 2471 |
| Canyon Capital CLO 2019-2 Ltd. |  |  |
| Series 2019-DR2-2A, 6.75%, (3 Month Term SOFR + 2.85%), 10/15/34 (a) | 1000 | 951 |
| Canyon CLO 2021-3, Ltd. |  |  |
| Series 2021-DR-3A, 6.75%, (3 Month Term SOFR + 0.00%), 07/15/34 (a) | 1000 | 961 |
| Carlyle US CLO 2018-4 Ltd. |  |  |
| Series 2018-D1R-4A, 6.77%, (3 Month Term SOFR + 3.10%), 10/19/37 (a) | 500 | 493 |
| Carlyle US CLO 2019-4 Ltd. |  |  |
| Series 2019-A2R-4A, 5.42%, (3 Month Term SOFR + 1.75%), 04/15/35 (a) | 1000 | 1000 |
| Carlyle US CLO 2021-8 Ltd. |  |  |
| Series 2021-A1R-8A, REMIC, 5.25%, (3 Month Term SOFR + 0.00%), 10/15/38 (a) | 3000 | 3001 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Carlyle US CLO 2025-5 Ltd. |  |  |
| Series 2025-D1-5A, 6.33%, (3 Month Term SOFR + 2.60%), 01/18/39 (a) | 1000 | 986 |
| Carvana Auto Receivables Trust 2024-P3 |  |  |
| Series 2024-A4-P3, 4.31%, 05/10/29 | 1500 | 1497 |
| Cathedral Lake VIII, Ltd. |  |  |
| Series 2021-D1-8A, 7.35%, (3 Month Term SOFR + 3.68%), 01/22/35 (a) | 1000 | 996 |
| C-BASS 2007-CB1 Trust |  |  |
| Series 2007-AF2-CB1, REMIC, 0.13%, 01/25/37 (a) (m) (n) | 2436 | 650 |
| CF 2019-CF1 Mortgage Trust |  |  |
| Series 2019-65C-CF1, REMIC, 4.12%, 05/17/52 | 2737 | 274 |
| Chase Mortgage Finance Trust |  |  |
| Series 2005-1A1-A1, REMIC, 4.20%, 12/25/35 (a) | 8 | 8 |
| ChaseFlex Trust Series 2007-3 |  |  |
| Series 2007-1A1-3, REMIC, 5.00%, 07/25/37 | 342 | 109 |
| CIFC Funding 2019-III Ltd. |  |  |
| Series 2019-D1R2-3A, 6.42%, (3 Month Term SOFR + 2.75%), 01/16/38 (a) | 500 | 497 |
| CIFC Funding 2021-V Ltd. |  |  |
| Series 2021-D1R-5A, 6.65%, (3 Month Term SOFR + 2.75%), 01/15/38 (a) | 500 | 496 |
| CIFC Funding 2025-VII Ltd. |  |  |
| Series 2025-D1-7A, 6.34%, (3 Month Term SOFR + 2.60%), 01/24/39 (a) | 1500 | 1479 |
| Citicorp Mortgage Securities Trust, Series 2007-2 |  |  |
| Series 2007-1A3-2, REMIC, 6.00%, 02/25/37 | 549 | 499 |
| Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
| Series 2018-A3-B2, REMIC, 3.74%, 01/12/28 | 2647 | 2611 |
| Citigroup Commercial Mortgage Trust 2019-GC41 |  |  |
| Series 2019-B-GC41, REMIC, 3.20%, 08/10/29 | 1762 | 1556 |
| Citigroup Mortgage Loan Trust 2007-FS1 |  |  |
| Series 2007-1A1-FS1, REMIC, 4.36%, 10/25/37 (a) (m) | 1375 | 1330 |
| Citigroup Mortgage Loan Trust 2018-RP1 |  |  |
| Series 2018-M3-RP1, REMIC, 3.00%, 09/25/64 (a) | 1500 | 1287 |
| Citigroup Mortgage Loan Trust 2021-JL1 |  |  |
| Series 2021-A-JL1, REMIC, 2.75%, 02/25/62 (a) | 330 | 320 |
| Citigroup Mortgage Loan Trust Inc. |  |  |
| Series 2005-1A3A-8, REMIC, 4.56%, 10/25/35 (a) | 337 | 410 |
| Series 2005-A2A-11, REMIC, 6.72%, (1 Year Treasury + 2.40%), 10/25/35 (a) (n) | 5 | 5 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 2.96%, (1 Month Term SOFR + 0.17%), 07/25/45 (a) (m) (n) | 200 | 136 |
| CLI Funding IX LLC |  |  |
| Series 2025-A-1A, 5.35%, 06/22/37 | 1392 | 1396 |
| COLT 2020-RPL1 Trust |  |  |
| Series 2020-1-RPL, REMIC, 2.88%, 01/25/65 | 4257 | 3170 |
| COMM 2005-C6 |  |  |
| Series 2025-E-ELP, REMIC, 6.67%, 11/15/30 (a) | 890 | 876 |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Series 2015-C-DC1, REMIC, 4.28%, 02/12/48 (a) | 200 | 179 |
| COMM 2024-277P Mortgage Trust |  |  |
| Series 2024-B-277P, REMIC, 7.23%, 08/06/29 (a) | 889 | 941 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2002-A-P1A, REMIC, 4.42%, 03/25/32 (a) | 9 | 8 |
| Crown City CLO I |  |  |
| Series 2020-A1RR-1A, 5.04%, (3 Month Term SOFR + 1.37%), 07/20/38 (a) | 1000 | 1000 |
| CSMC 2021-B33 |  |  |
| Series 2021-B-B33, REMIC, 3.77%, 10/10/31 (a) | 2810 | 2495 |
| CSMC 2022-RPL4 Trust |  |  |
| Series 2022-A1-RPL4, REMIC, 3.90%, 04/25/62 (a) | 6320 | 6074 |
| CSMC Mortgage-Backed Trust 2006-6 |  |  |
| Series 2006-1A4-6, REMIC, 6.00%, 07/25/36 | 1251 | 529 |
| CSMC Series 2010-18R |  |  |
| Series 2010-4A4-18R, REMIC, 3.50%, 04/27/38 (a) | 134 | 132 |
| CSMC Trust 2017-CALI |  |  |
| Series 2017-F-CALI, REMIC, 3.90%, 11/12/32 (a) | 5200 | 130 |
| CSTL Commercial Mortgage Trust 2026-GATE3 |  |  |
| Series 2026-C-GATE3, REMIC, 5.30%, 02/10/43 (a) | 1570 | 1539 |
| CWABS, Inc. |  |  |
| Series 2005-3A2A-HYB9, REMIC, 4.62%, (12 Month Term SOFR + 2.47%), 02/20/36 (a) | 7 | 6 |
| CWMBS, Inc. |  |  |
| Series 2004-A14-19, REMIC, 5.50%, 10/25/34 | 950 | 938 |
| Series 2004-A2-HYB6, REMIC, 5.24%, 11/21/34 (a) | 168 | 161 |
| Series 2004-A3-22, REMIC, 4.79%, 11/25/34 (a) | 64 | 59 |
| Series 2004-1A1-HYB9, REMIC, 5.02%, 02/20/35 (a) | 6 | 6 |
| Series 2005-1A13-26, REMIC, 5.50%, 11/25/35 | 2579 | 1416 |
| Series 2005-A1-29, REMIC, 5.75%, 12/25/35 | 860 | 382 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2023-B-1A, 5.45%, 04/20/28 | 1685 | 1677 |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 3000 | 2917 |
| DataBank Issuer II LLC |  |  |
| Series 2025-A2-1A, 5.18%, 10/25/28 | 1500 | 1470 |
| Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-RAMP1 |  |  |
| Series 2006-A6-AR6, REMIC, 2.44%, (1 Month Term SOFR + 0.49%), 02/25/37 (a) (m) (n) | 4113 | 3539 |
| Domino's Pizza, Inc. |  |  |
| Series 2025-A2II-1A, 5.22%, 07/25/32 | 1500 | 1501 |
| Dryden 43 Senior Loan Fund LLC |  |  |
| Series 2016-DR3-43A, REMIC, 7.18%, (3 Month Term SOFR + 3.51%), 04/20/34 (a) | 1000 | 990 |
| Dryden 60 CLO, Ltd. |  |  |
| Series 2018-D-60A, 6.93%, (3 Month Term SOFR + 3.26%), 07/15/31 (a) | 2000 | 1997 |
| Extended Stay America Trust 2026-ESH2 |  |  |
| Series 2026-D-ESH2, REMIC, 5.92%, (1 Month Term SOFR + 2.25%), 02/15/43 (a) | 1318 | 1320 |
| Extenet Issuer, LLC |  |  |
| Series 2025-B-1A, 5.70%, 07/25/29 | 1500 | 1507 |
| First Horizon Alternative Mortgage Securities Trust 2007-FA4 |  |  |
| Series 2007-1A10-FA4, REMIC, 6.25%, 08/25/37 | 7820 | 2364 |
| First Horizon Mortgage Pass-Through Trust 2006-AR1 |  |  |
| Series 2005-2A1-AR4, REMIC, 4.64%, 10/25/35 (a) | 163 | 145 |
| Series 2005-4A1-AR6, REMIC, 5.17%, 02/25/36 (a) | 36 | 34 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-A-GT2, 3.85%, 10/25/26 | 3420 | 3273 |
| GCAT 2026-NQM2 Trust |  |  |
| Series 2026-A1-NQM2, REMIC, 5.45%, 02/25/71 (a) | 5000 | 5000 |
| Generate CLO 12 Ltd. |  |  |
| Series 2023-AR-12A, 5.00%, (3 Month Term SOFR + 1.33%), 07/20/38 (a) | 2000 | 2002 |
| GGP 2026-TY |  |  |
| Series 2026-A-TY, REMIC, 4.67%, 03/07/31 | 1330 | 1305 |
| GM Financial Consumer Automobile Receivables Trust 2024-1 |  |  |
| Series 2024-A3-1, 4.85%, 12/18/28 | 1810 | 1817 |
| Goodgreen 2020-1 Trust |  |  |
| Series 2020-A-1A, 2.63%, 04/15/55 | 434 | 363 |
| GreenSky Home Improvement Issuer Trust 2025-3 |  |  |
| Series 2025-D-3A, 5.15%, 12/27/60 | 1500 | 1491 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-C-RIVR, REMIC, 5.22%, (1 Month Term SOFR + 1.55%), 07/16/35 (a) (m) | 1898 | 19 |
| GS Mortgage Securities Corp. |  |  |
| Series 2005-2A1-AR6, REMIC, 4.86%, 09/25/35 (a) | 58 | 55 |
| Series 2005-6A1-AR7, REMIC, 4.11%, 11/25/35 (a) | 19 | 17 |
| GS Mortgage Securities Corporation Trust 2024-MARK |  |  |
| Series 2026-A-DAWN, REMIC, 5.82%, 04/11/31 (a) | 1306 | 1301 |
| GS Mortgage Securities Trust 2015-GC32 |  |  |
| Series 2015-D-GC32, REMIC, 3.35%, 07/10/48 | 29 | 29 |
| GS Mortgage Securities Trust 2016-GS3 |  |  |
| Series 2016-WMB-GS3, REMIC, 3.60%, 09/14/26 (a) | 4000 | 3768 |
| GS Mortgage-Backed Securities Trust 2026-NQM1 |  |  |
| Series 2026-A1-NQM1, REMIC, 4.87%, 01/25/30 (a) (m) | 977 | 969 |
| Series 2026-A2-NQM1, REMIC, 5.12%, 01/25/30 (m) | 244 | 242 |
| Series 2026-A3-NQM1, REMIC, 5.23%, 01/25/30 (m) | 244 | 242 |
| GSAMP Trust 2006-HE4 |  |  |
| Series 2006-A1-HE4, REMIC, 3.84%, (1 Month Term SOFR + 0.39%), 06/25/36 (a) (m) (n) | 240 | 235 |
| GSR Mortgage Loan Trust 2006-OA1 |  |  |
| Series 2006-1A1-OA1, REMIC, 5.78%, (1 Month Term SOFR + 0.55%), 08/25/46 (a) (m) (n) | 15461 | 2946 |
| HarborView Mortgage Loan Trust |  |  |
| Series 2005-2A1A-2, REMIC, 4.51%, (1 Month Term SOFR + 0.55%), 05/19/35 (a) (m) (n) | 24 | 22 |
| Series 2005-3A1-4, REMIC, 4.69%, 07/19/35 (a) | 187 | 135 |
| Hardee's Funding LLC |  |  |
| Series 2018-A23-1A, 5.71%, 06/20/28 | 4625 | 4586 |
| HOMES Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 6.46%, 02/25/68 (m) | 3622 | 3614 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (c) (m) | 920 | 884 |
| Series 2024-A-I, 5.38%, 09/15/31 (m) | 1850 | 1824 |
| HSI Asset Securitization Corporation |  |  |
| Series 2006-1A1-HE1, REMIC, 1.40%, (1 Month Term SOFR + 0.39%), 10/25/36 (a) (m) (n) | 5108 | 1399 |
| HSI Asset Securitization Corporation Trust 2007-NC1 |  |  |
| Series 2007-A3-NC1, REMIC, 3.06%, (1 Month Term SOFR + 0.29%), 04/25/37 (a) (m) (n) | 319 | 203 |
| Hyundai Auto Receivables Trust 2024-C |  |  |
| Series 2024-C-C, 4.86%, 10/15/28 | 1150 | 1160 |
| ICG US CLO 2023-1 I Ltd. |  |  |
| Series 2023-AR-1A, 5.05%, (3 Month Term SOFR + 1.38%), 07/18/38 (a) | 1000 | 1001 |
| Imperial Fund Mortgage Trust 2021-NQM4 |  |  |
| Series 2021-M1-NQM4, REMIC, 3.45%, 01/25/57 (a) | 3000 | 2348 |
| IndyMac Bancorp, Inc. |  |  |
| Series 2001-A2-H2, REMIC, 5.65%, 01/25/32 (a) |  |  |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A3-AR11, REMIC, 3.63%, 08/25/35 (a) | 672 | 492 |
| Series 2005-1A1-AR31, REMIC, 3.47%, 01/25/36 (a) | 130 | 116 |
| 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 | 4 | 4 |
| J.P. Morgan Mortgage Trust 2025-VIS2 |  |  |
| Series 2025-M1-VIS2, REMIC, 6.20%, 06/25/29 (a) | 5693 | 5717 |
| JPMDB Commercial Mortgage Securities Trust 2017-C7 |  |  |
| Interest Only, Series 2017-XA-C7, REMIC, 0.96%, 10/17/50 (a) | 74553 | 699 |
| LBTY Commercial Mortgage Trust 2026-225L |  |  |
| Series 2026-B-225L, REMIC, 4.88%, 02/10/43 (a) | 1225 | 1201 |
| LCM 28 Ltd. |  |  |
| Series D-28A, 6.88%, (3 Month Term SOFR + 3.21%), 10/21/30 (a) | 1000 | 985 |
| LCM XIV Limited Partnership |  |  |
| Series DR-14A, 6.68%, (3 Month Term SOFR + 3.01%), 07/21/31 (a) (c) | 1447 | 1446 |
| LCM XV LP |  |  |
| Series DR-15A, 7.63%, (3 Month Term SOFR + 3.96%), 07/22/30 (a) | 1002 | 1002 |
| Lehman Mortgage Trust 2006-3 |  |  |
| Series 2006-1A1-6, REMIC, 4.29%, (1 Month Term SOFR + 0.61%), 09/25/36 (a) | 11383 | 2822 |
| Lehman XS Trust Series 2006-12N |  |  |
| Series 2006-2A1A-12N, REMIC, 4.20%, (1 Month Term SOFR + 0.46%), 08/25/46 (a) (m) (n) | 1988 | 1982 |
| Lehman XS Trust, Series 2007-2N |  |  |
| Series 2007-3A3-2N, REMIC, 1.55%, (1 Month Term SOFR + 0.28%), 02/25/37 (a) (m) (n) | 3076 | 2561 |
| LMRK Issuer Co. 2 LLC |  |  |
| Series 2025-A-1A, 5.52%, 09/16/30 | 2500 | 2505 |
| LoanCore 2021-CRE5 Issuer Ltd. |  |  |
| Series 2021-C-CRE5, REMIC, 6.14%, (1 Month Term SOFR + 2.46%), 07/15/36 (a) | 2000 | 2000 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.06%, (1 Month Term SOFR + 1.39%), 11/01/29 (a) (m) | 2290 | 2288 |
| Luminace Abs-2024 Issuer LLC |  |  |
| Series 2024-A-1, 5.87%, 10/30/31 | 930 | 928 |
| Mach 1 Cayman Limited |  |  |
| Series 2019-A-1, 3.47%, 08/17/26 (c) (m) | 1170 | 1153 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-D-11MD, REMIC, 5.94%, 10/18/30 (a) (n) | 1780 | 1795 |
| Marble Point CLO XXI Ltd. |  |  |
| Series 2021-D1R-3A, 6.42%, (3 Month Term SOFR + 2.75%), 10/17/34 (a) | 2000 | 1923 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2003-M3-OPT1, 3.65%, (1 Month Term SOFR + 4.24%), 12/25/32 (a) (m) (n) | 374 | 359 |
| MASTR Asset Backed Securities Trust 2007-HE2 |  |  |
| Series 2007-A1-HE2, REMIC, 3.31%, (1 Month Term SOFR + 1.26%), 08/25/37 (a) (m) (n) | 3257 | 2827 |
| MASTR Asset Backed Securities Trust 2007-WMC1 |  |  |
| Series 2007-A2-WMC1, REMIC, 2.14%, (1 Month Term SOFR + 0.16%), 01/25/37 (a) (m) (n) | 261 | 62 |
| MASTR Asset Securitization Trust 2006-2 |  |  |
| Series 2006-1A13-2, REMIC, 6.00%, 06/25/36 | 1208 | 681 |
| Series 2006-1A10-2, REMIC, 6.00%, (1 Month Term SOFR + 6.00%), 06/25/36 (a) | 1028 | 579 |
| Mellon Residential Funding Corporation |  |  |
| Series 1999-A2-TBC3, REMIC, 4.39%, (1 Month Term SOFR + 0.60%), 10/20/29 (a) | 6 | 5 |
| Menlo CLO I Ltd. |  |  |
| Series 2024-A1-1A, 5.09%, (3 Month Term SOFR + 1.42%), 01/20/38 (a) | 2000 | 1999 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2005-5A-3, REMIC, 4.29%, (1 Month Term SOFR + 0.61%), 11/25/35 (a) (m) | 11 | 11 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2003-C |  |  |
| Series 2003-1A-A3, REMIC, 5.45%, 05/25/33 (a) (n) | 42 | 40 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-B-FL7, 5.54%, (1 Month Term SOFR + 1.86%), 10/16/36 (a) | 1900 | 1898 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-AS-FL14, REMIC, 5.91%, (1 Month Term SOFR + 2.24%), 03/19/39 (a) | 2500 | 2506 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.00%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 1758 | 1758 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MF1 2026-FL21 LLC |  |  |
| Series 2026-B-FL21, 5.43%, (1 Month Term SOFR + 1.80%), 02/19/41 (a) | 2600 | 2595 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (m) | 3051 | 3056 |
| Mill City Mortgage Loan Trust 2017-1 |  |  |
| Series 2017-B2-1, REMIC, 3.55%, 09/25/30 (a) | 8210 | 7494 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 |  |  |
| Series 2025-D-5C1, REMIC, 4.00%, 03/15/30 | 1327 | 1166 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-F-NUGS, REMIC, 6.63%, (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 | 1188 |
| Morgan Stanley Mortgage Loan Trust 2007-2AX |  |  |
| Series 2007-2A1-2AX, REMIC, 0.87%, (1 Month Term SOFR + 0.29%), 12/25/36 (a) (m) (n) | 9305 | 3070 |
| MortgageIT Mortgage Loan Trust 2006-1 |  |  |
| Series 2005-A1-5, REMIC, 4.31%, (1 Month Term SOFR + 0.63%), 12/25/35 (a) (m) | 428 | 420 |
| Mosaic Solar Loan Trust 2018-1 |  |  |
| Series 2018-A-1A, REMIC, 4.01%, 08/20/30 | 528 | 497 |
| Mosaic Solar Loan Trust 2019-2 |  |  |
| Series 2019-B-2A, REMIC, 3.28%, 05/20/32 | 394 | 354 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 2.10%, 03/22/32 | 611 | 537 |
| Series 2020-B-1A, 3.10%, 11/22/32 | 763 | 660 |
| Mosaic Solar Loan Trust 2020-2 |  |  |
| Series 2020-B-2A, 2.21%, 05/20/33 | 693 | 569 |
| Mosaic Solar Loans 2017-2 LLC |  |  |
| Series 2017-A-2A, 3.82%, 01/22/30 | 2082 | 1968 |
| MP 2023 LLC |  |  |
| Series 2025-A-1A, 5.55%, 11/15/65 | 1984 | 1953 |
| Navigator Aviation Designated Activity Company |  |  |
| Series 2021-A-1, 2.77%, 11/15/28 (m) | 1816 | 1711 |
| Neuberger Berman CLO XVII Ltd. |  |  |
| Series 2014-AR3-17A, 5.07%, (3 Month Term SOFR + 1.40%), 07/22/38 (a) | 1000 | 1000 |
| New Residential Mortgage Loan Trust 2020-NQM1 |  |  |
| Series 2020-M1-NQM1, REMIC, 3.21%, 01/25/60 (a) | 3600 | 3100 |
| New Residential Mortgage Loan Trust 2026-NQM1 |  |  |
| Series 2026-A1-NQM1, REMIC, 4.82%, 11/25/65 (a) (m) | 1580 | 1565 |
| Series 2026-A2-NQM1, REMIC, 5.08%, 11/25/65 (m) | 247 | 245 |
| Series 2026-A3-NQM1, REMIC, 5.18%, 11/25/65 (m) | 494 | 488 |
| NJ 2025-WBRK Mortgage Trust |  |  |
| Series 2025-A-WBRK, REMIC, 5.87%, 03/07/30 | 950 | 971 |
| NP SPE II LLC |  |  |
| Series 2017-A1-1A, 3.37%, 10/20/47 | 1423 | 1372 |
| NYC Commercial Mortgage Trust 2026-7W34 |  |  |
| Series 2026-A-7W34, REMIC, 5.21%, 02/06/31 (a) | 650 | 646 |
| NYMT Loan Trust 2026-INV1 |  |  |
| Series 2026-A1-INV1, REMIC, 4.77%, 02/25/61 (a) (m) | 499 | 494 |
| Series 2026-A2-INV1, REMIC, 5.05%, 02/25/61 (m) | 249 | 247 |
| Series 2026-A3-INV1, REMIC, 5.20%, 02/25/61 (m) | 249 | 246 |
| OBX 2025-NQM11 Trust |  |  |
| Series 2025-M1-NQM11, REMIC, 6.15%, 05/25/65 (a) | 5000 | 5007 |
| OBX 2026-NQM2 Trust |  |  |
| Series 2026-A1-NQM2, REMIC, 4.82%, 01/25/30 (a) (m) | 1181 | 1171 |
| Oceanview Mortgage Trust 2026-SBC1 |  |  |
| Series 2026-A-1, REMIC, 5.10%, 01/25/56 (a) | 1988 | 1961 |
| Octagon Investment Partners 34 17 1A 144A |  |  |
| Series 2017-D-34, 6.43%, (3 Month Term SOFR + 2.76%), 01/22/30 (a) | 1000 | 994 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-DR-1A, 7.28%, (3 Month Term SOFR + 3.61%), 01/20/35 (a) | 1000 | 950 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-DR-1A, 6.93%, (3 Month Term SOFR + 3.26%), 07/17/30 (a) | 500 | 499 |
| Option One Mortgage Loan Trust 2005-3 |  |  |
| Series 2005-M3-3, REMIC, 3.60%, (1 Month Term SOFR + 0.88%), 08/25/35 (a) (m) (n) | 1689 | 1649 |
| Option One Mortgage Loan Trust 2007-6 |  |  |
| Series 2007-2A2-6, REMIC, 1.91%, (1 Month Term SOFR + 0.24%), 07/25/37 (a) (m) (n) | 537 | 317 |
| Option One Mortgage Loan Trust 2007-CP1 |  |  |
| Series 2007-2A2-CP1, REMIC, 2.98%, (1 Month Term SOFR + 0.23%), 03/25/37 (a) (m) (n) | 948 | 922 |
| P11 Commercial Mortgage Trust 2025-P11 |  |  |
| Series 2025-C-P11, REMIC, 6.72%, 08/12/30 (a) | 1330 | 1377 |
| Park Place Securities, Inc. |  |  |
| Series 2005-M4-WCW2, REMIC, 3.79%, (1 Month Term SOFR + 1.09%), 07/25/35 (a) (m) (n) | 5000 | 4248 |
| Phantom Aviation |  |  |
| Series 2026-A-1, 5.24%, 01/18/33 (m) | 2250 | 2236 |
| PLYM Commercial Mortgage Trust 2026-IND |  |  |
| Series 2026-C-IND, 5.32%, (1 Month Term SOFR + 1.65%), 03/15/28 (a) | 1030 | 1021 |
| Pret 2025-NPL7 LLC |  |  |
| Series 2025-A1-NPL7, 5.66%, 07/25/55 (m) | 901 | 901 |
| Prime Mortgage Trust 2005-4 |  |  |
| Series 2004-1A2-CL1, REMIC, 4.19%, (1 Month Term SOFR + 0.51%), 02/25/34 (a) | 2 | 2 |
| Primrose Funding LLC |  |  |
| Series 2025-A2-1A, 6.46%, 07/30/32 (c) | 1493 | 1509 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-E1-SFR3, REMIC, 2.54%, 05/19/26 | 12000 | 11955 |
| Progress Residential 2021-SFR6 Trust |  |  |
| Series 2021-E2-SFR6, REMIC, 2.53%, 07/17/26 | 1150 | 1140 |
| Series 2021-F-SFR6, REMIC, 3.42%, 07/17/26 | 2000 | 1986 |
| Progress Residential 2024-SFR2 Trust |  |  |
| Series 2024-A-SFR2, REMIC, 3.30%, 04/17/29 | 5833 | 5596 |
| PRPM 2025-5, LLC |  |  |
| Series 2025-A1-5, 5.73%, 07/25/30 (m) | 905 | 906 |
| PRPM 2026-NQM1 Trust |  |  |
| Series 2026-M1-NQM1, REMIC, 5.72%, 02/25/71 (a) | 1000 | 986 |
| RALI Series 2007-QS7 Trust |  |  |
| Series 2007-1A2-QS7, REMIC, 6.00%, 05/25/37 | 2053 | 1642 |
| RASC Series 2006-EMX9 Trust |  |  |
| Series 2006-1A3-EMX9, REMIC, 4.13%, (1 Month Term SOFR + 0.45%), 09/25/36 (a) (m) | 690 | 641 |
| Renaissance Home Equity Loan Trust 2006-1 |  |  |
| Series 2006-AF5-1, REMIC, 6.17%, 05/25/36 (m) | 3374 | 1547 |
| Renaissance Home Equity Loan Trust 2006-3 |  |  |
| Series 2006-AF3-2, REMIC, 5.80%, 08/25/36 (a) (m) | 1983 | 674 |
| Renew 20172 |  |  |
| Series 2017-A-2A, 3.22%, 09/22/53 | 2291 | 2036 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2006-A5-QS1, REMIC, 4.70%, (1 Month Term SOFR + 1.02%), 01/25/36 (a) | 2942 | 2328 |
| Series 2006-A21-QA1, REMIC, 5.01%, 01/25/36 (a) | 2733 | 1910 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2023-A2A-1A, 5.00%, 09/15/28 (c) | 4000 | 3996 |
| Series 2023-B-1A, 5.75%, 09/15/28 (c) | 3000 | 2964 |
| RFR Trust 2025-SGRM |  |  |
| Series 2025-E-SGRM, REMIC, 7.51%, 03/11/29 (a) | 1330 | 1335 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rockland Park Limited |  |  |
| Series 2021-A1R-1A, 4.97%, (3 Month Term SOFR + 1.30%), 07/20/38 (a) | 2000 | 2000 |
| Santander Mortgage Asset Receivable Trust 2025-NQM |  |  |
| Series 2025-M1-NQM6, 5.92%, 11/25/65 (a) | 6000 | 5973 |
| Scalelogix Abs Us Issuer LLC |  |  |
| Series 2025-B-1A, 6.16%, 07/25/30 | 2500 | 2495 |
| Securitized Asset Backed Receivables LLC Trust 2007-BR2 |  |  |
| Series 2007-A2-BR2, REMIC, 1.72%, (1 Month Term SOFR + 0.34%), 02/25/37 (a) (m) (n) | 11962 | 5032 |
| Securitized Asset Backed Receivables LLC Trust 2007-HE1 |  |  |
| Series 2007-A2A-HE1, REMIC, 0.63%, (1 Month Term SOFR + 0.23%), 12/25/36 (a) (m) (n) | 205 | 40 |
| SG Commercial Mortgage Securities Trust 2016-C5 |  |  |
| Interest Only, Series 2016-XA-C5, REMIC, 1.87%, 10/13/48 (a) | 20809 | 26 |
| SG Mortgage Securities Trust 2006-FRE2 |  |  |
| Series 2006-A2D-FRE2, REMIC, 0.86%, (1 Month Term SOFR + 0.57%), 07/25/36 (a) (m) (n) | 15733 | 2878 |
| SG Residential Mortgage Trust 2021-1 |  |  |
| Series 2021-M1-1, REMIC, 2.50%, 07/25/61 (a) | 3258 | 2134 |
| Shenton Aircraft Investment I Limited |  |  |
| Series 2015-A-1A, 4.75%, 11/15/27 | 1281 | 1259 |
| SMB Private Education Loan Trust 2018-B |  |  |
| Series 2018-A2B-B, 4.51%, (1 Month Term SOFR + 0.83%), 03/15/28 (a) (c) | 276 | 275 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 8.93%, 05/25/30 (a) | 99 | 96 |
| SoFi Consumer Loan Program 2025-3 Trust |  |  |
| Series 2025-A-3, 4.47%, 08/25/34 | 664 | 666 |
| Sound Point CLO IX Ltd. |  |  |
| Series 2015-DRRR-2A, 8.43%, (3 Month Term SOFR + 4.76%), 07/20/32 (a) | 1000 | 979 |
| Sound Point CLO XVIII Ltd. |  |  |
| Series 2017-C-4A, 6.43%, (3 Month Term SOFR + 2.76%), 01/21/31 (a) | 1000 | 984 |
| Sound Point CLO XX Ltd. |  |  |
| Series 2018-C-2A, 5.88%, (3 Month Term SOFR + 2.21%), 07/26/31 (a) | 500 | 500 |
| Sound Point CLO XXIII |  |  |
| Series 2019-DR-2A, 7.23%, (3 Month Term SOFR + 3.56%), 07/17/34 (a) | 2000 | 1904 |
| Sound Point CLO XXXI Ltd. |  |  |
| Series 2021-D-3A, 7.18%, (3 Month Term SOFR + 3.51%), 10/25/34 (a) | 1000 | 938 |
| Specialty Underwriting & Residential Finance Trust, Series 2007-AB1 |  |  |
| Series 2007-A2B-AB1, REMIC, 1.73%, (1 Month Term SOFR + 0.30%), 03/25/37 (a) (m) (n) | 5264 | 2639 |
| Sprite 2021-1 Limited |  |  |
| Series 2021-A-1, 3.75%, 10/15/28 (c) (m) | 527 | 515 |
| Start Ltd. |  |  |
| Series 2018-A-1, 4.09%, 05/15/43 | 117 | 120 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-M1-INV1, REMIC, 3.06%, 09/25/49 (a) | 6721 | 6541 |
| Storm King Park CLO, Ltd. |  |  |
| Series 2022-AR-1A, 5.03%, (3 Month Term SOFR + 1.36%), 10/15/37 (a) | 2200 | 2201 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2006-A4-1, REMIC, 4.12%, (1 Month Term SOFR + 0.73%), 01/25/36 (a) (m) (n) | 845 | 798 |
| Structured Asset Mortgage Investments II Inc. |  |  |
| Series 2005-A3-AR5, REMIC, 4.28%, (1 Month Term SOFR + 0.61%), 07/19/35 (a) (m) (n) | 38 | 36 |
| Structured Asset Mortgage Investments II Trust 2007-AR2 |  |  |
| Series 2007-2A1-AR2, REMIC, 2.69%, (1 Month Term SOFR + 0.37%), 03/25/37 (a) (m) (n) | 227 | 77 |
| Structured Asset Mortgage Investments LLC |  |  |
| Series 2002-A1-AR3, REMIC, 4.44%, (1 Month Term SOFR + 0.77%), 09/19/32 (a) (m) (n) | 1 | 1 |
| Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC3 |  |  |
| Series 2006-A1-BC3, REMIC, 3.10%, (1 Month Term SOFR + 0.43%), 10/25/36 (a) (m) (n) | 2907 | 1910 |
| Subway Funding LLC |  |  |
| Series 2024-A23-1A, 6.51%, 07/30/34 | 1975 | 1978 |
| Sunnova Helios VII Issuer, LLC |  |  |
| Series 2021-C-C, 2.63%, 10/20/28 | 2909 | 1646 |
| Sunrun Atlas Issuer 2019-2, LLC |  |  |
| Series 2019-A-2, 3.61%, 11/01/27 | 2382 | 2306 |
| Switch ABS Issuer, LLC |  |  |
| Series 2024-B-1A, 6.50%, 03/25/29 | 2000 | 2006 |
| Series 2024-A2-2A, 5.44%, 06/25/54 | 2640 | 2630 |
| Symphony CLO XVI, Ltd. |  |  |
| Series 2015-DR-16A, 6.98%, (3 Month Term SOFR + 3.31%), 10/15/31 (a) | 1000 | 1000 |
| Tailwind 2019-1 Limited |  |  |
| Series 2019-A-1, 3.97%, 12/15/26 (m) | 1948 | 1915 |
| Thayer Park CLO, Ltd. |  |  |
| Series 2017-CR-1A, 6.73%, (3 Month Term SOFR + 3.06%), 04/20/34 (a) | 1000 | 953 |
| TIF Funding II LLC |  |  |
| Series 2021-A-1A, 1.65%, 02/20/46 | 2904 | 2654 |
| Trestles CLO 2017-1, Ltd. |  |  |
| Series 2021-AR1-4A, 5.07%, (3 Month Term SOFR + 1.28%), 11/01/38 (a) | 3000 | 3000 |
| Trestles CLO VI Ltd. |  |  |
| Series 2023-A1R-6A, 4.85%, (3 Month Term SOFR + 1.18%), 04/26/38 (a) | 1000 | 998 |
| Trestles CLO VIII Ltd. |  |  |
| Series 2025-A1-8A, 5.00%, (3 Month Term SOFR + 1.33%), 06/11/35 (a) | 1000 | 1000 |
| Tricon Residential 2025-SFR2 Trust |  |  |
| Series 2025-A-SFR2, 5.20%, 07/31/44 | 5380 | 5411 |
| Trimaran CAVU 2021-3, Ltd. |  |  |
| Series 2021-D-3A, 7.71%, (3 Month Term SOFR + 4.04%), 01/18/35 (a) | 2250 | 2252 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-B-FL5, 6.12%, (1 Month Term SOFR + 2.45%), 02/17/39 (a) (m) | 2280 | 2282 |
| U.S. Auto Funding Trust 2021-1 |  |  |
| Series 2021-C-1A, 2.20%, 05/15/26 | 1089 | 871 |
| UBS Commercial Mortgage Trust 2017-C4 |  |  |
| Series 2017-A3-C4, REMIC, 3.30%, 08/17/27 | 478 | 471 |
| UBS Commercial Mortgage Trust 2017-C7 |  |  |
| Series 2017-B-C7, REMIC, 4.29%, 01/18/28 (a) | 2000 | 1916 |
| UBS Commercial Mortgage Trust 2018-C8 |  |  |
| Series 2018-A3-C8, REMIC, 3.72%, 01/18/28 | 1419 | 1402 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 |  |  |
| Series 2013-C-C5, REMIC, 3.84%, 03/12/46 (a) | 2351 | 2186 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 64 | 64 |
| Upstart Securitization Trust 2025-4 |  |  |
| Series 2025-A2-4, 4.83%, 11/20/26 | 2300 | 2302 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2020-A2-2A, 1.99%, 09/15/27 | 250 | 239 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-M1-R2, REMIC, 2.24%, 02/25/64 | 3017 | 2848 |
| Verus Securitization Trust 2026-R1 |  |  |
| Series 2026-A1-R1, REMIC, 4.83%, 10/25/67 (a) (m) | 992 | 981 |
| Series 2026-A2-R1, REMIC, 5.03%, 10/25/67 (m) | 248 | 246 |
| Series 2026-A3-R1, REMIC, 5.19%, 10/25/67 (m) | 248 | 245 |
| Voya CLO 2018-2 Ltd. |  |  |
| Series 2018-D-2A, 6.68%, (3 Month Term SOFR + 3.01%), 07/15/31 (a) | 1000 | 1000 |
| Voya CLO 2023-1 Ltd. |  |  |
| Series 2023-A1R-1A, 4.88%, (3 Month Term SOFR + 1.21%), 01/20/39 (a) | 500 | 499 |
| Warwick Capital CLO 6 Ltd. |  |  |
| Series 2025-A1-6A, 5.10%, (3 Month Term SOFR + 1.43%), 07/20/38 (a) | 2000 | 2001 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR17 Trust |  |  |
| Series 2002-1A-AR17, REMIC, 4.37%, (12 Month Treasury Average + 1.20%), 11/25/42 (a) (n) | 7 | 7 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2005-1A3A-AR18, REMIC, 4.63%, 01/25/36 (a) | 102 | 93 |
| Series 2005-A1A1-AR13, REMIC, 4.47%, (1 Month Term SOFR + 0.69%), 10/25/45 (a) (m) (n) | 13 | 12 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1 Trust |  |  |
| Series 2007-3A3-HY1, REMIC, 3.97%, 02/25/37 (a) | 692 | 612 |
| Series 2007-4A1-HY1, REMIC, 4.04%, 02/25/37 (a) | 70 | 64 |
| Washington Mutual Mortgage Pass-Through Certificates Wmalt Series 2006-Ar9 Trust |  |  |
| Series 2006-1A-AR9, REMIC, 3.43%, (12 Month Treasury Average + 0.83%), 11/25/46 (a) (m) | 1069 | 946 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR8 Trust |  |  |
| Series 2006-3A3-AR8, REMIC, 4.29%, 08/25/36 (a) | 620 | 580 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY7 Trust |  |  |
| Series 2007-2A3-HY7, REMIC, 3.80%, 07/25/37 (a) | 120 | 111 |
| Washington Mutual Mortgage Securities Corp. |  |  |
| Series 2002-2A2-AR1, REMIC, 5.27%, 02/25/31 (a) |  |  |
| Series 2002-1A-AR9, REMIC, 5.24%, (12 Month Treasury Average + 1.40%), 08/25/42 (a) (n) | 9 | 9 |
| WAVE 2019-1 LLC |  |  |
| Series 2019-A-1, 3.60%, 09/15/27 | 1206 | 1174 |
| Wells Fargo Alternative Loan 2007-PA6 Trust |  |  |
| Series 2007-A1-PA6, REMIC, 5.71%, 12/25/37 (a) | 259 | 229 |
| Wells Fargo Commercial Mortgage Trust 2017-C41 |  |  |
| Series 2017-B-C41, REMIC, 4.19%, 11/17/27 (a) | 1643 | 1578 |
| Wells Fargo Commercial Mortgage Trust 2018-C43 |  |  |
| Interest Only, Series 2018-XA-C43, REMIC, 0.72%, 03/17/51 (a) | 57896 | 521 |
| Wells Fargo Commercial Mortgage Trust 2019-C50 |  |  |
| Series 2019-C-C50, REMIC, 4.35%, 04/17/29 | 2200 | 1956 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Series 2020-B-C55, REMIC, 3.14%, 02/15/30 | 1034 | 939 |
| Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
| Series 2020-A3-C58, REMIC, 1.81%, 09/17/30 | 2728 | 2456 |
| Wells Fargo Commercial Mortgage Trust 2021-C60 |  |  |
| Series 2021-A3-C60, REMIC, 2.06%, 04/15/31 | 1611 | 1454 |
| Wells Fargo Commercial Mortgage Trust 2021-C61 |  |  |
| Series 2021-A3-C61, REMIC, 2.41%, 10/17/31 | 1000 | 888 |
| Wells Fargo Commercial Mortgage Trust 2025-5C4 |  |  |
| Series 2025-A3-5C4, REMIC, 5.67%, 05/15/30 | 1950 | 2009 |
| Wells Fargo Commercial Mortgage Trust 2025-5C6 |  |  |
| Series 2025-AS-5C6, REMIC, 5.58%, 09/17/30 (a) | 1796 | 1829 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 |  |  |
| Series 2025-B-5C7, REMIC, 5.86%, 11/18/30 | 1904 | 1929 |
| Wells Fargo Commercial Mortgage Trust 2026-5C8 |  |  |
| Series 2026-A3-5C8, REMIC, 5.03%, 02/18/31 | 2650 | 2668 |
| Series 2026-C-5C8, REMIC, 5.55%, 02/18/31 | 1325 | 1306 |
| Wells Fargo Mortgage Backed Securities 2007-15 Trust |  |  |
| Series 2007-A1-15, REMIC, 6.00%, 11/25/37 | 1217 | 1133 |
| Willis Engine Structured Trust V |  |  |
| Series 2020-A-A, 3.23%, 03/15/28 (m) | 3428 | 3302 |
| Wind River 2014-2 CLO Ltd. |  |  |
| Series 2014-DR-2A, 6.83%, (3 Month Term SOFR + 3.16%), 01/15/31 (a) | 1000 | 999 |
| Series 2014-ER-2A, 9.68%, (3 Month Term SOFR + 6.01%), 01/15/31 (a) | 1000 | 859 |
| Wind River 2021-1 CLO Ltd. |  |  |
| Series 2021-D1R-1A, 7.62%, (3 Month Term SOFR + 3.95%), 07/20/37 (a) | 500 | 501 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $619,264) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $619,264) | 552257 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.5%** | **SENIOR FLOATING RATE INSTRUMENTS 2.5%** | **SENIOR FLOATING RATE INSTRUMENTS 2.5%** |
| **Industrials 0.8%** | **Industrials 0.8%** | **Industrials 0.8%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2026 Term Loan B, 6.41%, (3 Month Term SOFR + 2.75%), 07/31/28 (a) | 317 | 316 |
| 2026 Term Loan B, 6.41%, (3 Month Term SOFR + 2.75%), 07/31/28 (a) | 287 | 286 |
| Air Comm Corporation, LLC |  |  |
| 2025 Term Loan, 6.42%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 495 | 495 |
| 2025 Term Loan, 6.44%, (3 Month Term SOFR + 2.75%), 12/11/31 (a) | 7 | 7 |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/06/32 (a) | 388 | 388 |
| AllSpring Buyer LLC |  |  |
| 2024 Term Loan B, 6.69%, (3 Month Term SOFR + 2.75%), 11/01/30 (a) | 709 | 709 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 120 | 120 |
| BCPE Empire Holdings, Inc. |  |  |
| 2025 Term Loan B, 6.93%, (1 Month Term SOFR + 3.25%), 12/26/30 (a) | 676 | 665 |
| 2026 10th Amendment Term Loan, 7.17%, (1 Month Term SOFR + 3.50%), 12/29/32 (a) | 40 | 39 |
| Biomarin Pharmaceutical Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 1.75%), 01/28/33 (a) (o) | 220 | 219 |
| Brown Group Holding, LLC |  |  |
| 2022 Incremental Term Loan B2, 6.17%, (3 Month Term SOFR + 2.75%), 06/09/29 (a) | 78 | 78 |
| 2022 Incremental Term Loan B2, 6.17%, (1 Month Term SOFR + 2.75%), 06/09/29 (a) | 37 | 37 |
| 2022 Incremental Term Loan B2, 6.35%, (3 Month Term SOFR + 2.75%), 06/09/29 (a) | 50 | 50 |
| Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 07/01/31 (a) | 283 | 284 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 2024 Term Loan, 0.00%, (1 Month Term SOFR + 4.00%), 08/20/28 (a) (o) | 205 | 205 |
| 2024 Term Loan, 7.79%, (1 Month Term SOFR + 4.00%), 08/20/28 (a) | 165 | 165 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 6.85%, (1 Month Term SOFR + 3.17%), 03/30/29 (a) | 125 | 119 |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 03/27/32 (a) (o) | 65 | 61 |
| Columbus McKinnon Corporation |  |  |
| 2026 Term Loan B, 7.16%, (3 Month Term SOFR + 3.50%), 01/21/33 (a) | 283 | 281 |
| Construction Partners Inc |  |  |
| Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 10/30/31 (a) | 351 | 350 |
| Cornerstone Building Brands, Inc. |  |  |
| 2021 Term Loan B, 7.02%, (3 Month Term SOFR + 3.25%), 04/12/28 (a) | 85 | 48 |
| 2024 Term Loan B, 8.17%, (3 Month Term SOFR + 4.50%), 05/05/31 (a) | 49 | 23 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 5.42%, (1 Month Term SOFR + 1.75%), 04/28/28 (a) | 79 | 79 |
| CPI Holdco B LLC |  |  |
| 2025 Add-on Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 05/19/31 (a) | 456 | 452 |
| Deep Blue Operating I LLC |  |  |
| Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 09/17/32 (a) | 105 | 105 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2025 Term Loan, 6.92%, (1 Month Term SOFR + 3.75%), 07/01/32 (a) | 648 | 648 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2025 2nd Lien Term Loan, 9.17%, (1 Month Term SOFR + 5.50%), 07/24/33 (a) | 55 | 54 |
| Dycom Investments Inc |  |  |
| 2026 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 01/20/33 (a) | 95 | 95 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 5.67%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 207 | 207 |
| 2024 1st Lien Term Loan B2, 5.67%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 79 | 79 |
| Edelman Financial Center, LLC |  |  |
| 2024 2nd Lien Term Loan, 0.00%, (1 Month Term SOFR + 5.25%), 10/23/28 (a) (o) | 55 | 54 |
| 2024 2nd Lien Term Loan, 8.92%, (1 Month Term SOFR + 5.25%), 10/23/28 (a) | 130 | 129 |
| Eisner Advisory Group LLC |  |  |
| 2024 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 02/24/31 (a) | 382 | 362 |
| Element Materials Technology Group US Holdings Inc |  |  |
| 2022 USD Term Loan, 7.17%, (1 Month Term SOFR + 3.50%), 04/12/29 (a) | 404 | 405 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.12%, (6 Month Term SOFR + 2.25%), 06/18/31 (a) | 222 | 222 |
| First Advantage Holdings, LLC |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 10/31/31 (a) | 198 | 192 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 09/15/31 (a) | 761 | 735 |
| Fortrea Holdings Inc |  |  |
| Term Loan B, 7.42%, (3 Month Term SOFR + 3.50%), 06/12/30 (a) | 23 | 22 |
| Garda World Security Corporation |  |  |
| 2026 Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 02/01/29 (a) | 411 | 408 |
| GBT US III LLC |  |  |
| 2026 Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 07/28/31 (a) | 318 | 311 |
| GC Ferry Acquisition I Inc |  |  |
| Term Loan, 7.17%, (3 Month Term SOFR + 3.50%), 06/06/32 (a) | 115 | 114 |
| Genmab AS |  |  |
| Term Loan B, 6.70%, (3 Month Term SOFR + 3.00%), 11/19/32 (a) | 170 | 170 |
| Grant Thornton Advisors LLC |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 05/30/31 (a) | 693 | 644 |
| Green Infrastructure Partners Inc |  |  |
| USD Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 09/18/32 (a) | 280 | 279 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 6.41%, (3 Month Term SOFR + 2.75%), 02/03/32 (a) | 736 | 728 |
| Homeserve USA Holding Corp |  |  |
| 2024 Term Loan B, 5.68%, (1 Month Term SOFR + 2.00%), 10/21/30 (a) | 201 | 200 |
| Lavender Dutch BorrowerCo BV |  |  |
| USD Term Loan, 6.93%, (3 Month Term SOFR + 3.25%), 09/27/32 (a) | 170 | 167 |
| LBM Acquisition LLC |  |  |
| 2024 Incremental Term Loan B, 7.52%, (1 Month Term SOFR + 3.75%), 06/06/31 (a) | 130 | 104 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 6.17%, (1 Month Term SOFR + 3.00%), 04/14/31 (a) | 515 | 509 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.13%, (6 Month Term SOFR + 2.50%), 06/15/28 (a) | 594 | 594 |
| Madison Safety & Flow LLC |  |  |
| 2025 1st Lien Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 09/26/31 (a) | 157 | 157 |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 02/19/32 (a) | 104 | 104 |
| OEP Glass Purchaser LLC |  |  |
| 2026 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 02/26/33 (a) | 140 | 138 |
| OVG Business Services, LLC |  |  |
| 2024 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 06/13/31 (a) | 496 | 495 |
| Pinnacle Buyer LLC |  |  |
| Term Loan, 6.16%, (3 Month Term SOFR + 2.50%), 09/11/32 (a) | 79 | 80 |
| PUG LLC |  |  |
| 2024 Extended Term Loan B, 0.00%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) (o) | 50 | 49 |
| 2024 Extended Term Loan B, 8.42%, (1 Month Term SOFR + 4.75%), 03/12/30 (a) | 79 | 77 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B2, 5.92%, (1 Month Term SOFR + 2.25%), 03/18/29 (a) | 273 | 273 |
| 2025 Term Loan B1, 5.92%, (1 Month Term SOFR + 2.25%), 04/14/31 (a) | 74 | 73 |
| Resideo Funding Inc. |  |  |
| 2025 Incremental Term Loan, 5.67%, (3 Month Term SOFR + 2.00%), 08/08/32 (a) | 338 | 337 |
| SGH2 LLC |  |  |
| 2025 USD Term Loan B, 8.17%, (3 Month Term SOFR + 4.50%), 07/16/32 (a) | 204 | 200 |
| Southern Veterinary Partners, LLC |  |  |
| 2025 Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 12/04/31 (a) | 633 | 627 |
| Spectris Plc |  |  |
| USD Term Loan, 6.60%, (3 Month Term SOFR + 2.75%), 09/26/32 (a) | 120 | 120 |
| Tecta America Corp. |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 02/12/32 (a) | 337 | 336 |
| Tiger Acquisition, LLC |  |  |
| 2025 Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 08/14/32 (a) | 346 | 346 |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 6.38%, (6 Month Term SOFR + 2.75%), 04/30/30 (a) | 375 | 376 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.17%, (1 Month Term SOFR + 2.50%), 02/28/31 (a) | 908 | 908 |
| 2025 Term Loan M, 6.17%, (1 Month Term SOFR + 2.50%), 08/13/32 (a) | 403 | 403 |
| Veritiv Corporation |  |  |
| Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 11/30/30 (a) | 258 | 250 |
| Victory Capital Holdings, Inc. |  |  |
| 2025 Term Loan, 5.67%, (3 Month Term SOFR + 2.00%), 09/10/32 (a) | 75 | 74 |
| Virtus Investment Partners, Inc. |  |  |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 09/16/32 (a) | 114 | 112 |
| VSE Corporation |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 03/17/33 (a) (o) | 230 | 230 |
| VT Topco, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.66%, (3 Month Term SOFR + 3.00%), 08/12/30 (a) | 131 | 127 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 01/20/31 (a) | 522 | 521 |
| White Cap Buyer LLC |  |  |
| 2024 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 10/19/29 (a) | 190 | 183 |
| | | 19609 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Applied Systems, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 02/07/32 (a) | 140 | 138 |
| Athenahealth Group, Inc. |  |  |
| 2022 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 01/27/29 (a) | 259 | 254 |
| Boxer Parent Company Inc. |  |  |
| 2025 USD Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 07/30/31 (a) | 663 | 613 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2024 2nd Lien Term Loan, 9.42%, (3 Month Term SOFR + 5.75%), 07/06/32 (a) | 128 | 107 |
| Camelot U.S. Acquisition LLC |  |  |
| 2024 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 01/31/31 (a) | 243 | 210 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 6.92%, (3 Month Term SOFR + 3.25%), 07/06/29 (a) | 84 | 59 |
| Chamberlain Group Inc |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 07/22/32 (a) | 594 | 588 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2032), 6.92%, (3 Month Term SOFR + 3.25%), 08/07/32 (a) | 125 | 114 |
| CompoSecure Holdings LLC |  |  |
| Term Loan, 5.93%, (1 Month Term SOFR + 2.25%), 01/07/33 (a) | 265 | 264 |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.29%, (1 Month Term SOFR + 3.50%), 04/14/28 (a) | 206 | 197 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (a) (h) (i) (p) | 113 |  |
| Dayforce, Inc. |  |  |
| 2026 Term Loan, 6.66%, (3 Month Term SOFR + 3.00%), 10/07/32 (a) | 645 | 609 |
| Ellucian Holdings, Inc. |  |  |
| 2024 2nd Lien Term Loan, 8.42%, (1 Month Term SOFR + 4.75%), 11/14/32 (a) | 25 | 24 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 7.77%, (3 Month Term SOFR + 4.00%), 08/17/27 (a) | 519 | 503 |
| Gen Digital Inc. |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 02/13/32 (a) | 417 | 410 |
| ION Platform Finance US Inc |  |  |
| USD Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 09/30/32 (a) | 400 | 319 |
| Iron Mountain, Inc. |  |  |
| 2023 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 01/31/31 (a) | 216 | 214 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 3.75%), 03/29/29 (a) (o) | 495 | 488 |
| 2025 Term Loan B, 7.42%, (3 Month Term SOFR + 3.75%), 03/29/29 (a) | 437 | 431 |
| McAfee, LLC |  |  |
| 2024 USD 1st Lien Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 03/01/29 (a) | 143 | 127 |
| MH Sub I, LLC |  |  |
| 2024 Term Loan B4, 7.92%, (1 Month Term SOFR + 4.25%), 12/11/31 (a) | 454 | 301 |
| Mitchell International, Inc. |  |  |
| 2026 Term Loan, 0.00%, (1 Month Term SOFR + 3.00%), 06/17/31 (a) (o) | 80 | 76 |
| 2026 Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 06/17/31 (a) | 393 | 374 |
| 2024 2nd Lien Term Loan, 8.92%, (1 Month Term SOFR + 5.25%), 06/07/32 (a) | 70 | 63 |
| Qnity Electronics Inc |  |  |
| Term Loan B, 5.70%, (6 Month Term SOFR + 2.00%), 08/11/32 (a) | 314 | 313 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 6.93%, (3 Month Term SOFR + 3.00%), 02/18/28 (a) | 372 | 355 |
| 2024 Incremental Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 04/24/28 (a) | 144 | 139 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 01/30/31 (a) | 677 | 646 |
| Zayo Group Holdings, Inc. |  |  |
| 2025 USD Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 03/11/30 (a) (o) | 445 | 436 |
| 2025 USD Term Loan, 6.79%, (1 Month Term SOFR + 3.50%), 03/11/30 (a) | 508 | 498 |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, 6.92%, (1 Month Term SOFR + 3.25%), 10/24/31 (a) | 351 | 340 |
| | | 9210 |
| **Communication Services 0.4%** | **Communication Services 0.4%** | **Communication Services 0.4%** |
| Alterra Mountain Company |  |  |
| 2025 Term Loan B9, 6.17%, (1 Month Term SOFR + 2.50%), 08/17/28 (a) | 224 | 224 |
| 2025 Term Loan B8, 6.17%, (1 Month Term SOFR + 2.50%), 05/31/30 (a) | 30 | 30 |
| Altice France S.A. |  |  |
| 2025 USD Term Loan B14, 10.55%, (3 Month Term SOFR + 6.88%), 05/31/31 (a) | 336 | 336 |
| Cengage Learning, Inc. |  |  |
| 2026 Term Loan B, 0.00%, (1 Month Term SOFR + 3.00%), 03/24/31 (a) (o) | 245 | 240 |
| 2026 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 03/24/31 (a) | 318 | 311 |
| 2026 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 03/24/31 (a) | 187 | 183 |
| Creative Artists Agency, LLC |  |  |
| 2025 Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/19/31 (a) | 45 | 44 |
| Crown Finance US, Inc. |  |  |
| 2025 Term Loan B, 8.17%, (1 Month Term SOFR + 4.50%), 12/02/31 (a) | 416 | 412 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 8.25%, (Prime Rate + 1.50%), 04/15/27 (a) | 146 | 129 |
| Delta 2 (LUX) S.a.r.l. |  |  |
| 2024 Term Loan B1, 5.42%, (3 Month Term SOFR + 1.75%), 09/10/31 (a) | 1245 | 1241 |
| DirecTV Financing, LLC |  |  |
| 2024 Term Loan, 9.18%, (3 Month Term SOFR + 5.25%), 08/02/29 (a) | 125 | 125 |
| GOGO Intermediate Holdings LLC |  |  |
| Term Loan B, 7.54%, (1 Month Term SOFR + 3.75%), 04/21/28 (a) | 205 | 178 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 01/20/32 (a) (o) | 325 | 324 |
| iHeartCommunications, Inc. |  |  |
| 2024 Term Loan, 9.56%, (1 Month Term SOFR + 5.78%), 05/01/29 (a) | 104 | 91 |
| Life Time Fitness Inc |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 11/05/31 (a) | 248 | 247 |
| Live Nation Entertainment, Inc. |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 10/19/32 (a) | 244 | 244 |
| Motion Finco Sarl |  |  |
| 2024 USD Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 11/30/29 (a) (o) | 100 | 87 |
| 2024 USD Term Loan B, 7.17%, (3 Month Term SOFR + 3.50%), 11/30/29 (a) | 252 | 219 |
| NEP Group, Inc. |  |  |
| 2025 Term Loan B, 8.17%, (1 Month Term SOFR + 4.50%), 10/09/31 (a) | 143 | 129 |
| Neptune BidCo US Inc. |  |  |
| 2026 USD Term Loan B, 8.76%, (3 Month Term SOFR + 5.00%), 01/28/33 (a) | 125 | 119 |
| Nexstar Broadcasting, Inc. |  |  |
| 2025 Term Loan B5, 6.17%, (1 Month Term SOFR + 2.50%), 06/23/32 (a) | 269 | 266 |
| Nexstar Media Group, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 12/31/49 (a) (o) | 395 | 390 |
| Oak-Eagle AcquireCo Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 03/23/33 (a) (o) | 480 | 477 |
| Ontario Gaming GTA LP |  |  |
| Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 07/11/30 (a) | 272 | 255 |
| Pretzel Parent, Inc. |  |  |
| 2024 Term Loan B, 8.17%, (1 Month Term SOFR + 4.50%), 08/14/31 (a) | 248 | 240 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Six Flags Entertainment Corporation |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 04/18/31 (a) | 268 | 263 |
| Sunrise Financing Partnership |  |  |
| Term Loan AAA, 6.13%, (6 Month Term SOFR + 2.47%), 02/15/32 (a) | 255 | 253 |
| TKO Worldwide Holdings, LLC |  |  |
| 2025 Term Loan, 5.66%, (3 Month Term SOFR + 2.00%), 11/21/31 (a) | 269 | 269 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 8.59%, (3 Month Term SOFR + 5.00%), 01/17/31 (a) | 93 | 67 |
| United Talent Agency, LLC |  |  |
| 2025 Repriced Term Loan B, 6.68%, (1 Month Term SOFR + 3.00%), 06/10/32 (a) | 149 | 148 |
| Univision Communications Inc. |  |  |
| 2024 Term Loan B, 7.29%, (1 Month Term SOFR + 3.50%), 01/31/29 (a) | 85 | 84 |
| 2022 First Lien Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 06/10/29 (a) | 305 | 304 |
| Virgin Media Bristol LLC |  |  |
| Term Loan, 0.00%, (3 Month USD SOFR + 3.25%), 12/31/23 (a) (o) | 420 | 404 |
| 2023 USD Term Loan Y, 7.05%, (SOFR + 3.17%), 03/06/31 (a) | 329 | 299 |
| Voyager Parent, LLC |  |  |
| Repriced Term Loan B, 7.91%, (3 Month Term SOFR + 4.25%), 07/01/32 (a) | 378 | 375 |
| | | 9007 |
| **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 12/21/28 (a) | 39 | 39 |
| American Axle and Manufacturing, Inc. |  |  |
| 2025 Incremental Term Loan C, 7.01%, (3 Month Term SOFR + 3.25%), 02/24/32 (a) | 188 | 187 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 7.43%, (1 Month Term SOFR + 3.75%), 06/26/31 (a) | 409 | 410 |
| Burlington Coat Factory Warehouse Corporation |  |  |
| 2024 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 09/19/31 (a) | 74 | 74 |
| Caesars Entertainment Inc. |  |  |
| 2024 Term Loan B1, 5.92%, (1 Month Term SOFR + 2.25%), 01/24/31 (a) | 939 | 910 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/06/30 (a) | 640 | 638 |
| DexKo Global Inc. |  |  |
| 2021 USD Term Loan B, 7.68%, (3 Month Term SOFR + 3.75%), 09/24/28 (a) (k) | 128 | 125 |
| EG America LLC |  |  |
| 2026 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 01/30/31 (a) | 415 | 415 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 0.00%, (1 Month Term SOFR + 3.50%), 01/13/29 (a) (o) | 220 | 215 |
| 2022 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 01/13/29 (a) (k) | 409 | 400 |
| Michaels Companies, Inc. |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 5.00%), 03/02/33 (a) (o) | 150 | 145 |
| PetSmart, Inc. |  |  |
| 2025 USD Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 08/09/32 (a) | 265 | 263 |
| Pye-Barker Fire & Safety, LLC |  |  |
| 2025 Term Loan, 6.20%, (3 Month Term SOFR + 2.50%), 12/10/32 (a) | 165 | 165 |
| Sabre GLBL Inc. |  |  |
| 2024 Term Loan B1, 9.77%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) | 93 | 72 |
| 2024 Term Loan B2, 9.77%, (1 Month Term SOFR + 6.00%), 11/15/29 (a) | 70 | 55 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 01/30/31 (a) | 387 | 383 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 08/03/28 (a) | 579 | 578 |
|  |  | 5074 |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 7.54%, (1 Month Term SOFR + 3.75%), 12/23/27 (a) | 74 | 70 |
| 2023 Term Loan B5, 9.42%, (1 Month Term SOFR + 5.75%), 12/23/27 (a) | 194 | 185 |
| Alkermes, Inc. |  |  |
| 2026 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 01/28/31 (a) | 210 | 211 |
| Aveanna Healthcare, LLC |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 09/11/32 (a) (o) | 185 | 185 |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.75%), 09/11/32 (a) | 314 | 313 |
| Bausch & Lomb Corporation |  |  |
| 2025 Repriced Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 01/15/31 (a) | 982 | 983 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 9.92%, (1 Month Term SOFR + 6.25%), 09/25/30 (a) | 164 | 158 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.17%, (3 Month Term SOFR + 2.25%), 11/08/32 (a) | 383 | 382 |
| Curium BidCo S.a r.l. |  |  |
| 2025 USD Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 07/31/31 (a) | 192 | 191 |
| Hologic Inc |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 01/14/33 (a) (o) | 635 | 627 |
| LifePoint Health, Inc. |  |  |
| 2024 1st Lien Term Loan B, 7.42%, (3 Month Term SOFR + 3.75%), 05/16/31 (a) | 432 | 432 |
| Pacific Dental Services, LLC |  |  |
| 2024 Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 03/07/31 (a) | 149 | 149 |
| Radiology Partners Inc |  |  |
| 2025 Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 06/26/32 (a) | 398 | 391 |
| Select Medical Corp |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 12/31/31 (a) (o) | 325 | 324 |
| Team Health Holdings, Inc. |  |  |
| 2026 Repriced Term Loan B, 7.66%, (3 Month Term SOFR + 4.00%), 06/30/28 (a) | 218 | 217 |
|  |  | 4818 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 6.67%, (1 Month Term SOFR + 3.00%), 11/06/30 (a) | 468 | 452 |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 06/07/32 (a) | 174 | 168 |
| Alera Group, Inc. |  |  |
| 2026 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 05/30/32 (a) | 264 | 255 |
| 2025 2nd Lien Term Loan, 9.17%, (1 Month Term SOFR + 5.50%), 05/15/33 (a) | 100 | 96 |
| AmWINS Group, Inc. |  |  |
| 2026 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 01/30/32 (a) | 346 | 343 |
| Ardonagh Midco 3 PLC |  |  |
| 2024 USD Term Loan B, 6.37%, (3 Month Term SOFR + 2.75%), 02/28/31 (a) | 322 | 314 |
| 2024 USD Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 02/28/31 (a) | 16 | 15 |
| Asurion LLC |  |  |
| 2021 Second Lien Term Loan B4, 9.04%, (1 Month Term SOFR + 5.25%), 01/15/29 (a) | 53 | 53 |
| 2025 Term Loan B13, 7.92%, (1 Month Term SOFR + 4.25%), 09/19/30 (a) | 264 | 261 |
| Boots Group Bidco Ltd. |  |  |
| USD Term Loan, 6.92%, (3 Month Term SOFR + 3.50%), 07/22/32 (a) | 200 | 200 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 02/21/31 (a) | 436 | 400 |
| 2025 2nd Amendment Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 02/16/32 (a) | 94 | 87 |
| Herc Holdings Inc |  |  |
| 2026 Term Loan B, 5.43%, (1 Month Term SOFR + 1.75%), 06/02/32 (a) | 95 | 95 |
| OneDigital Borrower LLC |  |  |
| 2025 Repriced Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 07/02/31 (a) | 406 | 392 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 02/16/28 (a) | 493 | 483 |
| Starwood Property Trust, Inc. |  |  |
| 2025 1st Lien Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 01/02/30 (a) | 151 | 151 |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 08/16/32 (a) | 145 | 145 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 5.42%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 187 | 186 |
| Trucordia Insurance Holdings LLC |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 06/12/32 (a) | 128 | 118 |
| | | 4214 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| ECO Services Operations Corp |  |  |
| 2024 Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 06/09/31 (a) | 294 | 294 |
| Graham Packaging Company Inc. |  |  |
| 2026 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 01/14/33 (a) | 340 | 336 |
| Harsco Corporation |  |  |
| 2021 Term Loan, 6.04%, (1 Month Term SOFR + 2.25%), 03/10/28 (a) | 342 | 340 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 03/15/29 (a) | 139 | 132 |
| INEOS Quattro Holdings UK Ltd. |  |  |
| 2024 USD Term Loan B, 7.92%, (1 Month Term SOFR + 4.25%), 10/01/31 (a) | 123 | 87 |
| INEOS US Finance LLC |  |  |
| 2023 USD Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 02/09/30 (a) | 113 | 98 |
| Mativ Holdings Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 4.50%), 03/26/33 (a) (o) (p) | 185 | 178 |
| MI Windows and Doors, LLC |  |  |
| 2024 Term Loan B2, 6.42%, (1 Month Term SOFR + 2.75%), 03/21/31 (a) | 272 | 249 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 5.50%), 03/25/30 (a) (o) | 25 | 25 |
| 2025 Term Loan B, 9.17%, (3 Month Term SOFR + 5.50%), 03/25/30 (a) | 127 | 127 |
| Pregis TopCo Corporation |  |  |
| 2025 Refinancing Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 02/28/29 (a) | 195 | 194 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 9.41%, (3 Month Term SOFR + 5.75%), 08/22/29 (a) | 182 | 165 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 09/24/32 (a) | 140 | 136 |
| Trident TPI Holdings, Inc. |  |  |
| 2024 Term Loan B7, 7.42%, (3 Month Term SOFR + 3.75%), 09/15/28 (a) | 195 | 184 |
|  |  | 2545 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Repriced Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 12/23/30 (a) | 192 | 192 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 03/17/29 (a) | 384 | 385 |
| Froneri Lux Finco Sarl |  |  |
| 2025 USD Term Loan B6, 5.88%, (6 Month Term SOFR + 2.25%), 07/17/32 (a) | 955 | 936 |
| Golden State Food LLC |  |  |
| 2026 Term Loan B, 7.17%, (3 Month Term SOFR + 3.50%), 12/04/31 (a) | 307 | 307 |
| Primo Brands Corporation |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 03/19/31 (a) (o) | 200 | 200 |
| Savor Acquisition, Inc. |  |  |
| Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 02/04/32 (a) | 308 | 308 |
| United Natural Foods, Inc. |  |  |
| 2024 Term Loan, 8.42%, (1 Month Term SOFR + 4.75%), 04/25/31 (a) | 153 | 153 |
|  |  | 2481 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| BCP Renaissance Parent LLC |  |  |
| 2024 Term Loan B3, 5.92%, (3 Month Term SOFR + 2.50%), 10/31/28 (a) | 329 | 327 |
| Blackfin Pipeline LLC |  |  |
| Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 09/29/32 (a) | 219 | 220 |
| CPPIB OVM Member US LLC |  |  |
| Term Loan B, 5.92%, (3 Month Term SOFR + 2.50%), 08/07/31 (a) | 212 | 212 |
| Freeport LNG Investments, LLLP |  |  |
| 2026 Term Loan B, 6.89%, (3 Month Term SOFR + 3.25%), 01/29/33 (a) | 345 | 345 |
| GIP Pilot Acquisition Partners LP |  |  |
| 2025 Term Loan B, 5.65%, (3 Month Term SOFR + 2.00%), 10/04/30 (a) | 195 | 195 |
| Meade Pipeline CO LLC |  |  |
| Term Loan B, 5.69%, (3 Month Term SOFR + 2.00%), 09/18/32 (a) | 210 | 210 |
| NGL Energy Partners LP |  |  |
| 2026 Term Loan B, 7.18%, (1 Month Term SOFR + 3.50%), 03/05/33 (a) | 135 | 135 |
| Par Petroleum, LLC |  |  |
| 2025 Term Loan B, 6.93%, (3 Month Term SOFR + 3.25%), 02/28/30 (a) | 102 | 102 |
| Whitewater Matterhorn Holdings LLC |  |  |
| 2026 Term Loan B, 5.42%, (3 Month Term SOFR + 1.75%), 06/16/32 (a) | 195 | 194 |
|  |  | 1940 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 5.42%, (1 Month Term SOFR + 2.00%), 09/19/31 (a) | 213 | 212 |
| Compass Power Generation LLC |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 04/14/29 (a) | 456 | 458 |
| Lightning Power LLC |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 08/08/31 (a) | 326 | 326 |
| Talen Energy Supply, LLC |  |  |
| 2025 Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 10/09/32 (a) | 239 | 239 |
|  |  | 1235 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Vestis Corporation |  |  |
| 2024 Term Loan, 5.92%, (3 Month Term SOFR + 2.25%), 02/18/31 (a) | 272 | 261 |
| Total Senior Floating Rate Instruments (cost $61,707) | Total Senior Floating Rate Instruments (cost $61,707) | 60394 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| LuxCo 3 (h) (p) | 4 | 68 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Stichting Administratiekantoor Unigel Creditors (h) (p) | 1 |  |
| Stichting Administratiekantoor Unigel Creditors (h) (p) |  |  |
| Total Common Stocks (cost $66) | Total Common Stocks (cost $66) | 68 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **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. (b) (h) (q) | 1100 | 6 |
| Total Other Equity Interests (cost $1,064) | Total Other Equity Interests (cost $1,064) | 6 |
| **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 3.53% (r) (s) | 16932 | 16932 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 3.63% (r) (s) | 14347 | 14347 |
| Total Short Term Investments (cost $31,279) | Total Short Term Investments (cost $31,279) | 31279 |
| **Total Investments 99.5% (cost $2,542,631)** | **Total Investments 99.5% (cost $2,542,631)** | **2437209** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **430** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **11297** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2448936** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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 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) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $232,037 and 9.5% of the Fund.

(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 March 31, 2026.

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

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

(h) Non-income producing security.

(i) As of March 31, 2026, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(j) Convertible security.

(k) 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) 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 March 31, 2026.

(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 March 31, 2026.

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

(o) This senior floating rate interest will settle after March 31, 2026. If a reference rate and spread is presented, it will go into effect upon settlement.

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

(r) Investment in affiliate.

(s) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 18391 | 149972 | 151431 | 214 |  |  | 16932 | 0.7 |
| JNL Government Money Market Fund, 3.63% - Class SL | 11231 | 28033 | 24917 | 120 |  |  | 14347 | 0.6 |
|  | 29622 | 178005 | 176348 | 334 |  |  | 31279 | 1.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 867 | 899 |  |
| Adani Electricity Mumbai Limited, 3.95%, 02/12/30 | 01/10/23 | 345 | 366 |  |
| Adani Electricity Mumbai Limited, 3.87%, 07/22/31 | 03/21/25 | 338 | 352 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Adani Energy Solutions Limited, 4.00%, 08/03/26 | 05/21/24 | 396 | 399 |  |
| Adani Energy Solutions Limited, 4.25%, 05/21/36 | 08/04/23 | 595 | 639 |  |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 12/17/21 | 678 | 629 |  |
| Adani Ports and Special Economic Zone Limited, 4.38%, 07/03/29 | 05/19/21 | 788 | 766 |  |
| Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31 | 06/02/21 | 294 | 263 |  |
| Adani Renewable Energy (RJ) Limited, 4.63%, 10/15/39 | 05/27/25 | 460 | 463 |  |
| Agrosuper S.A., 4.60%, 01/20/32 | 01/23/26 | 144 | 142 |  |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 07/10/23 | 424 | 449 |  |
| AI Candelaria (Spain), S.L.U, 5.75%, 06/15/33 | 04/11/22 | 1223 | 1324 | 0.1 |
| Asian Development Bank, 6.20%, 10/06/26 | 08/13/25 | 1450 | 1350 | 0.1 |
| Assembleia da Republica, 0.48%, 10/18/30 | 02/09/23 | 1253 | 1262 | 0.1 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver, 7.25%, 01/31/41 | 11/07/24 | 687 | 694 |  |
| Banco Davivienda S A, 8.13%, 07/02/35 | 03/12/26 | 310 | 303 |  |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 07/27/23 | 2172 | 2218 | 0.1 |
| Banco Espirito Santo S.A., 0.00%, 01/21/29 | 07/10/15 | 5090 | 1170 | 0.1 |
| Banco Espirito Santo S.A., 0.00%, 01/21/29 | 12/09/15 | 1852 | 458 |  |
| Banco GNB Sudameris S.A., 7.50%, 04/16/31 | 06/04/25 | 147 | 150 |  |
| Banco Internacional Del Peru S.A.A. – Interbank, 6.40%, 04/30/35 | 12/17/25 | 1090 | 1065 | 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 | 199 |  |
| 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 | 400 |  |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 8.13%, 01/08/39 | 01/15/25 | 1319 | 1368 | 0.1 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.13%, 01/18/33 | 02/05/26 | 397 | 391 |  |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 07/27/23 | 273 | 292 |  |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 08/25/22 | 1026 | 1067 | 0.1 |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 05/22/25 | 1395 | 1396 | 0.1 |
| Bundesrepublik Deutschland, 0.00%, 02/15/31 | 04/13/22 | 1845 | 1780 | 0.1 |
| Cap S.A., 3.90%, 04/27/31 | 12/13/21 | 1293 | 1165 | 0.1 |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 09/27/23 | 2058 | 2090 | 0.1 |
| Cencosud S.A., 4.38%, 07/17/27 | 07/07/25 | 199 | 199 |  |
| Chile Electricity Lux MPC II S.a r.l., 5.67%, 10/20/35 | 03/11/26 | 805 | 786 |  |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 02/06/25 | 870 | 866 |  |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 06/14/24 | 507 | 523 |  |
| Comision Federal De Electricidad, E.P.E., 3.35%, 02/09/31 | 03/22/24 | 176 | 179 |  |
| Commonwealth of Australia, 1.50%, 06/21/31 | 07/03/25 | 532 | 530 |  |
| Commonwealth of Australia, 2.75%, 06/21/35 | 04/30/25 | 2257 | 2261 | 0.1 |
| Corporacion Nacional del Cobre de Chile, 3.00%, 09/30/29 | 10/03/25 | 956 | 939 |  |
| Cosan Overseas Limited, 8.25% | 01/26/23 | 1397 | 1330 | 0.1 |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R. (callable at 100, 11/29/27) | 10/10/18 | 1064 | 6 |  |
| CSN Resources S.A., 5.88%, 04/08/32 | 08/14/23 | 1202 | 856 |  |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 05/24/18 | 395 | 356 |  |
| Empresa Electrica Cochrane SpA, 5.50%, 05/14/27 | 12/09/20 | 211 | 207 |  |
| Empresas Publicas de Medellin E.S.P., 4.38%, 02/15/31 | 07/09/25 | 359 | 361 |  |
| Estado Espanol, 0.50%, 04/30/30 | 04/14/21 | 2626 | 2633 | 0.1 |
| Fermaca Enterprises S. de R.L. de C.V., 6.38%, 03/30/38 | 09/27/17 | 3594 | 3412 | 0.1 |
| Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35 | 01/24/19 | 372 | 382 |  |
| Frontera Energy Corporation, 7.88%, 06/21/28 | 03/18/26 | 198 | 194 |  |
| GNL Quintero S.A., 4.63%, 07/31/29 | 11/08/17 | 1249 | 1231 | 0.1 |
| Gobierno de la Republica de Guatemala, 4.50%, 05/03/26 | 05/05/25 | 600 | 600 |  |
| Gobierno de la Republica de Guatemala, 4.38%, 06/05/27 | 05/21/24 | 196 | 198 |  |
| Gobierno de la Republica de Guatemala, 4.88%, 02/13/28 | 07/24/24 | 295 | 298 |  |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 11/22/24 | 683 | 696 |  |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 12/09/24 | 1011 | 1020 | 0.1 |
| Government of Ireland, 1.10%, 05/15/29 | 02/09/23 | 1111 | 1134 | 0.1 |
| Guara Norte S.a r.l., 5.20%, 06/15/34 | 02/05/26 | 144 | 143 |  |
| HM Treasury, 4.25%, 03/07/36 | 09/12/24 | 1877 | 1762 | 0.1 |
| Inter-American Development Bank, 7.00%, 01/25/29 | 08/13/25 | 1377 | 1249 | 0.1 |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 06/28/24 | 979 | 989 |  |
| JSW Energy Limited, 4.13%, 05/18/31 | 11/08/23 | 1332 | 1336 | 0.1 |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 08/12/24 | 679 | 683 |  |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 10/24/17 | 2528 | 2510 | 0.1 |
| Lima Metro Line 2 Finance Limited, 4.35%, 04/05/36 | 05/06/24 | 724 | 749 |  |
| Marfrig Holdings (Europe) B.V., 3.95%, 01/29/31 | 12/19/25 | 365 | 352 |  |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 | 10/30/24 | 400 | 398 |  |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 05/25/22 | 502 | 521 |  |
| Millicom International Cellular S.A., 5.13%, 01/15/28 | 06/14/23 | 521 | 534 |  |
| Millicom International Cellular S.A., 6.25%, 03/25/29 | 04/10/23 | 597 | 626 |  |
| Millicom International Cellular S.A., 4.50%, 04/27/31 | 07/07/25 | 185 | 182 |  |
| Minejesa Capital B.V., 4.63%, 08/10/30 | 10/24/25 | 1229 | 1218 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Minsur S.A., 4.50%, 10/28/31 | 03/12/24 | 1301 | 1314 | 0.1 |
| MISC Capital Two (Labuan) Limited, 3.75%, 04/06/27 | 10/29/25 | 696 | 695 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 09/16/22 | 684 | 712 |  |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 05/12/25 | 191 | 192 |  |
| Morocco, Kingdom of, 5.95%, 03/08/28 | 04/03/25 | 303 | 304 |  |
| Morocco, Kingdom of, 3.00%, 12/15/32 | 01/29/25 | 252 | 257 |  |
| Morocco, Kingdom of, 4.00%, 12/15/50 | 10/27/25 | 454 | 410 |  |
| MV24 Capital B.V., 6.75%, 06/01/34 | 01/18/23 | 1182 | 1245 | 0.1 |
| NBM US Holdings, Inc., 6.63%, 08/06/29 | 03/28/25 | 601 | 603 |  |
| Nexa Resources S.A., 6.50%, 01/18/28 | 08/12/25 | 204 | 203 |  |
| OCP S.A., 6.75%, 05/02/34 | 01/17/25 | 1523 | 1561 | 0.1 |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 06/23/25 | 1197 | 1196 | 0.1 |
| Orbia Advance Corporation, S.A.B. de C.V., 6.75%, 09/19/42 | 11/03/25 | 353 | 319 |  |
| Orbia Advance Corporation, S.A.B. de C.V., 5.88%, 09/17/44 | 11/03/25 | 158 | 143 |  |
| Oversea-Chinese Banking Corporation Limited, 4.60%, 06/15/32 | 09/17/25 | 1105 | 1100 | 0.1 |
| Oversea-Chinese Banking Corporation Limited, 4.55%, 09/08/35 | 01/22/26 | 1193 | 1186 | 0.1 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 03/07/24 | 1949 | 1966 | 0.1 |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 07/18/24 | 500 | 499 |  |
| PERU LNG, 5.38%, 03/22/30 | 06/04/25 | 791 | 801 |  |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 04/03/25 | 401 | 402 |  |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 01/22/25 | 147 | 149 |  |
| Prumo Participacoes E Investimentos S.A., 7.50%, 12/31/31 | 02/02/24 | 1755 | 1774 | 0.1 |
| PT Freeport Indonesia, 4.76%, 04/14/27 | 09/04/25 | 501 | 499 |  |
| PT. Indofood CBP Sukses Makmur, 3.40%, 06/09/31 | 02/19/26 | 467 | 460 |  |
| PT. Perusahaan Listrik Negara, 4.13%, 05/15/27 | 05/12/25 | 1694 | 1686 | 0.1 |
| Reliance Industries Limited, 3.67%, 11/30/27 | 05/15/25 | 491 | 493 |  |
| Republique Francaise Presidence, 0.50%, 05/25/29 | 06/02/20 | 877 | 891 |  |
| Republique Francaise Presidence, 0.70%, 07/25/30 | 03/12/25 | 752 | 811 |  |
| Republique Francaise Presidence, 1.50%, 05/25/31 | 04/12/21 | 1812 | 1676 | 0.1 |
| Rutas 2 And 7 Finance Ltd., 0.00%, 09/30/36 | 11/30/22 | 1104 | 1171 | 0.1 |
| Service Public Federal Chancellerie Du Premier Ministre, 0.90%, 06/22/29 | 08/03/23 | 298 | 316 |  |
| Simpar Europe, 5.20%, 01/26/31 | 03/31/22 | 361 | 340 |  |
| Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 | 01/27/26 | 459 | 446 |  |
| 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 | 1697 | 1540 | 0.1 |
| Tierra Mojada Luxembourg II S.a r.l., 5.75%, 12/01/40 | 11/13/24 | 472 | 481 |  |
| Unigel Luxembourg S.A., 13.50%, 12/31/27 | 02/11/25 | 62 | 1 |  |
| Unigel Luxembourg S.A., 11.00%, 12/31/28 | 02/11/25 | 120 | 2 |  |
| Unigel Netherlands Holding Corporation B.V., 0.00%, 12/31/44 | 02/11/25 | 26 | 1 |  |
| United Overseas Bank Limited, 2.00%, 10/14/31 | 02/22/23 | 1025 | 1085 | 0.1 |
| United Overseas Bank Limited, 3.86%, 10/07/32 | 03/18/26 | 496 | 495 |  |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 199 | 199 |  |
|  |  | 97158 | 89781 | 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% | 24 |  |
| GC Ferry Acquisition I Inc, Delayed Draw Term Loan, 3 Month Term SOFR + 3.50% | 20 |  |
| Pinnacle Buyer LLC, Delayed Draw Term Loan, SOFR + 2.50% | 15 |  |
| Pye-Barker Fire & Safety, LLC, 2025 Delayed Draw Term Loan, SOFR + 2.50% | 25 |  |
| Savor Acquisition, Inc., Delayed Draw Term Loan, SOFR + 3.25% | 25 |  |
|  | 109 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 6850 | July 2026 | 1431214 | 535 | (10214) |
| United States 5 Year Note | 1650 | July 2026 | 180538 | 232 | (2041) |
| United States Long Bond | 780 | June 2026 | 91438 | 293 | (2616) |
|  |  |  |  | 1060 | (14871) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (1420) | June 2026 | (164028) | (394) | 2836 |
| United States Ultra Bond | (1030) | June 2026 | (123558) | (243) | 3499 |
|  |  |  |  | (637) | 6335 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 04/10/26 | BRL | 6900 | 1330 | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1177351 |  | 1177351 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 615854 |  | 615854 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 552257 |  | 552257 |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>1</sup> |  | 60216 | 178 | 60394 |
| &nbsp;&nbsp;Common Stocks |  |  | 68 | 68 |
| &nbsp;&nbsp;Other Equity Interests |  | 6 |  | 6 |
| &nbsp;&nbsp;Short Term Investments | 31279 |  |  | 31279 |
|  | 31279 | 2405684 | 246 | 2437209 |
| **Assets - Investments in Other Financial Instruments<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 6335 |  |  | 6335 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 7 |  | 7 |
|  | 6335 | 7 |  | 6342 |
| **Liabilities - Investments in Other Financial Instruments<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (14871) |  |  | (14871) |
|  | (14871) |  |  | (14871) |

---

<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.

<sup>2</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 84.0%** | **CORPORATE BONDS AND NOTES 84.0%** | **CORPORATE BONDS AND NOTES 84.0%** |
| **India 12.7%** | **India 12.7%** | **India 12.7%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (a) | 2000 | 1831 |
| 3.87%, 07/22/31 (a) | 2400 | 2111 |
| Adani Energy Solutions Limited |  |  |
| 4.25%, 05/21/36 (a) | 6251 | 5464 |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (a) | 5313 | 4851 |
| 3.00%, 02/16/31 (b) | 584 | 533 |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.38%, 07/03/29 (a) | 1000 | 957 |
| 3.10%, 02/02/31 (a) | 2600 | 2282 |
| Adani Renewable Energy (RJ) Limited |  |  |
| 4.63%, 10/15/39 (a) | 903 | 727 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (a) | 4300 | 4289 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (a) | 4796 | 4390 |
| JSW Hydro Energy Limited |  |  |
| 4.13%, 05/18/31 (b) | 1112 | 1018 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (a) | 3900 | 3807 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (a) | 3200 | 3191 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (a) | 5000 | 4992 |
| Reliance Industries Limited |  |  |
| 3.67%, 11/30/27 (a) | 1250 | 1233 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (a) | 600 | 596 |
|  |  | 42272 |
| **Brazil 12.6%** | **Brazil 12.6%** | **Brazil 12.6%** |
| Acu Petroleo Luxembourg S.a r.l. |  |  |
| 7.50%, 07/13/35 (a) | 3206 | 3254 |
| Cosan Overseas Limited |  |  |
| 8.25% (a) (c) | 7300 | 6935 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (a) | 5000 | 3056 |
| FS Luxembourg S.a r.l. |  |  |
| 8.13%, 02/11/36 (b) | 1350 | 1244 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (a) | 221 | 214 |
| Marfrig Holdings (Europe) B.V. |  |  |
| 3.95%, 01/29/31 (a) | 2800 | 2463 |
| Movida Europe S.A. |  |  |
| 7.85%, 04/11/29 (a) | 2000 | 1941 |
| 7.85%, 04/11/29 (b) | 300 | 291 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (a) | 4858 | 4840 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (a) | 200 | 199 |
| 6.63%, 08/06/29 (a) | 850 | 854 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 800 | 784 |
| Prumo Participacoes E Investimentos S.A. |  |  |
| 7.50%, 12/31/31 (a) | 4903 | 4929 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (a) | 6725 | 5716 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (b) (d) (e) (f) | 100 | 2 |
| 13.50%, 12/31/27 (a) (d) (e) (f) | 140 | 3 |
| 11.00%, 12/31/28 (b) (d) (e) (f) | 116 | 1 |
| 11.00%, 12/31/28 (a) (d) (e) (f) | 500 | 5 |
| Vamos Europe S.A. |  |  |
| 9.20%, 01/26/31 (b) | 2200 | 2086 |
| Yinson Bergenia Production B.V. |  |  |
| 8.50%, 01/31/45 (a) | 1875 | 1976 |
| 8.50%, 01/31/45 (b) | 1085 | 1144 |
|  |  | 41937 |
| **Peru 12.2%** | **Peru 12.2%** | **Peru 12.2%** |
| Banco de Credito del Peru |  |  |
| 3.25%, 09/30/31 (a) | 7800 | 7688 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 4.80%, 07/15/31 (b) | 2700 | 2667 |
| 6.40%, 04/30/35 (a) (g) | 4100 | 4158 |
| 6.40%, 04/30/35 (b) | 1350 | 1369 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (a) | 3300 | 3265 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (a) | 2610 | 2662 |
| 4.35%, 04/05/36 (a) | 6002 | 5704 |
| Marcobre S.A.C. |  |  |
| 5.75%, 01/22/36 (b) | 400 | 387 |
| Minsur S.A. |  |  |
| 4.50%, 10/28/31 (a) | 5100 | 4788 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (a) | 3700 | 3549 |
| PERU LNG |  |  |
| 5.38%, 03/22/30 (a) | 2067 | 2006 |
| Scotiabank Peru S.A.A. |  |  |
| 6.10%, 10/01/35 (b) | 300 | 306 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.50%, 10/28/32 (b) | 1800 | 1831 |
|  |  | 40380 |
| **Mexico 10.1%** | **Mexico 10.1%** | **Mexico 10.1%** |
| Alpha Holding, S.A. de C.V |  |  |
| 0.00%, 12/31/27 (b) (d) (e) | 292 | 9 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (a) | 1387 | 1388 |
| 7.25%, 01/31/41 (b) | 2972 | 2974 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.63%, (100, 01/10/28) (a) (c) | 2200 | 2198 |
| 8.38%, (100, 05/20/31) (b) (c) | 2100 | 2167 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 5.62%, 12/10/29 (a) | 300 | 307 |
| 8.13%, 01/08/39 (a) (g) | 2000 | 2105 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.13%, 01/18/33 (a) | 1800 | 1759 |
| 5.88%, 09/13/34 (a) | 3700 | 3607 |
| Buffalo Energy Mexico Holdings, S.A. de C.V. |  |  |
| 7.88%, 02/15/39 (b) | 297 | 311 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (a) (c) | 6650 | 6617 |
| 7.20%, (100, 06/10/30) (b) (c) | 800 | 812 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (a) | 662 | 673 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 4.69%, 05/15/29 (a) | 600 | 589 |
| 3.35%, 02/09/31 (a) (g) | 200 | 179 |
| 6.45%, 01/24/35 (b) | 2900 | 2884 |
| Fermaca Enterprises S. de R.L. de C.V. |  |  |
| 6.38%, 03/30/38 (a) | 483 | 487 |
| Fideicomiso F/80460 |  |  |
| 3.88%, 04/30/28 (a) | 400 | 391 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 6.75%, 09/19/42 (a) | 1255 | 1001 |
| 5.88%, 09/17/44 (a) | 800 | 571 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (b) | 1000 | 1044 |
| Tangerine Pomelo Group, S.A.P.I. De C.V. |  |  |
| 0.00%, 07/24/26 (b) (d) (e) | 2400 | 11 |
| Tierra Mojada Luxembourg II S.a r.l. |  |  |
| 5.75%, 12/01/40 (a) | 1434 | 1364 |
|  |  | 33448 |
| **Chile 9.1%** | **Chile 9.1%** | **Chile 9.1%** |
| Agrosuper S.A. |  |  |
| 4.60%, 01/20/32 (a) | 450 | 427 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Antofagasta PLC |  |  |
| 5.63%, 05/13/32 (a) | 2700 | 2738 |
| Banco Santander Chile |  |  |
| 4.55%, 11/20/30 (b) | 1450 | 1434 |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (a) | 4950 | 4119 |
| 3.90%, 04/27/31 (b) | 2250 | 1872 |
| Cencosud S.A. |  |  |
| 4.38%, 07/17/27 (a) | 1459 | 1453 |
| Chile Electricity Lux MPC II S.a r.l. |  |  |
| 5.67%, 10/20/35 (a) | 3786 | 3833 |
| 5.67%, 10/20/35 (b) | 1191 | 1206 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (a) | 2924 | 3020 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (a) (h) | 518 | 469 |
| 0.00%, 01/25/28 (b) (h) | 3479 | 3152 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (a) | 3050 | 2863 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (a) | 821 | 739 |
| Empresa Electrica Cochrane SpA |  |  |
| 5.50%, 05/14/27 (a) | 1375 | 1365 |
| GNL Quintero S.A. |  |  |
| 4.63%, 07/31/29 (a) | 738 | 735 |
| Inversiones CMPC S.A. |  |  |
| 6.70%, 12/09/57 (b) | 700 | 683 |
| | | 30108 |
| **Colombia 7.2%** | **Colombia 7.2%** | **Colombia 7.2%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 5.75%, 06/15/33 (a) | 6000 | 5298 |
| 5.75%, 06/15/33 (b) | 3000 | 2649 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (b) | 1200 | 1237 |
| Banco Davivienda S A |  |  |
| 6.65%, (100, 04/22/31) (b) (c) | 2000 | 1764 |
| 8.13%, 07/02/35 (a) | 900 | 910 |
| 8.13%, 07/02/35 (b) | 2200 | 2223 |
| Banco GNB Sudameris S.A. |  |  |
| 7.50%, 04/16/31 (a) | 800 | 799 |
| Ecopetrol S.A. |  |  |
| 5.88%, 05/28/45 - 11/02/51 | 7900 | 5600 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.38%, 02/15/31 (a) | 1700 | 1536 |
| Fideicomiso Patrimonio Autonomo Panamericana |  |  |
| 8.25%, 01/15/35 (a) | 1043 | 1069 |
| Frontera Energy Corporation |  |  |
| 7.88%, 06/21/28 (a) | 800 | 778 |
|  |  | 23863 |
| **Indonesia 5.8%** | **Indonesia 5.8%** | **Indonesia 5.8%** |
| Medco Laurel Tree Pte. Ltd. |  |  |
| 6.95%, 11/12/28 (a) | 2300 | 2289 |
| Minejesa Capital B.V. |  |  |
| 4.63%, 08/10/30 (a) | 5127 | 5064 |
| PT Pertamina (Persero) |  |  |
| 2.30%, 02/09/31 (a) | 2000 | 1759 |
| PT. Indofood CBP Sukses Makmur |  |  |
| 3.40%, 06/09/31 (a) | 1100 | 1012 |
| PT. Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (a) | 5700 | 5652 |
| 3.88%, 07/17/29 (a) | 1700 | 1631 |
| Star Energy Geothermal Wayang Windu Ltd. |  |  |
| 6.75%, 04/24/33 (a) | 1976 | 1976 |
|  |  | 19383 |
| **Singapore 4.0%** | **Singapore 4.0%** | **Singapore 4.0%** |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 4.60%, 06/15/32 (a) | 6200 | 6200 |
| 4.55%, 09/08/35 (a) (i) | 2100 | 2076 |
| United Overseas Bank Limited |  |  |
| 2.00%, 10/14/31 (a) (i) | 2100 | 2072 |
| 3.86%, 10/07/32 (a) (i) | 2900 | 2872 |
|  |  | 13220 |
| **Paraguay 2.9%** | **Paraguay 2.9%** | **Paraguay 2.9%** |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (a) (h) | 4410 | 3594 |
| Frigorifico Concepcion S.A. |  |  |
| 7.70%, 07/21/28 (a) (g) | 496 | 128 |
| Rutas 2 And 7 Finance Ltd. |  |  |
| 0.00%, 09/30/36 (a) (h) | 7760 | 5900 |
|  |  | 9622 |
| **South Africa 1.9%** | **South Africa 1.9%** | **South Africa 1.9%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 4200 | 4041 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (a) | 2300 | 2347 |
|  |  | 6388 |
| **Dominican Republic 1.5%** | **Dominican Republic 1.5%** | **Dominican Republic 1.5%** |
| AES Andres B.V. |  |  |
| 5.70%, 05/04/28 (b) | 5200 | 5068 |
| **Morocco 1.2%** | **Morocco 1.2%** | **Morocco 1.2%** |
| OCP S.A. |  |  |
| 6.75%, 05/02/34 (a) | 4000 | 4162 |
| **United States of America 1.1%** | **United States of America 1.1%** | **United States of America 1.1%** |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (a) | 180 | 178 |
| 6.25%, 03/25/29 (a) | 3420 | 3397 |
| 4.50%, 04/27/31 (a) | 200 | 182 |
|  |  | 3757 |
| **Vietnam 1.0%** | **Vietnam 1.0%** | **Vietnam 1.0%** |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (a) | 3447 | 3388 |
| **Guatemala 0.3%** | **Guatemala 0.3%** | **Guatemala 0.3%** |
| Industrial Subordinated Trust 2.0 |  |  |
| 6.55%, 04/15/36 (b) | 1000 | 997 |
| **Malaysia 0.2%** | **Malaysia 0.2%** | **Malaysia 0.2%** |
| MISC Capital Two (Labuan) Limited |  |  |
| 3.75%, 04/06/27 (a) | 550 | 546 |
| **Argentina 0.2%** | **Argentina 0.2%** | **Argentina 0.2%** |
| Vista Energy Argentina S.A.U. |  |  |
| 8.50%, 06/10/33 (b) | 500 | 523 |
| **Jamaica 0.0%** | **Jamaica 0.0%** | **Jamaica 0.0%** |
| Digicel Group Holdings Limited |  |  |
| 0.00%, 12/31/30 (b) (h) (j) | 1124 | 21 |
| **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 0.00%, 12/31/44 (a) (d) (e) (f) | 591 | 1 |
| Total Corporate Bonds And Notes (cost $286,112) | Total Corporate Bonds And Notes (cost $286,112) | 279084 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 10.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 10.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 10.8%** |
| **Mexico 3.4%** | **Mexico 3.4%** | **Mexico 3.4%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.40%, 02/12/52 | 6600 | 4665 |
| 6.34%, 05/04/53 | 7000 | 6497 |
|  |  | 11162 |
| **Guatemala 2.0%** | **Guatemala 2.0%** | **Guatemala 2.0%** |
| Gobierno de la Republica de Guatemala |  |  |
| 4.50%, 05/03/26 (a) | 2300 | 2300 |
| 4.38%, 06/05/27 (a) | 2400 | 2376 |
| 5.25%, 08/10/29 (a) | 1700 | 1692 |
| 5.38%, 04/24/32 (a) | 400 | 396 |
|  |  | 6764 |
| **Dominican Republic 1.6%** | **Dominican Republic 1.6%** | **Dominican Republic 1.6%** |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (a) | 1200 | 1206 |
| 4.50%, 01/30/30 (a) | 1100 | 1046 |
| 5.75%, 03/17/34 (b) | 3250 | 3096 |
|  |  | 5348 |
| **Morocco 1.2%** | **Morocco 1.2%** | **Morocco 1.2%** |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (a) | 1000 | 959 |
| 5.95%, 03/08/28 (a) | 400 | 406 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.00%, 12/15/32 (a) | 700 | 599 |
| 4.00%, 12/15/50 (a) | 3000 | 2051 |
| | | 4015 |
| **Brazil 1.0%** | **Brazil 1.0%** | **Brazil 1.0%** |
| Presidencia da Republica |  |  |
| 4.75%, 01/14/50 | 4700 | 3396 |
| **Colombia 0.6%** | **Colombia 0.6%** | **Colombia 0.6%** |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 5.00%, 06/15/45 | 1000 | 720 |
| 4.13%, 05/15/51 | 2050 | 1253 |
|  |  | 1973 |
| **Trinidad and Tobago 0.5%** | **Trinidad and Tobago 0.5%** | **Trinidad and Tobago 0.5%** |
| Government of the Republic of Trinidad and Tobago |  |  |
| 6.50%, 01/28/36 (b) | 1600 | 1576 |
| **Chile 0.3%** | **Chile 0.3%** | **Chile 0.3%** |
| Presidencia de la Republica de Chile |  |  |
| 2.45%, 01/31/31 | 1050 | 958 |
| **Peru 0.2%** | **Peru 0.2%** | **Peru 0.2%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.84%, 06/20/30 | 650 | 605 |
| Total Government And Agency Obligations (cost $39,708) | Total Government And Agency Obligations (cost $39,708) | 35797 |
| **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. (a) (d) (k) | 3200 | 17 |
| Total Other Equity Interests (cost $3,123) | Total Other Equity Interests (cost $3,123) | 17 |
| **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 (d) (j) |  |  |
| **Netherlands 0.0%** | **Netherlands 0.0%** | **Netherlands 0.0%** |
| Stichting Administratiekantoor Unigel Creditors (d) (j) | 2 |  |
| Stichting Administratiekantoor Unigel Creditors (d) (j) | 1 |  |
| Total Common Stocks (cost $0) | Total Common Stocks (cost $0) |  |
| **SHORT TERM INVESTMENTS 4.3%** | **SHORT TERM INVESTMENTS 4.3%** | **SHORT TERM INVESTMENTS 4.3%** |
| **Investment Companies 3.9%** | **Investment Companies 3.9%** | **Investment Companies 3.9%** |
| JNL Government Money Market Fund - Class I, 3.53% (l) (m) | 12929 | 12929 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 3.63% (l) (m) | 1218 | 1218 |
| Total Short Term Investments (cost $14,147) | Total Short Term Investments (cost $14,147) | 14147 |
| **Total Investments 99.1% (cost $343,090)** | **Total Investments 99.1% (cost $343,090)** | **329045** |
| **Other Assets and Liabilities, Net 0.9%** | **Other Assets and Liabilities, Net 0.9%** | **3084** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **332129** |

---

(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 is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $50,592 and 15.2% of the Fund.

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

(d) Non-income producing security.

(e) As of March 31, 2026, 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.

(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) All or a portion of the security was on loan as of March 31, 2026.

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

(i) Convertible security.

(j) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

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

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 16891 | 40907 | 44869 | 59 |  |  | 12929 | 3.9 |
| JNL Government Money Market Fund, 3.63% - Class SL | 371 | 8855 | 8008 | 7 |  |  | 1218 | 0.4 |
|  | 17262 | 49762 | 52877 | 66 |  |  | 14147 | 4.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 3105 | 3254 | 1.0 |
| Adani Electricity Mumbai Limited, 3.95%, 02/12/30 | 02/07/25 | 1775 | 1831 | 0.5 |
| Adani Electricity Mumbai Limited, 3.87%, 07/22/31 | 09/22/23 | 1965 | 2111 | 0.6 |
| Adani Energy Solutions Limited, 4.25%, 05/21/36 | 08/08/23 | 5281 | 5464 | 1.6 |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 06/09/21 | 5154 | 4851 | 1.5 |
| Adani Ports and Special Economic Zone Limited, 4.38%, 07/03/29 | 03/28/25 | 923 | 957 | 0.3 |
| Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31 | 02/07/25 | 2209 | 2282 | 0.7 |
| Adani Renewable Energy (RJ) Limited, 4.63%, 10/15/39 | 05/27/25 | 722 | 727 | 0.2 |
| Agrosuper S.A., 4.60%, 01/20/32 | 01/23/26 | 433 | 427 | 0.1 |
| AI Candelaria (Spain), S.L.U, 5.75%, 06/15/33 | 04/12/22 | 4827 | 5298 | 1.6 |
| Antofagasta PLC, 5.63%, 05/13/32 | 01/22/26 | 2812 | 2738 | 0.8 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver, 7.25%, 01/31/41 | 01/21/25 | 1362 | 1388 | 0.4 |
| Banco Davivienda S A, 8.13%, 07/02/35 | 03/12/26 | 930 | 910 | 0.3 |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 04/05/24 | 7578 | 7688 | 2.3 |
| Banco GNB Sudameris S.A., 7.50%, 04/16/31 | 09/16/22 | 669 | 799 | 0.2 |
| Banco Internacional Del Peru S.A.A. – Interbank, 6.40%, 04/30/35 | 12/17/25 | 4261 | 4158 | 1.3 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| 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 | 2198 | 0.7 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 5.62%, 12/10/29 | 02/19/26 | 311 | 307 | 0.1 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 8.13%, 01/08/39 | 01/22/25 | 2032 | 2105 | 0.6 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.13%, 01/18/33 | 01/28/26 | 1787 | 1759 | 0.5 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 11/17/23 | 3512 | 3607 | 1.1 |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 08/25/22 | 3405 | 3594 | 1.1 |
| BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27 | 05/22/25 | 4285 | 4289 | 1.3 |
| Cap S.A., 3.90%, 04/27/31 | 12/14/21 | 4270 | 4119 | 1.2 |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 03/28/25 | 6612 | 6617 | 2.0 |
| Cencosud S.A., 4.38%, 07/17/27 | 05/19/25 | 1450 | 1453 | 0.4 |
| Chile Electricity Lux MPC II S.a r.l., 5.67%, 10/20/35 | 12/19/25 | 3928 | 3833 | 1.2 |
| Chile Electricity Lux MPC S.a r.l., 6.01%, 01/20/33 | 02/05/25 | 3053 | 3020 | 0.9 |
| Chile Electricity PEC SpA, 0.00%, 01/25/28 | 05/23/23 | 467 | 469 | 0.1 |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 06/12/24 | 647 | 673 | 0.2 |
| Comision Federal De Electricidad, E.P.E., 4.69%, 05/15/29 | 03/09/26 | 598 | 589 | 0.2 |
| Comision Federal De Electricidad, E.P.E., 3.35%, 02/09/31 | 03/22/24 | 176 | 179 | 0.1 |
| Corporacion Nacional del Cobre de Chile, 3.00%, 09/30/29 | 10/29/25 | 2918 | 2863 | 0.9 |
| Cosan Overseas Limited, 8.25% | 01/24/23 | 7296 | 6935 | 2.1 |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R. (callable at 100, 11/29/27) | 08/01/18 | 3123 | 17 |  |
| CSN Resources S.A., 5.88%, 04/08/32 | 08/14/23 | 4307 | 3056 | 0.9 |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 05/24/18 | 825 | 739 | 0.2 |
| Empresa Electrica Cochrane SpA, 5.50%, 05/14/27 | 12/09/20 | 1386 | 1365 | 0.4 |
| Empresas Publicas de Medellin E.S.P., 4.38%, 02/15/31 | 07/09/25 | 1527 | 1536 | 0.5 |
| Fermaca Enterprises S. de R.L. de C.V., 6.38%, 03/30/38 | 01/23/24 | 468 | 487 | 0.1 |
| Fideicomiso F/80460, 3.88%, 04/30/28 | 10/02/25 | 394 | 391 | 0.1 |
| Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35 | 01/24/19 | 1037 | 1069 | 0.3 |
| Frigorifico Concepcion S.A., 7.70%, 07/21/28 | 06/08/23 | 438 | 128 |  |
| Frontera Energy Corporation, 7.88%, 06/21/28 | 03/18/26 | 790 | 778 | 0.2 |
| GNL Quintero S.A., 4.63%, 07/31/29 | 03/13/25 | 730 | 735 | 0.2 |
| Gobierno de la Republica de Guatemala, 4.50%, 05/03/26 | 05/05/25 | 2298 | 2300 | 0.7 |
| Gobierno de la Republica de Guatemala, 4.38%, 06/05/27 | 07/25/25 | 2381 | 2376 | 0.7 |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 08/14/24 | 1658 | 1692 | 0.5 |
| Gobierno de la Republica de Guatemala, 5.38%, 04/24/32 | 02/13/25 | 383 | 396 | 0.1 |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 12/09/24 | 2321 | 2347 | 0.7 |
| Guara Norte S.a r.l., 5.20%, 06/15/34 | 02/05/26 | 215 | 214 | 0.1 |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 06/28/24 | 3203 | 3265 | 1.0 |
| JSW Energy Limited, 4.13%, 05/18/31 | 05/20/24 | 4390 | 4390 | 1.3 |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 08/12/24 | 3786 | 3807 | 1.1 |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 06/15/23 | 2577 | 2662 | 0.8 |
| Lima Metro Line 2 Finance Limited, 4.35%, 04/05/36 | 05/08/24 | 5497 | 5704 | 1.7 |
| Marfrig Holdings (Europe) B.V., 3.95%, 01/29/31 | 12/19/25 | 2555 | 2463 | 0.7 |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 | 07/01/24 | 2281 | 2289 | 0.7 |
| Millicom International Cellular S.A., 5.13%, 01/15/28 | 09/17/25 | 180 | 178 | 0.1 |
| Millicom International Cellular S.A., 6.25%, 03/25/29 | 04/10/23 | 3250 | 3397 | 1.0 |
| Millicom International Cellular S.A., 4.50%, 04/27/31 | 07/07/25 | 185 | 182 | 0.1 |
| Minejesa Capital B.V., 4.63%, 08/10/30 | 10/24/25 | 5112 | 5064 | 1.5 |
| Minsur S.A., 4.50%, 10/28/31 | 01/15/25 | 4764 | 4788 | 1.4 |
| MISC Capital Two (Labuan) Limited, 3.75%, 04/06/27 | 10/07/25 | 547 | 546 | 0.2 |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 09/16/22 | 3271 | 3388 | 1.0 |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 05/12/25 | 957 | 959 | 0.3 |
| Morocco, Kingdom of, 5.95%, 03/08/28 | 04/03/25 | 405 | 406 | 0.1 |
| Morocco, Kingdom of, 3.00%, 12/15/32 | 01/29/25 | 588 | 599 | 0.2 |
| Morocco, Kingdom of, 4.00%, 12/15/50 | 01/21/25 | 2194 | 2051 | 0.6 |
| Movida Europe S.A., 7.85%, 04/11/29 | 07/10/24 | 1922 | 1941 | 0.6 |
| MV24 Capital B.V., 6.75%, 06/01/34 | 01/18/23 | 4530 | 4840 | 1.5 |
| NBM US Holdings, Inc., 7.00%, 05/14/26 | 05/24/23 | 200 | 199 | 0.1 |
| NBM US Holdings, Inc., 6.63%, 08/06/29 | 10/29/25 | 860 | 854 | 0.3 |
| OCP S.A., 6.75%, 05/02/34 | 01/17/25 | 4062 | 4162 | 1.3 |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 07/03/25 | 3194 | 3191 | 1.0 |
| Orbia Advance Corporation, S.A.B. de C.V., 6.75%, 09/19/42 | 11/03/25 | 1106 | 1001 | 0.3 |
| Orbia Advance Corporation, S.A.B. de C.V., 5.88%, 09/17/44 | 11/03/25 | 635 | 571 | 0.2 |
| Oversea-Chinese Banking Corporation Limited, 4.60%, 06/15/32 | 05/22/25 | 6208 | 6200 | 1.9 |
| Oversea-Chinese Banking Corporation Limited, 4.55%, 09/08/35 | 01/22/26 | 2087 | 2076 | 0.6 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 12/05/24 | 3601 | 3549 | 1.1 |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 07/16/24 | 4999 | 4992 | 1.5 |
| PERU LNG, 5.38%, 03/22/30 | 06/04/25 | 1985 | 2006 | 0.6 |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 07/25/25 | 1207 | 1206 | 0.4 |
| Presidencia de la Republica Dominicana, 4.50%, 01/30/30 | 07/10/25 | 1056 | 1046 | 0.3 |
| Prumo Participacoes E Investimentos S.A., 7.50%, 12/31/31 | 02/02/24 | 4876 | 4929 | 1.5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| PT Pertamina (Persero), 2.30%, 02/09/31 | 01/22/26 | 1780 | 1759 | 0.5 |
| PT. Indofood CBP Sukses Makmur, 3.40%, 06/09/31 | 02/19/26 | 1027 | 1012 | 0.3 |
| PT. Perusahaan Listrik Negara, 4.13%, 05/15/27 | 05/12/25 | 5680 | 5652 | 1.7 |
| PT. Perusahaan Listrik Negara, 3.88%, 07/17/29 | 12/19/25 | 1664 | 1631 | 0.5 |
| Reliance Industries Limited, 3.67%, 11/30/27 | 05/15/25 | 1226 | 1233 | 0.4 |
| Rutas 2 And 7 Finance Ltd., 0.00%, 09/30/36 | 08/09/22 | 5604 | 5900 | 1.8 |
| Simpar Europe, 5.20%, 01/26/31 | 03/31/22 | 5893 | 5716 | 1.7 |
| Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 | 01/26/26 | 2032 | 1976 | 0.6 |
| Tierra Mojada Luxembourg II S.a r.l., 5.75%, 12/01/40 | 03/18/24 | 1336 | 1364 | 0.4 |
| Unigel Luxembourg S.A., 13.50%, 12/31/27 | 02/11/25 | 140 | 3 |  |
| Unigel Luxembourg S.A., 11.00%, 12/31/28 | 02/11/25 | 269 | 5 |  |
| Unigel Netherlands Holding Corporation B.V., 0.00%, 12/31/44 | 02/11/25 | 58 | 1 |  |
| United Overseas Bank Limited, 2.00%, 10/14/31 | 05/21/25 | 2057 | 2072 | 0.6 |
| United Overseas Bank Limited, 3.86%, 10/07/32 | 03/18/26 | 2877 | 2872 | 0.9 |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 596 | 596 | 0.2 |
| Yinson Bergenia Production B.V., 8.50%, 01/31/45 | 01/28/26 | 2012 | 1976 | 0.6 |
|  |  | 239725 | 235787 | 71.0 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 279063 | 21 | 279084 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 35797 |  | 35797 |
| &nbsp;&nbsp;Other Equity Interests |  | 17 |  | 17 |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 14147 |  |  | 14147 |
|  | 14147 | 314877 | 21 | 329045 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 48.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 48.0%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 48.0%** |
| 280 Park Avenue 2017-280P Mortgage Trust |  |  |
| Series 2017-A-280P, REMIC, 4.85%, (1 Month Term SOFR + 1.18%), 09/15/34 (a) (b) | 2320 | 2308 |
| ACORE 2026-FL1 Issuer, LLC |  |  |
| Series 2026-A-FL1, 5.13%, (1 Month Term SOFR + 1.45%), 08/20/30 (a) (b) | 2420 | 2420 |
| ACREC 2025-Fl3 LLC |  |  |
| Series 2025-A-FL3, 4.99%, (1 Month Term SOFR + 1.31%), 08/18/42 (a) | 2300 | 2297 |
| ACREC 2026-FL4 LLC |  |  |
| Series 2026-A-FL4, REMIC, 5.18%, (1 Month Term SOFR + 1.50%), 01/18/43 (a) (b) | 2090 | 2092 |
| ACRES 2025-FL3, LLC |  |  |
| Series 2025-A-FL3, REMIC, 5.30%, (1 Month Term SOFR + 1.62%), 08/18/40 (a) | 2790 | 2798 |
| Affirm Asset Securitization Trust 2024-B |  |  |
| Series 2024-B-B, 4.88%, 04/15/27 | 3000 | 3005 |
| Affirm Asset Securitization Trust 2025-X2 |  |  |
| Series 2025-A-X2, 4.45%, 12/15/26 | 2328 | 2330 |
| Affirm Master Trust |  |  |
| Series 2025-B-1A, 5.13%, 02/15/33 | 1500 | 1506 |
| Series 2025-C-1A, 5.28%, 02/15/33 | 1100 | 1104 |
| AJAX Mortgage Loan Trust 2021-C |  |  |
| Series 2021-A-C, 6.12%, 01/25/61 (b) | 671 | 676 |
| Aligned Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 1.94%, 08/17/26 | 2000 | 1980 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36 | 734 | 378 |
| Alternative Loan Trust 2006-29T1 |  |  |
| Series 2006-2A6-29T1, REMIC, 6.50%, 10/25/36 | 644 | 343 |
| Alternative Loan Trust 2006-OC8 |  |  |
| Series 2006-1A2-OC8, REMIC, 4.11%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (b) | 690 | 661 |
| Alternative Loan Trust 2007-12T1 |  |  |
| Series 2007-A6-12T1, REMIC, 6.00%, 06/25/37 | 4215 | 1741 |
| Alternative Loan Trust 2007-23CB |  |  |
| Series 2007-A5-23CB, REMIC, 6.50%, 09/25/37 | 5457 | 2549 |
| American Home Mortgage Investment Trust 2004-3 |  |  |
| Series 2004-M1-2, REMIC, 4.59%, (1 Month Term SOFR + 1.01%), 02/25/44 (a) (b) (c) | 1630 | 1574 |
| Americredit Automobile Receivables Trust 2026-1 |  |  |
| Series 2026-A1-1, 3.99%, 03/18/27 | 3700 | 3701 |
| Series 2026-A2-1, 4.03%, 04/18/29 | 1200 | 1199 |
| Angel Oak Mortgage Trust 2020-6 |  |  |
| Series 2020-A3-6, REMIC, 1.78%, 05/25/65 | 436 | 408 |
| Angel Oak Mortgage Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.98%, 10/25/66 | 2678 | 2336 |
| Apidos CLO XLIII Ltd. |  |  |
| Series 2022-A1R-39A, 4.90%, (3 Month Term SOFR + 1.23%), 10/21/38 (a) | 3500 | 3500 |
| Arbor Multifamily Mortgage Securities Trust 2020-MF1 |  |  |
| Interest Only, Series 2020-XA-MF1, REMIC, 1.04%, 05/15/53 (a) | 23493 | 724 |
| Arbor Multifamily Mortgage Securities Trust 2021-Mf2 |  |  |
| Interest Only, Series 2021-XA-MF2, REMIC, 1.20%, 06/15/54 (a) | 50303 | 2063 |
| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC |  |  |
| Series 2025-A-FL1, 5.08%, (1 Month Term SOFR + 1.40%), 02/20/29 (a) | 1850 | 1847 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 5.42%, (1 Month Term SOFR + 1.75%), 06/15/27 (a) | 1610 | 1603 |
| AREIT 2025-CRE10 Ltd. |  |  |
| Series 2025-A-CRE10, 5.07%, (1 Month Term SOFR + 1.38%), 07/19/38 (a) | 3450 | 3448 |
| AREIT 2025-CRE11 Ltd. |  |  |
| Series 2025-A-CRE11, 5.22%, (1 Month Term SOFR + 1.55%), 07/20/43 (a) (b) | 2110 | 2114 |
| ARES Commercial Mortgage Trust 2026-GCP |  |  |
| Series 2026-B-GCP, 5.17%, (1 Month Term SOFR + 1.50%), 02/16/43 (a) | 1400 | 1394 |
| Argentina, Republic of |  |  |
| Series 2022-A-CRE6, 4.92%, (SOFR 30-Day Average + 1.25%), 01/21/37 (a) | 528 | 527 |
| Arroyo Mortgage Trust 2019-3 |  |  |
| Series 2019-A3-3, REMIC, 3.42%, 10/25/48 (a) | 539 | 517 |
| Atlas Senior Loan Fund XVI, Ltd. |  |  |
| Series 2018-B-11A, 5.58%, (3 Month Term SOFR + 1.91%), 07/28/31 (a) (d) | 2000 | 2001 |
| AutoNation Finance Trust 2026-1 |  |  |
| Series 2026-A2-1A, 3.95%, 01/11/29 | 2000 | 1999 |
| Avant Credit Card Master Trust |  |  |
| Series 2025-A-1A, 4.89%, 04/15/31 | 3750 | 3723 |
| Avant Loans Funding Trust 2024-REV1 |  |  |
| Series 2024-A-REV1, 5.92%, 10/15/33 | 3500 | 3533 |
| Avant Loans Funding Trust 2025-REV1 |  |  |
| Series 2025-B-REV1, 5.42%, 05/15/34 | 1600 | 1605 |
| Bain Capital Credit CLO 2024-6 Ltd. |  |  |
| Series 2024-A1-6A, 5.00%, (3 Month Term SOFR + 1.33%), 01/21/38 (a) | 2500 | 2499 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2005-2CB1-10, REMIC, 6.00%, 11/25/35 | 225 | 199 |
| Banc of America Funding 2006-D Trust |  |  |
| Series 2006-A1-D, REMIC, 3.83%, 05/20/36 (a) | 1583 | 1357 |
| Bank 2017-BNK4 |  |  |
| Interest Only, Series 2017-XA-BNK4, REMIC, 1.48%, 05/17/50 (a) | 12338 | 82 |
| Bank 2021-BNK36 |  |  |
| Interest Only, Series 2021-XA-BN36, REMIC, 0.87%, 09/17/64 (a) | 77702 | 2189 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-AS-5YR10, REMIC, 5.64%, 10/17/29 | 2407 | 2446 |
| Bank5 2025-5YR13 |  |  |
| Interest Only, Series 2025-XA-5YR13, REMIC, 1.28%, 01/15/58 (a) | 21118 | 748 |
| Battalion CLO XX Ltd. |  |  |
| Series 2021-AR-20A, 4.89%, (3 Month Term SOFR + 1.22%), 04/15/38 (a) | 1500 | 1498 |
| Battalion CLO XXIII Ltd. |  |  |
| Series 2022-A1R-23A, 5.09%, (3 Month Term SOFR + 1.42%), 10/15/37 (a) | 5000 | 5003 |
| BBCMS 2019-BWAY Mortgage Trust |  |  |
| Series 2019-E-BWAY, REMIC, 6.64%, (1 Month Term SOFR + 2.96%), 11/15/34 (a) | 2715 | 14 |
| BBCMS Mortgage Trust 2017-C1 |  |  |
| Interest Only, Series 2017-XA-C1, REMIC, 1.44%, 02/17/50 (a) | 16641 | 93 |
| BBCMS Mortgage Trust 2021-C10 |  |  |
| Interest Only, Series 2021-XB-C10, REMIC, 1.11%, 07/17/54 (a) | 26096 | 1136 |
| Interest Only, Series 2021-XD-C10, REMIC, 1.79%, 07/17/54 (a) | 16250 | 1152 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-AS-5C29, REMIC, 5.63%, 09/17/29 | 2638 | 2690 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Interest Only, Series 2025-XA-5C34, REMIC, 1.39%, 05/15/58 (a) | 23081 | 972 |
| BBCMS Mortgage Trust 2025-C32 |  |  |
| Interest Only, Series 2025-XA-C32, REMIC, 1.35%, 02/17/62 (a) | 26509 | 2115 |
| BDS 2021-FL10 Ltd. |  |  |
| Series 2021-A-FL10, 5.14%, (1 Month Term SOFR + 1.46%), 12/18/36 (a) | 951 | 951 |
| BDS 2024-FL13 LLC |  |  |
| Series 2024-A-FL13, 5.25%, (1 Month Term SOFR + 1.58%), 06/19/29 (a) (b) | 3600 | 3605 |
| BDS 2025-FL15 LLC |  |  |
| Series 2025-A-FL15, 5.08%, (1 Month Term SOFR + 1.40%), 08/19/30 (a) (b) | 2550 | 2549 |
| BDS 2025-FL16 LLC |  |  |
| Series 2025-A-FL16, 5.08%, (1 Month Term SOFR + 1.40%), 06/22/43 (a) (b) | 1930 | 1930 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bear Stearns ARM Trust 2007-1 |  |  |
| Series 2007-4A1-1, REMIC, 6.12%, 02/25/47 (a) | 5665 | 4789 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Series 2019-A2-B14, REMIC, 2.91%, 12/15/62 | 1679 | 1613 |
| Benchmark 2020-B22 Mortgage Trust |  |  |
| Interest Only, Series 2020-XA-B22, REMIC, 1.60%, 01/16/54 (a) | 30027 | 1719 |
| Benchmark 2025-V17 Mortgage Trust |  |  |
| Interest Only, Series 2025-XA-V17, REMIC, 1.73%, 09/17/58 (a) | 28260 | 1642 |
| Benchmark 2026-B42 Mortgage Trust |  |  |
| Series 2026-A1-B42, REMIC, 4.22%, 05/15/29 | 1552 | 1542 |
| Benchmark 2026-V20 Mortgage Trust |  |  |
| Interest Only, Series 2026-XA-V20, REMIC, 1.44%, 02/18/59 (a) | 52474 | 2736 |
| Benefit Street Partners CLO 46 Ltd. |  |  |
| Series 2025-A-46A, 4.88%, (3 Month Term SOFR + 1.21%), 01/25/39 (a) | 5000 | 4990 |
| Benefit Street Partners CLO XXXII, Ltd. |  |  |
| Series 2023-AR-32A, 4.88%, (3 Month Term SOFR + 1.21%), 10/25/38 (a) | 2500 | 2495 |
| Benefit Street Partners CLO XXXVII Ltd |  |  |
| Series 2024-A-37A, 5.02%, (3 Month Term SOFR + 1.35%), 01/25/38 (a) | 2000 | 2001 |
| BMO 2025-5C12 Mortgage Trust |  |  |
| Interest Only, Series 2025-XA-5C12, REMIC, 1.66%, 10/15/58 (a) | 43848 | 2484 |
| BRSP 2026-Fl3 Ltd. |  |  |
| Series 2026-A-FL3, 5.13%, (1 Month Term SOFR + 1.45%), 01/17/31 (a) (b) | 2830 | 2831 |
| BRSP Ltd. |  |  |
| Series 2024-A-FL2, 5.62%, (1 Month Term SOFR + 1.95%), 08/19/27 (a) | 3078 | 3081 |
| BSPRT 2022-FL8 Issuer, Ltd. |  |  |
| Series 2022-A-FL8, 5.17%, (SOFR 30-Day Average + 1.50%), 02/17/37 (a) (b) | 124 | 124 |
| BSPRT 2023-FL10 Issuer LLC |  |  |
| Series 2023-AS-FL10, 6.53%, (1 Month Term SOFR + 2.86%), 09/17/35 (a) (b) | 3710 | 3715 |
| BSPRT 2026-FL13 Issuer, LLC |  |  |
| Series 2026-A-FL13, 0.00%, (1 Month Term SOFR + 1.50%), 10/19/43 (a) | 2280 | 2281 |
| BX Commercial Mortgage Trust 2021-ACNT |  |  |
| Series 2021-B-ACNT, REMIC, 5.04%, (1 Month Term SOFR + 1.36%), 11/15/38 (a) | 187 | 187 |
| Series 2021-C-ACNT, REMIC, 5.29%, (1 Month Term SOFR + 1.61%), 11/15/38 (a) | 485 | 485 |
| BX Commercial Mortgage Trust 2021-CIP |  |  |
| Series 2021-B-CIP, REMIC, 5.06%, (1 Month Term SOFR + 1.39%), 12/15/26 (a) | 1228 | 1227 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 4.69%, (1 Month Term SOFR + 1.01%), 02/15/39 (a) | 204 | 204 |
| Series 2022-C-LP2, REMIC, 5.23%, (1 Month Term SOFR + 1.56%), 02/15/39 (a) | 650 | 650 |
| Series 2022-D-LP2, REMIC, 5.63%, (1 Month Term SOFR + 1.96%), 02/15/39 (a) | 145 | 145 |
| BX Commercial Mortgage Trust 2024-AIRC |  |  |
| Series 2024-A-AIRC, REMIC, 5.36%, (1 Month Term SOFR + 1.69%), 08/17/26 (a) | 911 | 911 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-B-MDHS, REMIC, 5.51%, (1 Month Term SOFR + 1.84%), 05/15/29 (a) | 322 | 322 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-C-XL5, REMIC, 5.61%, (1 Month Term SOFR + 1.94%), 03/15/29 (a) | 475 | 475 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-A-BCAT, REMIC, 5.05%, (1 Month Term SOFR + 1.38%), 08/16/27 (a) | 1332 | 1332 |
| BX Commercial Mortgage Trust 2026-ALOHA |  |  |
| Series 2026-A-ALOHA, REMIC, 0.00%, 04/15/28 (a) | 1370 | 1370 |
| BX Commercial Mortgage Trust 2026-CSMO |  |  |
| Series 2026-A-CSMO, REMIC, 5.07%, (1 Month Term SOFR + 1.40%), 02/15/31 (a) | 1410 | 1410 |
| BX Commercial Mortgage Trust 2026-XL6 |  |  |
| Series 2026-A-XL6, REMIC, 4.87%, (1 Month Term SOFR + 1.20%), 03/15/28 (a) | 1530 | 1522 |
| BX Trust 2021-LGCY |  |  |
| Series 2021-B-LGCY, 4.64%, (1 Month Term SOFR + 0.97%), 10/15/36 (a) | 1390 | 1389 |
| BX Trust 2021-RISE |  |  |
| Series 2021-C-RISE, REMIC, 5.24%, (1 Month Term SOFR + 1.56%), 11/17/36 (a) | 1167 | 1166 |
| BX Trust 2021-SDMF |  |  |
| Series 2021-B-SDMF, REMIC, 4.52%, (1 Month Term SOFR + 0.85%), 09/15/34 (a) | 919 | 918 |
| BX Trust 2022-LBA6 |  |  |
| Series 2022-C-LBA6, REMIC, 5.27%, (1 Month Term SOFR + 1.60%), 01/18/39 (a) | 1100 | 1099 |
| BXMT 2020-FL2, Ltd. |  |  |
| Series 2020-A-FL2, REMIC, 4.69%, (1 Month Term SOFR + 1.01%), 02/18/38 (a) (b) | 140 | 140 |
| CAL Funding IV Ltd. |  |  |
| Series 2020-A-1A, REMIC, 2.22%, 03/27/28 | 1586 | 1523 |
| Carlyle US CLO 2023-3 Ltd. |  |  |
| Series 2023-A1R-3A, 4.90%, (3 Month Term SOFR + 1.23%), 10/15/38 (a) | 2000 | 1999 |
| CarMax Auto Owner Trust 2026-1 |  |  |
| Series 2026-A3-1, 4.04%, 11/15/29 | 4500 | 4484 |
| Carrington Mortgage Loan Trust, Series 2006-NC4 |  |  |
| Series 2006-A3-NC4, REMIC, 3.92%, (1 Month Term SOFR + 0.27%), 07/25/36 (a) (b) (c) | 805 | 791 |
| Carval CLO X-C Ltd. |  |  |
| Series 2024-A-2A, 5.13%, (3 Month Term SOFR + 1.46%), 07/20/37 (a) | 2000 | 2002 |
| Carvana Auto Receivables Trust 2024-P3 |  |  |
| Series 2024-A4-P3, 4.31%, 05/10/29 | 4100 | 4091 |
| Castlelake Aircraft Structured Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.97%, 04/15/26 (b) | 450 | 437 |
| CBAM 2017-1 Ltd. |  |  |
| Series 2017-AR2-1A, 5.72%, (3 Month Term SOFR + 1.39%), 01/20/38 (a) | 5000 | 5007 |
| CBAM 2017-2 Ltd. |  |  |
| Series 2017-AR-2A, 5.12%, (3 Month Term SOFR + 1.45%), 07/17/34 (a) | 5000 | 5002 |
| CD 2017-CD4 Mortgage Trust |  |  |
| Interest Only, Series 2017-XA-CD4, REMIC, 1.36%, 05/12/50 (a) | 13055 | 73 |
| Cedar Funding IX CLO Ltd. |  |  |
| Series 2018-AR-9A, 5.09%, (3 Month Term SOFR + 1.42%), 07/20/37 (a) | 4000 | 4002 |
| CFCRE 2016-C4 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C4, REMIC, 1.04%, 05/10/58 (a) | 1838 | 1 |
| CFCRE 2016-C7 Mortgage Trust |  |  |
| Series 2016-A3-C7, REMIC, 3.84%, 12/11/26 | 1090 | 1083 |
| Chase Auto Owner Trust 2024-5 |  |  |
| Series 2024-A4-5A, 4.15%, 03/25/30 | 3200 | 3198 |
| CHL Mortgage Pass-Through Trust 2007-HY3 |  |  |
| Series 2007-A19-10, REMIC, 6.00%, 07/25/37 | 2815 | 1219 |
| CIFC Funding 2020-III Ltd. |  |  |
| Series 2020-A1R2-3A, 4.88%, (3 Month Term SOFR + 1.21%), 10/20/38 (a) | 10000 | 9984 |
| CIFC Funding 2021-V Ltd. |  |  |
| Series 2021-A1R-5A, 5.16%, (3 Month Term SOFR + 1.26%), 01/15/38 (a) | 1500 | 1498 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Interest Only, Series 2016-XA-GC36, REMIC, 1.11%, 02/12/49 (a) | 807 | 2 |
| Citigroup Commercial Mortgage Trust 2016-P3 |  |  |
| Interest Only, Series 2016-XA-P3, REMIC, 1.51%, 04/16/49 (a) | 530 | 7 |
| Citigroup Commercial Mortgage Trust 2016-P5 |  |  |
| Interest Only, Series 2016-XA-P5, REMIC, 1.48%, 10/13/49 (a) | 6765 | 6 |
| Citigroup Commercial Mortgage Trust 2017-P7 |  |  |
| Interest Only, Series 2017-XA-P7, REMIC, 1.25%, 04/15/50 (a) | 10162 | 61 |
| Citigroup Mortgage Loan Trust 2014-6 |  |  |
| Series 2014-2A2-6, REMIC, 4.09%, (1 Month Term SOFR + 0.31%), 04/26/38 (a) (b) | 9703 | 9097 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Citimortgage Alternative Loan Trust, Series 2006-A3 |  |  |
| Series 2006-1A13-A3, REMIC, 6.00%, 07/25/36 | 439 | 409 |
| CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A6 |  |  |
| Series 2007-1A16-A6, REMIC, 6.00%, 06/25/37 | 708 | 638 |
| COLT 2021-RPL1 Trust |  |  |
| Series 2021-A1-RPL1, REMIC, 1.67%, 09/25/61 (b) | 2495 | 2299 |
| COLT 2022-2 Mortgage Loan Trust |  |  |
| Series 2022-A1-2, REMIC, 3.95%, 02/25/67 (a) (b) | 3097 | 2955 |
| COMM 2013-CCRE12 Mortgage Trust |  |  |
| Interest Only, Series 2013-XA-CR12, REMIC, 0.61%, 10/15/46 (a) | 1544 | 4 |
| COMM 2014-CCRE16 Mortgage Trust |  |  |
| Series 2014-C-CR16, REMIC, 4.89%, 04/12/47 (a) | 1000 | 963 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-D-HCLV, REMIC, 5.90%, (1 Month Term SOFR + 2.47%), 09/15/33 (a) | 197 | 60 |
| COMM 2024-277P Mortgage Trust |  |  |
| Series 2024-A-277P, REMIC, 6.34%, 08/10/29 | 1404 | 1460 |
| Commonbond Student Loan Trust 2016-A |  |  |
| Series 2016-A1-A, REMIC, 3.32%, 05/25/40 | 135 | 129 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2024-A1-1A, 5.25%, 02/26/29 | 5500 | 5513 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2005-2A1-11, REMIC, 6.00%, 12/25/35 | 370 | 221 |
| Crown City CLO |  |  |
| Series 2021-A1A-1A, 5.10%, (3 Month Term SOFR + 1.43%), 07/20/34 (a) | 3000 | 3000 |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-A3-SPT1, REMIC, 3.73%, 04/25/65 (a) (b) | 250 | 248 |
| CWMBS, Inc. |  |  |
| Series 2006-A1-OA2, REMIC, 4.38%, (1 Month Term SOFR + 0.53%), 05/20/46 (a) (b) (c) | 1238 | 1093 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 1200 | 1167 |
| DBGS 2021-W52 Mortgage Trust |  |  |
| Series 2021-A-W52, REMIC, 5.18%, (1 Month Term SOFR + 1.51%), 10/17/39 (a) | 910 | 903 |
| DBJPM 2016-C1 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C1, REMIC, 1.29%, 05/12/49 (a) | 2202 | 13 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-2 |  |  |
| Series 2007-2A1-2, REMIC, 3.27%, (1 Month Term SOFR + 0.41%), 09/25/47 (a) (b) (c) | 719 | 622 |
| Domino's Pizza, Inc. |  |  |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 1880 | 1852 |
| EFMT 2026-NQM1 |  |  |
| Series 2026-A2-NQM1, REMIC, 5.06%, 02/25/71 (b) (c) | 2962 | 2933 |
| Series 2026-A3-NQM1, REMIC, 5.11%, 02/25/71 (b) (c) | 2962 | 2925 |
| Eldridge CLO 2025-1 Ltd. |  |  |
| Series 2025-A1-1A, 5.20%, (3 Month Term SOFR + 1.33%), 10/20/38 (a) | 3500 | 3502 |
| Elmwood CLO II Ltd. |  |  |
| Series 2019-A1RR-2A, 5.02%, (3 Month Term SOFR + 1.35%), 10/20/37 (a) | 5000 | 5007 |
| Exeter Automobile Receivables Trust 2021-4 |  |  |
| Series 2021-D-4A, 1.96%, 01/17/28 | 330 | 329 |
| Extended Stay America Trust 2026-ESH2 |  |  |
| Series 2026-A-ESH2, REMIC, 4.87%, (1 Month Term SOFR + 1.20%), 02/15/43 (a) | 1407 | 1407 |
| First Franklin Mortgage Loan Trust 2004-FF10 Asset-Backed Certificates, Series 2004-FF10 |  |  |
| Series 2005-A6M-FF10, REMIC, 4.09%, (1 Month Term SOFR + 0.81%), 11/25/35 (a) (b) (c) | 774 | 727 |
| Foundation Finance Trust 2025-3 |  |  |
| Series 2025-B-3A, REMIC, 4.87%, 08/15/52 | 2000 | 1996 |
| FS Rialto 2021-FL2 Issuer, Ltd. |  |  |
| Series 2021-A-FL2, 5.01%, (1 Month Term SOFR + 1.33%), 05/18/38 (a) (b) | 944 | 944 |
| FS Rialto 2021-FL3 Issuer, Ltd. |  |  |
| Series 2021-A-FL3, 5.04%, (1 Month Term SOFR + 1.36%), 11/18/36 (a) | 1982 | 1982 |
| FS Rialto 2026-FL11 Issuer, LLC |  |  |
| Series 2026-A-FL11, 5.13%, (1 Month Term SOFR + 1.45%), 01/19/44 (a) (b) | 2700 | 2700 |
| FS Trust 2026-HULA |  |  |
| Series 2026-A-HULA, REMIC, 5.12%, (1 Month Term SOFR + 1.45%), 03/15/28 (a) | 1390 | 1389 |
| GCAT 2021-NQM4 TRUST |  |  |
| Series 2021-A3-NQM4, REMIC, 1.56%, 08/25/66 (a) | 2571 | 2186 |
| GCAT 2025-NQM1 Trust |  |  |
| Series 2025-A1-NQM1, REMIC, 5.37%, 11/25/69 (b) | 7256 | 7267 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 791 | 759 |
| GLS Auto Select Receivables Trust 2024-4 |  |  |
| Series 2024-B-4A, 4.50%, 11/15/30 | 3000 | 3007 |
| GPMT 2021-FL4 Ltd. |  |  |
| Series 2021-A-FL4, 5.14%, (1 Month Term SOFR + 1.46%), 12/22/36 (a) | 1664 | 1663 |
| Great Wolf Trust 2024-WOLF |  |  |
| Series 2024-A-WOLF, REMIC, 5.21%, (1 Month Term SOFR + 1.54%), 03/15/29 (a) | 1860 | 1859 |
| GreenSky Home Improvement Issuer Trust 2025-1 |  |  |
| Series 2025-A4-1A, 5.22%, 03/25/60 | 727 | 734 |
| GreenSky Home Improvement Issuer Trust 2025-2 |  |  |
| Series 2025-A4-2A, 4.89%, 06/25/60 | 584 | 585 |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-G-RIVR, REMIC, 6.32%, (1 Month Term SOFR + 2.90%), 07/16/35 (a) (b) | 2000 | 2 |
| GS Mortgage Securities Trust 2017-GS6 |  |  |
| Interest Only, Series 2017-XA-GS6, REMIC, 1.14%, 05/12/50 (a) | 21277 | 170 |
| GS Mortgage Securities Trust 2017-GS8 |  |  |
| Interest Only, Series 2017-XA-GS8, REMIC, 1.07%, 11/11/50 (a) | 27817 | 254 |
| GS Mortgage Securities Trust 2020-GSA2 |  |  |
| Interest Only, Series 2020-XA-GSA2, REMIC, 1.77%, 12/12/53 (a) | 26862 | 1551 |
| GS Mortgage-Backed Securities Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.42%, 11/25/55 (b) | 1755 | 1744 |
| GS Mortgage-Backed Securities Trust 2026-NQM2 |  |  |
| Series 2026-A2-NQM2, REMIC, 5.19%, 02/25/30 (b) | 978 | 971 |
| Series 2026-A3-NQM2, REMIC, 5.34%, 02/25/30 (b) | 978 | 969 |
| HarborView Mortgage Loan Trust, 2006-11 |  |  |
| Series 2006-A1A-11, REMIC, 3.96%, (1 Month Term SOFR + 0.45%), 12/19/36 (a) (b) (c) | 3364 | 3056 |
| Highbridge Loan Management 3-2014 |  |  |
| Series 3A-CR-2014, 7.53%, (3 Month Term SOFR + 3.86%), 07/18/29 (a) | 1900 | 1902 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (b) (d) | 3724 | 3581 |
| IndyMac MBS, Inc. |  |  |
| Series 2006-A10-A2, REMIC, 6.00%, 05/25/36 | 1096 | 393 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-G-UES, REMIC, 4.60%, 05/06/32 (a) | 1612 | 1597 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2025-A3-NQM4, REMIC, 5.26%, 10/25/29 (b) | 1762 | 1746 |
| J.P. Morgan Mortgage Trust 2025-NQM2 |  |  |
| Series 2025-A2-NQM2, REMIC, 5.77%, 05/25/29 (b) | 1677 | 1681 |
| Jimmy Johns Funding LLC |  |  |
| Series 2017-A2II-1A, 4.85%, 07/30/27 | 1725 | 1721 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Interest Only, Series 2015-XA-C32, REMIC, 1.13%, 11/18/48 (a) | 2699 | 7 |
| JPMCC Commercial Mortgage Securities Trust 2015-JP1 |  |  |
| Interest Only, Series 2015-XA-JP1, REMIC, 0.87%, 01/15/49 (a) | 416 | 6 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 |  |  |
| Interest Only, Series 2016-XA-JP4, REMIC, 0.69%, 12/17/49 (a) | 13832 | 31 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 |  |  |
| Interest Only, Series 2016-XA-C2, REMIC, 1.44%, 06/17/49 (a) | 10137 | 12 |
| KREF 2021-FL2 Ltd. |  |  |
| Series 2021-A-FL2, 4.86%, (1 Month Term SOFR + 1.18%), 02/17/39 (a) (b) | 1012 | 1012 |
| KREF 2022-FL3 Ltd. |  |  |
| Series 2022-A-FL3, 5.13%, (1 Month Term SOFR + 1.45%), 02/22/39 (a) (b) | 1373 | 1374 |
| Legacy Mortgage Asset Trust 2021-GS3 |  |  |
| Series 2021-A1-GS3, REMIC, 5.75%, 07/25/61 (a) (b) (c) | 2906 | 2913 |
| Legacy Mortgage Asset Trust 2021-GS4 |  |  |
| Series 2021-A1-GS4, REMIC, 5.65%, 11/25/60 (a) (b) | 3345 | 3348 |
| LEX Trust 2026-450 |  |  |
| Series 2026-A-450, REMIC, 5.00%, (1 Month Term SOFR + 1.35%), 03/15/28 (a) | 930 | 926 |
| LoanCore 2021-CRE6 Issuer Ltd. |  |  |
| Series 2021-A-CRE6, 5.09%, (1 Month Term SOFR + 1.41%), 11/15/38 (a) (b) | 235 | 235 |
| LoanCore 2021-CRE7 Issuer Ltd. |  |  |
| Series 2022-A-CRE7, 5.22%, (SOFR 30-Day Average + 1.55%), 01/21/37 (a) | 590 | 590 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.06%, (1 Month Term SOFR + 1.39%), 11/01/29 (a) (b) | 2240 | 2238 |
| LoanCore 2025-CRE9 Issuer LLC |  |  |
| Series 2025-A-CRE9, 5.13%, (1 Month Term SOFR + 1.45%), 05/18/43 (a) | 2700 | 2700 |
| Loanpal Solar Loan 2020-3 LLC |  |  |
| Series 2020-A-3GS, 2.47%, 08/20/35 | 1436 | 1179 |
| Loanpal Solar Loan 2021-1 Ltd. |  |  |
| Series 2021-A-1GS, 2.29%, 10/20/34 | 1468 | 1219 |
| Long Beach Mortgage Loan Trust 2006-2 |  |  |
| Series 2006-2A4-2, REMIC, 1.07%, (1 Month Term SOFR + 0.69%), 04/25/36 (a) (b) (c) | 6314 | 1885 |
| Long Beach Mortgage Loan Trust 2006-6 |  |  |
| Series 2006-2A3-6, REMIC, 1.40%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (b) (c) | 9172 | 3648 |
| Lunar Aircraft 2020-1 Limited |  |  |
| Series 2020-A-1A, 3.38%, 02/15/27 (b) | 944 | 925 |
| Magnetite Xlii Ltd. |  |  |
| Series 2024-A1-42A, 4.98%, (3 Month Term SOFR + 1.31%), 01/25/38 (a) | 4000 | 4004 |
| Mariner Finance Issuance Trust 2025-A |  |  |
| Series 2025-B-AA, 5.33%, 05/20/38 | 1950 | 1963 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2006-2 |  |  |
| Series 2006-A2C-AHL1, REMIC, 2.13%, (1 Month Term SOFR + 0.43%), 05/25/37 (a) (b) (c) | 5355 | 3124 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 4.87%, (1 Month Term SOFR + 1.19%), 10/21/36 (a) | 272 | 272 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.02%, (1 Month Term SOFR + 1.35%), 02/20/37 (a) | 1237 | 1237 |
| MF1 2022-FL9 LLC |  |  |
| Series 2022-A-FL9, 5.82%, (1 Month Term SOFR + 2.15%), 06/22/37 (a) | 1997 | 1998 |
| MF1 2024-FL14 LLC |  |  |
| Series 2024-A-FL14, REMIC, 5.41%, (1 Month Term SOFR + 1.74%), 03/19/39 (a) | 3500 | 3506 |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-A-FL15, 5.36%, (1 Month Term SOFR + 1.69%), 08/18/41 (a) | 3500 | 3509 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.00%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 1849 | 1849 |
| MF1 2026-FL21 LLC |  |  |
| Series 2026-A-FL21, 5.03%, (1 Month Term SOFR + 1.40%), 02/19/41 (a) | 2830 | 2824 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (b) | 6638 | 6649 |
| Morgan Stanley ABS Capital I Inc. Trust 2007-HE3 |  |  |
| Series 2007-A1-HE3, REMIC, 1.56%, (1 Month Term SOFR + 0.24%), 12/25/36 (a) (b) (c) | 2648 | 1467 |
| Morgan Stanley ABS Capital Trust I Inc. |  |  |
| Series 2005-M2-HE2, REMIC, 3.54%, (1 Month Term SOFR + 0.77%), 01/25/35 (a) (b) (c) | 1279 | 1241 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 |  |  |
| Interest Only, Series 2016-XA-C28, REMIC, 1.19%, 01/15/49 (a) | 529 | 3 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Interest Only, Series 2017-XA-H1, REMIC, 1.44%, 06/17/50 (a) | 20272 | 199 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-F-NUGS, REMIC, 6.63%, (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) (b) | 1615 | 1597 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 2.10%, 03/22/32 | 214 | 188 |
| Series 2020-B-1A, 3.10%, 11/22/32 | 2015 | 1741 |
| Mosaic Solar Loan Trust 2020-2 |  |  |
| Series 2020-B-2A, 2.21%, 05/20/33 | 779 | 640 |
| MTN Commercial Mortgage Trust 2022-LPFL |  |  |
| Series 2022-A-LPFL, REMIC, 5.07%, (1 Month Term SOFR + 1.40%), 03/15/39 (a) | 1980 | 1979 |
| Navient Private Education Refi Loan Trust 2018-A |  |  |
| Series 2018-B-A, 3.68%, 02/18/42 | 1039 | 1029 |
| Navient Private Education Refi Loan Trust 2022-A |  |  |
| Series 2022-A-A, 2.23%, 07/15/70 | 2413 | 2202 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-A-3BP, REMIC, 4.89%, (1 Month Term SOFR + 1.27%), 02/16/27 (a) | 2380 | 2369 |
| OBX 2020-EXP2 Trust |  |  |
| Series 2020-A3-EXP2, REMIC, 2.50%, 07/25/36 (a) | 280 | 241 |
| OBX 2024-NQM10 Trust |  |  |
| Series 2024-A1-NQM10, REMIC, 6.18%, 05/25/64 (b) | 2755 | 2776 |
| OBX 2025-NQM8 Trust |  |  |
| Series 2025-A1-NQM8, REMIC, 5.47%, 03/25/65 (b) | 7496 | 7516 |
| OCP CLO 2017-14 Ltd. |  |  |
| Series 2017-A1R-14A, 5.04%, (3 Month Term SOFR + 1.37%), 07/20/37 (a) | 3000 | 3000 |
| OCP CLO 2020-18 Ltd. |  |  |
| Series 2020-A1R2-18A, 5.04%, (3 Month Term SOFR + 1.37%), 07/20/37 (a) | 4000 | 4001 |
| Octagon 56, Ltd. |  |  |
| Series 2021-B-1A, REMIC, 5.58%, (3 Month Term SOFR + 1.91%), 10/16/34 (a) | 2500 | 2501 |
| Octagon Investment Partners 20-R Ltd. |  |  |
| Series 2019-A1RR-4A, 5.04%, (3 Month Term SOFR + 1.40%), 08/12/37 (a) | 10000 | 10004 |
| OHA Credit Funding 16-R Ltd. |  |  |
| Series 2023-A1-16RA, 5.08%, (3 Month Term SOFR + 1.20%), 10/20/38 (a) | 10000 | 9989 |
| Pagaya AI Debt Grantor Trust 2025-7 |  |  |
| Series 2025-A1-7, REMIC, 4.27%, 11/16/26 | 1228 | 1228 |
| Pagaya AI Debt Selection Trust 2021-5 |  |  |
| Series 2021-C-5, 3.93%, 08/15/29 | 1727 | 1708 |
| Park Blue CLO 2022-1 Ltd. |  |  |
| Series 2022-A1R-1A, 5.30%, (3 Month Term SOFR + 1.42%), 10/20/37 (a) | 9700 | 9707 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PFP 2024-11 Ltd. |  |  |
| Series 2024-A-11, 5.51%, (1 Month Term SOFR + 1.83%), 09/19/39 (a) | 305 | 305 |
| PFP 2026-13 Ltd. |  |  |
| Series 2026-A-13, 5.18%, (1 Month Term SOFR + 1.50%), 08/18/43 (a) (b) | 1870 | 1872 |
| PLYM Commercial Mortgage Trust 2026-IND |  |  |
| Series 2026-A-IND, 4.92%, (1 Month Term SOFR + 1.25%), 03/15/28 (a) | 1390 | 1383 |
| PRPM 2024-NQM4 Trust |  |  |
| Series 2024-A1-NQM4, REMIC, 5.67%, 12/25/69 (b) | 2204 | 2212 |
| PRPM 2025-NQM2 Trust |  |  |
| Series 2025-A1-NQM2, REMIC, 5.69%, 05/25/29 (b) | 14080 | 14154 |
| RALI Series 2006-QS12 Trust |  |  |
| Series 2006-2A3-QS12, REMIC, 6.00%, 09/25/36 | 509 | 409 |
| RALI Series 2007-QS4 Trust |  |  |
| Series 2007-3A4-QS4, REMIC, 6.00%, 03/25/37 | 952 | 783 |
| RALI Series 2007-QS8 Trust |  |  |
| Series 2007-A3-QS8, REMIC, 4.39%, (1 Month Term SOFR + 0.71%), 06/25/37 (a) | 887 | 646 |
| RBSSP Resecuritization Trust 2009-2 |  |  |
| Series 2009-3A2-2, REMIC, 4.29%, (1 Month Term SOFR + 0.61%), 04/26/35 (a) | 375 | 355 |
| Reach ABS Trust 2026-1 |  |  |
| Series 2026-A-1A, 4.32%, 02/15/33 | 2484 | 2485 |
| Residential Mortgage Loan Trust 2019-2 |  |  |
| Series 2019-M1-2, REMIC, 3.86%, 05/27/59 (a) | 4270 | 4243 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2023-A2A-1A, 5.00%, 09/15/28 (d) | 5000 | 4995 |
| RFMSI Series 2006-S4 Trust |  |  |
| Series 2006-A5-S4, REMIC, 6.00%, 04/25/36 | 343 | 274 |
| Santander Mortgage Asset Receivable Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.47%, 08/25/65 (b) | 3643 | 3624 |
| SCOTT Trust 2023-SFS |  |  |
| Series 2023-AS-SFS, REMIC, 6.20%, 03/10/28 | 1370 | 1394 |
| Securitized Asset Backed Receivables LLC Trust 2006-WM4 |  |  |
| Series 2006-A2C-WM4, REMIC, 0.89%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (b) (c) | 15532 | 3920 |
| Securitized Asset Backed Receivables LLC Trust 2007-HE1 |  |  |
| Series 2007-A2B-HE1, REMIC, 0.63%, (1 Month Term SOFR + 0.33%), 12/25/36 (a) (b) (c) | 4895 | 965 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-A-555, REMIC, 4.94%, (1 Month Term SOFR + 1.26%), 05/15/28 (a) | 1980 | 1976 |
| Sierra Timeshare 2026-1 Receivables Funding LLC |  |  |
| Series 2026-A-1A, 4.56%, 12/22/42 | 3000 | 2991 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 8.93%, 05/25/30 (a) | 148 | 144 |
| SoFi Consumer Loan Program 2025-1 Trust |  |  |
| Series 2025-A-1, 4.80%, 02/27/34 | 802 | 804 |
| SoFi Consumer Loan Program 2025-3 Trust |  |  |
| Series 2025-B-3, 4.67%, 07/25/28 | 2500 | 2500 |
| SoFi Consumer Loan Program 2025-4 Trust |  |  |
| Series 2025-B-4, 4.60%, 08/25/35 | 1850 | 1847 |
| SoFi Consumer Loan Program 2025-5 Trust |  |  |
| Series 2026-A-1, 4.06%, 05/25/28 | 5710 | 5705 |
| Sound Point CLO 40 Ltd. |  |  |
| Series 2024-A1-40A, 5.06%, (3 Month Term SOFR + 1.39%), 10/20/37 (a) | 4000 | 4002 |
| Sound Point CLO XXIII |  |  |
| Series 2019-AR-2A, 5.10%, (3 Month Term SOFR + 1.43%), 07/17/34 (a) | 10000 | 9989 |
| SREIT Commercial Mortgage Trust 2021-MFP2 |  |  |
| Series 2021-A-MFP2, REMIC, 4.61%, (1 Month Term SOFR + 0.94%), 11/16/26 (a) | 2020 | 2019 |
| Start Ltd. |  |  |
| Series 2018-A-1, 4.09%, 05/15/43 | 58 | 60 |
| Starwood Mortgage Residential Trust 2021-5 |  |  |
| Series 2021-A1-5, REMIC, 1.92%, 09/25/66 (a) | 6210 | 5425 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2005-4A1-22, REMIC, 5.21%, 12/25/35 (a) | 407 | 349 |
| Structured Adjustable Rate Mortgage Loan Trust Series 2006-11 |  |  |
| Series 2006-1A1-11, REMIC, 4.11%, (1 Month Term SOFR + 0.43%), 12/25/36 (a) (b) | 2352 | 2333 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-1A1-5, REMIC, 5.75%, 04/25/35 | 1696 | 759 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 4.99%, (1 Month Term SOFR + 1.31%), 04/16/38 (a) (b) | 339 | 339 |
| STWD 2022-FL3, Ltd. |  |  |
| Series 2022-AS-FL3, 5.47%, (SOFR 30-Day Average + 1.80%), 11/18/38 (a) (b) | 1470 | 1468 |
| Switch ABS Issuer, LLC |  |  |
| Series 2026-A21-1A, 5.61%, 03/27/56 | 3500 | 3493 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A2-1A, 5.08%, 09/20/29 | 5056 | 5054 |
| TIF Funding II LLC |  |  |
| Series 2021-A-1A, 1.65%, 02/20/46 | 2323 | 2123 |
| Trestles CLO VI Ltd. |  |  |
| Series 2023-A1R-6A, 4.85%, (3 Month Term SOFR + 1.18%), 04/26/38 (a) | 2500 | 2494 |
| Tricolor Auto Securitization Trust 2025-2 |  |  |
| Series 2025-A-2A, 5.12%, 01/16/29 | 1093 | 672 |
| Trimaran CAVU 2021-3, Ltd. |  |  |
| Series 2021-A-3A, 5.14%, (3 Month Term SOFR + 1.47%), 01/18/35 (a) | 6500 | 6491 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.32%, (1 Month Term SOFR + 1.65%), 02/17/39 (a) (b) | 2629 | 2629 |
| TRTX 2025-FL7 Issuer, Ltd. |  |  |
| Series 2025-A-FL7, REMIC, 5.13%, (1 Month Term SOFR + 1.45%), 06/18/43 (a) (b) | 2500 | 2499 |
| UBS Commercial Mortgage Trust 2017-C7 |  |  |
| Series 2017-ASB-C7, REMIC, 3.59%, 06/15/27 | 1247 | 1239 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 |  |  |
| Series 2013-B-C5, REMIC, 3.65%, 03/12/46 (a) | 1750 | 1693 |
| Upgrade Master Pass-Thru Trust Series 2025-ST2 |  |  |
| Series 2025-A-ST2, 6.11%, 06/15/32 | 2263 | 2285 |
| Upgrade Master Pass-Thru Trust Series 2025-ST4 |  |  |
| Series 2025-A-ST4, REMIC, 5.50%, 08/16/32 | 714 | 717 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 19 | 19 |
| Upstart Securitization Trust 2025-3 |  |  |
| Series 2025-A2-3, 4.60%, 09/20/35 | 3526 | 3530 |
| Upstart Securitization Trust 2025-4 |  |  |
| Series 2025-A1-4, 4.41%, 11/20/26 | 186 | 186 |
| Upstart Securitization Trust 2026-1 |  |  |
| Series 2026-A2-1, 4.30%, 03/20/36 | 3000 | 2993 |
| Vegas Trust 2024-TI |  |  |
| Series 2024-A-TI, REMIC, 5.52%, 11/15/27 | 1000 | 1003 |
| Velocity Commercial Capital Loan Trust 2019-2 |  |  |
| Series 2019-A-2, REMIC, 3.13%, 07/25/49 (a) | 1302 | 1248 |
| Velocity Commercial Capital Loan Trust 2025-4 |  |  |
| Series 2025-A-4, REMIC, 5.19%, 02/25/33 (a) | 934 | 921 |
| Verus Securitization Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 2.83%, 10/25/66 (a) (b) (c) | 1149 | 1059 |
| Verus Securitization Trust 2023-5 |  |  |
| Series 2023-A1-5, REMIC, 6.48%, 06/25/68 (b) | 513 | 512 |
| Verus Securitization Trust 2024-1 |  |  |
| Series 2024-A1-1, REMIC, 5.71%, 01/25/28 (b) | 7578 | 7590 |
| Verus Securitization Trust 2024-3 |  |  |
| Series 2024-A1-3, REMIC, 6.34%, 04/25/69 (a) (b) | 2785 | 2808 |
| Verus Securitization Trust 2024-9 |  |  |
| Series 2024-A1-9, REMIC, 5.44%, 11/25/69 (a) (b) | 6084 | 6099 |
| Verus Securitization Trust 2025-10 |  |  |
| Series 2025-A2-10, REMIC, 5.21%, 07/25/70 (b) | 1291 | 1284 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Verus Securitization Trust 2026-R1 |  |  |
| Series 2026-A3-R1, REMIC, 5.19%, 10/25/67 (b) | 1764 | 1743 |
| Vibrant CLO XR, Ltd. |  |  |
| Series 2018-A1-10RA, 5.37%, (3 Month Term SOFR + 1.70%), 04/21/36 (a) | 3000 | 3001 |
| Warwick Capital CLO 1 Ltd. |  |  |
| Series 2023-AR-1A, 4.95%, (3 Month Term SOFR + 1.28%), 10/20/38 (a) | 2000 | 1996 |
| Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust |  |  |
| Series 2006-2A2-HE5, REMIC, 1.43%, (1 Month Term SOFR + 0.29%), 10/25/36 (a) (b) (c) | 7049 | 2372 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR2 Trust |  |  |
| Series 2006-M1-HE1, REMIC, 4.30%, (1 Month Term SOFR + 0.62%), 02/25/36 (a) (b) | 11706 | 11105 |
| Wellington Management CLO 4 Ltd. |  |  |
| Series 2025-A-4A, 4.82%, (3 Month Term SOFR + 1.15%), 04/19/38 (a) | 5000 | 4988 |
| Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
| Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37 | 211 | 182 |
| Wells Fargo Commercial Mortgage Trust 2017-C38 |  |  |
| Interest Only, Series 2017-XA-C38, REMIC, 1.03%, 07/15/50 (a) | 20852 | 125 |
| Wells Fargo Commercial Mortgage Trust 2018-C48 |  |  |
| Interest Only, Series 2018-XA-C48, REMIC, 1.10%, 01/18/52 (a) | 12303 | 243 |
| Wells Fargo Commercial Mortgage Trust 2019-C53 |  |  |
| Series 2019-ASB-C53, REMIC, 2.96%, 12/15/28 | 201 | 197 |
| Wells Fargo Commercial Mortgage Trust 2022-ONL |  |  |
| Series 2022-A-ONL, REMIC, 3.86%, 02/18/27 | 5162 | 4983 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 |  |  |
| Interest Only, Series 2025-XA-5C7, REMIC, 1.66%, 12/17/58 (a) | 42528 | 2522 |
| Wells Fargo Commercial Mortgage Trust 2025-C64 |  |  |
| Series 2025-A1-C64, REMIC, 5.02%, 02/15/30 | 603 | 606 |
| Interest Only, Series 2025-XA-C64, REMIC, 1.24%, 02/15/58 (a) | 23074 | 1621 |
| Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
| Series 2007-A1-7, REMIC, 6.00%, 06/25/37 | 134 | 123 |
| Wells Fargo Mortgage Backed Securities 2007-AR4 Trust |  |  |
| Series 2007-A1-AR4, REMIC, 6.19%, 08/25/37 (a) | 76 | 68 |
| Willis Engine Structured Trust V |  |  |
| Series 2020-A-A, 3.23%, 03/15/28 (b) | 2057 | 1981 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $640,335) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $640,335) | 606338 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 34.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 34.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 34.3%** |
| **U.S. Treasury Note 26.1%** | **U.S. Treasury Note 26.1%** | **U.S. Treasury Note 26.1%** |
| Treasury, United States Department of |  |  |
| 0.63%, 03/31/27 | 26450 | 25648 |
| 0.50%, 06/30/27 (e) | 1950 | 1872 |
| 3.50%, 10/31/27 | 190000 | 189005 |
| 0.75%, 01/31/28 (e) | 80900 | 76523 |
| 0.88%, 11/15/30 (e) | 42200 | 36778 |
|  |  | 329826 |
| **Collateralized Mortgage Obligations 4.5%** | **Collateralized Mortgage Obligations 4.5%** | **Collateralized Mortgage Obligations 4.5%** |
| Connecticut Avenue Securities Trust 2025-R04 |  |  |
| Series 2025-1A1-R04, REMIC, 4.66%, (SOFR 30-Day Average + 1.00%), 05/25/45 (a) | 2825 | 2823 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2024-M1-DNA2, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 05/25/44 (a) | 2786 | 2785 |
| Series FE-4940, REMIC, 4.33%, (SOFR 30-Day Average + 0.66%), 01/25/50 (a) | 1667 | 1643 |
| Series FD-5536, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 05/25/54 (a) | 1861 | 1868 |
| Series FG-5475, REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 11/25/54 (a) | 1397 | 1401 |
| Series FA-5512, REMIC, 4.56%, (SOFR 30-Day Average + 0.90%), 03/25/55 (a) | 4103 | 4066 |
| Series AF-5524, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 1500 | 1505 |
| Series FA-5525, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 1415 | 1418 |
| Series FG-5646, REMIC, 4.80%, (SOFR 30-Day Average + 1.10%), 06/25/55 (a) | 4750 | 4720 |
| Series FH-5596, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 11/25/55 (a) | 2232 | 2230 |
| Series DF-5598, REMIC, 4.91%, (SOFR 30-Day Average + 1.25%), 11/25/55 (a) | 1852 | 1848 |
| Series CF-5632, REMIC, 4.61%, (SOFR 30-Day Average + 0.95%), 02/25/56 (a) | 2156 | 2139 |
| Series CITI-FA-8134, REMIC, 4.66%, (SOFR 30-Day Average + 1.00%), 03/25/56 (a) | 1290 | 1281 |
| Series CF-5650, REMIC, 4.91%, (SOFR 30-Day Average + 1.25%), 04/25/56 (a) | 2250 | 2245 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2007-FC-44, REMIC, 4.11%, (SOFR 30-Day Average + 0.44%), 05/25/37 (a) | 1084 | 1076 |
| Series 2014-KF-10, REMIC, 4.23%, (SOFR 30-Day Average + 0.56%), 03/25/44 (a) | 1068 | 1057 |
| Series 2017-FC-112, REMIC, 4.13%, (SOFR 30-Day Average + 0.46%), 01/25/48 (a) | 1634 | 1596 |
| Series 2018-FE-85, REMIC, 4.08%, (SOFR 30-Day Average + 0.41%), 12/25/48 (a) | 786 | 778 |
| Series 2022-FB-68, REMIC, 4.53%, (SOFR 30-Day Average + 0.87%), 10/25/52 (a) | 4521 | 4460 |
| Series 2025-FK-26, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 06/25/54 (a) | 1530 | 1533 |
| Series 2026-FC-21, REMIC, 4.92%, (SOFR 30-Day Average + 1.25%), 07/25/54 (a) | 5000 | 4977 |
| Series 2025-FQ-15, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 04/25/55 (a) | 1653 | 1660 |
| Government National Mortgage Association |  |  |
| Series 2017-QF-141, REMIC, 4.09%, (1 Month Term SOFR + 0.41%), 09/20/47 (a) | 1066 | 1049 |
| Series 2018-BF-125, REMIC, 4.53%, (1 Month Term SOFR + 0.86%), 06/20/48 (a) | 1158 | 1150 |
| Series 2025-QF-196, REMIC, 4.82%, (SOFR 30-Day Average + 1.15%), 11/20/55 (a) | 1974 | 1975 |
| Series 2025-FD-211, REMIC, 4.77%, (SOFR 30-Day Average + 1.10%), 12/20/55 (a) | 3858 | 3870 |
|  |  | 57153 |
| **Mortgage-Backed Securities 2.1%** | **Mortgage-Backed Securities 2.1%** | **Mortgage-Backed Securities 2.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 5.50%, 08/01/43 (f) | 1104 | 1118 |
| 5.50%, 07/01/53 - 09/01/55 | 8740 | 8858 |
| 0.00%, 01/01/00 (a) (f) (g) | 2325 | 2325 |
| Federal National Mortgage Association, Inc. |  |  |
| 6.30%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 11/01/42 (a) | 260 | 271 |
| 5.00%, 01/01/43 - 08/01/43 | 3822 | 3824 |
| 5.50%, 08/01/45 - 04/01/55 | 10219 | 10366 |
|  |  | 26762 |
| **U.S. Treasury Inflation Indexed Securities 1.2%** | **U.S. Treasury Inflation Indexed Securities 1.2%** | **U.S. Treasury Inflation Indexed Securities 1.2%** |
| Treasury, United States Department of |  |  |
| 2.38%, 01/15/27 (h) | 4516 | 4594 |
| 0.13%, 04/15/27 (e) (h) | 6647 | 6607 |
| 1.63%, 10/15/27 (h) | 3360 | 3411 |
|  |  | 14612 |
| **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 | 50 | 47 |
| Fondo Mivivienda S.A. |  |  |
| 5.40%, 03/31/31 (d) | 150 | 150 |
| Gobierno de la Republica de Guatemala |  |  |
| 5.25%, 08/10/29 (i) | 800 | 796 |
| Gobierno de La Republica del Paraguay |  |  |
| 5.00%, 04/15/26 (i) | 400 | 400 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.00%, 05/07/29 | 300 | 302 |
| Morocco, Kingdom of |  |  |
| 2.38%, 12/15/27 (i) | 500 | 479 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (i) | 350 | 352 |
| 5.50%, 02/22/29 (i) | 400 | 398 |
| | | 2924 |
| **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2019-B-KF69, REMIC, 6.09%, (SOFR 30-Day Average + 2.41%), 08/27/29 (a) (c) | 920 | 890 |
| FREMF 2016-KF18 Mortgage Trust |  |  |
| Series 2016-B-KF18, REMIC, 5.58%, (SOFR 30-Day Average + 5.61%), 05/25/26 (a) (c) | 457 | 455 |
| FREMF 2017-KF30 Mortgage Trust |  |  |
| Series 2017-B-KF30, REMIC, 7.04%, (SOFR 30-Day Average + 3.36%), 03/25/27 (a) (c) | 500 | 498 |
|  |  | 1843 |
| Total Government And Agency Obligations (cost $434,050) | Total Government And Agency Obligations (cost $434,050) | 433120 |
| **CORPORATE BONDS AND NOTES 20.2%** | **CORPORATE BONDS AND NOTES 20.2%** | **CORPORATE BONDS AND NOTES 20.2%** |
| **Financials 5.6%** | **Financials 5.6%** | **Financials 5.6%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.45%, 04/15/27 | 1308 | 1333 |
| 5.75%, 06/06/28 | 707 | 724 |
| AIB Group Public Limited Company |  |  |
| 5.32%, 05/15/31 (d) | 2347 | 2390 |
| American Express Company |  |  |
| 4.73%, 04/25/29 | 1781 | 1793 |
| American National Global Funding |  |  |
| 4.88%, 01/23/31 (d) | 1183 | 1159 |
| Athene Global Funding |  |  |
| 4.51%, (SOFR + 0.85%), 05/08/26 (a) (d) | 1772 | 1773 |
| 4.72%, 10/08/29 (d) | 746 | 734 |
| 5.03%, 07/17/30 (d) | 1183 | 1169 |
| Aviation Capital Group LLC |  |  |
| 6.25%, 04/15/28 (d) | 309 | 318 |
| 4.80%, 10/24/30 (d) | 2622 | 2595 |
| Avilease Capital Limited |  |  |
| 4.75%, 11/12/30 (d) | 1040 | 1014 |
| Avolon Holdings Funding Limited |  |  |
| 6.38%, 05/04/28 (d) | 1048 | 1079 |
| 5.38%, 05/30/30 (d) | 1191 | 1206 |
| Banco de Credito del Peru |  |  |
| 3.25%, 09/30/31 (i) | 190 | 187 |
| 3.25%, 09/30/31 (d) | 550 | 542 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 6.40%, 04/30/35 (i) | 700 | 710 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 5.88%, 05/07/30 (i) | 200 | 204 |
| 2.72%, 08/11/31 (i) | 500 | 492 |
| Banco Santander Chile |  |  |
| 4.55%, 11/20/30 (d) | 400 | 396 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 7.53%, 10/01/28 (i) | 550 | 583 |
| Bank of America Corporation |  |  |
| 3.56%, 04/23/27 | 802 | 802 |
| 4.98%, 01/24/29 | 2391 | 2409 |
| Bank of Ireland Group Public Limited Company |  |  |
| 5.60%, 03/20/30 (d) | 500 | 513 |
| Bank of Montreal |  |  |
| 4.64%, 09/10/30 (j) | 1489 | 1489 |
| Banque Federative du Credit Mutuel |  |  |
| 5.54%, 01/22/30 (d) | 1856 | 1908 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.88%, 09/13/34 (i) | 700 | 682 |
| BPCE |  |  |
| 5.88%, 01/14/31 (d) | 1903 | 1961 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 345 | 346 |
| 4.50%, 03/15/29 | 402 | 400 |
| CaixaBank, S.A. |  |  |
| 6.21%, 01/18/29 (d) | 1204 | 1237 |
| Charles Schwab Corporation, The |  |  |
| 4.70%, (SOFR + 1.05%), 03/03/27 (a) | 644 | 647 |
| 4.34%, 11/14/31 | 2432 | 2408 |
| Citigroup Inc. |  |  |
| 4.79%, 03/04/29 | 1278 | 1286 |
| 4.54%, 09/19/30 | 2732 | 2723 |
| Cooperatieve Rabobank U.A. |  |  |
| 4.32%, 04/01/29 | 1245 | 1247 |
| Credit Agricole S.A. |  |  |
| 5.23%, 01/09/29 (d) | 1477 | 1493 |
| Daimler Trucks Finance North America LLC |  |  |
| 4.30%, 08/12/27 (d) | 953 | 950 |
| 4.15%, 01/12/29 (d) | 628 | 620 |
| Fiserv, Inc. |  |  |
| 4.75%, 03/15/30 | 1741 | 1727 |
| Global Payments Inc. |  |  |
| 5.30%, 08/15/29 | 594 | 598 |
| 4.88%, 11/15/30 | 1036 | 1019 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.15%, 10/21/29 | 1129 | 1119 |
| 4.52%, 01/21/32 | 539 | 532 |
| Intergroup Financial Services Corp. |  |  |
| 4.13%, 10/19/27 (i) | 600 | 594 |
| JPMorgan Chase & Co. |  |  |
| 4.59%, (SOFR + 0.92%), 04/22/28 (a) | 1293 | 1296 |
| 4.92%, 01/24/29 | 2398 | 2421 |
| LPL Holdings, Inc. |  |  |
| 4.63%, 11/15/27 (d) | 718 | 713 |
| M&T Bank Corporation |  |  |
| 4.83%, 01/16/29 | 625 | 628 |
| National Securities Clearing Corporation |  |  |
| 4.70%, 05/20/30 (d) | 1391 | 1406 |
| Nationwide Building Society |  |  |
| 6.56%, 10/18/27 (d) | 200 | 202 |
| NatWest Group PLC |  |  |
| 4.96%, 08/15/30 | 1569 | 1583 |
| New York Life Global Funding |  |  |
| 4.12%, (SOFR + 0.48%), 06/09/26 (a) (d) | 144 | 144 |
| 4.70%, 01/29/29 (d) | 194 | 196 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 4.60%, 06/15/32 (i) | 700 | 700 |
| Pacific Life Global Funding II |  |  |
| 4.27%, (SOFR + 0.62%), 06/04/26 (a) (d) | 131 | 131 |
| Progressive Corporation, The |  |  |
| 4.60%, 03/26/31 | 513 | 514 |
| Royal Bank of Canada |  |  |
| 4.53%, (SOFR + 0.86%), 10/18/28 (a) | 2384 | 2386 |
| Societe Generale |  |  |
| 3.00%, 01/22/30 (d) | 1042 | 976 |
| Swedbank AB |  |  |
| 5.41%, 03/14/29 (d) | 715 | 734 |
| Truist Financial Corporation |  |  |
| 7.16%, 10/30/29 | 1981 | 2106 |
| UBS Group AG |  |  |
| 6.33%, 12/22/27 (d) | 430 | 436 |
| United Overseas Bank Limited |  |  |
| 2.00%, 10/14/31 (i) (j) | 400 | 395 |
| 3.86%, 10/07/32 (i) (j) | 300 | 297 |
| Wells Fargo & Company |  |  |
| 4.74%, (SOFR + 1.07%), 04/22/28 (a) | 2314 | 2321 |
| 6.30%, 10/23/29 | 1126 | 1173 |
| 5.15%, 04/23/31 | 1032 | 1050 |
|  |  | 70919 |
| **Industrials 3.7%** | **Industrials 3.7%** | **Industrials 3.7%** |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (d) | 1910 | 1929 |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/30 (d) | 2065 | 1983 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (i) (k) | 827 | 674 |
| Canadian Pacific Kansas City Limited |  |  |
| 4.80%, 03/30/30 | 2578 | 2611 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/16/30 | 2413 | 2386 |
| CRH SMW Finance Designated Activity Company |  |  |
| 5.13%, 01/09/30 | 1395 | 1420 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 2235 | 2242 |
| Element Fleet Management Corp. |  |  |
| 6.32%, 12/04/28 (d) | 1476 | 1536 |
| 5.04%, 03/25/30 (d) | 1222 | 1233 |
| 4.64%, 11/24/30 (d) | 425 | 419 |
| Equifax Inc. |  |  |
| 4.80%, 09/15/29 | 1363 | 1372 |
| Ferguson Enterprises Inc. |  |  |
| 4.35%, 03/15/31 | 2419 | 2383 |
| GATX Corporation |  |  |
| 4.70%, 04/01/29 | 1199 | 1201 |
| 4.00%, 06/30/30 | 616 | 600 |
| Jacobs Solutions Inc. |  |  |
| 4.75%, 03/03/31 | 1234 | 1218 |
| JSW Infrastructure Limited |  |  |
| 4.95%, 01/21/29 (i) | 400 | 390 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (i) | 634 | 647 |
| MasTec, Inc. |  |  |
| 4.50%, 08/15/28 (d) | 2126 | 2096 |
| MISC Capital Two (Labuan) Limited |  |  |
| 3.75%, 04/06/27 (i) | 400 | 397 |
| Molex Electronic Technologies, LLC |  |  |
| 4.75%, 04/30/28 (d) | 1551 | 1558 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (i) | 347 | 346 |
| Northrop Grumman Corporation |  |  |
| 4.65%, 07/15/30 | 1208 | 1215 |
| 7.75%, 02/15/31 | 1831 | 2086 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 963 | 972 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.25%, 02/01/30 (d) | 2316 | 2352 |
| Quanta Services, Inc. |  |  |
| 4.50%, 01/15/31 | 1083 | 1075 |
| Republic Services, Inc. |  |  |
| 4.75%, 07/15/30 | 2192 | 2220 |
| Ryder System, Inc. |  |  |
| 4.30%, 12/01/30 | 886 | 872 |
| Textron Inc. |  |  |
| 3.90%, 09/17/29 | 488 | 478 |
| Triton Container International Limited |  |  |
| 3.15%, 06/15/31 (d) | 2659 | 2412 |
| Uber Technologies, Inc. |  |  |
| 4.15%, 01/15/31 | 596 | 584 |
| Veralto Corporation |  |  |
| 5.35%, 09/18/28 | 657 | 671 |
| Verisk Analytics, Inc. |  |  |
| 4.45%, 03/15/31 | 352 | 347 |
| Westinghouse Air Brake Technologies Corporation |  |  |
| 4.90%, 05/29/30 | 2374 | 2401 |
| | | 46326 |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| Adani Energy Solutions Limited |  |  |
| 4.00%, 08/03/26 (i) | 200 | 199 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 2377 | 2425 |
| Black Hills Corporation |  |  |
| 4.55%, 01/31/31 | 2159 | 2137 |
| CenterPoint Energy, Inc. |  |  |
| 5.40%, 06/01/29 | 736 | 754 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (i) | 688 | 711 |
| Chile Electricity PEC SpA |  |  |
| 0.00%, 01/25/28 (d) (k) | 888 | 805 |
| Cometa Energia, S.A. de C.V. |  |  |
| 6.38%, 04/24/35 (i) | 147 | 149 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 5.70%, 01/24/30 (d) | 500 | 500 |
| Constellation Energy Generation, LLC |  |  |
| 3.90%, 01/08/28 | 925 | 918 |
| Dominion Energy, Inc. |  |  |
| 5.00%, 06/15/30 | 1288 | 1307 |
| DTE Energy Company |  |  |
| 5.20%, 04/01/30 | 1380 | 1408 |
| Empresa Electrica Angamos S.p.A. |  |  |
| 4.88%, 05/25/29 (i) | 182 | 164 |
| Enel Finance International N.V. |  |  |
| 5.13%, 06/26/29 (d) | 1175 | 1192 |
| 4.38%, 09/30/30 (d) | 1077 | 1058 |
| Essential Utilities, Inc. |  |  |
| 4.80%, 08/15/27 | 562 | 564 |
| 3.57%, 05/01/29 | 64 | 62 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/28 | 2193 | 2205 |
| Evergy, Inc. |  |  |
| 4.25%, 03/15/29 | 185 | 183 |
| Exelon Corporation |  |  |
| 5.15%, 03/15/29 | 771 | 786 |
| FirstEnergy Transmission, LLC |  |  |
| 4.55%, 01/15/30 | 462 | 462 |
| GNL Quintero S.A. |  |  |
| 4.63%, 07/31/29 (i) | 577 | 575 |
| JSW Energy Limited |  |  |
| 4.13%, 05/18/31 (i) | 452 | 414 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (i) | 727 | 730 |
| Minejesa Capital B.V. |  |  |
| 4.63%, 08/10/30 (i) | 292 | 288 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (i) | 290 | 285 |
| National Fuel Gas Company |  |  |
| 5.50%, 03/15/30 (l) | 1086 | 1113 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (d) | 2116 | 2109 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 636 | 646 |
| 5.20%, 07/01/29 | 508 | 518 |
| Pinnacle West Capital Corporation |  |  |
| 4.90%, 05/15/28 | 301 | 304 |
| PT. Perusahaan Listrik Negara |  |  |
| 4.13%, 05/15/27 (i) | 700 | 694 |
| Public Service Enterprise Group Incorporated |  |  |
| 5.85%, 11/15/27 | 1108 | 1132 |
| 5.88%, 10/15/28 | 1255 | 1294 |
| Southern Company Gas Capital Corporation |  |  |
| 4.05%, 09/15/28 | 371 | 368 |
| Southern Power Company |  |  |
| 4.25%, 10/01/30 | 900 | 888 |
| TNB Global Ventures Capital Berhad |  |  |
| 3.24%, 10/19/26 (i) | 300 | 298 |
|  |  | 29645 |
| **Energy 2.1%** | **Energy 2.1%** | **Energy 2.1%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (i) | 592 | 599 |
| Apa Corp. |  |  |
| 4.25%, 01/15/30 | 2477 | 2440 |
| Boardwalk Pipelines, LP |  |  |
| 4.45%, 07/15/27 | 722 | 722 |
| BPRL International Singapore PTE. Ltd. |  |  |
| 4.38%, 01/18/27 (i) | 400 | 399 |
| Cenovus Energy Inc. |  |  |
| 4.65%, 03/20/31 | 2414 | 2399 |
| Cheniere Energy Partners, L.P. |  |  |
| 4.50%, 10/01/29 | 1110 | 1105 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 1431 | 1426 |
| DCP Midstream Operating, LP |  |  |
| 5.13%, 05/15/29 | 427 | 434 |
| Devon Energy Corporation |  |  |
| 5.25%, 10/15/27 | 350 | 350 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/29 (d) | 382 | 374 |
| Empresa Electrica Cochrane SpA |  |  |
| 5.50%, 05/14/27 (i) | 325 | 322 |
| Enbridge Inc. |  |  |
| 6.00%, 11/15/28 | 578 | 600 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 1514 | 1528 |
| 6.10%, 12/01/28 | 1145 | 1190 |
| Kinder Morgan Kansas, Inc. |  |  |
| 5.00%, 02/01/29 | 1174 | 1192 |
| MPLX LP |  |  |
| 4.80%, 02/15/29 | 1178 | 1187 |
| NGPL PipeCo LLC |  |  |
| 4.88%, 08/15/27 (d) | 1458 | 1461 |
| Oleoducto Central S.A. |  |  |
| 4.00%, 07/14/27 (i) | 400 | 394 |
| Ongc Videsh Vankorneft Pte. Ltd. |  |  |
| 3.75%, 07/27/26 (i) | 200 | 199 |
| Petrobras Global Finance B.V. |  |  |
| 6.00%, 01/27/28 | 450 | 457 |
| 5.13%, 09/10/30 | 100 | 98 |
| PT Pertamina (Persero) |  |  |
| 3.65%, 07/30/29 (i) | 500 | 480 |
| Targa Resources Corp. |  |  |
| 4.35%, 04/15/31 | 2545 | 2494 |
| Targa Resources Partners LP |  |  |
| 5.50%, 03/01/30 | 1923 | 1939 |
| Ultrapar International S.A. |  |  |
| 5.25%, 06/06/29 (i) | 200 | 199 |
| Western Midstream Operating, LP |  |  |
| 6.35%, 01/15/29 | 208 | 217 |
| 4.05%, 02/01/30 (b) (l) | 1390 | 1352 |
| Williams Companies, Inc., The |  |  |
| 4.80%, 11/15/29 | 1455 | 1469 |
| | | 27026 |
| **Health Care 1.3%** | **Health Care 1.3%** | **Health Care 1.3%** |
| 180 Medical, Inc. |  |  |
| 3.88%, 10/15/29 (d) | 2493 | 2420 |
| AbbVie Inc. |  |  |
| 4.88%, 03/15/30 | 884 | 902 |
| Amgen Inc. |  |  |
| 4.20%, 02/19/31 | 2463 | 2434 |
| Augusta SpinCo Corporation |  |  |
| 4.40%, 03/23/29 | 722 | 720 |
| Biogen Inc. |  |  |
| 5.05%, 01/15/31 | 1023 | 1044 |
| Cardinal Health, Inc. |  |  |
| 5.13%, 02/15/29 | 1164 | 1183 |
| GE HealthCare Technologies Inc. |  |  |
| 4.80%, 08/14/29 | 1478 | 1490 |
| Illumina, Inc. |  |  |
| 4.65%, 09/09/26 | 919 | 920 |
| Mars, Incorporated |  |  |
| 4.80%, 03/01/30 (d) | 2575 | 2605 |
| Royalty Pharma PLC |  |  |
| 4.45%, 03/25/31 | 2409 | 2380 |
|  |  | 16098 |
| **Information Technology 1.2%** | **Information Technology 1.2%** | **Information Technology 1.2%** |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 1308 | 1315 |
| ArcelorMittal |  |  |
| 4.25%, 07/16/29 | 2449 | 2440 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 1484 | 1499 |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 1102 | 1109 |
| Broadcom Inc. |  |  |
| 5.05%, 07/12/29 | 612 | 624 |
| 4.35%, 02/15/30 | 641 | 639 |
| 4.20%, 10/15/30 | 663 | 656 |
| Dell International L.L.C. |  |  |
| 4.50%, 02/15/31 | 1484 | 1467 |
| Hewlett Packard Enterprise Company |  |  |
| 4.05%, 09/15/27 | 1812 | 1802 |
| 4.55%, 10/15/29 | 1480 | 1473 |
| Marvell Technology, Inc. |  |  |
| 5.75%, 02/15/29 | 1068 | 1103 |
| 4.75%, 07/15/30 | 835 | 838 |
| Roper Technologies, Inc. |  |  |
| 4.25%, 09/15/28 | 319 | 317 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (i) | 300 | 298 |
|  |  | 15580 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Anglo American Capital PLC |  |  |
| 4.63%, 03/19/31 (d) | 1188 | 1176 |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.38%, 11/01/28 | 500 | 481 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30 (i) | 700 | 628 |
| Avery Dennison Corporation |  |  |
| 4.88%, 12/06/28 | 262 | 265 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (i) (m) | 300 | 299 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.63%, 08/01/27 (i) | 200 | 198 |
| 3.00%, 09/30/29 (i) | 300 | 282 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | 300 | 298 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 6.13%, 05/15/29 (i) | 300 | 306 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 1215 | 1224 |
| OCP S.A. |  |  |
| 6.10%, 04/30/30 (i) | 300 | 305 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (d) | 600 | 599 |
| Rio Tinto Finance (USA) plc |  |  |
| 4.88%, 03/14/30 | 1547 | 1572 |
| Sonoco Products Company |  |  |
| 4.45%, 09/01/26 | 777 | 777 |
| Suzano Austria GmbH |  |  |
| 3.75%, 01/15/31 (b) | 2586 | 2402 |
| Vale Overseas Ltd. |  |  |
| 3.75%, 07/08/30 | 2538 | 2416 |
|  |  | 13228 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| Agree Limited Partnership |  |  |
| 2.90%, 10/01/30 | 587 | 543 |
| American Tower Corporation |  |  |
| 4.90%, 03/15/30 | 3624 | 3659 |
| Cubesmart, L.P. |  |  |
| 4.38%, 02/15/29 | 1061 | 1054 |
| Equinix Europe 2 Financing Corporation LLC |  |  |
| 4.60%, 11/15/30 | 551 | 547 |
| Essential Properties, L.P. |  |  |
| 2.95%, 07/15/31 | 1164 | 1050 |
| Extra Space Storage LP |  |  |
| 5.50%, 07/01/30 | 2291 | 2352 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.75%, 01/15/28 | 658 | 658 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 2.63%, 11/15/31 | 1173 | 1040 |
| Store Capital LLC |  |  |
| 4.95%, 02/11/31 (d) | 1059 | 1050 |
|  |  | 11953 |
| **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** |
| Airbnb, Inc. |  |  |
| 4.40%, 03/16/29 | 536 | 536 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 711 | 710 |
| Hyundai Capital America |  |  |
| 4.55%, 09/26/29 (d) | 1423 | 1416 |
| 5.40%, 06/24/31 (d) | 2070 | 2112 |
| Marriott International, Inc. |  |  |
| 4.80%, 03/15/30 | 1455 | 1469 |
| Meritage Homes Corporation |  |  |
| 5.13%, 06/06/27 | 1117 | 1120 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 718 | 724 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer |  |  |
| 3.25%, 03/22/28 (i) | 400 | 384 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 09/30/31 (d) | 2346 | 2373 |
| | | 10844 |
| **Consumer Staples 0.9%** | **Consumer Staples 0.9%** | **Consumer Staples 0.9%** |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (i) | 146 | 133 |
| Altria Group, Inc. |  |  |
| 6.20%, 11/01/28 | 396 | 413 |
| 4.50%, 08/06/30 | 655 | 653 |
| Ashtead Capital, Inc. |  |  |
| 4.25%, 11/01/29 (d) | 1112 | 1086 |
| B.A.T Capital Corporation |  |  |
| 4.91%, 04/02/30 | 64 | 65 |
| B.A.T. International Finance P.L.C. |  |  |
| 5.93%, 02/02/29 | 1050 | 1089 |
| BRF GmbH |  |  |
| 4.35%, 09/29/26 (i) | 200 | 199 |
| Diageo Investment Corporation |  |  |
| 5.13%, 08/15/30 | 436 | 446 |
| Imperial Brands Finance PLC |  |  |
| 4.50%, 06/30/28 (d) | 1356 | 1357 |
| 5.50%, 02/01/30 (d) | 664 | 681 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (i) | 413 | 411 |
| 6.63%, 08/06/29 (i) | 250 | 251 |
| Prumo Participacoes E Investimentos S.A. |  |  |
| 7.50%, 12/31/31 (i) | 392 | 394 |
| PT. Indofood CBP Sukses Makmur |  |  |
| 3.40%, 06/09/31 (i) | 300 | 276 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (d) | 1933 | 1942 |
| Rutas 2 And 7 Finance Ltd. |  |  |
| 0.00%, 09/30/36 (i) (k) | 147 | 112 |
| Sysco Corporation |  |  |
| 5.10%, 09/23/30 | 1194 | 1204 |
|  |  | 10712 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| Axiata SPV2 Berhad |  |  |
| 2.16%, 08/19/30 (i) | 400 | 361 |
| Digicel Group Holdings Limited |  |  |
| 0.00%, 12/31/30 (d) (k) (n) | 136 | 4 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (i) | 720 | 712 |
| Telefonica Celular del Paraguay S.A.E. |  |  |
| 5.88%, 04/15/27 (i) | 200 | 199 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/31 | 2234 | 2114 |
|  |  | 3390 |
| Total Corporate Bonds And Notes (cost $255,567) | Total Corporate Bonds And Notes (cost $255,567) | 255721 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.1%** | **SENIOR FLOATING RATE INSTRUMENTS 2.1%** | **SENIOR FLOATING RATE INSTRUMENTS 2.1%** |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 0.00%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) (o) | 280 | 280 |
| 2025 Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 01/03/29 (a) | 1334 | 1332 |
| Biomarin Pharmaceutical Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 1.75%), 01/28/33 (a) (o) | 1370 | 1366 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 5.42%, (1 Month Term SOFR + 1.75%), 04/28/28 (a) | 1229 | 1228 |
| CPI Holdco B LLC |  |  |
| 2025 Add-on Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 05/19/31 (a) | 1734 | 1720 |
| Dycom Investments Inc |  |  |
| 2026 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 01/20/33 (a) | 125 | 125 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 5.67%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 329 | 329 |
| 2024 1st Lien Term Loan B2, 5.67%, (1 Month Term SOFR + 2.00%), 10/24/31 (a) | 125 | 125 |
| Resideo Funding Inc. |  |  |
| 2025 Incremental Term Loan, 5.67%, (3 Month Term SOFR + 2.00%), 08/08/32 (a) | 438 | 436 |
| Standard Industries Inc. |  |  |
| 2021 Term Loan B, 0.00%, (1 Month Term SOFR + 1.75%), 08/05/28 (a) (o) | 635 | 634 |
| 2021 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 08/05/28 (a) | 702 | 701 |
|  |  | 8276 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| CACI International, Inc. |  |  |
| 2026 Incremental Term Loan B2, 5.42%, (1 Month Term SOFR + 1.75%), 02/26/33 (a) | 1420 | 1418 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 0.00%, (LIBOR + 3.00%), 05/01/26 (a) (n) (p) (q) | 86 |  |
| Energizer Holdings, Inc. |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 03/13/32 (a) | 1087 | 1083 |
| Gen Digital Inc. |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 02/13/32 (a) | 551 | 542 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B8, 5.42%, (1 Month Term SOFR + 1.75%), 11/09/29 (a) | 1653 | 1627 |
| Iron Mountain, Inc. |  |  |
| 2023 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 01/31/31 (a) | 964 | 957 |
|  |  | 5627 |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 5.42%, (1 Month Term SOFR + 1.75%), 09/23/30 (a) | 1976 | 1971 |
| Allison Transmission, Inc. |  |  |
| 2025 Incremental Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 11/06/32 (a) | 425 | 426 |
| Burlington Coat Factory Warehouse Corporation |  |  |
| 2024 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 09/19/31 (a) | 1126 | 1123 |
| Somnigroup International Inc |  |  |
| Term Loan B, 5.91%, (SOFR + 2.25%), 10/24/31 (a) | 752 | 754 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2024 Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 05/28/30 (a) | 961 | 964 |
|  |  | 5238 |
| **Communication Services 0.2%** | **Communication Services 0.2%** | **Communication Services 0.2%** |
| Delta 2 (LUX) S.a.r.l. |  |  |
| 2024 Term Loan B1, 5.42%, (3 Month Term SOFR + 1.75%), 09/10/31 (a) | 1365 | 1361 |
| Six Flags Entertainment Corporation |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 04/18/31 (a) | 771 | 759 |
|  |  | 2120 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Colossus Acquireco LLC |  |  |
| Term Loan B, 5.41%, (SOFR + 1.75%), 06/12/32 (a) | 1698 | 1691 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 5.42%, (1 Month Term SOFR + 1.75%), 06/06/31 (a) | 326 | 324 |
| 2024 Term Loan B9, 5.42%, (1 Month Term SOFR + 1.75%), 06/24/31 (a) | 1278 | 1270 |
|  |  | 1594 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Froneri Lux Finco Sarl |  |  |
| 2024 USD Term Loan B4, 5.88%, (6 Month Term SOFR + 2.25%), 09/16/31 (a) | 968 | 948 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2025 USD Term Loan B6, 5.88%, (6 Month Term SOFR + 2.25%), 07/17/32 (a) | 149 | 147 |
| | | 1095 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 5.52%, (3 Month Term SOFR + 1.75%), 03/27/31 (a) | 625 | 626 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Solstice Advanced Materials Inc |  |  |
| Term Loan B, 5.42%, (3 Month Term SOFR + 1.75%), 09/16/32 (a) | 395 | 397 |
| Total Senior Floating Rate Instruments (cost $26,840) | Total Senior Floating Rate Instruments (cost $26,840) | 26664 |
| **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, 3.53% (r) (s) | 10890 | 10890 |
| Total Short Term Investments (cost $10,890) | Total Short Term Investments (cost $10,890) | 10890 |
| **Total Investments 105.5% (cost $1,367,682)** | **Total Investments 105.5% (cost $1,367,682)** | **1332733** |
| **Other Derivative Instruments (5.6)%** | **Other Derivative Instruments (5.6)%** | **(70566)** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **703** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1262870** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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 March 31, 2026.

(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 March 31, 2026, the value and the percentage of net assets of these securities was $80,560 and 6.4% of the Fund.

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

(f) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $3,447.

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

(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) Convertible security.

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

(l) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2026.

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

(n) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(o) This senior floating rate interest will settle after March 31, 2026. If a reference rate and spread is presented, it will go into effect upon settlement.

(p) Non-income producing security.

(q) As of March 31, 2026, 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.

(r) Investment in affiliate.

(s) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 126466 | 87425 | 203001 | 729 |  |  | 10890 | 0.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 11/15/23 | 197 | 199 |  |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 08/31/22 | 129 | 133 |  |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 06/06/22 | 572 | 599 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Antofagasta PLC, 2.38%, 10/14/30 | 01/22/26 | 637 | 628 | 0.1 |
| Axiata SPV2 Berhad, 2.16%, 08/19/30 | 02/10/26 | 366 | 361 |  |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 09/22/25 | 187 | 187 |  |
| Banco Internacional Del Peru S.A.A. – Interbank, 6.40%, 04/30/35 | 12/10/25 | 726 | 710 | 0.1 |
| Banco Nacional De Comercio Exterior, S.N.C., 5.88%, 05/07/30 | 02/10/26 | 207 | 204 |  |
| Banco Nacional De Comercio Exterior, S.N.C., 2.72%, 08/11/31 | 10/19/23 | 426 | 492 | 0.1 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico, 7.53%, 10/01/28 | 09/25/23 | 561 | 583 | 0.1 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico, 5.88%, 09/13/34 | 11/15/24 | 671 | 682 | 0.1 |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 01/19/24 | 662 | 674 | 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 | 198 | 199 |  |
| 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 | 710 | 711 | 0.1 |
| Cometa Energia, S.A. de C.V., 6.38%, 04/24/35 | 03/11/25 | 146 | 149 |  |
| Corporacion Nacional del Cobre de Chile, 3.63%, 08/01/27 | 10/01/25 | 199 | 198 |  |
| Corporacion Nacional del Cobre de Chile, 3.00%, 09/30/29 | 02/10/26 | 287 | 282 |  |
| Empresa Electrica Angamos S.p.A., 4.88%, 05/25/29 | 01/14/20 | 183 | 164 |  |
| Empresa Electrica Cochrane SpA, 5.50%, 05/14/27 | 05/11/21 | 323 | 322 |  |
| GNL Quintero S.A., 4.63%, 07/31/29 | 08/04/21 | 589 | 575 | 0.1 |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 11/25/24 | 781 | 796 | 0.1 |
| Gobierno de La Republica del Paraguay, 5.00%, 04/15/26 | 08/19/25 | 400 | 400 |  |
| Gold Fields Orogen Holding (BVI) Limited, 6.13%, 05/15/29 | 03/13/26 | 312 | 306 |  |
| Intergroup Financial Services Corp., 4.13%, 10/19/27 | 05/03/24 | 580 | 594 | 0.1 |
| JSW Energy Limited, 4.13%, 05/18/31 | 11/13/23 | 398 | 414 |  |
| JSW Infrastructure Limited, 4.95%, 01/21/29 | 01/15/25 | 390 | 390 |  |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 01/19/24 | 627 | 647 | 0.1 |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 12/08/23 | 715 | 730 | 0.1 |
| Millicom International Cellular S.A., 5.13%, 01/15/28 | 06/21/21 | 696 | 712 | 0.1 |
| Minejesa Capital B.V., 4.63%, 08/10/30 | 10/21/25 | 291 | 288 |  |
| MISC Capital Two (Labuan) Limited, 3.75%, 04/06/27 | 10/09/25 | 398 | 397 |  |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 01/11/23 | 274 | 285 |  |
| Morocco, Kingdom of, 2.38%, 12/15/27 | 04/03/25 | 480 | 479 | 0.1 |
| MV24 Capital B.V., 6.75%, 06/01/34 | 11/21/23 | 327 | 346 |  |
| NBM US Holdings, Inc., 7.00%, 05/14/26 | 08/31/23 | 413 | 411 |  |
| NBM US Holdings, Inc., 6.63%, 08/06/29 | 03/27/25 | 250 | 251 |  |
| OCP S.A., 6.10%, 04/30/30 | 07/10/25 | 304 | 305 |  |
| Oleoducto Central S.A., 4.00%, 07/14/27 | 01/10/23 | 390 | 394 |  |
| Ongc Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26 | 05/19/25 | 199 | 199 |  |
| Oversea-Chinese Banking Corporation Limited, 4.60%, 06/15/32 | 09/15/25 | 703 | 700 | 0.1 |
| Patrimonio en Fideicomiso D.S. N 093-2002-EF-InRetail Consumer, 3.25%, 03/22/28 | 05/06/25 | 382 | 384 |  |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 08/15/25 | 353 | 352 |  |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 12/03/24 | 395 | 398 |  |
| Prumo Participacoes E Investimentos S.A., 7.50%, 12/31/31 | 02/07/24 | 387 | 394 |  |
| PT Pertamina (Persero), 3.65%, 07/30/29 | 02/10/26 | 489 | 480 | 0.1 |
| PT. Indofood CBP Sukses Makmur, 3.40%, 06/09/31 | 01/22/26 | 282 | 276 |  |
| PT. Perusahaan Listrik Negara, 4.13%, 05/15/27 | 03/22/23 | 695 | 694 | 0.1 |
| Rutas 2 And 7 Finance Ltd., 0.00%, 09/30/36 | 06/12/25 | 108 | 112 |  |
| Telefonica Celular del Paraguay S.A.E., 5.88%, 04/15/27 | 11/07/23 | 194 | 199 |  |
| TNB Global Ventures Capital Berhad, 3.24%, 10/19/26 | 09/23/25 | 299 | 298 |  |
| Ultrapar International S.A., 5.25%, 06/06/29 | 03/19/25 | 198 | 199 |  |
| United Overseas Bank Limited, 2.00%, 10/14/31 | 10/01/25 | 393 | 395 |  |
| United Overseas Bank Limited, 3.86%, 10/07/32 | 01/22/26 | 298 | 297 |  |
| Wipro IT Services, LLC, 1.50%, 06/23/26 | 05/20/25 | 298 | 298 |  |
|  |  | 22366 | 22570 | 1.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 06/10/26 | 44000 |  | (2561) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 04/30/26 | 78000 |  | (3450) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 08/27/26 | 69000 |  | (761) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 07/16/26 | 101000 |  | (7425) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 05/15/26 | 69000 |  | (3686) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 06/25/26 | 85000 |  | (5502) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Value/**<br>**Unrealized Appreciation (Depreciation) ($)** |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.39% (MT) | BNP | 04/09/26 | 72000 |  | (4391) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 04/17/26 | 53000 |  | (1714) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 08/14/26 | 52000 |  | (3056) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | BOA | 05/29/26 | 87000 |  | (3955) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 05/08/26 | 48000 |  | (1280) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 06/22/26 | 90000 |  | (5967) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.38% (MT) | BOA | 07/10/26 | 60000 |  | (3816) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 06/03/26 | 57000 |  | (3336) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 08/05/26 | 68000 |  | (4798) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 05/22/26 | 86000 |  | (4941) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 07/23/26 | 27000 |  | (1723) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 07/06/26 | 95000 |  | (6703) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 08/19/26 | 45000 |  | (1501) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of +0.40% (MT) | CIB | 09/02/26 | 51000 |  |  |
|  |  |  |  |  |  | (70566) |

---

‡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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 606338 |  | 606338 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 433120 |  | 433120 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 255717 | 4 | 255721 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 26664 |  | 26664 |
| &nbsp;&nbsp;Short Term Investments | 10890 |  |  | 10890 |
|  | 10890 | 1321839 | 4 | 1332733 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  |  |  |  |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (70566) |  | (70566) |
|  |  | (70566) |  | (70566) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 56.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 56.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 56.9%** |
| **Mortgage-Backed Securities 32.8%** | **Mortgage-Backed Securities 32.8%** | **Mortgage-Backed Securities 32.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 06/01/43 - 03/01/52 | 75038 | 67855 |
| 4.00%, 09/01/43 - 08/01/52 | 13807 | 13117 |
| 3.50%, 01/01/48 | 1963 | 1827 |
| 2.50%, 02/01/52 | 11443 | 9763 |
| 4.50%, 08/01/52 | 6712 | 6507 |
| 5.50%, 02/01/53 - 09/01/53 | 11339 | 11553 |
| 5.00%, 06/01/53 | 11498 | 11392 |
| 6.00%, 08/01/53 - 02/01/55 | 54480 | 56427 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.50%, 04/01/26 - 06/01/52 | 10787 | 10440 |
| 6.18%, 12/01/28 | 8250 | 8559 |
| 2.48%, 11/01/29 | 16076 | 15129 |
| 4.65%, 05/01/30 | 13450 | 13559 |
| 5.45%, 01/01/31 | 6907 | 7042 |
| 2.63%, 04/01/32 | 62149 | 56108 |
| 1.83%, 11/01/33 | 6300 | 5306 |
| 3.00%, 03/01/35 - 04/01/51 | 40196 | 36095 |
| 3.50%, 09/01/43 - 01/01/51 | 25461 | 23672 |
| 4.00%, 01/01/48 | 1731 | 1652 |
| 2.50%, 09/01/50 - 03/01/51 | 55147 | 47072 |
| 2.00%, 10/01/50 - 02/01/51 | 23718 | 19378 |
| 5.00%, 08/01/52 - 11/01/53 | 59970 | 59667 |
| 5.50%, 05/01/53 - 02/01/55 | 43032 | 43714 |
| 6.00%, 02/01/54 | 13635 | 14111 |
| Government National Mortgage Association |  |  |
| 3.50%, 10/20/45 | 1034 | 949 |
| 2.50%, 08/20/51 | 27346 | 23560 |
|  |  | 564454 |
| **Collateralized Mortgage Obligations 19.0%** | **Collateralized Mortgage Obligations 19.0%** | **Collateralized Mortgage Obligations 19.0%** |
| Connecticut Avenue Securities Trust 2024-R04 |  |  |
| Series 2024-1A1-R04, REMIC, 4.66%, (SOFR 30-Day Average + 1.00%), 05/25/44 (a) | 12305 | 12288 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series UB-4247, REMIC, 3.00%, 09/15/33 | 5315 | 5161 |
| Series EB-4247, REMIC, 3.50%, 09/15/33 | 2829 | 2788 |
| Interest Only, Series SM-3780, REMIC, 2.71%, (6.39% - (SOFR 30-Day Average \* 1)), 12/15/40 (a) | 3514 | 317 |
| Series SL-4061, REMIC, 0.44%, (6.86% - (SOFR 30-Day Average \* 1.75)), 06/15/42 (a) | 36 | 20 |
| Series KM-4141, REMIC, 1.75%, 12/15/42 | 6519 | 5654 |
| Series CS-4156, REMIC, 0.86%, (5.26% - (SOFR 30-Day Average \* 1.2)), 01/15/43 (a) | 3158 | 2322 |
| Series 2023-M1B-HQA2, REMIC, 7.01%, (SOFR 30-Day Average + 3.35%), 06/25/43 (a) | 3000 | 3075 |
| Series UZ-4508, REMIC, 3.00%, 07/15/43 | 567 | 470 |
| Series 2024-M2-DNA3, REMIC, 5.11%, (SOFR 30-Day Average + 1.45%), 10/25/44 (a) | 4372 | 4369 |
| Series LZ-4410, REMIC, 4.00%, 11/15/44 | 2340 | 2235 |
| Series GZ-4612, REMIC, 3.00%, 09/15/46 | 20930 | 18587 |
| Series MY-4677, REMIC, 3.50%, 04/15/47 | 8228 | 7091 |
| Series DZ-4894, REMIC, 3.50%, 06/15/49 | 4234 | 3890 |
| Interest Only, Series ID-5159, REMIC, 3.00%, 10/25/49 | 16186 | 2475 |
| Series ZP-5028, REMIC, 1.50%, 10/25/50 | 7033 | 3259 |
| Series BD-5645, REMIC, 4.50%, 07/25/51 | 15000 | 14871 |
| Series NH-5250, REMIC, 3.00%, 08/25/52 | 24493 | 21182 |
| Interest Only, Series MS-4291, REMIC, 2.11%, (5.79% - (SOFR 30-Day Average \* 1)), 01/15/54 (a) | 1702 | 170 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C55-426, 2.50%, 11/25/50 | 37585 | 5544 |
| Interest Only, Series C26-437, 4.50%, 01/25/52 | 17723 | 4638 |
| Interest Only, Series C60-426, 3.50%, 02/25/52 | 15349 | 2865 |
| Interest Only, Series C8-437, 2.50%, 06/25/52 | 28166 | 4474 |
| Series 2013-QZ-54, REMIC, 3.00%, 06/25/33 | 209 | 197 |
| Interest Only, Series 2005-S-2, REMIC, 2.82%, (6.49% - (SOFR 30-Day Average \* 1)), 02/25/35 (a) | 1421 | 79 |
| Series 2010-KD-120, REMIC, 4.00%, 10/25/40 | 220 | 211 |
| Series 2013-PB-59, REMIC, 2.00%, 09/25/41 | 754 | 730 |
| Interest Only, Series 2011-ES-93, REMIC, 2.72%, (6.39% - (SOFR 30-Day Average \* 1)), 09/25/41 (a) | 603 | 52 |
| Interest Only, Series 2018-ST-25, REMIC, 2.27%, (5.94% - (SOFR 30-Day Average \* 1)), 03/25/42 (a) | 4300 | 297 |
| Series 2012-BZ-14, REMIC, 4.00%, 03/25/42 | 492 | 478 |
| Series 2012-CZ-87, REMIC, 3.00%, 08/25/42 | 8163 | 7487 |
| Series 2014-GZ-85, REMIC, 3.00%, 12/25/44 | 13441 | 12268 |
| Series 2018-LZ-38, REMIC, 3.50%, 06/25/48 | 18808 | 15765 |
| Interest Only, Series 2024-IE-96, REMIC, 3.00%, 02/25/51 | 35422 | 5658 |
| Interest Only, Series 2021-MI-3, REMIC, 3.50%, 02/25/51 | 11724 | 2218 |
| Series 2026-BD-5, REMIC, 4.50%, 04/25/53 | 33605 | 33172 |
| Government National Mortgage Association |  |  |
| Series 2012-Z-32, REMIC, 3.50%, 03/20/42 | 904 | 848 |
| Interest Only, Series 2020-KI-16, REMIC, 3.50%, 02/20/50 | 7817 | 1595 |
| Interest Only, Series 2021-IL-77, REMIC, 3.00%, 07/20/50 | 7899 | 1371 |
| Interest Only, Series 2022-SA-22, REMIC, 0.00%, (3.60% - (SOFR 30-Day Average \* 1)), 08/20/50 (a) | 9972 | 230 |
| Interest Only, Series 2020-IE-160, REMIC, 2.50%, 10/20/50 | 31746 | 4672 |
| Interest Only, Series 2020-MI-151, REMIC, 2.50%, 10/20/50 | 30576 | 4368 |
| Interest Only, Series 2020-AI-173, REMIC, 2.50%, 11/20/50 | 12621 | 1933 |
| Interest Only, Series 2020-SB-185, REMIC, 2.51%, (6.19% - (1 Month Term SOFR \* 1)), 12/20/50 (a) | 31845 | 4439 |
| Interest Only, Series 2021-IM-15J, REMIC, 2.50%, 01/20/51 | 41894 | 5996 |
| Interest Only, Series 2022-IA-218, REMIC, 2.50%, 01/20/51 | 23885 | 3224 |
| Interest Only, Series 2021-IB-30, REMIC, 2.50%, 02/20/51 | 21840 | 3260 |
| Interest Only, Series 2023-IO-19, REMIC, 2.50%, 02/20/51 | 34406 | 5027 |
| Interest Only, Series 2021-IM-24, REMIC, 3.00%, 02/20/51 | 13362 | 2295 |
| Interest Only, Series 2021-S-59, REMIC, 0.00%, (2.60% - (SOFR 30-Day Average \* 1)), 04/20/51 (a) | 14402 | 132 |
| Interest Only, Series 2021-SL-58, REMIC, 0.00%, (3.64% - (1 Month Term SOFR \* 1)), 04/20/51 (a) | 45284 | 1194 |
| Interest Only, Series 2021-MI-91, REMIC, 3.00%, 05/20/51 | 44920 | 7485 |
| Interest Only, Series 2021-IA-116, REMIC, 2.50%, 06/20/51 | 15974 | 2327 |
| Interest Only, Series 2021-IK-114, REMIC, 3.00%, 06/20/51 | 30474 | 5213 |
| Series 2021-LZ-177, REMIC, 3.00%, 10/20/51 | 17686 | 11311 |
| Interest Only, Series 2022-IO-83, REMIC, 2.50%, 11/20/51 | 34405 | 5050 |
| Interest Only, Series 2021-IQ-209, REMIC, 3.50%, 11/20/51 | 16937 | 3197 |
| Interest Only, Series 2021-AI-221, REMIC, 3.50%, 12/20/51 | 23977 | 4473 |
| Series 2022-Z-25, REMIC, 3.00%, 02/20/52 | 8753 | 6761 |
| Series 2025-MF-208, REMIC, 4.67%, (SOFR 30-Day Average + 1.00%), 12/20/55 (a) | 13065 | 13079 |
| Series 2025-QF-208, REMIC, 4.67%, (SOFR 30-Day Average + 1.00%), 12/20/55 (a) | 14919 | 14982 |
| Government National Mortgage Association REMIC Trust 2020-095 |  |  |
| Interest Only, Series 2020-IH-86, REMIC, 3.00%, 06/20/50 | 11059 | 1831 |
| Interest Only, Series 2020-WI-86, REMIC, 3.00%, 06/20/50 | 22980 | 3928 |
|  |  | 326578 |
| **Commercial Mortgage-Backed Securities 4.0%** | **Commercial Mortgage-Backed Securities 4.0%** | **Commercial Mortgage-Backed Securities 4.0%** |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2022-A1X-M4, REMIC, 2.46%, 05/25/30 (a) | 10794 | 10343 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series 2020-X1-M15, REMIC, 1.45%, 09/25/31 (a) | 32816 | 1716 |
| Interest Only, Series 2020-AX-M21, REMIC, 1.53%, 01/25/58 (a) | 25940 | 2638 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2021-IO-84, REMIC, 0.79%, 04/16/61 (a) | 72012 | 3556 |
| Interest Only, Series 2022-IO-14, REMIC, 0.65%, 12/16/61 (a) | 36133 | 1555 |
| Interest Only, Series 2021-IO-20, REMIC, 1.14%, 08/16/62 (a) | 52318 | 3726 |
| Interest Only, REMIC, 0.82%, 02/16/63 (a) | 51785 | 3078 |
| Interest Only, Series 2021-IO-52, REMIC, 0.72%, 04/16/63 (a) | 63450 | 3210 |
| Interest Only, Series 2021-IO-45, REMIC, 0.81%, 04/16/63 (a) | 10323 | 551 |
| Interest Only, Series 2021-IO-22, REMIC, 0.97%, 05/16/63 (a) | 16719 | 1045 |
| Interest Only, Series 2021-IO-129, REMIC, 0.98%, 06/16/63 (a) | 76105 | 4961 |
| Interest Only, Series 2021-IO-79, REMIC, 0.87%, 08/16/63 (a) | 37901 | 2170 |
| Interest Only, Series 2022-IO-130, REMIC, 0.38%, 11/16/63 (a) | 74626 | 2583 |
| Interest Only, Series 2021-IO-200, REMIC, 0.89%, 11/16/63 (a) | 82403 | 5478 |
| Interest Only, Series 2022-IO-131, REMIC, 0.50%, 06/16/64 (a) | 88951 | 4230 |
| Interest Only, Series 2022-IO-118, REMIC, 0.64%, 06/16/64 (a) | 28144 | 1377 |
| Interest Only, Series 2025-IO-21, REMIC, 0.95%, 04/16/65 (a) | 39119 | 2726 |
| Interest Only, Series 2024-AI-170, REMIC, 0.76%, 10/16/65 (a) | 48745 | 3024 |
| Interest Only, Series 2024-IO-158, REMIC, 1.08%, 12/16/65 (a) | 47784 | 3619 |
| Interest Only, Series 2025-IO-202, REMIC, 0.72%, 09/16/67 (a) | 100145 | 7188 |
| | | 68774 |
| **U.S. Treasury Inflation Indexed Securities 1.1%** | **U.S. Treasury Inflation Indexed Securities 1.1%** | **U.S. Treasury Inflation Indexed Securities 1.1%** |
| Treasury, United States Department of |  |  |
| 0.38%, 07/15/27 (b) | 5691 | 5688 |
| 1.63%, 10/15/27 (b) | 7367 | 7479 |
| 0.50%, 01/15/28 (b) | 5723 | 5678 |
|  |  | 18845 |
| Total Government And Agency Obligations (cost $1,019,893) | Total Government And Agency Obligations (cost $1,019,893) | 978651 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 41.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 41.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 41.9%** |
| 1345 Trust 2025-AOA |  |  |
| Series 2025-A-AOA, REMIC, 5.27%, (1 Month Term SOFR + 1.60%), 06/15/27 (a) | 1260 | 1260 |
| AASET 2024-1 |  |  |
| Series 2024-A2-1A, 6.26%, 05/16/31 (c) | 2257 | 2278 |
| Series 2024-B-1A, 6.90%, 05/16/31 (c) | 804 | 809 |
| AASET 2024-2 Ltd. |  |  |
| Series 2024-A-2A, 5.93%, 09/16/31 (c) | 3562 | 3574 |
| ABFC 2007-WMC1 Trust |  |  |
| Series 2007-A1A-WMC1, REMIC, 2.45%, (1 Month Term SOFR + 1.36%), 06/25/37 (a) (c) (d) | 2990 | 2118 |
| ACRES 2025-FL3, LLC |  |  |
| Series 2025-A-FL3, REMIC, 5.30%, (1 Month Term SOFR + 1.62%), 08/18/40 (a) | 1900 | 1905 |
| Affirm Master Trust |  |  |
| Series 2025-A-1A, 4.99%, 02/15/33 | 2000 | 2013 |
| Series 2026-A-1A, REMIC, 4.37%, 02/15/28 | 2400 | 2395 |
| Aircraft Lease Securitisation Limited |  |  |
| Series 2007-2F5-M1, REMIC, 6.45%, 12/25/28 (a) (c) (d) | 1980 | 1676 |
| Aligned Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 1.94%, 08/17/26 | 5000 | 4949 |
| Series 2021-B-1A, 2.48%, 08/17/26 | 4000 | 3957 |
| Series 2023-A2-1A, 6.00%, 08/15/28 | 1500 | 1501 |
| Allegro CLO V-S Ltd. |  |  |
| Series 2024-A1-2A, 5.17%, (3 Month Term SOFR + 1.50%), 07/24/37 (a) | 3000 | 3001 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35 | 1365 | 1081 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-2A1-53T2, REMIC, 4.97%, 11/25/35 (a) (d) | 11435 | 6663 |
| Alternative Loan Trust 2006-15CB |  |  |
| Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36 | 844 | 827 |
| Alternative Loan Trust 2006-19CB |  |  |
| Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36 | 4777 | 2461 |
| Alternative Loan Trust 2006-OC8 |  |  |
| Series 2006-1A2-OC8, REMIC, 4.11%, (1 Month Term SOFR + 0.43%), 11/25/36 (a) (c) | 2356 | 2258 |
| Alternative Loan Trust 2007-3T1 |  |  |
| Series 2007-1A6-3T1, REMIC, 6.25%, 04/25/37 | 10907 | 4683 |
| Alternative Loan Trust 2007-5CB |  |  |
| Interest Only, Series 2007-1A5-5CB, REMIC, 1.60%, (5.29% - (1 Month Term SOFR \* 1)), 04/25/37 (a) | 2977 | 275 |
| Series 2007-1A6-5CB, REMIC, 4.40%, (1 Month Term SOFR + 0.71%), 04/25/37 (a) | 2977 | 1095 |
| Angel Oak Mortgage Trust 2025-7 |  |  |
| Series 2025-A3-7, REMIC, 5.92%, 06/25/29 (a) (c) | 1985 | 1989 |
| Series 2025-M1-7, REMIC, 6.35%, 06/25/29 | 3800 | 3817 |
| Angel Oak Mortgage Trust 2026-1 |  |  |
| Series 2026-A3-1, REMIC, 5.17%, 01/25/30 (c) | 984 | 973 |
| Apidos CLO XLIII Ltd. |  |  |
| Series 2022-A1R-39A, 4.90%, (3 Month Term SOFR + 1.23%), 10/21/38 (a) | 1000 | 1000 |
| Apidos CLO XLVIII Ltd. |  |  |
| Series 2024-A1-48A, 5.11%, (3 Month Term SOFR + 1.44%), 07/27/37 (a) | 2000 | 2001 |
| Arbor Realty Commercial Real Estate Notes 2021-FL4, Ltd. |  |  |
| Series 2021-A-FL4, 5.14%, (1 Month Term SOFR + 1.46%), 11/17/36 (a) | 838 | 838 |
| Arbor Realty Commercial Real Estate Notes 2022-Fl1, Ltd. |  |  |
| Series 2022-A-FL1, 5.12%, (SOFR 30-Day Average + 1.45%), 01/15/37 (a) | 864 | 864 |
| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC |  |  |
| Series 2025-A-FL1, 5.08%, (1 Month Term SOFR + 1.40%), 02/20/29 (a) | 2500 | 2495 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 5.42%, (1 Month Term SOFR + 1.75%), 06/15/27 (a) | 1270 | 1265 |
| AREIT 2024-CRE9 Ltd. |  |  |
| Series 2024-A-CRE9, 5.36%, (1 Month Term SOFR + 1.69%), 01/17/29 (a) (c) | 158 | 158 |
| AREIT 2025-CRE10 Ltd. |  |  |
| Series 2025-A-CRE10, 5.07%, (1 Month Term SOFR + 1.38%), 07/19/38 (a) | 2710 | 2708 |
| Bain Capital Credit CLO 2022-6, Limited |  |  |
| Series 2022-A1R-6A, 5.04%, (3 Month Term SOFR + 1.37%), 01/22/38 (a) | 1500 | 1500 |
| Bain Capital Credit CLO 2024-6 Ltd. |  |  |
| Series 2024-A1-6A, 5.00%, (3 Month Term SOFR + 1.33%), 01/21/38 (a) | 5000 | 4998 |
| Banc of America Alternative Loan Trust 2006-4 |  |  |
| Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36 | 1960 | 1773 |
| Bank 2020-BNK25 |  |  |
| Series 2020-AS-BN25, REMIC, 2.84%, 01/17/30 | 306 | 282 |
| Bank5 2024-5YR10 |  |  |
| Series 2024-B-5YR10, REMIC, 6.14%, 10/17/29 | 2747 | 2801 |
| Bank5 2025-5YR13 |  |  |
| Series 2025-A3-5YR18, REMIC, 5.15%, 11/18/30 | 1514 | 1540 |
| Barclays Mortgage Loan Trust 2026-NQM1 |  |  |
| Series 2026-A1-NQM1, REMIC, 4.84%, 12/25/65 (c) | 983 | 975 |
| Series 2026-A3-NQM1, REMIC, 5.24%, 12/25/65 (c) | 983 | 974 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Battalion CLO XXIII Ltd. |  |  |
| Series 2022-A1R-23A, 5.09%, (3 Month Term SOFR + 1.42%), 10/15/37 (a) | 1000 | 1001 |
| Bayswater Park CLO, Ltd. |  |  |
| Series 2023-A1R-1A, 4.88%, (3 Month Term SOFR + 1.21%), 01/20/39 (a) | 1000 | 997 |
| BBCMS Mortgage Trust 2021-C10 |  |  |
| Interest Only, Series 2021-XA-C10, REMIC, 1.31%, 07/17/54 (a) | 20330 | 943 |
| BBCMS Mortgage Trust 2021-C11 |  |  |
| Interest Only, Series 2021-XA-C11, REMIC, 1.44%, 09/17/54 (a) | 41234 | 1957 |
| BBCMS Mortgage Trust 2021-C12 |  |  |
| Interest Only, Series 2021-XA-C12, REMIC, 1.04%, 11/18/54 (a) | 12063 | 419 |
| BBCMS Mortgage Trust 2021-C9 |  |  |
| Interest Only, Series 2021-XA-C9, REMIC, 1.67%, 02/18/54 (a) | 33813 | 1908 |
| BBCMS Mortgage Trust 2024-5C25 |  |  |
| Series 2024-AS-5C25, REMIC, 6.36%, 03/16/29 (a) | 1547 | 1612 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A3-5C29, REMIC, 5.21%, 09/17/29 | 2629 | 2687 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Series 2026-AS-5C40, REMIC, 5.53%, 01/17/31 | 2401 | 2427 |
| BBCMS Mortgage Trust 2025-5C37 |  |  |
| Series 2025-A3-5C37, REMIC, 5.02%, 09/15/58 | 2512 | 2531 |
| BBCMS Mortgage Trust 2025-5C38 |  |  |
| Series 2025-A3-5C38, REMIC, 5.15%, 10/18/30 | 2469 | 2507 |
| BDS 2024-FL13 LLC |  |  |
| Series 2024-A-FL13, 5.25%, (1 Month Term SOFR + 1.58%), 06/19/29 (a) (c) | 2600 | 2604 |
| Bear Stearns Asset Backed Securities I LLC |  |  |
| Series 2006-21A3-AC2, REMIC, 6.00%, 03/25/36 | 66 | 65 |
| Benchmark 2018-B7 Mortgage Trust |  |  |
| Interest Only, Series 2018-XA-B7, REMIC, 0.54%, 05/16/53 (a) | 81480 | 610 |
| Benchmark 2020-B19 Mortgage Trust |  |  |
| Interest Only, Series 2020-XA-B19, REMIC, 1.76%, 09/17/53 (a) | 30193 | 1272 |
| Benchmark 2021-B27 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B27, REMIC, 1.35%, 07/17/54 (a) | 19596 | 868 |
| Benchmark 2021-B29 Mortgage Trust |  |  |
| Interest Only, Series 2021-XB-B29, REMIC, 0.80%, 09/17/54 (a) | 38734 | 1246 |
| Benchmark 2024-V10 Mortgage Trust |  |  |
| Series 2024-A3-V10, REMIC, 5.28%, 09/17/29 | 2650 | 2693 |
| Benchmark 2024-V6 Mortgage Trust |  |  |
| Series 2024-A3-V6, REMIC, 5.93%, 03/16/29 | 2477 | 2563 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 2636 | 2702 |
| Benchmark 2025-V17 Mortgage Trust |  |  |
| Series 2025-A3-V17, REMIC, 5.07%, 08/16/30 | 2505 | 2540 |
| Benchmark 2025-V18 Mortgage Trust |  |  |
| Series 2025-AS-V18, REMIC, 5.59%, 10/18/30 (a) | 1235 | 1251 |
| Benchmark 2025-V19 Mortgage Trust |  |  |
| Series 2025-A3-V19, REMIC, 5.25%, 12/16/30 | 2450 | 2493 |
| Benchmark 2026-V21 Mortgage Trust |  |  |
| Series 2026-A3-V21, REMIC, 5.13%, 03/17/31 | 1576 | 1593 |
| Benefit Street Partners CLO 46 Ltd. |  |  |
| Series 2025-A-46A, 4.88%, (3 Month Term SOFR + 1.21%), 01/25/39 (a) | 5000 | 4990 |
| Benefit Street Partners CLO XXXVII Ltd |  |  |
| Series 2024-A-37A, 5.02%, (3 Month Term SOFR + 1.35%), 01/25/38 (a) | 500 | 500 |
| BFLD Trust 2025-EWEST |  |  |
| Series 2025-C-EWEST, REMIC, 5.77%, (1 Month Term SOFR + 2.10%), 06/15/27 (a) | 1270 | 1269 |
| BlueMountain CLO 2014-2 Ltd. |  |  |
| Series 2014-BR2-2A, 5.68%, (3 Month Term SOFR + 2.01%), 10/21/30 (a) | 3000 | 3003 |
| BMO 2024-5C7 Mortgage Trust |  |  |
| Series 2024-AS-5C7, REMIC, 5.89%, 11/19/57 (a) | 1834 | 1862 |
| Bojangles Issuer LLC |  |  |
| Series 2024-A2-1A, 6.58%, 11/20/29 | 1990 | 2001 |
| Brant Point CLO 2024-3, Ltd. |  |  |
| Series 2024-A1R-3A, 4.85%, (3 Month Term SOFR + 1.22%), 01/20/39 (a) | 1500 | 1497 |
| Bravo Residential Funding Trust 2020-RPL1 |  |  |
| Series 2020-M1-RPL1, REMIC, 3.25%, 05/25/59 (a) | 4500 | 4320 |
| BRAVO Residential Funding Trust 2023-NQM5 |  |  |
| Series 2023-A1-NQM5, REMIC, 6.51%, 06/25/63 (c) | 9747 | 9748 |
| BRAVO Residential Funding Trust 2026-NQM3 |  |  |
| Series 2026-A3-NQM3, REMIC, 5.34%, 11/25/65 (c) (d) | 989 | 981 |
| Series 2026-M1-NQM3, REMIC, 5.77%, 11/25/65 (a) | 1000 | 983 |
| Bridge Street CLO I Ltd. |  |  |
| Series 2020-A1R-1A, 5.22%, (3 Month Term SOFR + 1.55%), 07/20/37 (a) | 10000 | 10011 |
| Bridge Street CLO IV Ltd. |  |  |
| Series 2024-A-1A, 5.27%, (3 Month Term SOFR + 1.60%), 04/20/37 (a) | 1000 | 1000 |
| Bridgecrest Lending Auto Securitization Trust 2025-2 |  |  |
| Series 2025-C-2, 5.17%, 01/18/28 | 2000 | 2009 |
| BSTN Commercial Mortgage Trust 2025-HUB |  |  |
| Series 2025-A-HUB, REMIC, 5.06%, 04/15/31 (a) | 1080 | 1071 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 4.69%, (1 Month Term SOFR + 1.01%), 02/15/39 (a) | 157 | 156 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-A-BCAT, REMIC, 5.05%, (1 Month Term SOFR + 1.38%), 08/16/27 (a) | 1207 | 1207 |
| BX Commercial Mortgage Trust 2026-ALOHA |  |  |
| Series 2026-C-ALOHA, REMIC, 0.00%, 04/15/28 (a) | 1160 | 1160 |
| BX Commercial Mortgage Trust 2026-XL6 |  |  |
| Series 2026-A-XL6, REMIC, 4.87%, (1 Month Term SOFR + 1.20%), 03/15/28 (a) | 1300 | 1294 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (a) | 1860 | 1716 |
| Carlyle US CLO 2017-2, Ltd. |  |  |
| Series 2017-AR2-2A, 5.16%, (3 Month Term SOFR + 1.49%), 07/20/37 (a) | 2500 | 2497 |
| Carlyle US CLO 2023-3 Ltd. |  |  |
| Series 2023-A1R-3A, 4.90%, (3 Month Term SOFR + 1.23%), 10/15/38 (a) | 1000 | 1000 |
| Carrington Mortgage Loan Trust, Series 2007-RFC1 |  |  |
| Series 2007-A3-RFC1, REMIC, 4.07%, (1 Month Term SOFR + 0.25%), 09/25/36 (a) (c) | 1545 | 1519 |
| Carval CLO IX-C Ltd. |  |  |
| Series 2024-A-1A, 5.35%, (3 Month Term SOFR + 1.68%), 04/20/37 (a) | 1000 | 1000 |
| Carval CLO X-C Ltd. |  |  |
| Series 2024-A-2A, 5.13%, (3 Month Term SOFR + 1.46%), 07/20/37 (a) | 4000 | 4005 |
| Castlelake Aircraft Structured Trust 2026-1 |  |  |
| Series 2026-A-1A, 5.07%, 03/15/33 (c) | 3000 | 2974 |
| CBAM 2017-1 Ltd. |  |  |
| Series 2017-AR2-1A, 5.72%, (3 Month Term SOFR + 1.39%), 01/20/38 (a) | 3000 | 3004 |
| CBAM 2017-2 Ltd. |  |  |
| Series 2017-BR-2A, 5.78%, (3 Month Term SOFR + 2.11%), 07/17/34 (a) | 1500 | 1502 |
| CD 2017-CD6 Mortgage Trust |  |  |
| Series 2017-C-CD6, REMIC, 4.41%, 11/15/27 (a) | 243 | 227 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cedar Funding IX CLO Ltd. |  |  |
| Series 2018-AR-9A, 5.09%, (3 Month Term SOFR + 1.42%), 07/20/37 (a) | 1000 | 1000 |
| CFCRE 2016-C4 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C4, REMIC, 1.04%, 05/10/58 (a) | 9261 | 7 |
| Chase Mortgage Finance Trust Series 2006-S2 |  |  |
| Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36 | 6299 | 2128 |
| CHL Mortgage Pass-Through Trust 2006-18 |  |  |
| Series 2006-1A35-20, REMIC, 6.00%, 02/25/37 | 1869 | 793 |
| CHL Mortgage Pass-Through Trust 2007-8 |  |  |
| Series 2007-1A5-8, REMIC, 5.44%, 01/25/38 | 2122 | 792 |
| CIM Trust 2023-R4 |  |  |
| Series 2023-A1-R4, REMIC, 5.00%, 05/25/62 | 5790 | 5780 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Interest Only, Series 2016-XA-GC36, REMIC, 1.11%, 02/12/49 (a) | 4095 | 10 |
| Citigroup Commercial Mortgage Trust 2016-P3 |  |  |
| Interest Only, Series 2016-XA-P3, REMIC, 1.51%, 04/16/49 (a) | 1268 | 17 |
| Citigroup Mortgage Loan Trust 2007-AR8 |  |  |
| Series 2007-1A1A-AR8, REMIC, 3.61%, 07/25/47 (a) | 1110 | 934 |
| Citigroup Mortgage Loan Trust 2021-JL1 |  |  |
| Series 2021-A-JL1, REMIC, 2.75%, 02/25/62 (a) | 475 | 462 |
| CLI Funding IX LLC |  |  |
| Series 2025-A-1A, 5.35%, 06/22/37 | 1856 | 1861 |
| CMALT (Citimortgage Alternative Loan Trust), Series 2006-A4 |  |  |
| Series 2006-1A1-A4, REMIC, 6.00%, 09/25/36 | 871 | 766 |
| CMALT (Citimortgage Alternative Loan Trust), Series 2007-A5 |  |  |
| Series 2007-1A11-A5, REMIC, 6.00%, 05/25/37 | 639 | 591 |
| COLT 2023-1 Mortgage Loan Trust |  |  |
| Series 2023-A1-1, REMIC, 6.05%, 04/25/68 (c) | 3479 | 3479 |
| COLT 2023-2 Mortgage Loan Trust |  |  |
| Series 2023-A1-2, REMIC, 6.60%, 07/25/68 (c) | 2373 | 2374 |
| COLT 2026-2 Mortgage Loan Trust |  |  |
| Series 2026-M1-2, REMIC, 5.42%, 03/25/71 (a) | 3050 | 2978 |
| COMM 2013-CCRE12 Mortgage Trust |  |  |
| Interest Only, Series 2013-XA-CR12, REMIC, 0.61%, 10/15/46 (a) | 1469 | 4 |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-DC1, REMIC, 0.56%, 02/12/48 (a) | 999 | 1 |
| COMM 2016-DC2 Mortgage Trust |  |  |
| Series 2016-C-DC2, REMIC, 4.72%, 02/12/49 (a) | 1340 | 1304 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-A-HCLV, REMIC, 4.97%, (1 Month Term SOFR + 1.30%), 09/15/33 (a) | 2125 | 2008 |
| CommonBond Student Loan Trust 2018-B-GS |  |  |
| Series 2018-C-BGS, REMIC, 4.12%, 08/25/28 | 85 | 71 |
| Credit Suisse First Boston Mortgage Securities Corp. |  |  |
| Series 2005-7A1-11, REMIC, 6.00%, 12/25/35 | 4841 | 2301 |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2005-3A2-9, REMIC, 6.00%, 10/25/35 | 4023 | 1090 |
| Series 2006-2A3-2, REMIC, 6.00%, 03/25/36 | 2235 | 844 |
| CSAIL 2019-C16 Commercial Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-C16, REMIC, 1.69%, 06/17/52 (a) | 8389 | 323 |
| CSMC 2019-RPL1 Trust |  |  |
| Series 2018-PT-SP3, REMIC, 4.31%, 09/25/58 (a) | 12789 | 11044 |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-M1-SPT1, REMIC, 3.39%, 04/25/65 (a) | 7000 | 6846 |
| CSMC 2021-B33 |  |  |
| Series 2021-A1-B33, REMIC, 3.05%, 10/10/31 | 798 | 747 |
| Series 2021-A2-B33, REMIC, 3.17%, 10/10/31 | 2130 | 1916 |
| CSMC 2021-RPL3 Trust |  |  |
| Series 2021-A1-RPL3, REMIC, 2.00%, 01/25/60 (a) | 6570 | 5855 |
| DBJPM 2016-C1 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C1, REMIC, 1.29%, 05/12/49 (a) | 3949 | 23 |
| Deephaven Residential Mortgage Trust 2026-INV1 |  |  |
| Series 2026-A2-INV1, REMIC, 5.10%, 01/25/30 (c) | 245 | 243 |
| Series 2026-A3-INV1, REMIC, 5.20%, 01/25/30 (c) | 490 | 485 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-2 |  |  |
| Series 2007-2A1-2, REMIC, 3.27%, (1 Month Term SOFR + 0.41%), 09/25/47 (a) (c) (d) | 8516 | 7361 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1 |  |  |
| Series 2006-1A3-AR1, REMIC, 0.00%, (1 Month Term SOFR + 0.77%), 02/25/36 (a) (c) (d) | 6078 | 5818 |
| Series 2006-A2B-AB1, REMIC, 4.39%, 02/25/36 (a) (d) | 2485 | 2281 |
| DOLP Trust 2021-NYC |  |  |
| Series 2021-D-NYC, REMIC, 3.70%, 05/12/31 | 550 | 463 |
| ELP Commercial Mortgage Trust 2025-ELP |  |  |
| Series 2025-C-ELP, REMIC, 5.31%, 11/15/30 (a) | 1200 | 1184 |
| Empower CLO 2024-1 Ltd. |  |  |
| Series 2024-A1-1A, 5.27%, (3 Month Term SOFR + 1.60%), 04/27/37 (a) | 5000 | 5002 |
| First Franklin Mortgage Loan Trust, Series 2007-FF2 |  |  |
| Series 2007-A1-FF2, REMIC, 1.74%, (1 Month Term SOFR + 0.25%), 03/25/37 (a) (c) (d) | 4675 | 2462 |
| First Horizon Mortgage Pass-Through Trust 2006-AR1 |  |  |
| Series 2006-1A2-FA2, REMIC, 6.00%, 05/25/36 | 2459 | 857 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-A-GT1, 3.62%, 07/25/26 (c) | 10500 | 10040 |
| Series 2021-A-GT2, 3.85%, 10/25/26 | 11300 | 10813 |
| FS Rialto 2021-FL2 Issuer, Ltd. |  |  |
| Series 2021-A-FL2, 5.01%, (1 Month Term SOFR + 1.33%), 05/18/38 (a) (c) | 690 | 690 |
| FS Trust 2026-HULA |  |  |
| Series 2026-A-HULA, REMIC, 5.12%, (1 Month Term SOFR + 1.45%), 03/15/28 (a) | 1190 | 1189 |
| GBX Leasing 2022-1 LLC |  |  |
| Series 2026-A-1A, 5.13%, 02/22/33 | 1998 | 1997 |
| GM Financial Consumer Automobile Receivables Trust 2024-1 |  |  |
| Series 2024-A3-1, 4.85%, 12/18/28 | 2633 | 2643 |
| Goodgreen 2020-1 Trust |  |  |
| Series 2020-A-1A, 2.63%, 04/15/55 | 1975 | 1652 |
| GoodLeap Home Improvement Solutions Trust 2024-1 |  |  |
| Series 2024-A-1A, REMIC, 5.35%, 04/20/33 | 937 | 951 |
| Grace Trust |  |  |
| Series 2020-D-GRCE, REMIC, 2.77%, 12/12/30 (a) | 1845 | 1624 |
| GS Mortgage Securities Corp Trust 2018-TWR |  |  |
| Series 2018-A-TWR, REMIC, 4.62%, (1 Month Term SOFR + 1.20%), 07/15/31 (a) (c) | 436 | 318 |
| Series 2018-D-TWR, REMIC, 5.32%, (1 Month Term SOFR + 1.90%), 07/15/31 (a) (c) | 1000 | 140 |
| Series 2018-E-TWR, REMIC, 5.82%, (1 Month Term SOFR + 2.40%), 07/15/31 (a) (c) | 1000 | 100 |
| Series 2018-F-TWR, REMIC, 6.52%, (1 Month Term SOFR + 3.10%), 07/15/31 (a) (c) | 1000 | 82 |
| Series 2018-G-TWR, REMIC, 7.64%, (1 Month Term SOFR + 4.22%), 07/15/31 (a) (c) | 1000 | 82 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-AF5B-7, REMIC, 1.85%, 03/25/46 (a) (c) (d) | 3486 | 1181 |
| GS Mortgage Securities Trust 2015-GC34 |  |  |
| Series 2015-B-GC34, REMIC, 0.00%, 10/13/48 (a) (d) | 782 | 438 |
| Interest Only, Series 2015-XA-GC34, REMIC, 0.34%, 10/13/48 (a) | 1589 | 9 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GS Mortgage Securities Trust 2016-GS3 |  |  |
| Interest Only, Series 2016-XA-GS3, REMIC, 1.14%, 10/13/49 (a) | 19971 | 11 |
| GS Mortgage Securities Trust 2017-GS7 |  |  |
| Interest Only, Series 2017-C-2, REMIC, 1.17%, 08/12/50 (a) | 30413 | 241 |
| GS Mortgage Securities Trust 2018-GS9 |  |  |
| Series 2018-C-GS9, REMIC, 4.34%, 03/10/28 (a) | 2000 | 1736 |
| GS Mortgage Securities Trust 2019-GC38 |  |  |
| Interest Only, Series 2019-XA-GC38, REMIC, 1.17%, 02/12/52 (a) | 36833 | 923 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Interest Only, Series 2020-XA-GC45, REMIC, 0.73%, 02/14/53 (a) | 45200 | 843 |
| GS Mortgage-Backed Securities Trust 2026-NQM1 |  |  |
| Series 2026-A1-NQM1, REMIC, 4.87%, 01/25/30 (a) (c) | 1455 | 1443 |
| Series 2026-A2-NQM1, REMIC, 5.12%, 01/25/30 (c) | 242 | 240 |
| Series 2026-A3-NQM1, REMIC, 5.23%, 01/25/30 (c) | 485 | 480 |
| GSR Mortgage Loan Trust 2006-OA1 |  |  |
| Series 2006-3A2-OA1, REMIC, 1.21%, (COFI 11D + 1.50%), 08/25/46 (a) (d) | 12564 | 1794 |
| GWT Commercial Mortgage Trust 2024-WLF2 |  |  |
| Series 2024-A-WLF2, REMIC, 5.36%, (1 Month Term SOFR + 1.69%), 05/15/26 (a) | 2500 | 2500 |
| Halcyon Loan Advisors Funding 2013-2 Ltd. |  |  |
| Series 2013-D-2A, 7.73%, (3 Month Term SOFR + 4.06%), 08/01/26 (a) | 46 | 46 |
| HalseyPoint CLO II, Ltd. |  |  |
| Series 2020-AR-2A, 5.19%, (3 Month Term SOFR + 1.52%), 07/20/37 (a) | 6000 | 6002 |
| HERO Funding Trust 2016-4A |  |  |
| Series 2016-A2-4A, REMIC, 4.29%, 09/20/37 | 1263 | 1192 |
| Home Partners of America 2018-1 Trust |  |  |
| Series 2021-D-1, REMIC, 2.48%, 09/19/29 | 2115 | 1925 |
| Series 2021-E-1, REMIC, 2.58%, 09/19/29 | 967 | 877 |
| Series 2021-F-1, REMIC, 3.33%, 09/19/29 | 1114 | 1020 |
| HOMES Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 6.46%, 02/25/68 (c) | 2966 | 2959 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2024-A-I, 5.38%, 09/15/31 (c) | 2313 | 2280 |
| HSI Asset Securitization Corporation Trust 2007-NC1 |  |  |
| Series 2007-A2-NC1, REMIC, 3.06%, (1 Month Term SOFR + 0.25%), 04/25/37 (a) (c) (d) | 1684 | 1071 |
| Series 2007-A4-NC1, REMIC, 3.06%, (1 Month Term SOFR + 0.39%), 04/25/37 (a) (c) (d) | 7925 | 5052 |
| INCREF 2025-FL1 LLC |  |  |
| Series 2025-A-FL1, 5.40%, (1 Month Term SOFR + 1.73%), 10/22/42 (a) | 2530 | 2536 |
| IndyMac INDA Mortgage Loan Trust 2006-AR2 |  |  |
| Series 2006-4A1-AR2, REMIC, 4.16%, 09/25/36 (a) | 481 | 452 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A6-A8CB, REMIC, 5.00%, 07/25/35 | 6202 | 2983 |
| Ixis Real Estate Capital Trust 2006-HE1 |  |  |
| Series 2006-A4-HE1, REMIC, 2.14%, (1 Month Term SOFR + 0.71%), 03/25/36 (a) (c) (d) | 3776 | 1825 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP |  |  |
| Series 2022-A-NLP, REMIC, 4.27%, (1 Month Term SOFR + 0.85%), 04/15/37 (a) | 2536 | 2511 |
| J.P. Morgan Mortgage Acquisition Trust 2006-HE3 |  |  |
| Series 2006-A3-HE3, REMIC, 4.24%, (1 Month Term SOFR + 0.33%), 01/25/34 (a) (c) (d) | 3748 | 3492 |
| Series 2006-A4-HE3, REMIC, 4.34%, (1 Month Term SOFR + 0.43%), 07/25/36 (a) (c) (d) | 1401 | 1308 |
| Series 2006-A5-HE3, REMIC, 4.49%, (1 Month Term SOFR + 0.59%), 11/25/36 (a) (c) (d) | 3623 | 3368 |
| Series 2006-A5-WMC4, REMIC, 1.96%, (1 Month Term SOFR + 0.32%), 12/25/36 (a) (c) (d) | 19072 | 9381 |
| J.P. Morgan Resecuritization Trust, Series 2009-10 Trust |  |  |
| Series 2009-4A2-10, REMIC, 1.16%, 03/26/37 (a) | 705 | 782 |
| JPMBB Commercial Mortgage Securities Trust 2015-C33 |  |  |
| Series 2015-C-C33, REMIC, 4.96%, 12/17/48 (a) | 2224 | 2134 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP2 |  |  |
| Series 2016-B-JP2, REMIC, 3.46%, 07/17/26 | 5081 | 4755 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 |  |  |
| Interest Only, Series 2016-XA-C2, REMIC, 1.44%, 06/17/49 (a) | 7412 | 9 |
| JPMDB Commercial Mortgage Securities Trust 2019-COR6 |  |  |
| Series 2019-AS-COR6, REMIC, 3.41%, 11/15/29 | 4415 | 3902 |
| JPMDB Commercial Mortgage Securities Trust 2020-COR7 |  |  |
| Interest Only, Series 2020-XA-COR7, REMIC, 1.76%, 05/15/53 (a) | 32645 | 1412 |
| Katayma CLO II, Ltd. |  |  |
| Series 2024-A1-2A, 5.32%, (3 Month Term SOFR + 1.65%), 04/20/37 (a) | 1000 | 1001 |
| KREF 2021-FL2 Ltd. |  |  |
| Series 2021-A-FL2, 4.86%, (1 Month Term SOFR + 1.18%), 02/17/39 (a) (c) | 728 | 728 |
| Labrador Aviation Finance Limited |  |  |
| Series 2016-A1-1A, 4.30%, 01/15/42 (c) | 2482 | 2535 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.06%, (1 Month Term SOFR + 1.39%), 11/01/29 (a) (c) | 1680 | 1679 |
| Long Beach Mortgage Loan Trust 2006-2 |  |  |
| Series 2006-2A3-2, REMIC, 1.06%, (1 Month Term SOFR + 0.49%), 04/25/36 (a) (c) (d) | 13155 | 4014 |
| LSTAR Commercial Mortgage Trust 2017-5 |  |  |
| Interest Only, Series 2017-X-5, REMIC, 1.06%, 03/11/50 (a) | 27338 | 79 |
| Luminace Abs-2024 Issuer LLC |  |  |
| Series 2024-A-1, 5.87%, 10/30/31 | 1140 | 1137 |
| Magnetite XL, Limited |  |  |
| Series 2024-A1-40A, 5.12%, (3 Month Term SOFR + 1.45%), 07/15/37 (a) | 2000 | 2002 |
| MAPS 2026-1 Trust |  |  |
| Series 2026-A-1A, REMIC, 5.20%, 01/15/33 (c) | 2470 | 2411 |
| Marble Point CLO XXV Ltd. |  |  |
| Series 2022-A1RR-2A, 4.86%, (3 Month Term SOFR + 1.19%), 10/20/36 (a) | 2000 | 1996 |
| Master Asset Securitization Trust |  |  |
| Series 2006-1A13-1, REMIC, 5.75%, 05/25/36 | 1694 | 958 |
| MASTR Adjustable Rate Mortgages Trust 2007-R5 |  |  |
| Series 2007-A1-R5, REMIC, 5.25%, 11/25/35 (a) | 8014 | 3457 |
| MASTR Alternative Loan Trust 2007-1 |  |  |
| Series 2007-2A1-1, REMIC, 6.50%, 10/25/36 | 2578 | 746 |
| Merrill Lynch Alternative Note Asset Trust, Series 2007-AF1 |  |  |
| Series 2007-1A1-OAR5, REMIC, 3.30%, 10/25/47 (a) | 9527 | 2432 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2006-A1-AR1, REMIC, 1.45%, (1 Month Term SOFR + 0.44%), 03/25/37 (a) (c) (d) | 26608 | 8727 |
| Merrill Lynch Mortgage Investors Trust, Series 2006-HE3 |  |  |
| Series 2006-A3-HE3, REMIC, 0.90%, (1 Month Term SOFR + 0.41%), 06/25/37 (a) (c) (d) | 15890 | 3872 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2026-A2-1A, 5.27%, 04/20/31 | 1000 | 1000 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 4.87%, (1 Month Term SOFR + 1.19%), 10/21/36 (a) | 450 | 449 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.02%, (1 Month Term SOFR + 1.35%), 02/20/37 (a) | 352 | 352 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MF1 2024-FL15 LLC |  |  |
| Series 2024-A-FL15, 5.36%, (1 Month Term SOFR + 1.69%), 08/18/41 (a) | 2500 | 2506 |
| MF1 2025-FL17 LLC |  |  |
| Series 2025-A-FL17, 5.00%, (1 Month Term SOFR + 1.32%), 02/21/40 (a) | 1583 | 1583 |
| MFA 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 6.62%, 07/25/68 (c) | 8244 | 8257 |
| MFA 2026-NQM1 Trust |  |  |
| Series 2026-M1-NQM1, REMIC, 5.59%, 02/25/71 | 1250 | 1228 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 |  |  |
| Interest Only, Series 2016-XA-C28, REMIC, 1.19%, 01/15/49 (a) | 2796 | 15 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 |  |  |
| Interest Only, Series 2016-XA-C30, REMIC, 1.37%, 09/17/49 (a) | 10011 | 34 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 |  |  |
| Series 2016-C-C31, REMIC, 4.39%, 10/19/26 (a) | 2360 | 2233 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C2 |  |  |
| Series 2025-A3-5C2, REMIC, 5.11%, 11/18/30 | 2479 | 2506 |
| Morgan Stanley Capital I Trust 2019-L3 |  |  |
| Series 2019-AS-L3, REMIC, 3.49%, 11/16/29 (a) | 3847 | 3624 |
| Interest Only, Series 2019-XA-L3, REMIC, 0.72%, 11/18/52 (a) | 65198 | 1251 |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (a) (c) | 2338 | 2312 |
| Morgan Stanley Mortgage Loan Trust 2006-16AX |  |  |
| Series 2006-A2C-WMC2, REMIC, 2.95%, (1 Month Term SOFR + 0.41%), 07/25/36 (a) (c) (d) | 16699 | 5551 |
| Morgan Stanley Mortgage Loan Trust 2007-12 |  |  |
| Series 2007-3A22-12, REMIC, 6.00%, 08/25/37 | 1082 | 347 |
| Morgan Stanley Mortgage Loan Trust 2007-8XS |  |  |
| Series 2007-A1-8XS, REMIC, 1.34%, 04/25/37 (a) (d) | 885 | 449 |
| Morgan Stanley Residential Mortgage Loan Trust 2026-NQM2 |  |  |
| Series 2026-M1-NQM2, REMIC, 5.48%, 01/25/71 | 1500 | 1467 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-B-1A, 3.10%, 11/22/32 | 1137 | 983 |
| MP CLO VIII Ltd. |  |  |
| Series 2015-ARR-2A, 5.13%, (3 Month Term SOFR + 1.46%), 04/28/34 (a) | 1500 | 1498 |
| MRCD 2019-PARK Mortgage Trust |  |  |
| Series 2019-F-PARK, REMIC, 2.72%, 12/15/36 | 1018 | 625 |
| Natixis Commercial Mortgage Securities Trust 2020-2PAC |  |  |
| Series 2020-D-2PAC, REMIC, 3.75%, 12/16/38 | 4415 | 4034 |
| Navient Refinance Loan Trust 2025-C |  |  |
| Series 2025-A-C, 4.80%, 10/15/55 | 2662 | 2647 |
| NBC Funding LLC |  |  |
| Series 2024-A2-1A, 6.75%, 07/30/31 | 1485 | 1522 |
| Neighborly Issuer 2022-1 |  |  |
| Series 2022-A2-1A, 3.70%, 01/30/29 | 1920 | 1821 |
| New Residential Mortgage Loan Trust 2020-RPL1 |  |  |
| Series 2020-M2-RPL1, REMIC, 3.50%, 11/25/59 (a) | 5300 | 4721 |
| New Residential Mortgage Loan Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.46%, 08/25/65 (a) (c) | 751 | 747 |
| Series 2025-M1-NQM5, REMIC, 6.09%, 08/25/65 (a) | 1150 | 1148 |
| New Residential Mortgage Loan Trust 2026-NQM1 |  |  |
| Series 2026-A1-NQM1, REMIC, 4.82%, 11/25/65 (a) (c) | 2231 | 2211 |
| Series 2026-A2-NQM1, REMIC, 5.08%, 11/25/65 (c) | 485 | 481 |
| Series 2026-A3-NQM1, REMIC, 5.18%, 11/25/65 (c) | 485 | 480 |
| NJ 2025-WBRK Mortgage Trust |  |  |
| Series 2025-A-WBRK, REMIC, 5.87%, 03/07/30 | 1814 | 1854 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2006-3A-AR1, REMIC, 4.44%, 02/25/36 (a) | 332 | 208 |
| Nomura Resecuritization Trust 2011-4R |  |  |
| Series 2011-2A10-4RA, REMIC, 4.00%, 07/26/41 (a) | 4918 | 4233 |
| NYMT Loan Trust 2026-INV1 |  |  |
| Series 2026-A1-INV1, REMIC, 4.77%, 02/25/61 (a) (c) | 1395 | 1380 |
| Series 2026-A2-INV1, REMIC, 5.05%, 02/25/61 (c) | 498 | 493 |
| Series 2026-A3-INV1, REMIC, 5.20%, 02/25/61 (c) | 498 | 493 |
| OBX 2022-NQM7 Trust |  |  |
| Series 2022-A1-NQM7, REMIC, 5.11%, 08/25/62 (c) | 3048 | 3039 |
| OBX 2023-NQM3 Trust |  |  |
| Series 2023-A1-NQM3, REMIC, 5.95%, 02/25/63 (a) (c) | 2889 | 2904 |
| OBX 2023-NQM4 Trust |  |  |
| Series 2023-A1-NQM4, REMIC, 6.11%, 03/25/63 (c) | 2466 | 2462 |
| OBX 2026-NQM2 Trust |  |  |
| Series 2026-A1-NQM2, REMIC, 4.82%, 01/25/30 (a) (c) | 1772 | 1757 |
| Oceanview Mortgage Trust 2026-SBC1 |  |  |
| Series 2026-A-1, REMIC, 5.10%, 01/25/56 (a) | 2955 | 2914 |
| OCP CLO 2017-13 Ltd. |  |  |
| Series 2017-AR2-13A, 5.01%, (3 Month Term SOFR + 1.34%), 11/26/37 (a) | 1000 | 1000 |
| Phantom Aviation |  |  |
| Series 2026-A-1, 5.24%, 01/18/33 (c) | 2988 | 2970 |
| PR Mortgage Loan Trust |  |  |
| Series 2014-APT-1, REMIC, 5.86%, 09/25/47 (a) | 3840 | 3566 |
| Pret 2025-NPL7 LLC |  |  |
| Series 2025-A1-NPL7, 5.66%, 07/25/55 (c) | 4505 | 4507 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-E2-SFR3, REMIC, 2.69%, 05/19/26 | 8500 | 8462 |
| Progress Residential 2021-SFR5 Trust |  |  |
| Series 2021-E1-SFR5, REMIC, 2.21%, 07/17/26 | 15840 | 15694 |
| Progress Residential 2021-SFR8 Trust |  |  |
| Series 2021-E2-SFR8, REMIC, 2.53%, 10/19/26 | 5100 | 5019 |
| PRPM 2024-6, LLC. |  |  |
| Series 2024-A1-6, REMIC, 5.70%, 11/25/27 (c) | 8445 | 8446 |
| PRPM 2024-7 LLC |  |  |
| Series 2024-A1-7, 5.87%, 11/25/27 (c) | 1613 | 1614 |
| PRPM 2025-5, LLC |  |  |
| Series 2025-A1-5, 5.73%, 07/25/30 (c) | 6484 | 6485 |
| PRPM 2026-NQM1 Trust |  |  |
| Series 2026-A3-NQM1, REMIC, 5.44%, 02/25/71 (c) | 1000 | 994 |
| Series 2026-M1-NQM1, REMIC, 5.72%, 02/25/71 (a) | 2000 | 1973 |
| QTS Issuer ABS II LLC |  |  |
| Series 2025-B-1A, 5.78%, 10/05/55 | 3500 | 3410 |
| RALI Series 2006-QS4 Trust |  |  |
| Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36 | 1192 | 960 |
| RALI Series 2006-QS5 Trust |  |  |
| Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36 | 1142 | 986 |
| Rate Adjustable Mortgage Trust |  |  |
| Series 2005-6A21-4, REMIC, 4.79%, 08/25/35 (a) | 2483 | 2097 |
| RBSGC Mortgage Loan Trust 2007-B |  |  |
| Series 2007-1A4-B, REMIC, 4.24%, (1 Month Term SOFR + 0.56%), 12/25/36 (a) | 2176 | 1124 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series 2007-1A6-B, REMIC, 2.26%, (5.94% - (1 Month Term SOFR \* 1)), 01/25/37 (a) | 2176 | 232 |
| RBSGC Mortgage Loan Trust, 2007-A |  |  |
| Series 2007-2A1-A, REMIC, 6.75%, 01/25/37 | 2094 | 1945 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2006-A21-QA1, REMIC, 5.01%, 01/25/36 (a) | 3480 | 2433 |
| Residential Asset Securitization Trust 2006-A12 |  |  |
| Series 2006-A1-A12, REMIC, 6.25%, 11/25/36 | 9075 | 3127 |
| Residential Asset Securitization Trust 2006-A6 |  |  |
| Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36 | 2383 | 1130 |
| Residential Asset Securitization Trust 2007-A3 |  |  |
| Series 2007-1A1-A3, REMIC, 4.24%, (1 Month Term SOFR + 0.56%), 04/25/37 (a) | 4994 | 1847 |
| Series 2007-1A2-A3, REMIC, 17.30%, (45.51% - (1 Month Term SOFR \* 7.67)), 04/25/37 (a) | 651 | 677 |
| Residential Asset Securitization Trust 2007-A6 |  |  |
| Series 2007-2A1-A6, REMIC, 6.50%, 06/25/37 | 2916 | 533 |
| Residential Asset Securitization Trust 2007-A8 |  |  |
| Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37 | 15024 | 6680 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2024-B-1A, 5.78%, 09/15/29 | 300 | 293 |
| RFMSI Series 2006-S6 Trust |  |  |
| Series 2006-A14-S6, REMIC, 6.00%, 07/25/36 | 136 | 118 |
| RFMSI Series 2007 S7 Trust |  |  |
| Series 2007-A20-S7, REMIC, 6.00%, 07/25/37 | 893 | 743 |
| RFMSI Series 2007-S2 Trust |  |  |
| Series 2007-A4-S2, REMIC, 6.00%, 02/25/37 | 441 | 329 |
| RFMSI Series 2007-S4 Trust |  |  |
| Series 2007-A2-S4, REMIC, 6.00%, 04/25/37 | 533 | 419 |
| RFMSI Series 2007-S5 Trust |  |  |
| Series 2007-A2-S5, REMIC, 6.00%, 05/25/37 | 3643 | 2989 |
| Rockford Tower CLO 2024-1 Ltd. |  |  |
| Series 2024-A1-1A, 5.28%, (3 Month Term SOFR + 1.61%), 04/20/37 (a) | 2000 | 2000 |
| Securitized Asset Backed Receivables LLC Trust 2006-Nc3 |  |  |
| Series 2006-A2B-NC3, REMIC, 1.26%, (1 Month Term SOFR + 0.41%), 09/25/36 (a) (c) (d) | 15177 | 4760 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-B-555, REMIC, 5.29%, (1 Month Term SOFR + 1.61%), 05/15/28 (a) | 1330 | 1327 |
| Shenton Aircraft Investment I Limited |  |  |
| Series 2015-A-1A, 4.75%, 11/15/27 | 4416 | 4339 |
| SLG Office Trust 2021-OVA |  |  |
| Series 2021-E-OVA, REMIC, 2.85%, 07/17/31 | 2180 | 1863 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 8.93%, 05/25/30 (a) | 99 | 96 |
| SoFi Consumer Loan Program 2025-2 Trust |  |  |
| Series 2025-C-2, 5.22%, 06/25/34 | 5000 | 5033 |
| SoFi Consumer Loan Program 2025-4 Trust |  |  |
| Series 2025-D-4, 5.27%, 08/25/35 | 3300 | 3290 |
| Sound Point CLO IV-R, Ltd. |  |  |
| Series 2013-A-3RA, 5.08%, (3 Month Term SOFR + 1.41%), 04/18/31 (a) (e) | 733 | 733 |
| Sound Point CLO IX Ltd. |  |  |
| Series 2015-BRRR-2A, 5.73%, (3 Month Term SOFR + 2.06%), 07/20/32 (a) | 850 | 851 |
| Sound Point CLO XXI Ltd. |  |  |
| Series 2018-A1AR-3A, 4.97%, (3 Month Term SOFR + 1.30%), 10/27/31 (a) | 964 | 965 |
| Sound Point CLO XXIII |  |  |
| Series 2019-AR-2A, 5.10%, (3 Month Term SOFR + 1.43%), 07/17/34 (a) | 2000 | 1998 |
| Starm Mortgage Loan Trust 2007-2 |  |  |
| Series 2007-4A1-2, REMIC, 6.06%, 04/25/37 (a) | 365 | 153 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-B1-2, REMIC, 2.75%, 05/25/65 (a) | 5537 | 4905 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2005-2A-21, REMIC, 5.37%, 11/25/35 (a) | 2336 | 1879 |
| Structured Asset Investment Loan Trust 2006-3 |  |  |
| Series 2006-A1-3, REMIC, 2.53%, (1 Month Term SOFR + 0.27%), 06/25/36 (a) (c) (d) | 4308 | 2589 |
| Structured Asset Investment Loan Trust 2006-4 |  |  |
| Series 2006-A5-4, REMIC, 1.66%, (1 Month Term SOFR + 0.42%), 07/25/36 (a) (c) (d) | 20344 | 7007 |
| Structured Asset Investment Loan Trust 2006-BNC3 |  |  |
| Series 2006-A1-BNC3, REMIC, 2.68%, (1 Month Term SOFR + 0.29%), 09/25/36 (a) (c) (d) | 4399 | 2581 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-1A1-5, REMIC, 5.75%, 04/25/35 | 4835 | 2165 |
| STWD 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 4.99%, (1 Month Term SOFR + 1.31%), 04/16/38 (a) (c) | 527 | 526 |
| Sunnova Helios III Issuer, LLC |  |  |
| Series 2019-A-AA, 3.75%, 06/20/29 | 1361 | 1262 |
| Sunnova Sol II Issuer, LLC |  |  |
| Series 2020-A-2A, 2.73%, 10/30/30 | 3181 | 2746 |
| Switch ABS Issuer, LLC |  |  |
| Series 2025-B-2A, 6.24%, 10/25/30 | 750 | 737 |
| Series 2024-A2-2A, 5.44%, 06/25/54 | 2200 | 2191 |
| Series 2026-A21-1A, 5.61%, 03/27/56 | 250 | 249 |
| Taco Bell Funding, LLC |  |  |
| Series 2021-A23-1A, 2.54%, 08/25/31 | 3930 | 3466 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.29%, 12/22/31 | 2450 | 2438 |
| Trackside Rail LLC |  |  |
| Series 2026-A-1A, 4.89%, 03/20/31 (c) | 1000 | 990 |
| Trestles CLO 2017-1, Ltd. |  |  |
| Series 2021-AR1-4A, 5.07%, (3 Month Term SOFR + 1.28%), 11/01/38 (a) | 2000 | 2000 |
| Tricon Residential 2025-SFR2 Trust |  |  |
| Series 2025-A-SFR2, 5.20%, 07/31/44 | 3335 | 3354 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.32%, (1 Month Term SOFR + 1.65%), 02/17/39 (a) (c) | 1452 | 1452 |
| UBS Commercial Mortgage Trust 2017-C1 |  |  |
| Interest Only, Series 2017-XA-C1, REMIC, 1.61%, 06/17/50 (a) | 12338 | 131 |
| Unity-Peace Park CLO Ltd. |  |  |
| Series 2022-A1R-1A, 4.72%, (3 Month Term SOFR + 1.06%), 04/20/35 (a) | 2000 | 1995 |
| Upgrade Master Pass-Thru Trust |  |  |
| Series 2025-A-ST1, 5.44%, 02/15/29 | 598 | 600 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 67 | 67 |
| Upstart Securitization Trust 2024-1 |  |  |
| Series 2024-A-1, 5.33%, 11/20/34 | 784 | 786 |
| Upstart Securitization Trust 2025-3 |  |  |
| Series 2025-B-3, 5.02%, 09/20/35 | 3000 | 3004 |
| Upstart Securitization Trust 2025-4 |  |  |
| Series 2025-A2-4, 4.83%, 11/20/26 | 3250 | 3253 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2025-A2-2A, 5.24%, 11/15/55 | 2440 | 2419 |
| Vegas Trust 2024-TI |  |  |
| Series 2024-A-TI, REMIC, 5.52%, 11/15/27 | 937 | 940 |
| Velocity Commercial Capital Loan Trust 2017-2 |  |  |
| Series 2017-AFX-2, REMIC, 3.07%, 07/25/26 (a) | 29 | 29 |
| Verus Securitization Trust 2023-4 |  |  |
| Series 2023-A1-4, REMIC, 5.81%, 05/25/68 (c) | 2029 | 2024 |
| Verus Securitization Trust 2024-9 |  |  |
| Series 2024-M1-9, REMIC, 6.20%, 11/25/69 (a) | 4000 | 4019 |
| Verus Securitization Trust 2026-R1 |  |  |
| Series 2026-A1-R1, REMIC, 4.83%, 10/25/67 (a) (c) | 1078 | 1066 |
| Series 2026-A2-R1, REMIC, 5.03%, 10/25/67 (c) | 246 | 244 |
| Series 2026-A3-R1, REMIC, 5.19%, 10/25/67 (c) | 246 | 243 |
| Visio 2021-1R Trust |  |  |
| Series 2021-M1-1R, REMIC, 2.73%, 05/25/56 | 6161 | 5441 |
| Warwick Capital CLO 3 Ltd. |  |  |
| Series 2024-A1-3A, 5.32%, (3 Month Term SOFR + 1.65%), 04/20/37 (a) | 1000 | 1001 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Warwick Capital CLO 4 Ltd. |  |  |
| Series 2024-A1-4A, 5.07%, (3 Month Term SOFR + 1.40%), 07/20/37 (a) | 3000 | 2990 |
| Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust |  |  |
| Series 2006-2A2-HE5, REMIC, 1.43%, (1 Month Term SOFR + 0.29%), 10/25/36 (a) (c) (d) | 49 | 17 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-5 Trust |  |  |
| Series 2006-1A5-5, REMIC, 6.00%, 07/25/36 | 843 | 667 |
| Series 2006-1A7-5, REMIC, 6.00%, 07/25/36 | 1505 | 1191 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-7 Trust |  |  |
| Series 2006-A4-7, REMIC, 1.12%, 09/25/36 (a) (c) (d) | 16389 | 4275 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-2 Trust |  |  |
| Series 2007-2A2-2, REMIC, 5.50%, 04/25/37 | 743 | 738 |
| Wells Fargo & Company |  |  |
| Series 2016-C-LC24, REMIC, 4.39%, 09/17/26 (a) | 2000 | 1895 |
| Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
| Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37 | 863 | 751 |
| Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37 | 738 | 635 |
| Wells Fargo Alternative Loan 2007-PA5 Trust |  |  |
| Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37 | 309 | 255 |
| Wells Fargo Commercial Mortgage Trust 2015-C31 |  |  |
| Series 2015-C-C31, REMIC, 4.92%, 11/18/48 (a) | 22 | 22 |
| Wells Fargo Commercial Mortgage Trust 2015-LC20 |  |  |
| Series 2015-C-LC20, REMIC, 4.06%, 04/15/50 (a) | 517 | 502 |
| Wells Fargo Commercial Mortgage Trust 2017-C39 |  |  |
| Interest Only, Series 2017-XA-C39, REMIC, 1.20%, 09/16/50 (a) | 61921 | 703 |
| Wells Fargo Commercial Mortgage Trust 2017-RC1 |  |  |
| Interest Only, Series 2017-XA-RC1, REMIC, 1.54%, 01/16/60 (a) | 14228 | 114 |
| Wells Fargo Commercial Mortgage Trust 2019-C54 |  |  |
| Interest Only, Series 2019-XA-C54, REMIC, 0.96%, 12/17/52 (a) | 33587 | 865 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Interest Only, Series 2020-XA-C55, REMIC, 1.40%, 02/18/53 (a) | 55666 | 2285 |
| Wells Fargo Commercial Mortgage Trust 2020-C56 |  |  |
| Interest Only, Series 2020-XA-C56, REMIC, 1.38%, 06/17/53 (a) | 47457 | 1824 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 |  |  |
| Series 2025-A3-5C7, REMIC, 5.20%, 12/15/58 | 2463 | 2496 |
| Wells Fargo Commercial Mortgage Trust 2026-5C8 |  |  |
| Series 2026-A3-5C8, REMIC, 5.03%, 02/18/31 | 1190 | 1198 |
| Series 2026-C-5C8, REMIC, 5.55%, 02/18/31 | 1190 | 1173 |
| Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
| Series 2007-A38-7, REMIC, 6.00%, 06/25/37 | 446 | 409 |
| World Omni Auto Receivables Trust 2025-D |  |  |
| Series 2025-A2A-D, 3.91%, 07/15/27 | 3100 | 3096 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $830,261) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $830,261) | 721367 |
| **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, 3.53% (f) (g) | 3273 | 3273 |
| Total Short Term Investments (cost $3,273) | Total Short Term Investments (cost $3,273) | 3273 |
| **Total Investments 99.0% (cost $1,853,427)** | **Total Investments 99.0% (cost $1,853,427)** | **1703291** |
| **Other Derivative Instruments 0.1%** | **Other Derivative Instruments 0.1%** | **977** |
| **Other Assets and Liabilities, Net 0.9%** | **Other Assets and Liabilities, Net 0.9%** | **16885** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1721153** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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 March 31, 2026.

(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 March 31, 2026, the value and the percentage of net assets of these securities was $733 and 0.0% of the Fund.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 39269 | 125262 | 161258 | 237 |  |  | 3273 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 3810 | July 2026 | 795882 | 287 | (5515) |
| United States 5 Year Note | 1930 | July 2026 | 211198 | 271 | (2411) |
| United States Long Bond | 1655 | June 2026 | 193589 | 630 | (5126) |
|  |  |  |  | 1188 | (13052) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Total Return Fund — Futures Contracts (continued)** | **JNL/DoubleLine Total Return Fund — Futures Contracts (continued)** | **JNL/DoubleLine Total Return Fund — Futures Contracts (continued)** | **JNL/DoubleLine Total Return Fund — Futures Contracts (continued)** | **JNL/DoubleLine Total Return Fund — Futures Contracts (continued)** | **JNL/DoubleLine Total Return Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (535) | June 2026 | (61726) | (148) | 994 |
| United States Ultra Bond | (290) | June 2026 | (34777) | (63) | 974 |
|  |  |  |  | (211) | 1968 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 978651 |  | 978651 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 721367 |  | 721367 |
| &nbsp;&nbsp;Short Term Investments | 3273 |  |  | 3273 |
|  | 3273 | 1700018 |  | 1703291 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1968 |  |  | 1968 |
|  | 1968 |  |  | 1968 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (13052) |  |  | (13052) |
|  | (13052) |  |  | (13052) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 54.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 54.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 54.5%** |
| **U.S. Treasury Bill 26.7%** | **U.S. Treasury Bill 26.7%** | **U.S. Treasury Bill 26.7%** |
| Treasury, United States Department of |  |  |
| 3.69%, 04/02/26 (a) | 13200 | 13199 |
| 3.69%, 04/07/26 (a) | 3000 | 2998 |
| 3.71%, 04/09/26 (a) | 24500 | 24480 |
| 3.67%, 04/14/26 (a) | 37200 | 37151 |
| 3.72%, 04/16/26 (a) | 31000 | 30953 |
| 3.68%, 04/21/26 - 09/24/26 (a) | 24500 | 24246 |
| 3.67%, 04/23/26 (a) | 58400 | 58271 |
| 3.63%, 04/28/26 (a) | 22300 | 22240 |
| 3.69%, 04/30/26 (a) | 12500 | 12463 |
| 3.63%, 05/05/26 (a) | 25200 | 25115 |
| 3.72%, 05/07/26 (a) | 22400 | 22318 |
| 1.68%, 05/14/26 (a) | 44900 | 44700 |
| 3.61%, 05/19/26 (a) | 6000 | 5972 |
| 3.76%, 05/21/26 (a) | 12300 | 12237 |
| 3.63%, 05/26/26 (a) | 8000 | 7956 |
| 3.72%, 05/28/26 (a) | 18100 | 17995 |
| 3.68%, 06/04/26 (a) | 42500 | 42226 |
| 3.64%, 06/09/26 - 06/23/26 (a) | 23300 | 23122 |
| 3.63%, 06/11/26 (a) | 8200 | 8142 |
| 3.64%, 06/16/26 (a) | 26000 | 25803 |
| 3.66%, 06/18/26 (a) | 7000 | 6945 |
| 3.53%, 06/25/26 (a) | 13000 | 12893 |
| 3.64%, 06/30/26 (a) | 8600 | 8523 |
| 3.55%, 07/02/26 - 08/13/26 (a) | 18300 | 18108 |
| 3.57%, 07/09/26 (a) | 15000 | 14838 |
| 3.65%, 07/14/26 (a) | 15900 | 15735 |
| 3.57%, 07/23/26 (a) | 25000 | 24724 |
| 3.58%, 09/03/26 (a) | 10000 | 9848 |
| 3.58%, 09/10/26 (a) | 13600 | 13384 |
| 3.62%, 09/17/26 (a) | 7000 | 6883 |
| 3.66%, 10/01/26 (a) | 17300 | 16985 |
| 3.51%, 11/27/26 (a) | 24500 | 23935 |
| 3.43%, 12/24/26 (a) | 10000 | 9749 |
| 3.44%, 01/21/27 (a) | 24000 | 23333 |
| 3.53%, 03/18/27 (a) | 8600 | 8308 |
|  |  | 675778 |
| **U.S. Treasury Note 13.4%** | **U.S. Treasury Note 13.4%** | **U.S. Treasury Note 13.4%** |
| Treasury, United States Department of |  |  |
| 4.88%, 05/31/26 | 4000 | 4004 |
| 4.63%, 06/30/26 - 10/15/26 | 5700 | 5710 |
| 4.38%, 07/31/26 | 1100 | 1102 |
| 3.75%, 08/31/26 | 3900 | 3901 |
| 3.50%, 09/30/26 | 11700 | 11688 |
| 1.13%, 10/31/26 | 6700 | 6604 |
| 3.86%, (3 Month Treasury + 0.20%), 10/31/26 (b) | 40300 | 40311 |
| 4.13%, 10/31/26 - 02/28/27 | 24500 | 24597 |
| 4.25%, 11/30/26 - 03/15/27 | 37000 | 37179 |
| 1.25%, 12/31/26 | 8000 | 7861 |
| 1.50%, 01/31/27 | 4100 | 4032 |
| 3.75%, (3 Month Treasury + 0.10%), 01/31/27 (b) | 48300 | 48299 |
| 1.88%, 02/28/27 | 8700 | 8565 |
| 2.50%, 03/31/27 | 2000 | 1977 |
| 3.88%, 03/31/27 | 20300 | 20358 |
| 4.50%, 04/15/27 | 4000 | 4035 |
| 2.75%, 04/30/27 | 2000 | 1978 |
| 3.81%, (3 Month Treasury + 0.16%), 04/30/27 (b) | 15400 | 15400 |
| 3.81%, (3 Month Treasury + 0.16%), 07/31/27 (b) | 32200 | 32188 |
| 3.84%, (3 Month Treasury + 0.19%), 10/31/27 (b) | 24300 | 24313 |
| 3.75%, (3 Month Treasury + 0.10%), 01/31/28 (b) | 33600 | 33596 |
|  |  | 337698 |
| **U.S. Government Agency Obligations 12.2%** | **U.S. Government Agency Obligations 12.2%** | **U.S. Government Agency Obligations 12.2%** |
| Council of Federal Home Loan Banks |  |  |
| 3.65%, (SOFR + 0.02%), 04/16/26 (b) (c) | 6400 | 6400 |
| 3.73%, (SOFR + 0.10%), 03/16/27 - 03/18/27 (b) (c) | 7400 | 7400 |
| 3.74%, (SOFR + 0.11%), 07/16/27 (b) (c) | 1300 | 1300 |
| 3.75%, (SOFR + 0.12%), 08/11/27 - 08/12/27 (b) (c) | 6500 | 6500 |
| 3.76%, (SOFR + 0.14%), 09/23/27 (b) (c) | 2800 | 2800 |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 3.63%, (SOFR + 0.01%), 05/20/26 (b) (c) | 5400 | 5400 |
| 3.77%, (SOFR + 0.14%), 11/04/26 - 12/02/26 (b) (c) | 10800 | 10800 |
| 3.76%, (SOFR + 0.14%), 11/23/26 - 09/15/27 (b) (c) | 18000 | 18000 |
| 3.72%, (SOFR + 0.09%), 05/12/27 - 02/17/28 (b) (c) | 6900 | 6900 |
| 3.75%, (SOFR + 0.12%), 08/04/27 (b) (c) | 2300 | 2300 |
| 3.76%, (SOFR + 0.13%), 09/10/27 (b) (c) | 2000 | 2000 |
| Federal Home Loan Bank of New York |  |  |
| 3.76%, (SOFR + 0.14%), 12/17/26 (b) (c) | 10000 | 10000 |
| Federal Home Loan Bank of Topeka |  |  |
| 3.70%, (SOFR + 0.02%), 11/09/26 (b) (c) | 5600 | 5600 |
| 3.68%, (SOFR + 0.05%), 12/23/26 (b) (c) | 6100 | 6099 |
| 3.71%, (SOFR + 0.09%), 03/30/28 (b) (c) | 3000 | 3000 |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.63%, (SOFR + 0.01%), 04/20/26 - 08/21/26 (b) (c) | 33800 | 33800 |
| 3.65%, (SOFR + 0.01%), 05/07/26 - 09/28/26 (b) (c) | 24100 | 24100 |
| 3.74%, (SOFR + 0.11%), 05/07/26 (b) (c) | 2400 | 2400 |
| 3.63%, (SOFR + 0.00%), 05/20/26 (b) (c) | 14600 | 14600 |
| 3.64%, (SOFR + 0.01%), 05/20/26 - 08/13/26 (b) (c) | 17300 | 17300 |
| 3.66%, (SOFR + 0.03%), 06/29/26 (b) (c) | 5600 | 5600 |
| 3.65%, (SOFR + 0.02%), 09/18/26 - 10/29/26 (b) (c) | 9100 | 9100 |
| 3.66%, (SOFR + 0.03%), 10/22/26 (b) (c) | 5000 | 5000 |
| 3.77%, (SOFR + 0.14%), 10/29/26 (b) (c) | 3300 | 3300 |
| 3.80%, 11/06/26 (c) | 21800 | 21800 |
| 3.84%, 11/06/26 (c) | 11000 | 11000 |
| 3.81%, 12/04/26 (c) | 10700 | 10700 |
| 3.83%, 12/04/26 (c) | 10300 | 10300 |
| 3.68%, (SOFR + 0.05%), 05/20/27 (b) (c) | 4200 | 4200 |
| 3.77%, (SOFR + 0.14%), 08/26/27 (b) (c) | 4000 | 4000 |
| 3.81%, (SOFR + 0.18%), 10/08/27 (b) (c) | 9900 | 9900 |
| 3.78%, (SOFR + 0.15%), 11/19/27 (b) (c) | 6900 | 6900 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.77%, (SOFR + 0.14%), 10/23/26 - 12/11/26 (b) (c) | 19000 | 19000 |
|  |  | 307499 |
| **Discount Notes 2.2%** | **Discount Notes 2.2%** | **Discount Notes 2.2%** |
| FHLBanks Office of Finance |  |  |
| 3.60%, 04/17/26 (a) (c) | 6000 | 5991 |
| 3.64%, 04/22/26 (a) (c) | 17500 | 17463 |
| 3.54%, 06/30/26 (a) (c) | 7900 | 7831 |
| 3.55%, 07/08/26 (a) (c) | 4500 | 4457 |
| 3.55%, 07/17/26 (a) (c) | 4600 | 4552 |
| 3.58%, 07/22/26 (a) (c) | 3700 | 3659 |
| 3.59%, 07/24/26 (a) (c) | 3800 | 3757 |
| 3.59%, 09/09/26 (a) (c) | 8400 | 8267 |
|  |  | 55977 |
| Total Government And Agency Obligations (cost $1,376,952) | Total Government And Agency Obligations (cost $1,376,952) | 1376952 |
| **REPURCHASE AGREEMENTS 47.0%** | **REPURCHASE AGREEMENTS 47.0%** | **REPURCHASE AGREEMENTS 47.0%** |
| Repurchase Agreements (d) |  | 1186000 |
| Total Repurchase Agreements (cost $1,186,000) | Total Repurchase Agreements (cost $1,186,000) | 1186000 |
| **Total Investments 101.5% (cost $2,562,952)** | **Total Investments 101.5% (cost $2,562,952)** | **2562952** |
| **Other Assets and Liabilities, Net (1.5)%** | **Other Assets and Liabilities, Net (1.5)%** | **(37543)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2525409** |

---

(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 March 31, 2026. 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 March 31, 2026, see Repurchase Agreements in the Schedules of Investments.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** |
| **Counter-party** | **Collateral** | **Collateral Par<sup>1</sup>** | **Collateral Value ($)** | **Rate (%)** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Proceeds at Maturity ($)** | **Par<sup>1</sup>** | **Value ($)** |
| BNS | Treasury, United States Department of, 0.00%-6.75%, due 04/30/26-02/15/56 | 274636 | 255026 | 3.66 | 03/31/26 | 04/01/26 | 250025 | 250000 | 250000 |
| CIP | Federal National Mortgage Association, Inc., 1.75%-6.00%, due 10/01/31-02/01/56 | 99459 | 88761 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 3.20%-6.50%, due 09/01/29-02/01/56 | 400 | 380 |  |  |  |  |  |  |
|  | Treasury, United States Department of, 0.00%-4.75%, due 04/21/26-02/15/56 | 5917 | 5735 |  |  |  |  |  |  |
|  | Government National Mortgage Association, 3.00%-4.00%, due 07/20/46-03/20/52 | 11465 | 7124 |  |  |  |  |  |  |
|  |  | 117241 | 102000 | 3.67 | 03/31/26 | 04/01/26 | 100010 | 100000 | 100000 |
| CTC | Treasury, United States Department of, 0.00%-4.75%, due 07/15/26-02/15/56 | 419809 | 408000 | 3.66 | 03/31/26 | 04/01/26 | 400041 | 400000 | 400000 |
| DWA | Government National Mortgage Association, 4.50%-6.00%, due 08/20/52-12/20/55 | 46384 | 35397 |  |  |  |  |  |  |
|  | Federal National Mortgage Association, Inc., 2.00%-6.00%, due 08/01/51-03/01/56 | 12924 | 10021 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 2.00%-6.00%, due 08/25/50-03/01/56 | 37395 | 31816 |  |  |  |  |  |  |
|  |  | 96703 | 77234 | 3.67 | 03/31/26 | 04/01/26 | 75008 | 75000 | 75000 |
| FICC | Treasury, United States Department of, 0.00%-4.63%, due 04/28/26-11/15/26 | 367662 | 368220 | 3.66 | 03/31/26 | 04/01/26 | 361044 | 361000 | 361000 |
|  |  |  |  |  |  |  |  |  | 1186000 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1376952 |  | 1376952 |
| &nbsp;&nbsp;Repurchase Agreements |  | 1186000 |  | 1186000 |
|  |  | 2562952 |  | 2562952 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 58.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 58.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 58.6%** |
| **U.S. Treasury Note 27.4%** | **U.S. Treasury Note 27.4%** | **U.S. Treasury Note 27.4%** |
| Treasury, United States Department of |  |  |
| 3.50%, 02/15/29 - 11/30/30 | 16480 | 16212 |
| 3.63%, 03/31/30 - 09/30/31 | 41164 | 40566 |
| 3.75%, 05/31/30 - 11/30/32 | 69663 | 68472 |
| 4.63%, 09/30/30 - 02/15/35 | 399 | 410 |
| 4.25%, 02/28/31 - 08/15/35 | 64700 | 64700 |
| 4.25%, 06/30/31 (a) | 7500 | 7593 |
| 4.13%, 11/30/31 - 11/15/32 | 60415 | 60633 |
| 4.00%, 04/30/32 - 11/15/35 | 27784 | 27253 |
| 2.75%, 08/15/32 | 11078 | 10247 |
| 3.88%, 12/31/32 - 08/15/34 | 13500 | 13233 |
| 3.50%, 02/15/33 (a) | 95540 | 91920 |
|  |  | 401239 |
| **Mortgage-Backed Securities 14.4%** | **Mortgage-Backed Securities 14.4%** | **Mortgage-Backed Securities 14.4%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 12/01/30 - 06/01/52 | 8989 | 8094 |
| 3.50%, 11/01/33 - 03/01/52 | 4222 | 3928 |
| 1.50%, 07/01/35 - 02/01/51 | 2888 | 2417 |
| 2.00%, 12/01/36 - 06/01/52 | 16115 | 13245 |
| 4.00%, 05/01/38 - 02/01/53 | 3317 | 3184 |
| 6.00%, 07/01/39 - 08/01/55 | 5243 | 5430 |
| 2.50%, 06/01/40 - 02/01/52 | 8695 | 7464 |
| 5.00%, 05/01/52 - 12/01/52 | 2148 | 2144 |
| 5.50%, 09/01/52 - 08/01/53 | 3078 | 3134 |
| 5.00%, 12/01/52 (a) | 901 | 898 |
| 6.50%, 09/01/53 - 03/01/55 | 3713 | 3912 |
| 6.00%, 04/01/54 (a) | 580 | 601 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.00%, 02/01/28 - 03/01/52 | 13514 | 11379 |
| 3.00%, 02/01/31 - 04/01/52 | 13326 | 11965 |
| 1.50%, 11/01/35 - 02/01/51 | 1780 | 1450 |
| 3.50%, 05/01/36 - 07/01/52 | 8344 | 7863 |
| 2.50%, 11/01/36 - 06/01/52 | 14558 | 12685 |
| 4.00%, 06/01/38 - 09/01/52 | 4427 | 4236 |
| 4.50%, 03/01/39 - 08/01/39 | 580 | 577 |
| TBA, 5.00%, 04/15/41 - 04/15/56 (b) | 10800 | 10751 |
| 4.50%, 08/01/49 (a) | 1415 | 1381 |
| 5.50%, 09/01/52 - 08/01/54 | 5966 | 6074 |
| 6.00%, 09/01/52 - 07/01/55 | 12213 | 12564 |
| 5.00%, 10/01/52 - 12/01/52 | 1615 | 1611 |
| 6.50%, 05/01/53 - 08/01/55 | 2954 | 3091 |
| TBA, 2.00%, 04/15/56 - 05/15/56 (b) | 5600 | 4500 |
| TBA, 4.50%, 04/15/56 (b) | 400 | 386 |
| TBA, 5.50%, 04/15/56 (b) | 200 | 201 |
| TBA, 6.00%, 05/15/56 (b) | 2550 | 2595 |
| Government National Mortgage Association |  |  |
| 4.00%, 02/20/41 - 03/20/47 | 1724 | 1654 |
| 3.50%, 09/20/45 - 02/20/46 | 2508 | 2353 |
| 3.00%, 12/20/46 - 03/20/50 | 741 | 666 |
| 5.00%, 04/20/48 - 12/20/54 | 692 | 693 |
| 2.50%, 08/20/51 - 01/20/52 | 6207 | 5325 |
| TBA, 2.00%, 04/15/56 - 05/15/56 (b) | 14300 | 11777 |
| TBA, 2.50%, 04/15/56 (b) | 3000 | 2575 |
| TBA, 4.50%, 04/15/56 (b) | 1500 | 1447 |
| TBA, 5.50%, 04/15/56 - 05/15/56 (b) | 20875 | 20958 |
| TBA, 6.00%, 04/15/56 - 05/15/56 (b) | 10075 | 10233 |
| Government National Mortgage Association II |  |  |
| 2.50%, 07/20/51 - 02/20/52 | 5354 | 4600 |
|  |  | 210041 |
| **U.S. Treasury Bond 12.4%** | **U.S. Treasury Bond 12.4%** | **U.S. Treasury Bond 12.4%** |
| Treasury, United States Department of |  |  |
| 0.00%, 11/15/35 - 08/15/41 (c) | 51970 | 28142 |
| 3.25%, 05/15/42 | 6600 | 5446 |
| 4.38%, 08/15/43 | 9550 | 9015 |
| 4.63%, 11/15/44 - 11/15/55 | 22301 | 21413 |
| 4.75%, 02/15/45 - 02/15/56 | 25884 | 25220 |
| 4.88%, 08/15/45 | 5355 | 5338 |
| 4.63%, 02/15/46 (d) | 191 | 184 |
| 1.88%, 11/15/51 | 15598 | 8567 |
| 2.25%, 02/15/52 | 36390 | 21931 |
| 2.88%, 05/15/52 | 10630 | 7373 |
| 3.63%, 02/15/53 (a) | 13522 | 10853 |
| 4.13%, 08/15/53 | 15441 | 13548 |
| 4.25%, 02/15/54 | 23407 | 20970 |
| 4.50%, 11/15/54 | 2800 | 2616 |
|  |  | 180616 |
| **Sovereign 2.0%** | **Sovereign 2.0%** | **Sovereign 2.0%** |
| Arab Republic of Egypt |  |  |
| 7.50%, 01/31/27 (e) | 235 | 236 |
| 7.63%, 05/29/32 (e) | 90 | 86 |
| 7.90%, 02/21/48 (e) | 15 | 12 |
| 8.70%, 03/01/49 (e) | 310 | 270 |
| 7.50%, 02/16/61 (e) | 185 | 140 |
| Bank Gospodarstwa Krajowego |  |  |
| 6.25%, 07/09/54 (e) | 110 | 108 |
| Bermuda, Government of |  |  |
| 3.72%, 01/25/27 (e) | 215 | 213 |
| 3.38%, 08/20/50 (e) | 60 | 41 |
| Cabinet of Ministers of Ukraine |  |  |
| 4.50%, 02/01/29 - 02/01/36 (e) (f) | 511 | 297 |
| 0.00%, 02/01/30 - 02/01/36 (e) (f) | 353 | 163 |
| 4.00%, 02/01/32 (e) (f) | 100 | 73 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.78%, 01/23/31 | 135 | 124 |
| 3.00%, 01/15/34 | 90 | 77 |
| 3.30%, 03/11/41 | 85 | 64 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 7.38%, 04/25/30 - 09/18/37 | 230 | 238 |
| 6.13%, 01/21/31 - 01/18/41 | 210 | 206 |
| 3.13%, 04/15/31 | 115 | 98 |
| 8.00%, 04/20/33 - 11/14/35 | 334 | 353 |
| 7.50%, 02/02/34 | 50 | 51 |
| 5.00%, 06/15/45 | 110 | 79 |
| 5.20%, 05/15/49 | 150 | 109 |
| 4.13%, 05/15/51 | 50 | 31 |
| 8.75%, 11/14/53 | 200 | 216 |
| Dubai, Government of |  |  |
| 5.25%, 01/30/43 (g) | 200 | 185 |
| Egyptian Financial Company for Sovereign Taskeek, The |  |  |
| 7.95%, 10/07/32 (e) | 200 | 201 |
| Federal Government of Nigeria |  |  |
| 6.50%, 11/28/27 (e) | 10 | 10 |
| 6.13%, 09/28/28 (e) | 305 | 302 |
| 7.14%, 02/23/30 (e) | 90 | 91 |
| 7.88%, 02/16/32 (e) | 155 | 157 |
| 7.70%, 02/23/38 (e) | 60 | 58 |
| Gobierno de la Republica de Costa Rica |  |  |
| 5.63%, 04/30/43 (e) | 5 | 5 |
| 7.30%, 11/13/54 (e) | 200 | 217 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.90%, 06/01/30 (e) | 10 | 10 |
| 5.38%, 04/24/32 (e) | 125 | 124 |
| 6.60%, 06/13/36 (e) | 20 | 21 |
| 6.25%, 08/15/36 (e) | 200 | 203 |
| 6.13%, 06/01/50 (e) | 75 | 71 |
| Gobierno de la Republica del Ecuador |  |  |
| 6.90%, 07/31/30 (e) (f) | 211 | 206 |
| 8.75%, 01/29/34 (e) | 200 | 196 |
| 6.90%, 07/31/35 (e) (f) | 195 | 172 |
| 9.25%, 01/29/39 (e) | 200 | 196 |
| Gobierno de La Republica del Paraguay |  |  |
| 2.74%, 01/29/33 (e) | 200 | 176 |
| 6.00%, 02/09/36 (e) | 200 | 208 |
| 5.40%, 03/30/50 (e) | 30 | 27 |
| 6.65%, 03/04/55 (e) | 200 | 208 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.75%, 10/28/34 | 70 | 73 |
| 5.10%, 06/18/50 | 150 | 137 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 4.50%, 04/22/29 | 70 | 70 |
| 3.25%, 04/16/30 | 135 | 126 |
| 2.66%, 05/24/31 | 100 | 88 |
| 3.50%, 02/12/34 | 125 | 106 |
| 6.35%, 02/09/35 | 200 | 204 |
| 6.00%, 05/07/36 | 200 | 199 |
| 6.88%, 05/13/37 | 200 | 209 |
| 6.13%, 02/09/38 | 200 | 195 |
| 6.05%, 01/11/40 | 145 | 140 |
| 6.40%, 05/07/54 | 50 | 47 |
| 7.38%, 05/13/55 | 200 | 209 |
| 3.77%, 05/24/61 | 180 | 107 |
| Government of Abu Dhabi |  |  |
| 3.13%, 09/30/49 (e) | 480 | 314 |
| 3.88%, 04/16/50 (e) | 145 | 108 |
| 3.00%, 09/15/51 (e) | 105 | 66 |
| 5.50%, 04/30/54 (e) | 200 | 191 |
| Government of Commonwealth of the Bahamas |  |  |
| 8.25%, 06/24/36 (e) | 170 | 182 |
| Government of Gabon |  |  |
| 7.00%, 11/24/31 (e) | 40 | 33 |
| Government of Ghana |  |  |
| 0.00%, 07/03/26 - 01/03/30 (c) (e) | 9 | 8 |
| 5.00%, 07/03/29 - 07/03/35 (e) (f) | 134 | 120 |
| Government of Kenya |  |  |
| 9.75%, 02/16/31 (e) | 200 | 205 |
| 9.50%, 03/05/36 (e) | 55 | 53 |
| Government of Saudi Arabia |  |  |
| 3.25%, 10/22/30 (e) | 385 | 360 |
| 4.38%, 01/12/31 (e) | 200 | 196 |
| 2.25%, 02/02/33 (e) | 200 | 168 |
| 4.50%, 10/26/46 (e) | 125 | 101 |
| 4.63%, 10/04/47 (e) | 110 | 90 |
| 3.75%, 01/21/55 (e) | 100 | 67 |
| 4.50%, 04/22/60 (e) | 300 | 228 |
| 3.45%, 02/02/61 (e) | 250 | 153 |
| Government of the Kingdom of Bahrain |  |  |
| 7.10%, 02/03/38 (e) | 200 | 188 |
| Government of the People's Republic of Benin |  |  |
| 7.96%, 02/13/38 (e) | 200 | 196 |
| Government of the Republic of Panama |  |  |
| 5.23%, 02/23/34 | 200 | 193 |
| 5.66%, 02/23/38 | 200 | 196 |
| 7.88%, 03/01/57 | 100 | 116 |
| Government of the Republic of Serbia |  |  |
| 6.50%, 09/26/33 (d) (e) | 75 | 78 |
| 6.00%, 06/12/34 (e) | 125 | 125 |
| Government of the Republic of Trinidad and Tobago |  |  |
| 6.50%, 01/28/36 (e) | 200 | 197 |
| Government of the Republic of Zambia |  |  |
| 5.75%, 06/30/33 (e) (f) | 12 | 12 |
| 0.50%, 12/31/53 (e) (f) | 134 | 87 |
| Government of the Sultanate of Oman |  |  |
| 6.00%, 08/01/29 (e) | 50 | 51 |
| 6.25%, 01/25/31 (e) | 200 | 208 |
| 6.50%, 03/08/47 (e) | 25 | 25 |
| 6.75%, 01/17/48 (e) | 125 | 130 |
| 7.00%, 01/25/51 (e) | 25 | 27 |
| Israel, State of |  |  |
| 5.75%, 03/12/54 | 200 | 185 |
| Jamaica, The Government of |  |  |
| 7.88%, 07/28/45 | 35 | 40 |
| Kingdom of Bahrain |  |  |
| 5.63%, 05/18/34 (e) | 45 | 40 |
| Magyar Export-Import Bank Zartkoruen Mukodo Reszvenytarsasag |  |  |
| 6.13%, 12/04/27 (e) | 200 | 202 |
| Ministerul Finantelor Publice |  |  |
| 5.75%, 09/16/30 (e) | 90 | 90 |
| 3.63%, 03/27/32 (d) (e) | 98 | 86 |
| 7.13%, 01/17/33 (e) | 110 | 115 |
| 6.00%, 05/25/34 (e) | 65 | 63 |
| 7.50%, 02/10/37 (e) | 136 | 143 |
| 4.00%, 02/14/51 (e) | 85 | 54 |
| Ministry of Defence State of Israel |  |  |
| 3.38%, 01/15/50 | 135 | 87 |
| Ministry of Diwan Amiri Affairs |  |  |
| 4.63%, 06/02/46 (e) | 220 | 190 |
| 4.82%, 03/14/49 (d) (e) | 275 | 241 |
| 4.40%, 04/16/50 (e) | 285 | 235 |
| Ministry of Finance |  |  |
| 5.00%, 01/13/36 | 200 | 192 |
| Minstry of Finance, Lebenon Republic of |  |  |
| 0.00%, 03/09/20 - 04/03/20 (g) (h) (i) | 205 | 50 |
| Morocco, Kingdom of |  |  |
| 6.50%, 09/08/33 (e) | 200 | 210 |
| Pakistan, Government of |  |  |
| 6.00%, 04/08/26 (e) | 145 | 145 |
| 6.88%, 12/05/27 (e) | 95 | 94 |
| 7.38%, 04/08/31 (e) | 60 | 55 |
| People's Government of Inner Mongolia Autonomous Region |  |  |
| 7.88%, 06/05/29 (e) | 200 | 209 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 6.13%, 06/15/33 (e) | 200 | 188 |
| 8.08%, 04/01/36 (e) | 200 | 203 |
| Presidencia da Republica |  |  |
| 3.88%, 06/12/30 | 170 | 162 |
| 8.25%, 01/20/34 | 225 | 255 |
| 6.63%, 03/15/35 | 200 | 205 |
| 6.25%, 05/22/36 | 200 | 197 |
| 7.13%, 01/20/37 | 115 | 124 |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 198 | 173 |
| 0.75%, 07/09/30 (f) | 989 | 826 |
| 4.13%, 07/09/35 (f) | 997 | 717 |
| 5.00%, 01/09/38 (f) | 579 | 434 |
| 3.50%, 07/09/41 (f) | 335 | 223 |
| Presidencia de la Republica de Chile |  |  |
| 2.75%, 01/31/27 | 75 | 74 |
| 2.45%, 01/31/31 | 285 | 260 |
| 4.00%, 01/31/52 | 200 | 155 |
| 5.33%, 01/05/54 | 200 | 189 |
| 3.10%, 01/22/61 | 160 | 99 |
| Presidencia de la Republica de El Salvador |  |  |
| 0.25%, 04/17/30 (e) | 150 | 5 |
| 9.25%, 04/17/30 (e) | 150 | 156 |
| 7.65%, 06/15/35 (e) | 55 | 54 |
| 7.63%, 02/01/41 (d) (e) | 20 | 19 |
| 7.12%, 01/20/50 (e) | 40 | 34 |
| 9.65%, 11/21/54 (e) | 150 | 160 |
| Presidencia de la Republica Dominicana |  |  |
| 6.00%, 07/19/28 (e) | 75 | 76 |
| 7.05%, 02/03/31 (e) | 300 | 311 |
| 5.75%, 03/17/34 (d) (e) | 150 | 143 |
| 6.60%, 06/01/36 (e) | 150 | 150 |
| 5.30%, 01/21/41 (e) | 95 | 81 |
| 6.85%, 01/27/45 (e) | 80 | 78 |
| 7.15%, 02/24/55 (e) | 150 | 152 |
| Republic of Indonesia, The Government of, The |  |  |
| 8.50%, 10/12/35 (e) | 165 | 201 |
| 6.63%, 02/17/37 (e) | 30 | 33 |
| 7.75%, 01/17/38 (e) | 160 | 189 |
| 6.75%, 01/15/44 (e) | 70 | 77 |
| 5.13%, 01/15/45 (e) | 85 | 79 |
| 5.95%, 01/08/46 (e) | 220 | 221 |
| 4.35%, 01/11/48 | 90 | 72 |
| 3.50%, 02/14/50 | 60 | 41 |
| 4.20%, 10/15/50 | 1515 | 1169 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 09/15/27 (h) (i) | 580 | 283 |
| Republica de Angola |  |  |
| 8.25%, 05/09/28 (e) | 125 | 126 |
| 9.24%, 01/15/31 (e) | 235 | 238 |
| 8.75%, 04/14/32 (e) | 135 | 131 |
| 9.38%, 03/31/33 (e) | 200 | 197 |
| 9.38%, 05/08/48 (d) (e) | 50 | 44 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Romania, Government of |  |  |
| 5.75%, 07/04/36 (e) | 130 | 120 |
| Sandor-Palota |  |  |
| 2.13%, 09/22/31 (e) | 200 | 169 |
| 5.50%, 06/16/34 (e) | 155 | 153 |
| 3.13%, 09/21/51 (e) | 75 | 44 |
| 6.75%, 09/25/52 - 09/23/55 (e) | 165 | 167 |
| Senegal, Government of |  |  |
| 6.25%, 05/23/33 (e) | 80 | 42 |
| South Africa, Parliament of |  |  |
| 4.85%, 09/27/27 | 60 | 60 |
| 5.88%, 04/20/32 (d) | 60 | 60 |
| 7.10%, 11/19/36 (e) | 100 | 102 |
| 6.13%, 12/11/37 (e) | 200 | 186 |
| 5.00%, 10/12/46 | 85 | 61 |
| 5.65%, 09/27/47 | 75 | 58 |
| 5.75%, 09/30/49 | 140 | 108 |
| The Democratic Socialist Republic of Sri Lanka |  |  |
| 4.00%, 04/15/28 (d) (e) | 39 | 37 |
| 3.10%, 01/15/30 (e) (f) | 55 | 51 |
| 3.35%, 03/15/33 (e) (f) | 189 | 158 |
| 3.60%, 06/15/35 - 02/15/38 (e) (f) | 98 | 84 |
| 3.60%, 05/15/36 (d) (e) (f) | 37 | 33 |
| The Government of the Republic of Armenia |  |  |
| 3.60%, 02/02/31 (e) | 65 | 58 |
| 6.75%, 03/12/35 (e) | 200 | 202 |
| The Hashemite Kingdom of Jordan, The Government of |  |  |
| 7.38%, 10/10/47 (e) | 60 | 56 |
| The Philippines, Government of |  |  |
| 2.95%, 05/05/45 | 35 | 23 |
| 2.65%, 12/10/45 | 70 | 44 |
| 5.95%, 10/13/47 (d) | 200 | 202 |
| 5.50%, 01/17/48 (d) | 200 | 191 |
| The Republic of Rwanda, Government of |  |  |
| 5.50%, 08/09/31 (e) | 120 | 107 |
| The Republic of Uzbekistan |  |  |
| 3.70%, 11/25/30 (e) | 85 | 77 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 4.88%, 10/09/26 - 04/16/43 | 380 | 328 |
| 6.00%, 03/25/27 - 01/14/41 | 215 | 184 |
| 9.88%, 01/15/28 | 145 | 154 |
| 9.38%, 03/14/29 - 01/19/33 | 580 | 636 |
| 9.13%, 07/13/30 | 90 | 98 |
| 5.88%, 06/26/31 | 85 | 81 |
| 6.30%, 03/14/33 | 200 | 189 |
| 7.63%, 05/15/34 | 200 | 203 |
| 6.80%, 11/04/36 | 200 | 189 |
| 6.63%, 02/17/45 | 30 | 25 |
| 5.75%, 05/11/47 | 75 | 56 |
| Turkiye Ihracat Kredi Bankasi Anonim Sirketi |  |  |
| 6.38%, 10/03/30 (e) | 275 | 265 |
| Urzad Rady Ministrow |  |  |
| 5.75%, 11/16/32 | 90 | 94 |
| 5.50%, 04/04/53 | 45 | 41 |
| Vlada Crne Gore |  |  |
| 7.25%, 03/12/31 (e) | 240 | 249 |
| | | 29886 |
| **Collateralized Mortgage Obligations 1.8%** | **Collateralized Mortgage Obligations 1.8%** | **Collateralized Mortgage Obligations 1.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series AH-5213, REMIC, 2.25%, 04/25/37 | 291 | 276 |
| Series CL-5092, REMIC, 3.00%, 04/25/41 | 781 | 704 |
| Series CD-5266, REMIC, 4.50%, 10/25/44 | 329 | 328 |
| Series BA-5000, REMIC, 2.00%, 04/25/45 | 361 | 339 |
| Series LA-4646, REMIC, 4.00%, 09/15/45 | 19 | 19 |
| Series KB-4692, REMIC, 4.00%, 10/15/46 | 106 | 103 |
| Series TA-5210, REMIC, 3.50%, 11/25/46 | 171 | 164 |
| Series PA-4746, REMIC, 4.00%, 02/15/47 | 51 | 50 |
| Series KA-5180, REMIC, 2.50%, 10/25/47 | 154 | 140 |
| Series LB-5202, REMIC, 2.50%, 10/25/47 | 152 | 139 |
| Series GC-5159, REMIC, 2.00%, 11/25/47 | 123 | 110 |
| Series BA-5190, REMIC, 2.50%, 11/25/47 | 188 | 171 |
| Series BA-5198, REMIC, 2.50%, 11/25/47 | 281 | 256 |
| Series DA-5197, REMIC, 2.50%, 11/25/47 | 142 | 129 |
| Series A-5248, REMIC, 4.00%, 04/15/48 | 343 | 339 |
| Series P-5236, REMIC, 5.00%, 04/25/48 | 124 | 125 |
| Series M-5164, REMIC, 2.50%, 07/25/48 | 126 | 112 |
| Series EA-5159, REMIC, 2.50%, 08/25/48 | 123 | 110 |
| Series A-5182, REMIC, 2.50%, 10/25/48 | 1051 | 942 |
| Series AG-5202, REMIC, 3.00%, 01/25/49 | 112 | 104 |
| Series TP-5178, REMIC, 2.50%, 04/25/49 | 271 | 241 |
| Series BA-5169, REMIC, 2.50%, 05/25/49 | 543 | 482 |
| Series CA-5190, REMIC, 2.50%, 05/25/49 | 159 | 141 |
| Series TP-5189, REMIC, 2.50%, 05/25/49 | 189 | 168 |
| Series A-5197, REMIC, 2.50%, 06/25/49 | 159 | 141 |
| Series TP-5169, REMIC, 2.50%, 06/25/49 | 125 | 111 |
| Series CA-5191, REMIC, 2.50%, 04/25/50 | 182 | 159 |
| Series CB-5175, REMIC, 2.50%, 04/25/50 | 786 | 689 |
| Series UA-5202, REMIC, 3.00%, 04/25/50 | 167 | 153 |
| Series BE-5058, REMIC, 3.00%, 11/25/50 | 289 | 250 |
| Series PK-5220, REMIC, 3.50%, 01/25/51 | 213 | 202 |
| Series CG-5214, REMIC, 3.50%, 04/25/52 | 143 | 137 |
| Series FP-5237, REMIC, 4.21%, (SOFR 30-Day Average + 0.55%), 07/25/52 (j) | 65 | 64 |
| Series FA-5250, REMIC, 4.33%, (SOFR 30-Day Average + 0.67%), 08/25/52 (j) | 143 | 142 |
| Series FA-5256, REMIC, 4.31%, (SOFR 30-Day Average + 0.65%), 09/25/52 (j) | 64 | 63 |
| Series FA-5255, REMIC, 4.36%, (SOFR 30-Day Average + 0.70%), 09/25/52 (j) | 141 | 139 |
| Series FA-5330, REMIC, 4.71%, (SOFR 30-Day Average + 1.05%), 08/25/53 (j) | 322 | 323 |
| Series FK-5425, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 06/25/54 (j) | 219 | 220 |
| Series FD-5459, REMIC, 4.66%, (SOFR 30-Day Average + 1.00%), 10/25/54 (j) | 457 | 459 |
| Series FV-5500, REMIC, 4.91%, (SOFR 30-Day Average + 1.25%), 10/25/54 (j) | 254 | 255 |
| Series FB-5509, REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 02/25/55 (j) | 257 | 258 |
| Series WF-5499, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 02/25/55 (j) | 138 | 138 |
| Series CF-5529, REMIC, 4.71%, (SOFR 30-Day Average + 1.05%), 04/25/55 (j) | 292 | 293 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2013-DJ-44, REMIC, 1.85%, 05/25/33 | 341 | 321 |
| Series 2022-AB-69, REMIC, 4.50%, 01/25/44 | 307 | 303 |
| Series 2022-MA-13, REMIC, 3.00%, 05/25/44 | 1980 | 1906 |
| Series 2020-BA-51, REMIC, 2.00%, 06/25/46 | 381 | 347 |
| Series 2022-HA-13, REMIC, 3.00%, 08/25/46 | 109 | 103 |
| Series 2022-GC-15, REMIC, 3.00%, 01/25/47 | 249 | 237 |
| Series 2022-CK-35, REMIC, 4.00%, 03/25/47 | 1647 | 1605 |
| Series 2022-BH-17, REMIC, 3.00%, 05/25/47 | 270 | 257 |
| Series 2022-AB-25, REMIC, 4.00%, 09/25/47 | 216 | 212 |
| Series 2022-N-3, REMIC, 2.00%, 10/25/47 | 1333 | 1197 |
| Series 2022-DA-5, REMIC, 2.25%, 11/25/47 | 476 | 429 |
| Series 2022-E-7, REMIC, 2.50%, 11/25/47 | 574 | 524 |
| Series 2021-DA-66, REMIC, 2.00%, 01/25/48 | 157 | 133 |
| Series 2021-DM-66, REMIC, 2.00%, 01/25/48 | 166 | 141 |
| Series 2022-D-3, REMIC, 2.00%, 02/25/48 | 577 | 520 |
| Series 2022-A-7, REMIC, 3.00%, 05/25/48 | 351 | 328 |
| Series 2022-BA-9, REMIC, 3.00%, 05/25/48 | 180 | 168 |
| Series 2022-JA-13, REMIC, 3.00%, 05/25/48 | 212 | 197 |
| Series 2022-KA-1, REMIC, 3.00%, 05/25/48 | 249 | 232 |
| Series 2022-E-30, REMIC, 4.50%, 07/25/48 | 267 | 263 |
| Series 2021-L-85, REMIC, 2.50%, 08/25/48 | 136 | 122 |
| Series 2021-NA-95, REMIC, 2.50%, 09/25/48 | 399 | 357 |
| Series 2022-TC-49, REMIC, 4.00%, 12/25/48 | 82 | 80 |
| Series 2021-AH-96, REMIC, 2.50%, 03/25/49 | 605 | 540 |
| Series 2022-B-4, REMIC, 2.50%, 05/25/49 | 156 | 139 |
| Series 2021-BA-95, REMIC, 2.50%, 06/25/49 | 606 | 538 |
| Series 2022-B-11, REMIC, 3.00%, 06/25/49 | 189 | 175 |
| Series 2021-A-68, REMIC, 2.00%, 07/25/49 | 270 | 223 |
| Series 2022-BA-5, REMIC, 2.50%, 12/25/49 | 204 | 179 |
| Series 2021-HA-96, REMIC, 2.50%, 02/25/50 | 215 | 191 |
| Series 2022-A-28, REMIC, 2.50%, 02/25/52 | 470 | 449 |
| Series 2022-TH-2, REMIC, 2.50%, 02/25/52 | 59 | 54 |
| Series 2023-FD-54, REMIC, 5.11%, (SOFR 30-Day Average + 1.45%), 11/25/53 (j) | 437 | 443 |
| Series 2024-FB-41, REMIC, 5.19%, (SOFR 30-Day Average + 1.53%), 07/25/54 (j) | 119 | 120 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2025-FC-33, REMIC, 5.26%, (SOFR 30-Day Average + 1.60%), 08/25/54 (j) | 778 | 789 |
| Series 2025-FH-4, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 09/25/54 (j) | 166 | 167 |
| Series 2025-DF-7, REMIC, 5.06%, (SOFR 30-Day Average + 1.40%), 09/25/54 (j) | 252 | 253 |
| Series 2024-FG-93, REMIC, 4.76%, (SOFR 30-Day Average + 1.10%), 12/25/54 (j) | 597 | 601 |
| Series 2024-FD-90, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 12/25/54 (j) | 729 | 732 |
| Series 2025-FE-7, REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 02/25/55 (j) | 174 | 175 |
| Series 2025-FB-7, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 02/25/55 (j) | 388 | 391 |
| Series 2025-AF-7, REMIC, 5.06%, (SOFR 30-Day Average + 1.40%), 02/25/55 (j) | 215 | 217 |
| Government National Mortgage Association |  |  |
| Series 2017-BA-139, REMIC, 3.00%, 09/20/47 | 198 | 180 |
| Series 2019-F-11, REMIC, 4.19%, (1 Month Term SOFR + 0.51%), 01/20/49 (j) | 117 | 116 |
| Series 2019-NF-23, REMIC, 4.24%, (1 Month Term SOFR + 0.56%), 02/20/49 (j) | 71 | 70 |
| Series 2019-FB-153, REMIC, 4.24%, (1 Month Term SOFR + 0.56%), 12/20/49 (j) | 344 | 339 |
| | | 26951 |
| **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-K074, REMIC, 3.60%, 01/25/28 | 397 | 394 |
| Series AS-K521, REMIC, 4.18%, (SOFR 30-Day Average + 0.52%), 03/26/29 (j) | 498 | 498 |
| Series A2-K546, REMIC, 4.36%, 05/25/30 | 200 | 201 |
| Series A2-K547, REMIC, 4.42%, 05/25/30 (j) | 300 | 302 |
| Series A2-K543, REMIC, 4.33%, 06/25/30 (j) | 300 | 300 |
| Series A2-K544, REMIC, 4.27%, 07/25/30 (j) | 200 | 200 |
| Series A2-K548, REMIC, 4.32%, 09/25/30 (j) | 400 | 400 |
| Series AS-K554, REMIC, 4.17%, (SOFR 30-Day Average + 0.50%), 10/25/30 (j) | 400 | 400 |
| Series AS-K552, REMIC, 4.21%, (SOFR 30-Day Average + 0.54%), 10/25/30 (j) | 800 | 800 |
| Series AS-K553, REMIC, 4.21%, (SOFR 30-Day Average + 0.54%), 10/25/30 (j) | 560 | 560 |
| Series AS-K551, REMIC, 4.22%, (SOFR 30-Day Average + 0.55%), 10/25/30 (j) | 1500 | 1500 |
| Series A2-K551, REMIC, 4.16%, 11/25/30 (j) | 200 | 199 |
| Series AS-K555, REMIC, 4.17%, (SOFR 30-Day Average + 0.50%), 11/25/30 (j) | 900 | 900 |
| Series AS-K557, REMIC, 4.16%, (SOFR 30-Day Average + 0.50%), 12/25/30 (j) | 700 | 700 |
| Series AS-K556, REMIC, 4.15%, (SOFR 30-Day Average + 0.49%), 12/26/30 (j) | 200 | 200 |
| Series A2-K135, REMIC, 2.15%, 10/25/31 (j) | 100 | 90 |
|  |  | 7644 |
| **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 - 02/15/56 (k) | 1002 | 930 |
| Total Government And Agency Obligations (cost $905,640) | Total Government And Agency Obligations (cost $905,640) | 857307 |
| **CORPORATE BONDS AND NOTES 25.2%** | **CORPORATE BONDS AND NOTES 25.2%** | **CORPORATE BONDS AND NOTES 25.2%** |
| **Financials 11.2%** | **Financials 11.2%** | **Financials 11.2%** |
| Abu Dhabi Developmental Holding Company PJSC |  |  |
| 5.50%, 05/08/34 (e) | 200 | 203 |
| 5.25%, 10/02/54 (e) | 200 | 177 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 2.45%, 10/29/26 | 561 | 555 |
| 6.45%, 04/15/27 | 867 | 883 |
| 3.00%, 10/29/28 | 588 | 566 |
| 5.10%, 01/19/29 | 1651 | 1672 |
| 3.30%, 01/30/32 | 629 | 572 |
| 6.50%, 01/31/56 | 81 | 81 |
| AIA Group Limited |  |  |
| 3.20%, 09/16/40 (e) | 538 | 415 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 04/15/28 (e) | 94 | 94 |
| Alliant Holdings LP |  |  |
| 10.00%, 12/31/99 (l) | 47 | 46 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/28) (d) (m) | 60 | 55 |
| 4.70%, (100, 05/15/26) (m) | 233 | 231 |
| 7.10%, 11/15/27 | 1430 | 1484 |
| 6.70%, 02/14/33 (d) | 30 | 30 |
| 6.65%, 01/17/40 | 193 | 186 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (e) | 135 | 122 |
| Ares Strategic Income Fund |  |  |
| 5.70%, 03/15/28 | 1335 | 1334 |
| 5.45%, 09/09/28 (e) | 732 | 725 |
| 5.80%, 09/09/30 (e) | 592 | 577 |
| Asurion LLC |  |  |
| 8.00%, 12/31/32 (e) | 220 | 228 |
| 8.38%, 02/01/34 (e) | 410 | 399 |
| Athene Global Funding |  |  |
| 5.34%, 01/15/27 (e) | 2128 | 2143 |
| 4.58%, 04/19/27 (e) (j) | 1460 | 1460 |
| 5.58%, 01/09/29 (e) | 1190 | 1202 |
| Avolon Holdings Funding Limited |  |  |
| 4.38%, 05/01/26 (e) | 2900 | 2900 |
| 6.38%, 05/04/28 (e) | 134 | 138 |
| 5.15%, 01/15/30 (e) | 93 | 93 |
| 5.38%, 05/30/30 (e) | 503 | 509 |
| 4.85%, 04/01/33 (e) | 39 | 37 |
| Banco de Credito del Peru |  |  |
| 5.80%, 03/10/35 (e) | 115 | 114 |
| Banco Del Estado De Chile |  |  |
| 7.95%, (100, 05/02/29) (e) (m) | 200 | 210 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.63%, (100, 01/10/28) (e) (m) | 200 | 200 |
| Bank of America Corporation |  |  |
| 6.25%, (100, 07/26/30) (m) | 70 | 70 |
| 4.18%, 11/25/27 | 3725 | 3712 |
| 4.38%, 04/27/28 | 3800 | 3797 |
| 2.30%, 07/21/32 | 1360 | 1203 |
| 2.97%, 02/04/33 | 3100 | 2810 |
| 5.02%, 07/22/33 | 5250 | 5287 |
| Barclays PLC |  |  |
| 5.83%, 05/09/27 | 1980 | 1983 |
| 6.49%, 09/13/29 | 1408 | 1467 |
| 5.69%, 03/12/30 | 1000 | 1027 |
| 5.09%, 06/20/30 | 2500 | 2510 |
| 6.22%, 05/09/34 | 1083 | 1137 |
| BBVA Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico |  |  |
| 5.13%, 01/18/33 (e) | 200 | 195 |
| BCI Miami |  |  |
| 8.75%, (100, 02/08/29) (e) (m) | 200 | 209 |
| Blackstone Private Credit Fund |  |  |
| 7.30%, 11/27/28 | 1600 | 1636 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (e) | 65 | 65 |
| 3.50%, 06/01/31 | 20 | 18 |
| 6.50%, 05/15/32 | 246 | 247 |
| 6.00%, 08/15/33 (e) | 165 | 162 |
| BNP Paribas |  |  |
| 7.45%, (100, 06/27/35) (e) (m) (n) | 125 | 125 |
| 5.79%, 01/13/33 (e) | 1294 | 1338 |
| Breakwater Energy Holdings S.a r.l. |  |  |
| 9.25%, 11/15/30 (e) | 105 | 110 |
| Burford Capital Global Finance LLC |  |  |
| 7.50%, 07/15/33 (e) | 92 | 77 |
| BW Real Estate Inc. |  |  |
| 9.50%, (100, 03/30/30) (e) (m) | 60 | 60 |
| Capital One Financial Corporation |  |  |
| 4.93%, 05/10/28 | 2117 | 2123 |
| 3.27%, 03/01/30 | 2123 | 2044 |
| 5.25%, 07/26/30 | 1600 | 1622 |
| 7.62%, 10/30/31 | 1228 | 1357 |
| Citigroup Inc. |  |  |
| 6.50%, (100, 05/15/31) (m) | 40 | 40 |
| 6.63%, (100, 02/15/31) (m) | 110 | 110 |
| 4.30%, 11/20/26 | 200 | 200 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.07%, 02/24/28 | 4000 | 3952 |
| 2.67%, 01/29/31 | 2300 | 2135 |
| 4.41%, 03/31/31 | 1522 | 1506 |
| 4.91%, 05/24/33 | 491 | 490 |
| 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 | 1399 |
| 4.35%, 04/05/42 | 111 | 91 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 5.00%, 09/11/30 | 5000 | 5023 |
| 3.73%, 01/14/32 | 2500 | 2315 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (e) | 235 | 236 |
| Encore Capital Group, Inc. |  |  |
| 8.50%, 05/15/30 (e) | 103 | 109 |
| Equitable Holdings, Inc. |  |  |
| 4.57%, 02/15/29 (e) | 257 | 255 |
| Five Corners Funding Trust II |  |  |
| 2.85%, 05/15/30 (e) | 1710 | 1596 |
| Ford Motor Credit Company LLC |  |  |
| 4.95%, 05/28/27 | 1700 | 1699 |
| 4.97%, 04/06/29 | 253 | 250 |
| GGAM Finance Ltd. |  |  |
| 8.00%, 06/15/28 (e) | 30 | 31 |
| 6.88%, 04/15/29 (e) | 45 | 46 |
| 5.88%, 03/15/30 (e) | 320 | 319 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (e) | 185 | 188 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.62%, 03/15/28 | 3900 | 3869 |
| 4.22%, 05/01/29 | 5000 | 4970 |
| 3.80%, 03/15/30 | 2570 | 2498 |
| 2.38%, 07/21/32 | 1355 | 1198 |
| 3.10%, 02/24/33 | 2900 | 2624 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.00%, 03/15/36 | 118 | 115 |
| 8.00%, 06/01/56 | 110 | 114 |
| 7.13%, 11/15/56 | 74 | 74 |
| Hightower Holdings LLC |  |  |
| 6.75%, 04/15/29 (e) | 35 | 34 |
| 9.13%, 01/31/30 (e) | 75 | 76 |
| HPS Corporate Lending Fund |  |  |
| 5.45%, 01/14/28 | 2431 | 2414 |
| HSBC Holdings PLC |  |  |
| 6.75%, (100, 03/24/31) (m) (n) | 90 | 89 |
| 7.00%, (100, 09/24/35) (d) (m) (n) | 40 | 40 |
| Intesa Sanpaolo SPA |  |  |
| 4.20%, 06/01/32 (e) | 200 | 187 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (e) | 95 | 97 |
| 6.13%, 11/01/32 (e) | 95 | 94 |
| 6.75%, 05/01/33 (e) | 130 | 132 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (e) | 135 | 126 |
| 6.63%, 10/15/31 (e) | 115 | 110 |
| Jefferson Capital Holdings LLC |  |  |
| 8.25%, 05/15/30 (e) | 35 | 36 |
| JPMorgan Chase & Co. |  |  |
| 3.51%, 01/23/29 | 1850 | 1821 |
| 5.30%, 07/24/29 | 1500 | 1529 |
| 4.49%, 03/24/31 | 4900 | 4884 |
| 5.10%, 04/22/31 | 921 | 940 |
| 2.96%, 05/13/31 | 677 | 632 |
| 4.59%, 04/26/33 | 3532 | 3492 |
| 4.91%, 07/25/33 | 1287 | 1291 |
| 5.72%, 09/14/33 | 1641 | 1701 |
| 5.57%, 04/22/36 | 1094 | 1125 |
| 4.90%, 01/22/37 | 59 | 58 |
| LFS Topco LLC |  |  |
| 8.75%, 07/15/30 (e) | 120 | 115 |
| Liberty Costa Rica Senior Secured Finance |  |  |
| 10.88%, 01/15/31 (e) | 200 | 211 |
| Macquarie AirFinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (e) | 145 | 150 |
| 6.50%, 03/26/31 (e) | 85 | 89 |
| MDGH GMTN (RSC) Ltd. |  |  |
| 5.08%, 05/22/53 (e) | 200 | 176 |
| Morgan Stanley |  |  |
| 4.21%, 04/20/28 | 5800 | 5784 |
| 5.45%, 07/20/29 | 788 | 803 |
| 4.43%, 01/23/30 | 1000 | 995 |
| 3.62%, 04/01/31 | 4344 | 4166 |
| 5.19%, 04/17/31 | 835 | 848 |
| 4.89%, 07/20/33 | 1207 | 1203 |
| 5.66%, 04/17/36 | 662 | 679 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.20%, 11/17/28 | 1420 | 1415 |
| 4.47%, 11/19/31 | 1424 | 1404 |
| MSCI Inc. |  |  |
| 5.25%, 09/01/35 | 959 | 940 |
| 5.15%, 03/15/36 | 247 | 239 |
| NatWest Group PLC |  |  |
| 3.07%, 05/22/28 | 712 | 700 |
| Navient Corporation |  |  |
| 5.00%, 03/15/27 | 85 | 83 |
| 4.88%, 03/15/28 | 43 | 41 |
| 5.50%, 03/15/29 (d) | 45 | 41 |
| 7.88%, 06/15/32 (d) | 45 | 40 |
| 5.63%, 08/01/33 | 35 | 27 |
| NBK Tier 1 Financing Limited |  |  |
| 3.63%, (100, 08/24/26) (e) (m) | 200 | 196 |
| OneMain Finance Corporation |  |  |
| 6.13%, 05/15/30 | 65 | 63 |
| 7.50%, 05/15/31 | 130 | 130 |
| 7.13%, 11/15/31 - 09/15/32 | 130 | 128 |
| 6.75%, 03/15/32 - 09/15/33 | 75 | 73 |
| 6.50%, 03/15/33 | 45 | 43 |
| Pine Street Trust II |  |  |
| 5.57%, 02/15/49 (e) | 1000 | 907 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/30 (e) | 34 | 34 |
| PTT Treasury Center Company Limited |  |  |
| 3.70%, 07/16/70 (e) | 50 | 34 |
| Regions Bank |  |  |
| 6.45%, 06/26/37 | 500 | 528 |
| RITHM Capital Corp. |  |  |
| 8.00%, 04/01/29 - 07/15/30 (e) | 125 | 121 |
| Sixth Street Lending Partners |  |  |
| 6.13%, 07/15/30 | 841 | 838 |
| Sixth Street Specialty Lending, Inc. |  |  |
| 6.13%, 03/01/29 (d) | 514 | 518 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 85 | 83 |
| Societe Generale |  |  |
| 5.50%, 04/13/29 (e) | 884 | 897 |
| Starwood Property Trust, Inc. |  |  |
| 3.63%, 07/15/26 (e) | 20 | 20 |
| 5.25%, 10/15/28 (e) | 20 | 20 |
| 7.25%, 04/01/29 (e) | 45 | 46 |
| 6.00%, 04/15/30 (e) | 50 | 50 |
| 6.50%, 07/01/30 - 10/15/30 (e) | 80 | 81 |
| 5.75%, 01/15/31 (e) | 35 | 35 |
| Takeoff Merger Sub Inc. |  |  |
| 4.40%, 03/24/28 (e) | 472 | 470 |
| 4.50%, 03/24/29 (e) | 467 | 464 |
| 4.85%, 03/24/31 (e) | 585 | 579 |
| TCS Finance Designated Activity Company |  |  |
| 0.00%, (100, 12/20/26) (e) (g) (h) (i) (l) (m) (n) | 200 |  |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.90%, 09/15/44 (e) | 640 | 575 |
| Tiaa Asset Management, LLC |  |  |
| 4.00%, 11/01/28 (e) | 425 | 422 |
| Turkiye Garanti Bankasi Anonim Sirketi |  |  |
| 8.13%, 01/08/36 (e) (n) | 90 | 89 |
| UBS Group AG |  |  |
| 4.55%, 04/17/26 | 699 | 699 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 1.49%, 08/10/27 (e) | 836 | 827 |
| 4.28%, 01/09/28 (e) | 2059 | 2052 |
| 3.87%, 01/12/29 (e) | 303 | 299 |
| 4.19%, 04/01/31 (e) | 1376 | 1346 |
| Unum Group |  |  |
| 5.75%, 08/15/42 | 1423 | 1391 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (d) (e) | 45 | 44 |
| VistaJet Malta Finance P.L.C. |  |  |
| 7.88%, 05/01/27 (e) | 119 | 116 |
| 6.38%, 02/01/30 (d) (e) | 120 | 104 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (e) | 70 | 68 |
| Wells Fargo & Company |  |  |
| 6.13%, (100, 06/15/31) (m) | 116 | 116 |
| 3.53%, 03/24/28 | 5123 | 5079 |
| 5.57%, 07/25/29 | 1500 | 1534 |
| 4.48%, 04/04/31 | 4110 | 4081 |
| 5.15%, 04/23/31 | 1247 | 1269 |
| 5.50%, 01/23/35 | 722 | 735 |
| 5.61%, 04/23/36 | 1101 | 1122 |
| Western Alliance Bancorporation |  |  |
| 3.00%, 06/15/31 | 160 | 153 |
| Westpac Banking Corporation |  |  |
| 4.11%, 07/24/34 (n) | 558 | 544 |
| Wex, Inc. |  |  |
| 6.50%, 03/15/33 (e) | 25 | 24 |
| | | 164372 |
| **Energy 3.3%** | **Energy 3.3%** | **Energy 3.3%** |
| ADNOC Murban RSC Ltd. |  |  |
| 5.13%, 09/11/54 (e) | 200 | 172 |
| Antero Midstream Partners LP |  |  |
| 5.38%, 06/15/29 (e) | 70 | 70 |
| 5.75%, 10/15/33 - 07/01/34 (e) | 155 | 152 |
| Archrock Services, L.P. |  |  |
| 6.00%, 02/01/34 (e) | 155 | 153 |
| 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 | 109 |
| 8.38%, 11/07/28 (e) | 40 | 40 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (e) | 15 | 15 |
| Boland Holdings, LLC |  |  |
| 6.25%, 12/01/30 (e) | 70 | 71 |
| California Resources Corporation |  |  |
| 8.25%, 06/15/29 (e) | 110 | 115 |
| 7.00%, 01/15/34 (e) | 80 | 81 |
| Calumet Specialty Products Partners, L.P. |  |  |
| 9.75%, 07/15/28 - 02/15/31 (e) | 210 | 218 |
| Canacol Energy Ltd. |  |  |
| 0.00%, 11/24/28 (e) (h) (i) | 546 | 190 |
| Cenovus Energy Inc. |  |  |
| 4.65%, 03/20/31 | 240 | 238 |
| 2.65%, 01/15/32 | 1400 | 1246 |
| 5.40%, 03/20/36 - 06/15/47 | 273 | 264 |
| 6.75%, 11/15/39 | 36 | 39 |
| 3.75%, 02/15/52 | 140 | 98 |
| Cheniere Energy, Inc. |  |  |
| 5.20%, 07/30/36 (e) | 193 | 191 |
| 6.00%, 07/30/56 (e) | 39 | 39 |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (e) | 33 | 34 |
| CNX Midstream Partners LP |  |  |
| 4.75%, 04/15/30 (e) | 115 | 109 |
| CNX Resources Corporation |  |  |
| 7.25%, 03/01/32 (e) | 65 | 66 |
| 5.88%, 03/01/34 (e) | 80 | 78 |
| Columbia Pipelines Operating Company LLC |  |  |
| 6.04%, 11/15/33 (e) | 492 | 519 |
| 6.50%, 08/15/43 (e) | 147 | 154 |
| 6.54%, 11/15/53 (e) | 265 | 279 |
| 6.71%, 08/15/63 (e) | 158 | 170 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (e) | 55 | 54 |
| 5.88%, 01/15/30 (e) | 135 | 130 |
| CQP Holdco LP |  |  |
| 7.50%, 12/15/33 (e) | 165 | 173 |
| CVR Energy, Inc. |  |  |
| 7.50%, 02/15/31 (e) | 75 | 76 |
| 7.88%, 02/15/34 (e) | 40 | 40 |
| Delek Logistics Partners, LP |  |  |
| 7.13%, 06/01/28 (e) | 215 | 215 |
| 8.63%, 03/15/29 (e) | 38 | 39 |
| 7.38%, 06/30/33 (e) | 35 | 35 |
| Ecopetrol S.A. |  |  |
| 4.63%, 11/02/31 | 75 | 67 |
| 8.88%, 01/13/33 | 310 | 327 |
| 8.38%, 01/19/36 | 70 | 71 |
| EIG Pearl Holdings S.a r.l. |  |  |
| 3.55%, 08/31/36 (e) | 267 | 238 |
| Empresa Nacional del Petroleo |  |  |
| 5.95%, 07/30/34 (e) | 200 | 202 |
| Energean Israel Finance Ltd. |  |  |
| 5.38%, 03/30/28 | 95 | 91 |
| 5.88%, 03/30/31 | 100 | 93 |
| Energy Transfer LP |  |  |
| 6.63%, (100, 02/15/28) (m) | 210 | 209 |
| 7.13%, (100, 05/15/30) (m) | 45 | 46 |
| 5.25%, 04/15/29 | 925 | 942 |
| 3.75%, 05/15/30 | 327 | 316 |
| 5.30%, 04/15/47 | 700 | 619 |
| 5.00%, 05/15/50 | 191 | 159 |
| 6.50%, 02/15/56 | 38 | 38 |
| 6.75%, 02/15/56 | 8 | 8 |
| Enfragen Energia Sur S.A. |  |  |
| 5.38%, 12/30/30 (e) | 325 | 296 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.16%, 03/31/34 (e) | 91 | 81 |
| 2.63%, 03/31/36 (e) | 300 | 254 |
| Genesis Energy, L.P. |  |  |
| 8.00%, 05/15/33 | 140 | 145 |
| 6.75%, 03/15/34 | 40 | 40 |
| Geopark Limited |  |  |
| 5.50%, 01/17/27 (e) | 110 | 106 |
| 8.75%, 01/31/30 (d) (e) | 200 | 197 |
| Global Partners LP |  |  |
| 6.88%, 01/15/29 | 200 | 200 |
| 7.13%, 07/01/33 (e) | 35 | 35 |
| Golar LNG Limited |  |  |
| 7.50%, 10/02/30 (e) | 155 | 156 |
| 2.75%, 12/15/30 (e) (n) | 141 | 166 |
| Gran Tierra Energy Inc. |  |  |
| 9.75%, 04/15/31 (e) | 135 | 118 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 6.13%, 02/23/38 (e) | 200 | 202 |
| 6.51%, 02/23/42 (e) | 200 | 207 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (e) | 147 | 143 |
| 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) | 160 | 162 |
| Hess Corporation |  |  |
| 7.13%, 03/15/33 | 1351 | 1542 |
| 5.80%, 04/01/47 | 601 | 605 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (e) | 85 | 85 |
| 6.50%, 06/01/29 (e) | 90 | 92 |
| 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) | 45 | 45 |
| Investment Energy Resources Limited |  |  |
| 6.25%, 04/26/29 (e) | 200 | 198 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Joint Stock Company National Company Kazmunaygas |  |  |
| 5.38%, 04/24/30 (e) | 60 | 61 |
| 5.75%, 04/19/47 (e) | 35 | 33 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (e) | 125 | 127 |
| 5.88%, 06/15/30 (e) | 60 | 60 |
| Kodiak Gas Services, LLC |  |  |
| 6.50%, 10/01/33 (e) | 80 | 81 |
| 6.75%, 10/01/35 (e) | 55 | 56 |
| Kosmos Energy Ltd. |  |  |
| 7.75%, 05/01/27 (e) | 80 | 80 |
| 7.50%, 03/01/28 (e) | 150 | 144 |
| 3.13%, 03/15/30 (n) | 313 | 245 |
| 8.75%, 10/01/31 (e) | 375 | 334 |
| Leviathan Bond Ltd. |  |  |
| 6.50%, 06/30/27 (g) | 160 | 160 |
| MC Brazil Downstream Trading S.a r.l. |  |  |
| 7.25%, 06/30/31 (e) | 168 | 150 |
| Medco Maple Tree Pte. Ltd. |  |  |
| 8.96%, 04/27/29 (e) | 250 | 256 |
| Mesquite Energy, Inc. |  |  |
| 0.00% (e) (h) (i) (m) | 269 |  |
| Moss Creek Resources Holdings, Inc. |  |  |
| 8.25%, 09/01/31 (e) | 116 | 116 |
| MPLX LP |  |  |
| 4.95%, 09/01/32 | 993 | 992 |
| 4.50%, 04/15/38 | 675 | 607 |
| 4.70%, 04/15/48 | 325 | 264 |
| Occidental Petroleum Corporation |  |  |
| 7.50%, 05/01/31 | 1400 | 1560 |
| 6.45%, 09/15/36 | 1135 | 1215 |
| 6.60%, 03/15/46 | 1375 | 1419 |
| ONEOK, Inc. |  |  |
| 4.25%, 09/24/27 | 338 | 337 |
| 4.40%, 10/15/29 | 353 | 351 |
| 4.75%, 10/15/31 | 688 | 682 |
| Orlen S A |  |  |
| 6.00%, 01/30/35 (e) | 200 | 204 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 45 | 45 |
| 9.88%, 03/15/30 (d) (e) | 100 | 107 |
| 7.88%, 09/15/30 (e) | 112 | 115 |
| Pemex Project Funding Master Trust |  |  |
| 6.63%, 06/15/35 | 410 | 383 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 04/12/27 (g) (h) (i) | 680 | 225 |
| 0.00%, 05/17/35 (e) (h) (i) | 330 | 136 |
| Petroleos Mexicanos |  |  |
| 5.95%, 01/28/31 | 2235 | 2137 |
| 6.70%, 02/16/32 | 500 | 490 |
| 6.50%, 06/02/41 | 40 | 34 |
| 6.38%, 01/23/45 | 60 | 47 |
| 6.75%, 09/21/47 | 2560 | 2035 |
| 6.35%, 02/12/48 | 4400 | 3372 |
| 7.69%, 01/23/50 | 671 | 582 |
| 6.95%, 01/28/60 | 115 | 90 |
| PETRONAS Capital Limited |  |  |
| 3.50%, 04/21/30 (e) | 50 | 48 |
| 3.40%, 04/28/61 (e) | 105 | 69 |
| Plains All American Pipeline, L.P. |  |  |
| 8.02%(3 Month Term SOFR + 4.37%), (j) (m) | 355 | 354 |
| 3.55%, 12/15/29 | 188 | 182 |
| Prairie Acquiror LP |  |  |
| 9.00%, 08/01/29 (e) | 80 | 83 |
| PRIO Luxembourg Holding S.a r.l. |  |  |
| 6.75%, 10/15/30 (e) | 200 | 195 |
| PT Pertamina (Persero) |  |  |
| 4.18%, 01/21/50 (e) | 90 | 66 |
| Qatarenergy |  |  |
| 2.25%, 07/12/31 (e) | 200 | 176 |
| 3.13%, 07/12/41 (e) | 110 | 80 |
| 3.30%, 07/12/51 (e) | 350 | 225 |
| Rockies Express Pipeline LLC |  |  |
| 6.75%, 03/15/33 (e) | 105 | 108 |
| Saudi Arabian Oil Company |  |  |
| 3.50%, 04/16/29 (e) | 315 | 303 |
| 2.25%, 11/24/30 (e) | 380 | 336 |
| 4.25%, 04/16/39 (e) | 285 | 246 |
| 4.38%, 04/16/49 (e) | 35 | 27 |
| 3.25%, 11/24/50 (e) | 130 | 81 |
| 6.38%, 06/02/55 (e) | 245 | 244 |
| 5.88%, 07/17/64 (e) | 200 | 182 |
| 3.50%, 11/24/70 (e) | 65 | 39 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 | 81 | 84 |
| 7.63%, 03/01/55 | 15 | 15 |
| Sunnova Energy Corporation |  |  |
| 0.00%, 09/01/26 (e) (h) (i) | 245 | 1 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (e) (m) | 135 | 137 |
| 5.88%, 03/15/28 | 50 | 50 |
| 7.00%, 05/01/29 (e) | 30 | 31 |
| 4.50%, 05/15/29 | 65 | 63 |
| 4.50%, 10/01/29 (e) | 65 | 63 |
| 4.63%, 05/01/30 (e) | 205 | 197 |
| 5.63%, 03/15/31 - 07/15/34 (e) | 120 | 119 |
| 5.38%, 07/15/31 (e) | 80 | 79 |
| 7.25%, 05/01/32 (e) | 45 | 46 |
| 6.63%, 08/15/32 (e) | 60 | 61 |
| 6.25%, 07/01/33 (e) | 60 | 60 |
| 5.88%, 03/15/34 (e) | 40 | 39 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 12/31/30 - 09/01/31 (e) | 515 | 509 |
| 6.75%, 03/15/34 (e) | 150 | 150 |
| Targa Resources Corp. |  |  |
| 4.35%, 01/15/29 - 04/15/31 | 678 | 670 |
| 4.90%, 09/15/30 | 447 | 451 |
| 5.65%, 02/15/36 | 1076 | 1091 |
| Tecpetrol |  |  |
| 7.63%, 11/03/30 - 01/22/33 (e) | 125 | 127 |
| Tengizchevroil Finance Company S.a.r.l. |  |  |
| 3.25%, 08/15/30 (e) | 95 | 88 |
| TGS ASA |  |  |
| 8.50%, 01/15/30 (e) | 125 | 130 |
| TMS ISSUER S.a r.l. |  |  |
| 5.78%, 08/23/32 (e) | 110 | 112 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 3.25%, 05/15/30 | 158 | 150 |
| 3.95%, 05/15/50 | 509 | 384 |
| Transocean Inc |  |  |
| 8.25%, 05/15/29 (e) | 30 | 31 |
| 8.50%, 05/15/31 (e) | 70 | 73 |
| Transocean International Limited |  |  |
| 7.88%, 10/15/32 (e) | 20 | 21 |
| Tullow Oil PLC |  |  |
| 10.25%, 05/15/26 (e) | 287 | 270 |
| USA Compression Finance Corp. |  |  |
| 6.25%, 10/01/33 (e) | 70 | 70 |
| Vallourec |  |  |
| 7.50%, 04/15/32 (e) | 224 | 235 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (e) | 90 | 93 |
| 7.50%, 05/01/33 (e) | 60 | 66 |
| 6.50%, 01/15/34 - 06/15/34 (e) | 180 | 188 |
| 7.75%, 05/01/35 (e) | 60 | 67 |
| 6.75%, 01/15/36 (e) | 210 | 222 |
| Viridien |  |  |
| 10.00%, 10/15/30 (e) | 65 | 69 |
| WBI Operations LLC |  |  |
| 6.25%, 10/15/30 (e) | 10 | 10 |
| 6.50%, 10/15/33 (e) | 60 | 59 |
| Western Midstream Operating, LP |  |  |
| 4.05%, 02/01/30 (f) (o) | 4300 | 4181 |
| Williams Companies, Inc., The |  |  |
| 4.65%, 08/15/32 | 1037 | 1026 |
| Yinson Boronia Production B.V. |  |  |
| 8.95%, 07/31/42 (e) | 233 | 252 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| YPF S.A. |  |  |
| 8.25%, 01/17/34 (e) | 60 | 61 |
| | | 48619 |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| Aldar Properties - P J S C |  |  |
| 5.88%, 04/14/56 (e) | 200 | 183 |
| Alpha Star Holding IX Limited |  |  |
| 7.00%, 08/26/28 (g) | 200 | 190 |
| American Homes 4 Rent, L.P. |  |  |
| 3.63%, 04/15/32 | 451 | 417 |
| Anywhere Real Estate Group LLC |  |  |
| 5.75%, 01/15/29 (e) | 50 | 48 |
| 5.25%, 04/15/30 (d) (e) | 19 | 18 |
| 7.00%, 04/15/30 (e) | 16 | 16 |
| 9.75%, 04/15/30 (e) | 35 | 37 |
| Boston Properties Limited Partnership |  |  |
| 6.75%, 12/01/27 | 740 | 765 |
| Brandywine Operating Partnership, L.P. |  |  |
| 8.30%, 03/15/28 (f) (o) | 1062 | 1081 |
| 4.55%, 10/01/29 (d) | 189 | 172 |
| COPT Defense Properties |  |  |
| 4.50%, 10/15/30 | 119 | 117 |
| 2.75%, 04/15/31 | 187 | 170 |
| Corporacion Inmobiliaria Vesta, S.A.B. DE C.V. |  |  |
| 5.50%, 01/30/33 (e) | 200 | 193 |
| CTR Partnership, L.P. |  |  |
| 3.88%, 06/30/28 (e) | 60 | 58 |
| Dar Al Arkan Sukuk Co Ltd. |  |  |
| 7.25%, 07/02/30 (g) | 200 | 194 |
| Ellington Financial Operating Partnership LLC |  |  |
| 7.38%, 09/30/30 (e) | 70 | 67 |
| Forestar Group Inc. |  |  |
| 6.50%, 03/15/33 (e) | 110 | 108 |
| GLP Financing, LLC |  |  |
| 5.63%, 09/15/34 | 167 | 164 |
| 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 | 33 |
| Hudson Pacific Properties, L.P. |  |  |
| 4.65%, 04/01/29 (d) | 2500 | 2130 |
| Invitation Homes Operating Partnership LP |  |  |
| 4.15%, 04/15/32 | 1513 | 1423 |
| Kennedy-Wilson, Inc. |  |  |
| 4.75%, 02/01/30 | 75 | 75 |
| Kilroy Realty, L.P. |  |  |
| 4.75%, 12/15/28 | 925 | 918 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 4.75%, 06/15/29 (e) | 55 | 53 |
| 7.00%, 07/15/31 (e) | 55 | 57 |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (e) | 50 | 50 |
| 6.25%, 09/15/32 (e) | 90 | 88 |
| MPT Operating Partnership, L.P. |  |  |
| 0.99%, 10/15/26, EUR | 100 | 111 |
| 5.00%, 10/15/27 (d) | 482 | 448 |
| 4.63%, 08/01/29 | 45 | 35 |
| 3.50%, 03/15/31 | 115 | 75 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.50%, 04/01/27 | 5000 | 4993 |
| 3.63%, 10/01/29 | 852 | 818 |
| 3.38%, 02/01/31 | 1283 | 1187 |
| 3.25%, 04/15/33 (d) | 1005 | 884 |
| Patrimonio en Fideicomiso D.S. 093-2002 - EF Inretail Shopping Malls |  |  |
| 5.65%, 10/16/32 (e) | 90 | 88 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 4.75%, 03/15/33 | 345 | 337 |
| Piedmont Operating Partnership, LP |  |  |
| 2.75%, 04/01/32 | 207 | 174 |
| Realty Income Corporation |  |  |
| 3.40%, 01/15/28 | 238 | 234 |
| 2.20%, 06/15/28 | 133 | 127 |
| Redfin Corporation |  |  |
| 0.50%, 04/01/27 (n) | 335 | 320 |
| Retail Properties of America, Inc. |  |  |
| 4.75%, 09/15/30 | 58 | 58 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (e) | 80 | 81 |
| 5.75%, 03/15/34 (e) | 70 | 69 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 1350 | 1220 |
| Star Holdings |  |  |
| 8.75%, 08/01/31 (e) | 65 | 66 |
| Store Capital LLC |  |  |
| 2.75%, 11/18/30 | 329 | 297 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.30%, 11/01/28 | 233 | 221 |
| 2.70%, 07/15/31 | 617 | 552 |
| Tanger Properties Limited Partnership |  |  |
| 3.13%, 09/01/26 (d) | 3000 | 2983 |
| 2.75%, 09/01/31 | 1630 | 1458 |
| VICI Properties Inc. |  |  |
| 4.25%, 12/01/26 (e) | 8 | 8 |
| VICI Properties L.P. |  |  |
| 4.75%, 02/15/28 - 04/01/28 | 1180 | 1181 |
| 4.95%, 02/15/30 | 1407 | 1406 |
| 5.13%, 05/15/32 | 345 | 340 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 271 | 270 |
|  |  | 29248 |
| **Communication Services 1.6%** | **Communication Services 1.6%** | **Communication Services 1.6%** |
| Altice Financing S.A. |  |  |
| 9.63%, 07/15/27 (e) | 70 | 51 |
| 5.75%, 08/15/29 (e) | 363 | 249 |
| Altice France |  |  |
| 6.88%, 10/15/30 - 07/15/32 (e) | 155 | 147 |
| 6.50%, 10/15/31 - 04/15/32 (e) | 470 | 446 |
| 10.00%, 01/15/33 (e) | 46 | 42 |
| APLD ComputeCo 2 LLC |  |  |
| 6.75%, 03/15/31 (e) | 130 | 129 |
| APLD ComputeCo LLC |  |  |
| 9.25%, 12/15/30 (e) | 347 | 357 |
| AT&T Inc. |  |  |
| 4.90%, 08/15/37 | 400 | 384 |
| 3.80%, 12/01/57 | 2900 | 1958 |
| Axian Telecom Holding and Management PLC |  |  |
| 7.25%, 07/11/30 (e) | 270 | 268 |
| Black Pearl Compute LLC |  |  |
| 6.13%, 02/15/31 (e) | 87 | 89 |
| C T Trust |  |  |
| 5.13%, 02/03/32 (e) | 200 | 187 |
| C&W Senior Finance Ltd. |  |  |
| 9.00%, 01/15/33 (e) | 325 | 325 |
| CCO Holdings, LLC |  |  |
| 4.25%, 02/01/31 (e) | 140 | 127 |
| 4.75%, 02/01/32 (e) | 65 | 59 |
| 4.50%, 05/01/32 | 145 | 130 |
| 7.00%, 02/01/33 (e) | 40 | 40 |
| 4.50%, 06/01/33 (e) | 85 | 74 |
| 4.25%, 01/15/34 (d) (e) | 100 | 86 |
| 7.38%, 02/01/36 (e) | 30 | 30 |
| Charter Communications Operating, LLC |  |  |
| 6.10%, 06/01/29 | 694 | 718 |
| 2.30%, 02/01/32 (d) | 166 | 143 |
| 4.40%, 04/01/33 | 416 | 388 |
| 6.55%, 06/01/34 | 559 | 580 |
| 5.38%, 05/01/47 | 2440 | 1964 |
| 5.75%, 04/01/48 | 1857 | 1545 |
| 4.80%, 03/01/50 | 1868 | 1390 |
| 5.50%, 04/01/63 | 487 | 377 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (e) | 90 | 93 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/29 - 03/15/33 (e) | 180 | 186 |
| 7.88%, 04/01/30 (e) | 90 | 94 |
| 7.13%, 02/15/31 (e) | 100 | 105 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (e) | 15 | 13 |
| Cogent Communications Group, LLC |  |  |
| 7.00%, 06/15/27 (d) (e) | 90 | 89 |
| 7.00%, 06/15/27 (e) | 255 | 252 |
| Colombia Telecomunicaciones S.A. E.S.P. |  |  |
| 4.95%, 07/17/30 (e) | 205 | 184 |
| Connect Holding II LLC |  |  |
| 10.50%, 04/03/31 (e) | 40 | 40 |
| CSC Holdings, LLC |  |  |
| 4.13%, 12/01/30 (e) | 245 | 147 |
| 4.63%, 12/01/30 (e) | 106 | 38 |
| 3.38%, 02/15/31 (e) | 145 | 85 |
| 4.50%, 11/15/31 (e) | 318 | 188 |
| DISH DBS Corporation |  |  |
| 7.75%, 07/01/26 | 38 | 38 |
| 5.25%, 12/01/26 (e) | 80 | 79 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (e) | 119 | 123 |
| Dotdash Meredith, Inc. |  |  |
| 7.63%, 06/15/32 (e) | 65 | 60 |
| E.W. Scripps Company, The |  |  |
| 9.88%, 08/15/30 (e) | 80 | 78 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 156 | 168 |
| 3.88%, 11/30/30 (n) (p) | 100 | 361 |
| 6.75%, 11/30/30 (p) | 133 | 134 |
| 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) | 188 | 187 |
| 6.25%, 11/29/28 (e) | 5 | 5 |
| 7.88%, 05/29/30 (e) | 320 | 324 |
| 8.25%, 11/29/31 (d) (e) | 60 | 62 |
| Lamar Media Corp. |  |  |
| 5.38%, 11/01/33 (e) | 110 | 108 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (e) | 20 | 19 |
| 3.63%, 01/15/29 (e) | 45 | 42 |
| 3.75%, 07/15/29 (e) | 75 | 70 |
| 6.88%, 06/30/33 (e) | 75 | 76 |
| 7.00%, 03/31/34 (e) | 95 | 97 |
| 8.50%, 01/15/36 (e) | 230 | 240 |
| Liquid Telecommunications Financing PLC |  |  |
| 5.50%, 09/04/26 (e) | 426 | 422 |
| Lumen Technologies, Inc. |  |  |
| 4.50%, 01/15/29 (e) | 25 | 24 |
| Maya |  |  |
| 8.50%, 04/15/31 (e) | 95 | 99 |
| 7.00%, 04/15/32 (e) | 65 | 65 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (e) | 135 | 133 |
| 4.50%, 04/27/31 (e) | 200 | 182 |
| 7.38%, 04/02/32 (e) | 55 | 56 |
| MTN (Mauritius) Investments Limited |  |  |
| 6.50%, 10/13/26 (e) | 70 | 70 |
| Neptune BidCo US Inc. |  |  |
| 9.50%, 02/15/33 (e) | 90 | 87 |
| Network I2I Limited |  |  |
| 3.98%, (100, 09/03/26) (e) (m) | 50 | 50 |
| Nexstar Media Group, Inc. |  |  |
| 6.50%, 09/15/33 (e) | 90 | 90 |
| NTT Finance Corporation |  |  |
| 4.57%, 07/16/27 (e) | 200 | 201 |
| 4.62%, 07/16/28 (e) | 200 | 201 |
| 4.88%, 07/16/30 (e) | 449 | 452 |
| Outfront Media Capital Corporation |  |  |
| 7.38%, 02/15/31 (e) | 35 | 36 |
| Rogers Communications Inc. |  |  |
| 7.00%, 04/15/55 | 52 | 52 |
| 7.13%, 04/15/55 | 27 | 28 |
| Sable International Finance Limited |  |  |
| 7.13%, 10/15/32 (e) | 315 | 310 |
| Silk Road Group Holding LLC |  |  |
| 7.50%, 09/15/30 (e) | 200 | 200 |
| Snap Inc. |  |  |
| 6.88%, 03/01/33 - 03/15/34 (e) | 120 | 113 |
| Telecom Argentina S.A. |  |  |
| 9.50%, 07/18/31 (e) | 25 | 26 |
| Telecomunicaciones Digitales, S.A. |  |  |
| 4.50%, 01/30/30 (e) | 260 | 244 |
| TELUS Corporation |  |  |
| 6.63%, 10/15/55 | 77 | 77 |
| 7.00%, 10/15/55 | 38 | 39 |
| T-Mobile USA, Inc. |  |  |
| 3.75%, 04/15/27 | 870 | 865 |
| 3.88%, 04/15/30 | 40 | 39 |
| 4.50%, 04/15/50 | 40 | 32 |
| Turk Telekomunikasyon Anonim Sirketi |  |  |
| 6.95%, 10/07/32 (e) | 60 | 58 |
| TV Azteca S.A.B. de C.V. |  |  |
| 0.00%, 08/09/26 (g) (h) (i) | 300 | 102 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (e) | 205 | 199 |
| 6.00%, 01/15/30 (e) | 190 | 179 |
| 8.63%, 06/15/32 (d) (e) | 125 | 127 |
| 8.63%, 06/15/32 (e) | 120 | 122 |
| Verizon Communications Inc. |  |  |
| 2.55%, 03/21/31 | 846 | 769 |
| 4.75%, 01/15/33 | 660 | 653 |
| 4.78%, 02/15/35 | 179 | 174 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/30 (e) | 125 | 103 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/30 (e) | 80 | 71 |
| VMED O2 UK Financing I PLC |  |  |
| 6.75%, 01/15/33 (e) | 115 | 103 |
| VTR Comunicaciones SpA |  |  |
| 4.38%, 04/15/29 (e) | 100 | 98 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (e) | 185 | 189 |
| 7.75%, 09/15/30 (e) | 220 | 228 |
| 6.75%, 11/15/32 (e) | 170 | 171 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (e) | 95 | 99 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (e) | 220 | 233 |
| | | 23982 |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (e) | 70 | 68 |
| Advanced Drainage Systems, Inc. |  |  |
| 5.38%, 03/01/34 (e) | 80 | 78 |
| AECOM |  |  |
| 6.00%, 08/01/33 (e) | 135 | 135 |
| Aeropuerto Internacional de Tocumen, S.A. |  |  |
| 5.13%, 08/11/61 (e) | 200 | 160 |
| Aeropuertos Dominicanos Siglo XXI, S.A. |  |  |
| 7.00%, 06/30/34 (e) | 200 | 203 |
| Air Lease Corporation |  |  |
| 4.13%, (100, 12/15/26) (m) | 238 | 231 |
| 3.75%, 06/01/26 | 3475 | 3470 |
| Aircastle Limited |  |  |
| 5.25%, (100, 06/17/26) (e) (m) | 167 | 166 |
| Ambipar Lux S.a r.l. |  |  |
| 0.00%, 02/06/31 (e) (h) (i) | 323 | 59 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (e) | 2 | 2 |
| Ameritex Holdco Intermediate LLC |  |  |
| 7.63%, 08/15/33 (e) | 75 | 77 |
| Amsted Industries Incorporated |  |  |
| 6.38%, 03/15/33 (e) | 70 | 70 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 4.00%, 09/01/29 (e) | 79 | 72 |
| 6.25%, 01/30/31 (e) | 160 | 159 |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (d) (e) | 497 | 424 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 (e) | 85 | 86 |
| 6.25%, 03/15/33 (e) | 80 | 82 |
| Beacon Mobility Corp. |  |  |
| 7.25%, 08/01/30 (e) | 35 | 36 |
| Boeing Company, The |  |  |
| 6.26%, 05/01/27 (o) | 291 | 296 |
| 6.30%, 05/01/29 (o) | 373 | 392 |
| 5.15%, 05/01/30 (o) | 778 | 791 |
| 6.39%, 05/01/31 (o) | 283 | 302 |
| 6.53%, 05/01/34 (o) | 303 | 330 |
| 5.71%, 05/01/40 (o) | 560 | 561 |
| 5.81%, 05/01/50 (o) | 166 | 160 |
| 6.86%, 05/01/54 (o) | 456 | 503 |
| 5.93%, 05/01/60 (o) | 560 | 538 |
| 7.01%, 05/01/64 (o) | 430 | 476 |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (e) | 50 | 52 |
| 7.00%, 06/01/32 (e) | 60 | 62 |
| 6.75%, 06/15/33 (e) | 50 | 52 |
| Brand Industrial Services, Inc. |  |  |
| 10.38%, 08/01/30 (e) | 65 | 59 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/32 (e) | 45 | 41 |
| 6.38%, 03/01/34 (e) | 45 | 45 |
| 6.75%, 05/15/35 (e) | 150 | 150 |
| CACI International Inc. |  |  |
| 6.38%, 06/15/33 (e) | 110 | 112 |
| Carpenter Technology Corporation |  |  |
| 5.63%, 03/01/34 (e) | 100 | 99 |
| Carrier Global Corporation |  |  |
| 5.90%, 03/15/34 | 121 | 127 |
| Clean Harbors, Inc. |  |  |
| 6.38%, 02/01/31 (e) | 60 | 61 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.75%, 04/15/30 (e) | 57 | 53 |
| 6.75%, 04/15/32 (e) | 90 | 85 |
| Columbus McKinnon Corporation |  |  |
| 7.13%, 02/01/33 (e) | 80 | 80 |
| CoreCivic, Inc. |  |  |
| 4.75%, 10/15/27 | 150 | 149 |
| 8.25%, 04/15/29 | 35 | 37 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (e) | 65 | 38 |
| 9.50%, 08/15/29 (d) (e) | 30 | 18 |
| Crown America LLC |  |  |
| 5.88%, 06/01/33 | 110 | 110 |
| Cyprium Corporation |  |  |
| 6.13%, 04/15/31 (e) | 120 | 119 |
| 6.38%, 04/15/34 (e) | 128 | 124 |
| Czechoslovak Group a.s. |  |  |
| 6.50%, 01/10/31 (e) | 200 | 205 |
| Danaos Corporation |  |  |
| 6.88%, 10/15/32 (e) | 105 | 107 |
| DP World Limited |  |  |
| 5.63%, 09/25/48 (e) | 100 | 89 |
| Embraer Netherlands Finance B.V. |  |  |
| 5.40%, 01/09/38 | 65 | 62 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (e) | 180 | 183 |
| 6.75%, 07/15/31 (e) | 65 | 67 |
| Enpro Inc. |  |  |
| 6.13%, 06/01/33 (e) | 50 | 51 |
| Eos Energy Enterprises, Inc. |  |  |
| 1.75%, 12/01/31 (e) (n) | 70 | 41 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.88%, 12/01/30 (e) | 70 | 73 |
| 7.00%, 06/15/32 (e) | 45 | 46 |
| Forward Air Corporation |  |  |
| 9.50%, 10/15/31 (e) | 77 | 76 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (e) | 150 | 152 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 80 | 83 |
| 10.25%, 04/15/31 | 110 | 117 |
| GFL Environmental Holdings (US), Inc. |  |  |
| 5.50%, 02/01/34 (e) | 40 | 39 |
| GFL Environmental Inc. |  |  |
| 3.50%, 09/01/28 (e) | 80 | 78 |
| 6.75%, 01/15/31 (e) | 55 | 57 |
| Graphic Packaging International, LLC |  |  |
| 3.75%, 02/01/30 (e) | 50 | 46 |
| 6.38%, 07/15/32 (d) (e) | 70 | 70 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (e) | 110 | 113 |
| 5.75%, 03/15/31 (e) | 50 | 49 |
| 7.25%, 06/15/33 (e) | 90 | 92 |
| 6.00%, 03/15/34 (e) | 50 | 48 |
| HTA Group Limited |  |  |
| 7.50%, 06/04/29 (e) | 45 | 46 |
| 6.75%, 04/01/31 (e) | 150 | 148 |
| Icahn Enterprises L.P. |  |  |
| 5.25%, 05/15/27 | 360 | 353 |
| 9.75%, 01/15/29 | 40 | 39 |
| 10.00%, 11/15/29 (e) | 55 | 54 |
| 9.00%, 06/15/30 | 30 | 28 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (e) | 125 | 118 |
| JH North America Holdings Inc. |  |  |
| 6.13%, 07/31/32 (e) | 25 | 25 |
| Kingston Airport Revenue Finance Ltd. |  |  |
| 6.75%, 12/15/36 (e) | 200 | 199 |
| LG Energy Solution Ltd. |  |  |
| 5.25%, 04/02/31 (e) | 200 | 199 |
| Lightning Power, LLC |  |  |
| 7.25%, 08/15/32 (e) | 90 | 94 |
| MISC Capital Two (Labuan) Limited |  |  |
| 3.75%, 04/06/27 (e) | 200 | 198 |
| Montego Bay Airport Revenue Finance Ltd. |  |  |
| 6.60%, 06/15/35 (e) | 200 | 194 |
| MOOG Inc. |  |  |
| 5.50%, 10/15/34 (e) | 40 | 40 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 112 | 113 |
| 5.35%, 04/15/32 | 157 | 158 |
| 5.60%, 04/15/35 (d) | 124 | 125 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (e) | 220 | 224 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (e) | 225 | 227 |
| 6.75%, 03/01/33 (e) | 80 | 81 |
| RailWorks Holdings, LP |  |  |
| 8.25%, 11/15/28 (e) | 145 | 145 |
| Rand Parent, LLC |  |  |
| 8.50%, 02/15/30 (e) | 147 | 151 |
| Reworld Holding Corporation |  |  |
| 4.88%, 12/01/29 (e) | 35 | 33 |
| Sensata Technologies B.V. |  |  |
| 4.00%, 04/15/29 (e) | 37 | 36 |
| Sensata Technologies, Inc. |  |  |
| 6.63%, 07/15/32 (e) | 125 | 127 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (e) | 115 | 118 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (e) | 85 | 84 |
| Standard Building Solutions Inc. |  |  |
| 6.50%, 08/15/32 (e) | 75 | 75 |
| 6.25%, 08/01/33 (e) | 145 | 143 |
| 5.88%, 03/15/34 (e) | 75 | 72 |
| Stonepeak Nile Parent LLC |  |  |
| 7.25%, 03/15/32 (e) | 65 | 67 |
| TAV Havalimanlari Holding Anonim Sirketi |  |  |
| 8.50%, 12/07/28 (e) | 45 | 46 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (e) | 200 | 199 |
| TransDigm Inc. |  |  |
| 6.38%, 03/01/29 - 05/31/33 (e) | 345 | 348 |
| 7.13%, 12/01/31 (e) | 65 | 67 |
| 6.63%, 03/01/32 (e) | 60 | 61 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.00%, 01/15/33 (e) | 45 | 45 |
| 6.25%, 01/31/34 (e) | 30 | 30 |
| 6.75%, 01/31/34 (e) | 120 | 121 |
| 6.13%, 07/31/34 (e) | 90 | 88 |
| Transnet |  |  |
| 8.25%, 02/06/28 (e) | 55 | 57 |
| Uber Technologies, Inc. |  |  |
| 4.15%, 01/15/31 | 582 | 570 |
| 4.80%, 09/15/35 | 459 | 446 |
| United Airlines Holdings, Inc. |  |  |
| 4.88%, 03/01/29 | 120 | 118 |
| 5.38%, 03/01/31 | 77 | 75 |
| Verisk Analytics, Inc. |  |  |
| 4.45%, 03/15/31 | 168 | 166 |
| Wesco Distribution, Inc. |  |  |
| 5.25%, 04/15/31 (e) | 76 | 76 |
| 6.38%, 03/15/33 (e) | 40 | 41 |
| 5.50%, 04/15/34 (e) | 115 | 113 |
| Wrangler Holdco Corp. |  |  |
| 6.63%, 04/01/32 (e) | 85 | 88 |
| XPO, Inc. |  |  |
| 7.13%, 02/01/32 (e) | 80 | 82 |
| | | 20095 |
| **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** |
| Abu Dhabi National Energy Company PJSC |  |  |
| 4.88%, 04/23/30 (e) | 40 | 40 |
| 4.75%, 03/09/37 (e) | 200 | 188 |
| 4.00%, 10/03/49 (e) | 95 | 72 |
| AEP Texas Inc. |  |  |
| 5.20%, 04/15/36 | 249 | 245 |
| AES Corporation, The |  |  |
| 3.95%, 07/15/30 (e) | 1148 | 1098 |
| 2.45%, 01/15/31 | 2861 | 2534 |
| 6.95%, 07/15/55 | 95 | 89 |
| Alpha Generation LLC |  |  |
| 6.75%, 10/15/32 (e) | 50 | 51 |
| 6.25%, 01/15/34 (e) | 150 | 147 |
| Atlantica Sustainable Infrastructure Group PLC |  |  |
| 6.38%, 02/15/32 (e) | 240 | 234 |
| Buffalo Energy Mexico Holdings, S.A. de C.V. |  |  |
| 7.88%, 02/15/39 (e) | 119 | 125 |
| Cerro Del Aguila S.A. |  |  |
| 5.50%, 09/11/35 (e) | 200 | 196 |
| Chile Electricity Lux MPC S.a r.l. |  |  |
| 6.01%, 01/20/33 (e) | 172 | 178 |
| Clearway Energy Operating LLC |  |  |
| 4.75%, 03/15/28 (e) | 25 | 25 |
| 3.75%, 01/15/32 (e) | 105 | 96 |
| 5.75%, 01/15/34 (e) | 110 | 108 |
| Cleco Corporate Holdings LLC |  |  |
| 3.38%, 09/15/29 | 1499 | 1408 |
| ContourGlobal Power Holdings S.A. |  |  |
| 6.75%, 02/28/30 (e) | 80 | 81 |
| Duquesne Light Holdings, Inc. |  |  |
| 2.53%, 10/01/30 (e) | 209 | 190 |
| 2.78%, 01/07/32 (e) | 755 | 667 |
| Edison International |  |  |
| 6.25%, 03/15/30 | 52 | 54 |
| 4.80%, 03/15/31 | 78 | 76 |
| 8.13%, 06/15/53 | 85 | 87 |
| 7.88%, 06/15/54 | 75 | 77 |
| Energuate Trust |  |  |
| 6.35%, 09/15/35 (e) | 200 | 196 |
| Enfragen Energia Sur S.A. |  |  |
| 8.50%, 06/30/32 (e) | 85 | 86 |
| ESKOM Holdings |  |  |
| 6.35%, 08/10/28 (e) | 150 | 151 |
| 8.45%, 08/10/28 (e) | 25 | 26 |
| Exelon Corporation |  |  |
| 3.35%, 03/15/32 | 2834 | 2618 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (e) | 50 | 50 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (e) | 75 | 74 |
| Niagara Energy S.A.C. |  |  |
| 5.75%, 10/03/34 (e) | 200 | 200 |
| NRG Energy, Inc. |  |  |
| 5.75%, 07/15/29 - 01/15/34 (e) | 255 | 254 |
| 3.63%, 02/15/31 (e) | 50 | 46 |
| 6.00%, 02/01/33 - 01/15/36 (e) | 295 | 294 |
| 6.25%, 11/01/34 (e) | 85 | 85 |
| PacifiCorp |  |  |
| 7.38%, 09/15/55 | 107 | 102 |
| PG&E Company |  |  |
| 5.20%, 05/01/36 | 10 | 10 |
| 6.00%, 05/01/56 | 20 | 19 |
| PG&E Corporation |  |  |
| 4.25%, 12/01/27 (n) | 219 | 228 |
| 5.00%, 07/01/28 | 105 | 104 |
| 5.25%, 07/01/30 | 250 | 246 |
| 7.38%, 03/15/55 | 164 | 165 |
| 6.85%, 09/15/56 | 131 | 129 |
| Puget Energy, Inc. |  |  |
| 4.10%, 06/15/30 | 516 | 502 |
| 4.22%, 03/15/32 | 2096 | 2001 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (e) | 200 | 209 |
| Sierra Pacific Power Company |  |  |
| 6.38%, 09/15/56 | 155 | 154 |
| Southwestern Electric Power Company |  |  |
| 5.30%, 04/01/33 | 486 | 493 |
| 5.20%, 04/01/36 | 402 | 397 |
| Talen Energy Supply, LLC |  |  |
| 6.25%, 02/01/34 (e) | 110 | 109 |
| 6.50%, 02/01/36 (e) | 110 | 111 |
| TermoCandelaria Power S.A. |  |  |
| 7.75%, 09/17/31 (e) | 200 | 203 |
| Tierra Mojada Luxembourg II S.a r.l. |  |  |
| 5.75%, 12/01/40 (e) | 169 | 160 |
| TransAlta Corporation |  |  |
| 5.88%, 02/01/34 | 115 | 114 |
| 6.50%, 03/15/40 | 75 | 74 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (e) | 65 | 68 |
| 6.88%, 04/15/32 (e) | 75 | 78 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 7.25%, 01/15/29 (d) (e) | 50 | 51 |
| 8.38%, 01/15/31 (e) | 61 | 64 |
| 8.63%, 03/15/33 (e) | 116 | 122 |
| 7.75%, 04/15/34 (e) | 195 | 201 |
|  |  | 18260 |
| **Information Technology 1.1%** | **Information Technology 1.1%** | **Information Technology 1.1%** |
| Amkor Technology, Inc. |  |  |
| 5.88%, 10/01/33 (e) | 35 | 35 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28 | 271 | 260 |
| 2.45%, 02/15/31 | 2643 | 2402 |
| 2.60%, 02/15/33 | 2342 | 2046 |
| 3.42%, 04/15/33 | 208 | 190 |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 (e) | 256 | 247 |
| Coherent Corp. |  |  |
| 5.00%, 12/15/29 (e) | 85 | 83 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (e) | 115 | 112 |
| 9.00%, 02/01/31 (e) | 405 | 389 |
| Dell International L.L.C. |  |  |
| 4.15%, 02/15/29 | 590 | 585 |
| 4.50%, 02/15/31 | 1171 | 1158 |
| 4.75%, 10/06/32 | 781 | 771 |
| 5.10%, 02/15/36 | 1440 | 1408 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (e) | 20 | 20 |
| 5.95%, 06/15/30 (e) | 65 | 66 |
| Entegris, Inc. |  |  |
| 3.63%, 05/01/29 (e) | 130 | 123 |
| Flash Compute LLC |  |  |
| 7.25%, 12/31/30 (e) | 155 | 156 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GPGI, Inc. |  |  |
| 5.63%, 02/01/33 (e) | 155 | 151 |
| MKS Inc. |  |  |
| 1.25%, 06/01/30 (n) | 53 | 85 |
| NXP B.V. |  |  |
| 4.85%, 08/19/32 | 364 | 360 |
| 5.25%, 08/19/35 | 1050 | 1044 |
| Oak-Eagle Acquireco, Inc. |  |  |
| 7.25%, 07/01/33 (e) | 145 | 150 |
| 8.75%, 07/01/34 (e) | 140 | 147 |
| ON Semiconductor Corporation |  |  |
| 0.00%, 05/01/27 (c) (n) | 102 | 130 |
| 3.88%, 09/01/28 (e) | 25 | 24 |
| Oracle Corporation |  |  |
| 4.55%, 02/04/29 | 30 | 30 |
| 4.78%, 02/04/29 (j) | 40 | 40 |
| 4.45%, 09/26/30 | 444 | 428 |
| 4.95%, 02/04/31 | 73 | 71 |
| 4.80%, 09/26/32 | 741 | 706 |
| 5.35%, 05/04/33 | 80 | 78 |
| 5.20%, 09/26/35 | 675 | 632 |
| 5.70%, 02/04/36 | 38 | 37 |
| 3.60%, 04/01/40 | 513 | 372 |
| 5.88%, 09/26/45 | 416 | 360 |
| 6.55%, 02/04/46 | 38 | 35 |
| 5.95%, 09/26/55 | 522 | 439 |
| 6.70%, 02/04/56 | 38 | 35 |
| 6.10%, 09/26/65 | 537 | 445 |
| 6.85%, 02/04/66 | 8 | 7 |
| Riot Platforms, Inc. |  |  |
| 0.75%, 01/15/30 (n) | 179 | 204 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 8.25%, 12/15/29 (e) | 55 | 58 |
| 5.88%, 07/15/30 (e) | 10 | 10 |
| 5.75%, 12/01/34 (e) | 140 | 139 |
| Strategy Inc |  |  |
| 0.00%, 12/01/29 (c) (n) | 140 | 117 |
| TeraWulf Inc. |  |  |
| 0.00%, 05/01/32 (c) (e) (n) | 147 | 149 |
| Wolfspeed, Inc. |  |  |
| 13.88%, 06/23/30 (e) (f) (p) | 29 | 32 |
| 3.50%, 03/15/31 (e) (n) | 108 | 114 |
| 2.50%, 06/15/31 (n) | 37 | 52 |
| 2.50%, 06/15/31 (e) (n) | 6 | 8 |
| 7.00%, 06/15/31 (p) | 53 | 42 |
| | | 16782 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| Ahlstrom Oyj |  |  |
| 4.88%, 02/04/28 (e) | 35 | 34 |
| Alcoa Nederland Holding B.V. |  |  |
| 7.13%, 03/15/31 (e) | 220 | 230 |
| Alumina Pty Ltd. |  |  |
| 6.38%, 09/15/32 (e) | 155 | 159 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30 (e) | 200 | 179 |
| Aris Mining Corporation |  |  |
| 8.00%, 10/31/29 (e) | 200 | 206 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 7.25%, 02/15/31 (e) | 125 | 131 |
| Braskem Netherlands Finance B.V. |  |  |
| 7.25%, 02/13/33 (e) | 235 | 108 |
| 8.00%, 10/15/34 (e) | 200 | 93 |
| 5.88%, 01/31/50 (e) | 75 | 31 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/33 (e) | 90 | 89 |
| Celanese US Holdings LLC |  |  |
| 6.85%, 11/15/28 (f) (j) (o) | 399 | 415 |
| 6.50%, 04/15/30 (d) | 65 | 66 |
| 7.05%, 11/15/30 (f) (j) (o) | 724 | 764 |
| 7.00%, 02/15/31 | 110 | 113 |
| 7.38%, 07/15/32 (f) (o) | 75 | 78 |
| 6.75%, 04/15/33 (d) | 150 | 154 |
| 7.20%, 11/15/33 (f) (j) (o) | 434 | 462 |
| 7.38%, 02/15/34 | 225 | 230 |
| Celtic Resources Holdings Designated Activity Company |  |  |
| 0.00%, 10/09/24 (e) (g) (h) (i) (l) | 100 |  |
| Celulosa Arauco y Constitucion S.A. |  |  |
| 6.18%, 05/05/32 (e) | 200 | 199 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (e) (m) | 310 | 308 |
| 7.20%, (100, 06/10/30) (e) (m) | 260 | 264 |
| Century Aluminum Company |  |  |
| 6.88%, 08/01/32 (e) | 70 | 72 |
| Champion Iron Canada Inc. |  |  |
| 7.88%, 07/15/32 (e) | 35 | 36 |
| Chemours Company, The |  |  |
| 5.75%, 11/15/28 (e) | 213 | 211 |
| 8.00%, 01/15/33 (e) | 105 | 106 |
| 7.88%, 03/15/34 (e) | 95 | 95 |
| Cleveland-Cliffs Inc. |  |  |
| 7.00%, 03/15/32 (e) | 45 | 44 |
| 7.38%, 05/01/33 (e) | 35 | 34 |
| 7.63%, 01/15/34 (e) | 70 | 68 |
| Commercial Metals Company |  |  |
| 4.13%, 01/15/30 | 35 | 33 |
| 4.38%, 03/15/32 | 50 | 46 |
| 5.75%, 11/15/33 (e) | 100 | 99 |
| 6.00%, 12/15/35 (e) | 100 | 99 |
| Compania de Minas Buenaventura S.A.A. |  |  |
| 6.80%, 02/04/32 (e) | 200 | 203 |
| Consolidated Energy Finance S.A. |  |  |
| 5.63%, 10/15/28 (d) (e) | 100 | 93 |
| 12.00%, 02/15/31 (e) | 130 | 128 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (e) | 25 | 23 |
| 3.15%, 01/14/30 (e) | 60 | 56 |
| 5.95%, 01/08/34 (e) | 200 | 205 |
| 5.53%, 01/30/37 (e) | 200 | 196 |
| 3.70%, 01/30/50 (e) | 140 | 95 |
| 6.30%, 09/08/53 (e) | 200 | 200 |
| CSN Islands XII Corp |  |  |
| 6.75%, 01/28/28 (d) (e) | 210 | 154 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (e) | 75 | 46 |
| Endeavour Mining PLC |  |  |
| 7.00%, 05/28/30 (e) | 200 | 203 |
| ERO Copper Corp. |  |  |
| 6.50%, 02/15/30 (e) | 115 | 114 |
| First Quantum Minerals Ltd. |  |  |
| 8.00%, 03/01/33 (e) | 125 | 129 |
| 7.25%, 02/15/34 (e) | 365 | 370 |
| 6.38%, 02/15/36 (e) | 200 | 191 |
| Fresnillo PLC |  |  |
| 4.25%, 10/02/50 (e) | 200 | 151 |
| GPD Companies, Inc. |  |  |
| 12.50%, 12/31/29 (e) (p) | 81 | 43 |
| Herens Holdco S.a r.l. |  |  |
| 4.75%, 05/15/28 (d) (e) | 347 | 290 |
| Hudbay Minerals Inc. |  |  |
| 4.50%, 04/01/26 (e) | 70 | 70 |
| Inversion Escrow Issuer, LLC |  |  |
| 6.75%, 08/01/32 (e) | 75 | 71 |
| Inversiones CMPC S.A. |  |  |
| 3.00%, 04/06/31 (e) | 60 | 52 |
| Ivanhoe Mines Ltd. |  |  |
| 7.88%, 01/23/30 (e) | 130 | 132 |
| Kaiser Aluminum Corporation |  |  |
| 5.88%, 03/01/34 (e) | 70 | 69 |
| Kobe Us Midco 2 Incorporated |  |  |
| 10.00%, 11/01/26 (e) (f) (p) | 189 | 153 |
| LD Celulose International GmbH |  |  |
| 7.95%, 01/26/32 (e) | 200 | 206 |
| MATIV Holdings, Inc. |  |  |
| 8.00%, 10/01/29 (d) (e) | 166 | 155 |
| Methanex Corporation |  |  |
| 5.13%, 10/15/27 | 135 | 134 |
| 5.25%, 12/15/29 | 60 | 59 |
| 6.25%, 03/15/32 (e) | 150 | 153 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.65%, 12/01/44 | 110 | 98 |
| Mineral Resources Limited |  |  |
| 8.00%, 11/01/27 (e) | 110 | 111 |
| 9.25%, 10/01/28 (e) | 45 | 47 |
| 8.50%, 05/01/30 (e) | 70 | 72 |
| 7.00%, 04/01/31 (e) | 45 | 46 |
| Navoiy Kon-Metallurgiya Kombinati, Aksiyadorlik Jamiyati |  |  |
| 6.95%, 10/17/31 (e) | 200 | 208 |
| Navoiyuran, Davlat Korxonasi |  |  |
| 6.70%, 07/02/30 (e) | 200 | 200 |
| Nexa Resources S.A. |  |  |
| 6.75%, 04/09/34 (e) | 200 | 209 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (e) | 100 | 101 |
| 3.88%, 08/15/31 (e) | 50 | 45 |
| 6.38%, 08/15/33 (e) | 45 | 44 |
| OCP S.A. |  |  |
| 6.10%, 04/30/30 (e) | 200 | 203 |
| 3.75%, 06/23/31 (e) | 230 | 209 |
| 6.88%, 04/25/44 (e) | 120 | 120 |
| 5.13%, 06/23/51 (e) | 110 | 86 |
| Olin Corporation |  |  |
| 5.00%, 02/01/30 | 211 | 202 |
| 6.63%, 04/01/33 (e) | 180 | 176 |
| Olympus Water US Holding Corporation |  |  |
| 7.25%, 06/15/31 - 02/15/33 (e) | 330 | 318 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 6.80%, 05/13/30 (e) | 200 | 196 |
| 2.88%, 05/11/31 (e) | 70 | 57 |
| Perimeter Holdings LLC |  |  |
| 6.25%, 01/15/34 (e) | 110 | 108 |
| POSCO Holdings Inc. |  |  |
| 5.88%, 01/17/33 (e) | 200 | 210 |
| PT. Indonesia Asahan Aluminium |  |  |
| 5.45%, 05/15/30 (e) | 130 | 132 |
| Samarco Mineracao S.A. |  |  |
| 9.00%, 06/30/31 (e) (f) (p) | 505 | 497 |
| Sasol Financing USA LLC |  |  |
| 6.50%, 09/27/28 | 175 | 177 |
| 8.75%, 05/03/29 - 04/10/33 (e) | 445 | 455 |
| 5.50%, 03/18/31 | 35 | 32 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (e) | 200 | 201 |
| Solstice Advanced Materials US, Inc. |  |  |
| 5.63%, 09/30/33 (e) | 40 | 39 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 200 | 197 |
| 3.75%, 01/15/31 (f) | 60 | 56 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 110 | 106 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (d) (e) | 212 | 170 |
| Usiminas International S.a.r.l. |  |  |
| 7.50%, 01/27/32 (e) | 200 | 204 |
| Vale Overseas Ltd. |  |  |
| 6.40%, 06/28/54 | 125 | 126 |
| 6.00%, 02/25/56 (e) | 200 | 197 |
| Volcan Compania Minera S.A.A. |  |  |
| 8.50%, 10/28/32 (e) | 240 | 244 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (e) | 180 | 165 |
| 7.38%, 03/01/31 (e) | 35 | 35 |
| 6.63%, 08/15/32 (e) | 95 | 93 |
| 7.00%, 08/01/33 (e) | 50 | 49 |
| | | 15641 |
| **Health Care 0.9%** | **Health Care 0.9%** | **Health Care 0.9%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (e) | 307 | 315 |
| Acadia Healthcare Company, Inc. |  |  |
| 7.38%, 03/15/33 (d) (e) | 117 | 120 |
| Accendra Health, Inc. |  |  |
| 6.63%, 04/01/30 (d) (e) | 211 | 100 |
| AdaptHealth LLC |  |  |
| 5.13%, 03/01/30 (e) | 22 | 21 |
| Bausch Health Companies Inc. |  |  |
| 11.00%, 09/30/28 (e) | 14 | 14 |
| BioMarin Pharmaceutical Inc. |  |  |
| 5.50%, 02/15/34 (e) | 55 | 54 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 293 | 288 |
| 2.45%, 07/15/28 | 1120 | 1043 |
| 4.63%, 12/15/29 | 1002 | 952 |
| 3.38%, 02/15/30 | 495 | 447 |
| 2.63%, 08/01/31 | 520 | 435 |
| Community Health Systems, Inc. |  |  |
| 6.13%, 04/01/30 (e) | 175 | 152 |
| 4.75%, 02/15/31 (e) | 605 | 557 |
| 9.75%, 01/15/34 (e) | 70 | 73 |
| CVS Health Corporation |  |  |
| 3.00%, 08/15/26 | 92 | 92 |
| 3.63%, 04/01/27 | 259 | 257 |
| 5.00%, 01/30/29 | 529 | 536 |
| 5.25%, 01/30/31 | 217 | 222 |
| 6.75%, 12/10/54 | 68 | 69 |
| 7.00%, 03/10/55 | 194 | 200 |
| Davita Inc. |  |  |
| 4.63%, 06/01/30 (e) | 175 | 168 |
| 6.88%, 09/01/32 (e) | 125 | 128 |
| 6.75%, 07/15/33 (e) | 75 | 76 |
| Dentsply Sirona Inc. |  |  |
| 8.38%, 09/12/55 | 5 | 5 |
| Emergent BioSolutions Inc. |  |  |
| 3.88%, 08/15/28 (e) | 198 | 168 |
| Global Medical Response, Inc. |  |  |
| 7.38%, 10/01/32 (e) | 33 | 34 |
| HCA Inc. |  |  |
| 5.63%, 09/01/28 | 783 | 799 |
| 5.88%, 02/01/29 | 698 | 718 |
| 3.50%, 09/01/30 | 513 | 488 |
| 3.63%, 03/15/32 | 137 | 127 |
| Humana Inc. |  |  |
| 6.63%, 09/15/56 | 283 | 272 |
| IQVIA Inc. |  |  |
| 6.50%, 05/15/30 (e) | 225 | 229 |
| 6.25%, 06/01/32 (e) | 25 | 25 |
| Lifepoint Health, Inc. |  |  |
| 10.00%, 06/01/32 (e) | 75 | 76 |
| Mars, Incorporated |  |  |
| 4.80%, 03/01/30 (e) | 899 | 909 |
| 5.00%, 03/01/32 (e) | 675 | 684 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (e) | 296 | 302 |
| Molina Healthcare, Inc. |  |  |
| 6.50%, 02/15/31 (e) | 105 | 103 |
| 6.25%, 01/15/33 (e) | 290 | 281 |
| National Mentor Holdings, Inc. |  |  |
| 10.50%, 12/15/30 (e) | 115 | 119 |
| Organon & Co. |  |  |
| 4.13%, 04/30/28 (e) | 15 | 15 |
| 5.13%, 04/30/31 (e) | 195 | 159 |
| 6.75%, 05/15/34 (e) | 83 | 74 |
| 7.88%, 05/15/34 (e) | 200 | 165 |
| Pediatrix Medical Group, Inc. |  |  |
| 5.38%, 02/15/30 (e) | 70 | 69 |
| Radiology Partners, Inc. |  |  |
| 9.78%, 02/15/30 (e) (f) (j) (p) | 12 | 11 |
| 8.50%, 07/15/32 (e) | 45 | 46 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (e) | 68 | 67 |
| Team Services Holding Inc. |  |  |
| 9.00%, 02/15/33 (e) | 158 | 154 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 10/01/28 - 06/15/30 | 149 | 150 |
| 4.38%, 01/15/30 | 45 | 43 |
| 5.50%, 11/15/32 (e) | 190 | 188 |
| 6.00%, 11/15/33 (d) (e) | 60 | 61 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 3.15%, 10/01/26 | 20 | 20 |
| 7.88%, 09/15/29 | 200 | 214 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.00%, 12/01/32 | 260 | 267 |
| Teva Pharmaceutical Finance Netherlands IV B.V. |  |  |
| 5.75%, 12/01/30 | 235 | 237 |
| U.S. Acute Care Solutions, LLC |  |  |
| 9.75%, 05/15/29 (e) | 190 | 184 |
| | | 13782 |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| Acushnet Company |  |  |
| 5.63%, 12/01/33 (e) | 35 | 35 |
| Advance Auto Parts, Inc. |  |  |
| 7.38%, 08/01/33 (e) | 79 | 80 |
| Allison Transmission, Inc. |  |  |
| 5.88%, 12/01/33 (e) | 80 | 79 |
| American Axle & Manufacturing, Inc. |  |  |
| 6.38%, 10/15/32 (e) | 60 | 59 |
| 7.75%, 10/15/33 (e) | 105 | 102 |
| Ashton Woods USA L.L.C. |  |  |
| 4.63%, 04/01/30 (e) | 55 | 51 |
| 6.88%, 08/01/33 (e) | 45 | 43 |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (e) | 125 | 95 |
| Azul Secured Finance LLP |  |  |
| 9.88%, 02/15/31 (e) | 45 | 40 |
| BCPE Flavor Debt Merger Sub LLC |  |  |
| 9.50%, 07/01/32 (e) | 110 | 99 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (e) (p) | 153 | 163 |
| Beazer Homes USA, Inc. |  |  |
| 7.50%, 03/15/31 (d) (e) | 80 | 78 |
| BRE RC Pitney Road PA LP |  |  |
| 6.63%, 01/15/32 (e) | 70 | 69 |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/30 (e) | 51 | 52 |
| Carnival Corporation |  |  |
| 5.88%, 06/15/31 (e) | 100 | 101 |
| 5.75%, 08/01/32 (e) | 70 | 70 |
| 6.13%, 02/15/33 (e) | 80 | 81 |
| Carvana Co. |  |  |
| 5.88%, 10/01/28 (e) | 85 | 82 |
| 4.88%, 09/01/29 (e) | 170 | 155 |
| 10.25%, 05/01/30 (e) | 145 | 155 |
| Century Communities, Inc. |  |  |
| 6.63%, 09/15/33 (e) | 90 | 88 |
| Clarios Global LP |  |  |
| 6.75%, 02/15/30 - 09/15/32 (e) | 150 | 152 |
| Cooper-Standard Automotive Inc. |  |  |
| 9.25%, 03/01/31 (e) | 130 | 122 |
| Corporacion Geo, S.A.B. De C.V. |  |  |
| 0.00%, 12/31/49 (h) (i) (l) | 99 |  |
| Dream Finders Homes, Inc. |  |  |
| 6.88%, 09/15/30 (e) | 90 | 86 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (e) | 534 | 571 |
| Fertitta Entertainment, LLC |  |  |
| 6.75%, 01/15/30 (e) | 270 | 252 |
| Forvia |  |  |
| 6.75%, 09/15/33 (e) | 70 | 68 |
| GENM Capital Labuan Limited |  |  |
| 3.88%, 04/19/31 (e) | 200 | 177 |
| Grubhub Holdings Inc. |  |  |
| 13.00%, 07/31/30 (e) (p) | 28 | 22 |
| Hilton Domestic Operating Company Inc. |  |  |
| 3.63%, 02/15/32 (e) | 122 | 111 |
| 6.13%, 04/01/32 (e) | 45 | 46 |
| 5.88%, 03/15/33 (e) | 45 | 45 |
| 5.75%, 09/15/33 (e) | 135 | 134 |
| 5.50%, 03/31/34 (e) | 65 | 63 |
| JH North America Holdings Inc. |  |  |
| 10.00%, 01/15/31 (e) | 180 | 174 |
| LBM Acquisition, LLC |  |  |
| 6.25%, 01/15/29 (e) | 55 | 40 |
| Les Vetements de Sport Gildan Inc. |  |  |
| 4.70%, 10/07/30 (e) | 102 | 101 |
| LGI Homes, Inc. |  |  |
| 4.00%, 07/15/29 (e) | 50 | 44 |
| 7.00%, 11/15/32 (d) (e) | 255 | 236 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (e) | 115 | 115 |
| Light and Wonder International, Inc. |  |  |
| 6.25%, 10/01/33 (e) | 110 | 108 |
| Lowe`s Companies, Inc. |  |  |
| 3.35%, 04/01/27 | 89 | 88 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (d) (e) | 115 | 85 |
| Metalsa, S.A.P.I. de C.V. |  |  |
| 3.75%, 05/04/31 (e) | 150 | 130 |
| Michaels Companies, Inc., The |  |  |
| 8.50%, 03/15/33 (e) | 115 | 112 |
| 11.00%, 03/15/34 (e) | 115 | 107 |
| Mohegan Escrow Issuer, LLC |  |  |
| 11.88%, 04/15/31 (e) | 30 | 31 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (e) | 80 | 79 |
| 6.25%, 09/15/33 (e) | 90 | 87 |
| Prosus N.V. |  |  |
| 3.68%, 01/21/30 (e) | 45 | 43 |
| 3.06%, 07/13/31 (e) | 125 | 112 |
| 4.19%, 01/19/32 (e) | 200 | 188 |
| Resideo Funding Inc. |  |  |
| 6.50%, 07/15/32 (e) | 35 | 34 |
| Restaurant Brands International Limited Partnership |  |  |
| 4.38%, 01/15/28 (e) | 60 | 59 |
| 6.13%, 06/15/29 (e) | 60 | 61 |
| 5.63%, 09/15/29 (e) | 165 | 166 |
| 4.00%, 10/15/30 (e) | 25 | 23 |
| Risewell Homes Inc. |  |  |
| 8.50%, 11/01/30 (e) | 80 | 78 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/27 (e) | 60 | 60 |
| 6.00%, 02/01/33 (e) | 63 | 64 |
| Sotheby's, Inc. |  |  |
| 7.38%, 10/15/27 (e) | 324 | 322 |
| Spectrum Management Holding Company, LLC |  |  |
| 5.88%, 11/15/40 | 425 | 384 |
| 5.50%, 09/01/41 | 2000 | 1723 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (e) | 225 | 209 |
| 12.75%, 01/15/30 (e) | 120 | 81 |
| Stonemor Inc. |  |  |
| 8.50%, 05/15/29 (e) | 215 | 209 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.75%, 11/15/32 (e) | 55 | 55 |
| Telekom Srbija A.D. Beograd |  |  |
| 7.00%, 10/28/29 (e) | 225 | 221 |
| TKC Holdings, Inc. |  |  |
| 8.50%, 08/15/30 (e) | 145 | 146 |
| 12.00%, 02/15/31 (e) | 75 | 77 |
| TopBuild Corp. |  |  |
| 4.13%, 02/15/32 (e) | 80 | 73 |
| 5.63%, 01/31/34 (e) | 75 | 73 |
| Univision Communications Inc. |  |  |
| 8.50%, 07/31/31 (e) | 360 | 361 |
| 9.38%, 08/01/32 (e) | 110 | 113 |
| Viking Cruises Limited |  |  |
| 9.13%, 07/15/31 (e) | 80 | 84 |
| 5.88%, 10/15/33 (e) | 145 | 143 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 140 | 137 |
| 6.50%, 06/15/33 (d) | 330 | 312 |
| 5.75%, 03/01/34 | 15 | 13 |
| ZF North America Capital, Inc. |  |  |
| 6.75%, 04/23/30 (e) | 90 | 87 |
| 7.50%, 03/24/31 (e) | 55 | 54 |
| 6.88%, 04/23/32 (e) | 45 | 43 |
|  |  | 10971 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| Albertsons Companies, Inc. |  |  |
| 5.63%, 03/31/32 (e) | 75 | 74 |
| 6.25%, 03/15/33 (e) | 65 | 65 |
| 5.75%, 03/31/34 (e) | 90 | 88 |
| Altria Group, Inc. |  |  |
| 3.88%, 09/16/46 | 1500 | 1103 |
| Avis Budget Car Rental, LLC |  |  |
| 8.38%, 06/15/32 (d) (e) | 75 | 75 |
| BidFair Holdings Inc. |  |  |
| 5.88%, 06/01/29 (e) | 10 | 9 |
| Biocon Biologics Global PLC |  |  |
| 6.67%, 10/09/29 (e) | 60 | 59 |
| C&S Group Enterprises LLC |  |  |
| 5.00%, 12/15/28 (e) | 87 | 80 |
| Central American Bottling Corporation |  |  |
| 5.25%, 04/27/29 (e) | 130 | 127 |
| Champions Financing, Inc. |  |  |
| 8.75%, 02/15/29 (d) (e) | 141 | 126 |
| Cosan Overseas Limited |  |  |
| 8.25% (g) (m) | 190 | 181 |
| DP World Crescent Limited |  |  |
| 3.75%, 01/30/30 (e) | 175 | 164 |
| Imperial Brands Finance PLC |  |  |
| 6.13%, 07/27/27 (e) | 536 | 547 |
| JBS USA Food Company |  |  |
| 3.00%, 05/15/32 | 1755 | 1563 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (e) | 140 | 146 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.38%, 01/31/32 (e) | 145 | 134 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (e) | 195 | 172 |
| Minerva Luxembourg S.A. |  |  |
| 4.38%, 03/18/31 (e) | 45 | 41 |
| 8.88%, 09/13/33 (e) | 120 | 128 |
| NBM US Holdings, Inc. |  |  |
| 6.63%, 08/06/29 (e) | 120 | 121 |
| OT MidCo Inc. |  |  |
| 10.00%, 02/15/30 (d) (e) | 155 | 66 |
| Performance Food Group, Inc. |  |  |
| 6.13%, 09/15/32 (e) | 40 | 40 |
| 5.63%, 03/01/34 (e) | 90 | 87 |
| Post Holdings, Inc. |  |  |
| 4.63%, 04/15/30 (e) | 35 | 34 |
| 6.25%, 02/15/32 - 10/15/34 (e) | 110 | 110 |
| 6.38%, 03/01/33 (e) | 55 | 54 |
| 6.50%, 03/15/36 (e) | 35 | 34 |
| Reynolds American Inc. |  |  |
| 5.85%, 08/15/45 | 1000 | 968 |
| Synergy Infrastructure Holdings, LLC |  |  |
| 7.88%, 12/01/30 (e) | 31 | 32 |
| U.S. Foods Inc. |  |  |
| 6.88%, 09/15/28 (e) | 45 | 46 |
| 4.75%, 02/15/29 (e) | 65 | 64 |
| 5.75%, 04/15/33 (e) | 65 | 65 |
| United Rentals (North America), Inc. |  |  |
| 5.38%, 11/15/33 (e) | 185 | 179 |
| 6.13%, 03/15/34 (e) | 110 | 111 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 06/15/29 - 04/15/30 (e) | 130 | 132 |
|  |  | 7025 |
| Total Corporate Bonds And Notes (cost $378,754) | Total Corporate Bonds And Notes (cost $378,754) | 368777 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.9%** |
| AASET 2020-1 Trust |  |  |
| Series 2020-A-1A, 3.35%, 01/15/27 (f) | 55 | 54 |
| Series 2020-B-1A, 4.34%, 01/15/27 (f) | 44 | 43 |
| AASET 2021-1 Trust |  |  |
| Series 2021-A-1A, 2.95%, 10/16/28 (f) | 312 | 299 |
| AASET 2021-2 Trust |  |  |
| Series 2021-A-2A, 2.80%, 12/15/28 (f) | 1023 | 956 |
| AASET 2022-1 Limited |  |  |
| Series 2022-A-1A, 6.00%, 05/16/29 (f) | 1024 | 1021 |
| AASET 2024-1 |  |  |
| Series 2024-A1-1A, 6.26%, 05/16/31 (f) | 679 | 685 |
| Series 2024-A2-1A, 6.26%, 05/16/31 (f) | 618 | 624 |
| AASET 2025-1 |  |  |
| Series 2025-A-1A, 5.94%, 02/16/32 (e) (f) | 532 | 532 |
| Affirm Master Trust |  |  |
| Series 2026-A-2A, 4.67%, 04/16/29 | 290 | 290 |
| AIMCO CLO 11 Ltd. |  |  |
| Series 2020-A1R2-11A, 5.01%, (3 Month Term SOFR + 1.34%), 07/17/37 (j) | 969 | 970 |
| AIMCO CLO 14 Ltd. |  |  |
| Series 2021-A1R-14A, REMIC, 4.89%, (3 Month Term SOFR + 1.22%), 10/20/38 (j) | 1573 | 1571 |
| AIMCO CLO 17 Ltd. |  |  |
| Series 2022-A1R-17A, 5.02%, (3 Month Term SOFR + 1.35%), 07/20/37 (j) | 1099 | 1100 |
| AIMCO CLO 19, Ltd. |  |  |
| Series 2024-A-19A, 5.02%, (3 Month Term SOFR + 1.35%), 10/20/37 (j) | 340 | 340 |
| AIMCO CLO 22 Ltd. |  |  |
| Series 2024-A-22A, 5.17%, (3 Month Term SOFR + 1.50%), 04/19/37 (j) | 1878 | 1878 |
| AIMCO CLO Series 2018-B |  |  |
| Series 2018-AR3-BA, 0.00%, (3 Month Term SOFR + 1.20%), 04/16/37 (j) | 1188 | 1188 |
| Series 2018-ARR-BA, 5.17%, (3 Month Term SOFR + 1.50%), 04/16/37 (j) | 1188 | 1188 |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, REMIC, 5.42%, (1 Month Term SOFR + 1.74%), 06/15/27 (j) | 780 | 782 |
| Allegro CLO XII, Ltd. |  |  |
| Series 2020-A1R-1A, 5.11%, (3 Month Term SOFR + 1.44%), 07/21/37 (j) | 1461 | 1462 |
| Allegro CLO XIII, Ltd. |  |  |
| Series 2021-A1R-1A, 5.01%, (3 Month Term SOFR + 1.34%), 07/20/38 (j) | 716 | 716 |
| Allegro CLO XV, Ltd. |  |  |
| Series 2022-A1R-1A, 4.85%, (3 Month Term SOFR + 1.18%), 04/20/38 (j) | 893 | 889 |
| ALTDE 2025-1 Trust |  |  |
| Series 2025-A-1A, 5.90%, 02/15/32 (f) | 729 | 731 |
| Angel Oak Mortgage Trust I, LLC |  |  |
| Series 2026-A1-2, REMIC, 4.69%, 02/25/30 (f) (j) | 99 | 98 |
| Ares LIV CLO Ltd. |  |  |
| Series 2019-AR2-54A, 4.98%, (3 Month Term SOFR + 1.31%), 07/15/38 (j) | 643 | 643 |
| Ares LIX CLO Ltd. |  |  |
| Series 2021-A-59A, 4.96%, (3 Month Term SOFR + 1.29%), 04/25/34 (j) | 521 | 521 |
| Ares Loan Funding V, Ltd. |  |  |
| Series 2024-A1-ALF5A, 5.17%, (3 Month Term SOFR + 1.50%), 07/27/37 (j) | 1092 | 1090 |
| Ares LV CLO Ltd. |  |  |
| Series 2020-A1R2-55A, 5.04%, (3 Month Term SOFR + 1.37%), 10/15/37 (j) | 652 | 652 |
| Ares LVIII CLO Ltd. |  |  |
| Series 2020-A1R2-58A, 4.91%, (3 Month Term SOFR + 1.24%), 04/15/38 (j) | 908 | 907 |
| Ares LXX CLO Ltd. |  |  |
| Series 2023-A1R-70A, 4.92%, (3 Month Term SOFR + 1.25%), 01/25/39 (j) | 775 | 774 |
| Ares XLI CLO Ltd. |  |  |
| Series 2016-AR2-41A, 5.00%, (3 Month Term SOFR + 1.33%), 04/17/34 (j) | 2135 | 2133 |
| ARI Fleet Lease Trust 2024-B |  |  |
| Series 2024-A2-B, 5.54%, 02/16/27 | 104 | 105 |
| Bain Capital Credit CLO 2023-2, Limited |  |  |
| Series 2023-A1R-2A, 4.99%, (3 Month Term SOFR + 1.32%), 07/18/38 (j) | 943 | 944 |
| Bain Capital Credit CLO 2023-4 Ltd. |  |  |
| Series 2023-A1R-4A, 4.96%, (3 Month Term SOFR + 1.23%), 01/21/39 (j) | 915 | 913 |
| BAMLL Commercial Mortgage Securities Trust 2019-BPR |  |  |
| Series 2019-ANM-BPR, REMIC, 3.11%, 11/05/32 | 390 | 378 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2019-BNM-BPR, REMIC, 3.47%, 11/05/32 | 100 | 97 |
| Bank 2017-BNK6 |  |  |
| Series 2017-ASB-BNK6, REMIC, 3.29%, 07/17/26 | 9 | 9 |
| 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, 0.53%, 01/18/63 (j) | 3200 | 51 |
| Bank 2022-BNK44 |  |  |
| Series 2022-A5-BNK44, REMIC, 5.74%, 10/18/32 (j) | 3815 | 3990 |
| Bank5 2025-5YR16 |  |  |
| Interest Only, Series 2025-XB-5YR19, REMIC, 0.81%, 12/17/58 (j) | 1000 | 28 |
| Interest Only, Series 2025-XB-5YR16, REMIC, 0.55%, 08/17/63 (j) | 1600 | 27 |
| Bank5 2026-5YR20 |  |  |
| Series 2026-A3-5YR20, REMIC, 5.10%, 01/17/31 | 300 | 303 |
| Bank5 2026-5YR21 |  |  |
| Series 2026-A3-5YR21, REMIC, 5.53%, 04/17/59 | 400 | 412 |
| Barings 2026-SBP Issuer LLC |  |  |
| Series 2026-A-SBP, 4.82%, 02/19/59 (f) | 940 | 932 |
| Barings CLO Ltd. 2020-I |  |  |
| Series 2020-A1R2-1A, 5.16%, (3 Month Term SOFR + 1.26%), 01/15/38 (j) | 589 | 589 |
| Barings CLO Ltd. 2020-IV |  |  |
| Series 2020-AR-4A, 5.04%, (3 Month Term SOFR + 1.37%), 10/20/37 (j) | 1190 | 1190 |
| BCRED BSL Static CLO 2025-1 Ltd. |  |  |
| Series 2025-AR-1A, 5.38%, (3 Month Term SOFR + 1.25%), 07/24/35 (j) | 648 | 648 |
| Benchmark 2018-B4 Mortgage Trust |  |  |
| Series 2018-A5-B4, REMIC, 4.12%, 06/16/28 (j) | 106 | 105 |
| Benchmark 2019-B10 Mortgage Trust |  |  |
| Series 2019-ASB-B10, REMIC, 3.62%, 11/17/28 | 125 | 122 |
| Benchmark 2019-B12 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B12, REMIC, 1.15%, 08/16/52 (j) | 6211 | 141 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B14, REMIC, 0.88%, 12/15/62 (j) | 4252 | 76 |
| Benchmark 2019-B9 Mortgage Trust |  |  |
| Series 2019-AAB-B9, REMIC, 3.93%, 09/15/28 | 218 | 216 |
| Benchmark 2021-B27 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B27, REMIC, 1.35%, 07/17/54 (j) | 2020 | 89 |
| Benchmark 2026-V20 Mortgage Trust |  |  |
| Series 2026-A3-V20, REMIC, 5.18%, 01/17/31 | 300 | 305 |
| Benefit Street Partners CLO 44 Ltd. |  |  |
| Series 2025-A1-44A, 4.95%, (3 Month Term SOFR + 1.22%), 01/18/39 (j) | 784 | 782 |
| Benefit Street Partners CLO XXXI, Ltd. |  |  |
| Series 2023-AR-33A, 4.85%, (3 Month Term SOFR + 1.19%), 01/25/39 (j) | 809 | 807 |
| Bethpage Park CLO, Ltd. |  |  |
| Series 2021-A-1A, 5.06%, (3 Month Term SOFR + 1.39%), 01/16/35 (j) | 638 | 637 |
| BHG Securitization Trust 2025-2CON |  |  |
| Series 2025-A-2CON, 4.84%, 09/17/36 | 158 | 159 |
| Blackbird Capital II Aircraft Lease Limited |  |  |
| Series 2021-A-1A, 2.44%, 07/17/28 (f) | 814 | 768 |
| BLP Commercial Mortgage Trust |  |  |
| Series 2024-A-IND2, REMIC, 5.01%, (1 Month Term SOFR + 1.34%), 03/15/41 (j) | 482 | 482 |
| Blueberry Park CLO, Ltd. |  |  |
| Series 2024-A-1A, 5.02%, (3 Month Term SOFR + 1.35%), 10/20/37 (j) | 1264 | 1264 |
| BMO 2025-5C13 Mortgage Trust |  |  |
| Series 2025-A2-5C13, REMIC, 4.74%, 11/18/30 | 200 | 200 |
| BMP 2024-MF23 |  |  |
| Series 2024-A-MF23, 5.04%, (1 Month Term SOFR + 1.37%), 06/15/26 (j) | 749 | 749 |
| Series 2024-B-MF23, 5.31%, (1 Month Term SOFR + 1.64%), 06/15/26 (j) | 370 | 370 |
| Series 2024-C-MF23, 5.51%, (1 Month Term SOFR + 1.84%), 06/15/26 (j) | 261 | 261 |
| Brant Point CLO 2025-8 Ltd. |  |  |
| Series 2025-D1-8A, 6.85%, (3 Month Term SOFR + 2.85%), 03/31/38 (j) | 100 | 98 |
| Bravo Residential Funding Trust 2023-RPL1 |  |  |
| Series 2023-A1-RPL1, REMIC, 5.00%, 05/25/63 (j) | 480 | 479 |
| BRAVO Residential Funding Trust 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.50%, 02/25/65 (f) | 217 | 218 |
| BX 2021-PAC Mortgage Trust |  |  |
| Series 2021-A-PAC, REMIC, 4.48%, (1 Month Term SOFR + 0.80%), 11/15/38 (j) | 1203 | 1200 |
| Series 2021-B-PAC, REMIC, 4.69%, (1 Month Term SOFR + 1.01%), 11/15/38 (j) | 180 | 179 |
| Series 2021-C-PAC, REMIC, 4.89%, (1 Month Term SOFR + 1.21%), 11/15/38 (j) | 241 | 240 |
| Series 2021-D-PAC, REMIC, 5.09%, (1 Month Term SOFR + 1.41%), 11/15/38 (j) | 234 | 233 |
| Series 2021-E-PAC, REMIC, 5.73%, (1 Month Term SOFR + 2.06%), 11/15/38 (j) | 813 | 807 |
| BX Commercial Mortgage Trust 2018-BIOA |  |  |
| Series 2025-A-DIME, REMIC, 4.82%, (1 Month Term SOFR + 1.15%), 02/16/27 (j) | 988 | 981 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 4.69%, (1 Month Term SOFR + 1.01%), 02/15/39 (j) | 106 | 106 |
| Series 2022-B-LP2, REMIC, 4.98%, (1 Month Term SOFR + 1.31%), 02/15/39 (j) | 400 | 399 |
| Series 2022-C-LP2, REMIC, 5.23%, (1 Month Term SOFR + 1.56%), 02/15/39 (j) | 328 | 328 |
| Series 2022-D-LP2, REMIC, 5.63%, (1 Month Term SOFR + 1.96%), 02/15/39 (j) | 328 | 328 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-A-GPA3, REMIC, 4.97%, (1 Month Term SOFR + 1.29%), 12/15/26 (j) | 279 | 279 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.31%, (1 Month Term SOFR + 1.64%), 05/15/29 (j) | 1147 | 1147 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-A-XL4, REMIC, 5.11%, (1 Month Term SOFR + 1.44%), 02/15/39 (j) | 1054 | 1054 |
| Series 2024-B-XL4, REMIC, 5.46%, (1 Month Term SOFR + 1.79%), 02/15/39 (j) | 99 | 99 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-A-XL5, REMIC, 5.06%, (1 Month Term SOFR + 1.39%), 03/15/29 (j) | 1900 | 1900 |
| Series 2024-B-XL5, REMIC, 5.36%, (1 Month Term SOFR + 1.69%), 03/15/29 (j) | 372 | 372 |
| Series 2024-C-XL5, REMIC, 5.61%, (1 Month Term SOFR + 1.94%), 03/15/29 (j) | 493 | 494 |
| BX Commercial Mortgage Trust 2025-SPOT |  |  |
| Series 2025-A-SPOT, REMIC, 5.12%, (1 Month Term SOFR + 1.44%), 04/15/27 (j) | 1795 | 1795 |
| Series 2025-B-SPOT, REMIC, 5.42%, (1 Month Term SOFR + 1.74%), 04/15/27 (j) | 645 | 645 |
| BX Commercial Mortgage Trust 2026-ALOHA |  |  |
| Series 2026-A-ALOHA, REMIC, 0.00%, 04/15/28 (j) | 1053 | 1053 |
| BX Commercial Mortgage Trust 2026-XL6 |  |  |
| Series 2026-A-XL6, REMIC, 4.87%, (1 Month Term SOFR + 1.20%), 03/15/28 (j) | 1622 | 1614 |
| Series 2026-B-XL6, REMIC, 5.12%, (1 Month Term SOFR + 1.45%), 03/15/28 (j) | 180 | 179 |
| BX Trust 2021-LBA |  |  |
| Series 2021-AJV-LBA, REMIC, 4.59%, (1 Month Term SOFR + 0.91%), 02/15/28 (j) | 100 | 100 |
| BX Trust 2022-IND |  |  |
| Series 2022-A-IND, REMIC, 5.16%, (1 Month Term SOFR + 1.49%), 04/15/37 (j) | 494 | 494 |
| Series 2022-B-IND, REMIC, 5.61%, (1 Month Term SOFR + 1.94%), 04/15/37 (j) | 427 | 427 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2022-C-IND, REMIC, 5.96%, (1 Month Term SOFR + 2.29%), 04/15/37 (j) | 97 | 97 |
| Series 2022-D-IND, REMIC, 6.51%, (1 Month Term SOFR + 2.84%), 04/15/37 (j) | 80 | 81 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.11%, (1 Month Term SOFR + 1.44%), 04/15/29 (j) | 1442 | 1442 |
| Series 2024-B-CNYN, REMIC, 5.36%, (1 Month Term SOFR + 1.69%), 04/15/29 (j) | 230 | 229 |
| Series 2024-C-CNYN, REMIC, 5.61%, (1 Month Term SOFR + 1.94%), 04/15/29 (j) | 191 | 191 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-A-ROIC, REMIC, 4.82%, (1 Month Term SOFR + 1.14%), 03/15/27 (j) | 3364 | 3348 |
| Series 2025-B-ROIC, REMIC, 5.07%, (1 Month Term SOFR + 1.39%), 03/15/27 (j) | 374 | 371 |
| Series 2025-C-ROIC, REMIC, 5.22%, (1 Month Term SOFR + 1.54%), 03/15/27 (j) | 527 | 522 |
| BX Trust 2025-TAIL |  |  |
| Series 2025-A-TAIL, 5.07%, (1 Month Term SOFR + 1.40%), 06/15/27 (j) | 347 | 347 |
| Carlyle US CLO 2021-10 Ltd. |  |  |
| Series 2021-A1R-10A, 4.98%, (3 Month Term SOFR + 1.31%), 01/20/38 (j) | 728 | 728 |
| Carlyle US CLO 2021-11 Ltd. |  |  |
| Series 2021-A1R-11A, 5.08%, (3 Month Term SOFR + 1.41%), 07/27/37 (j) | 1277 | 1275 |
| Carlyle US CLO 2025-6 Ltd. |  |  |
| Series 2025-A1-6A, 4.88%, (3 Month Term SOFR + 1.22%), 01/20/39 (j) | 886 | 885 |
| Carmax Select Receivables Trust 2026-A |  |  |
| Series 2026-A3-A, 3.99%, 11/16/28 | 35 | 35 |
| Cedar Funding X CLO Ltd. |  |  |
| Series 2019-AR2-10A, 5.03%, (3 Month Term SOFR + 1.36%), 10/20/37 (j) | 710 | 710 |
| Cedar Funding XII CLO Ltd. |  |  |
| Series 2020-ARR-12A, 4.87%, (3 Month Term SOFR + 1.20%), 01/25/38 (j) | 857 | 855 |
| Cedar Funding XVII CLO, Ltd. |  |  |
| Series 2023-AR-17A, 5.02%, (3 Month Term SOFR + 1.35%), 07/20/38 (j) | 877 | 878 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 4.92%, (1 Month Term SOFR + 5.09%), 07/12/30 (j) (q) | 716 | 713 |
| CENT TRUST 2025-CITY |  |  |
| Interest Only, Series 2025-X-CITY, REMIC, 0.21%, 07/10/40 (j) | 8500 | 54 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2021-A1-1A, REMIC, 1.53%, 03/15/61 | 1427 | 1153 |
| 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 | 868 | 859 |
| CFMT 2024-HB13, LLC |  |  |
| Series 2024-A-HB13, 3.00%, 05/25/27 | 251 | 246 |
| CFMT 2024-HB15, LLC |  |  |
| Series 2024-A-HB15, 4.00%, 08/25/27 | 127 | 125 |
| Chesapeake Funding II LLC |  |  |
| Series 2023-A1-2A, 6.16%, 11/16/26 | 122 | 123 |
| Series 2024-A1-1A, 5.52%, 09/15/27 | 269 | 272 |
| CIFC Funding 2019-V Ltd. |  |  |
| Series 2019-A1R2-5A, 4.94%, (3 Month Term SOFR + 1.27%), 10/15/38 (j) | 823 | 823 |
| CIFC Funding 2025-VI Ltd. |  |  |
| Series 2025-A1-6A, 5.11%, (3 Month Term SOFR + 1.25%), 10/23/38 (j) | 545 | 545 |
| CIFC Funding 2026-I Ltd. |  |  |
| Series 2026-A1-1A, REMIC, 4.84%, (3 Month Term SOFR + 1.17%), 04/25/39 (j) | 1500 | 1499 |
| Citigroup Commercial Mortgage Trust 2019-GC41 |  |  |
| Interest Only, Series 2019-XA-GC41, REMIC, 1.13%, 08/11/56 (j) | 3137 | 85 |
| Clover CLO 2019-1 Ltd. |  |  |
| Series 2019-ARR-1A, 4.67%, (3 Month Term SOFR + 1.00%), 04/18/35 (j) | 1044 | 1041 |
| COMM 2005-C6 |  |  |
| Series 2025-A-ELP, REMIC, 4.76%, 11/15/30 (j) | 537 | 529 |
| Consolidated Communications LLC/Fidium Fiber Finan |  |  |
| Series 2026-A2-1A, 5.08%, 03/20/56 | 190 | 189 |
| CSAIL 2018-CX12 Commercial Mortgage Trust |  |  |
| Series 2018-A3-CX12, REMIC, 3.96%, 05/17/28 | 210 | 207 |
| CSTL Commercial Mortgage Trust 2026-GATE3 |  |  |
| Series 2026-A-GATE3, REMIC, 4.85%, 02/10/43 (j) | 100 | 99 |
| DB Master Finance LLC |  |  |
| Series 2021-A2I-1A, 2.05%, 11/20/26 | 359 | 353 |
| Series 2017-A2II-1A, 4.03%, 11/20/27 | 3574 | 3577 |
| Series 2025-A2I-1A, 4.89%, 11/20/30 | 668 | 667 |
| Series 2025-A2II-1A, 5.17%, 11/22/32 | 544 | 542 |
| Dext ABS 2025-2, LLC |  |  |
| Series 2025-A3-2, 4.23%, 04/15/36 | 135 | 135 |
| DLLAA 2023-1 LLC |  |  |
| Series 2023-A3-1A, 5.64%, 02/22/28 | 157 | 158 |
| DLLAD 2023-1 LLC |  |  |
| Series 2023-A3-1A, 4.79%, 03/22/27 | 127 | 128 |
| Domino's Pizza, Inc. |  |  |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 3532 | 3479 |
| Dryden 37 Senior Loan Fund |  |  |
| Series 2022-A1R-108A, 5.03%, (3 Month Term SOFR + 1.36%), 07/18/37 (j) | 1705 | 1705 |
| Dryden 85 CLO Ltd. |  |  |
| Series 2020-A1R2-85A, 5.05%, (3 Month Term SOFR + 1.38%), 07/15/37 (j) | 1266 | 1267 |
| DTP Commercial Mortgage Trust 2023-STE2 |  |  |
| Series 2023-A-STE2, REMIC, 6.04%, 01/18/29 (j) | 282 | 285 |
| Eaton Vance CLO 2019-1, Ltd. |  |  |
| Series 2019-AR2-1A, 5.18%, (3 Month Term SOFR + 1.51%), 07/15/37 (j) | 1021 | 1022 |
| Eaton Vance CLO 2020-1, Ltd. |  |  |
| Series 2020-ARR-1A, 5.06%, (3 Month Term SOFR + 1.39%), 10/15/37 (j) | 1146 | 1146 |
| Eaton Vance CLO 2020-2 Ltd. |  |  |
| Series 2020-AR2-2A, 5.05%, (3 Month Term SOFR + 1.38%), 10/15/37 (j) | 1020 | 1019 |
| Enterprise Fleet Financing 2024-2, LLC |  |  |
| Series 2024-A2-2, 5.74%, 05/20/26 | 63 | 64 |
| Exeter Select Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-A2-1, 4.83%, 11/16/26 | 47 | 48 |
| Series 2025-A3-1, 4.69%, 03/15/28 | 115 | 116 |
| Extended Stay America Trust 2025-ESH |  |  |
| Series 2025-A-ESH, REMIC, 4.97%, (1 Month Term SOFR + 1.30%), 10/15/30 (j) | 1660 | 1660 |
| Series 2025-B-ESH, REMIC, 5.27%, (1 Month Term SOFR + 1.60%), 10/15/30 (j) | 295 | 295 |
| Series 2025-C-ESH, REMIC, 5.52%, (1 Month Term SOFR + 1.85%), 10/15/30 (j) | 145 | 145 |
| Extended Stay America Trust 2026-ESH2 |  |  |
| Series 2026-A-ESH2, REMIC, 4.87%, (1 Month Term SOFR + 1.20%), 02/15/43 (j) | 1504 | 1504 |
| Series 2026-B-ESH2, REMIC, 5.07%, (1 Month Term SOFR + 1.40%), 02/15/43 (j) | 155 | 155 |
| Series 2026-C-ESH2, REMIC, 5.27%, (1 Month Term SOFR + 1.60%), 02/15/43 (j) | 105 | 105 |
| Flatiron CLO 20 Ltd. |  |  |
| Series 2020-A1R2-1A, 4.90%, (3 Month Term SOFR + 1.24%), 11/20/38 (j) | 1862 | 1858 |
| Flatiron CLO 21 Ltd. |  |  |
| Series 2021-A1R-1A, 5.29%, (3 Month Term SOFR + 1.36%), 10/19/37 (j) | 1103 | 1103 |
| Flatiron CLO 26 Ltd. |  |  |
| Series 2024-A-4A, 5.23%, (3 Month Term SOFR + 1.33%), 01/15/38 (j) | 1041 | 1042 |
| Flatiron CLO 31 Ltd. |  |  |
| Series 2025-A1-31A, 4.87%, (3 Month Term SOFR + 1.20%), 01/18/39 (j) | 777 | 776 |
| Flatiron CLO 32 Ltd. |  |  |
| Series 2025-A1-32A, 5.37%, (3 Month Term SOFR + 1.29%), 10/22/38 (j) | 849 | 850 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Flatiron RR CLO 30 Ltd. |  |  |
| Series 2025-A1-30A, REMIC, 4.83%, (3 Month Term SOFR + 1.16%), 04/15/38 (j) | 905 | 903 |
| GGAM Master Trust International Ltd. |  |  |
| Series 2025-A-1A, 5.92%, 09/30/60 | 1724 | 1712 |
| Gilead 2025-1 Aviation Limited |  |  |
| Series 2025-A-1A, 5.79%, 03/15/32 (f) | 1254 | 1257 |
| GMF Floorplan Owner Revolving Trust |  |  |
| Series 2024-A1-4A, REMIC, 4.73%, 11/15/27 | 750 | 756 |
| Goldentree Loan Management US CLO 28 Ltd. |  |  |
| Series 2026-A-28A, 4.92%, (3 Month Term SOFR + 1.17%), 10/20/39 (j) | 501 | 501 |
| Green Lakes Park CLO LLC |  |  |
| Series 2025-ARR-1A, 4.85%, (3 Month Term SOFR + 1.18%), 01/25/38 (j) | 905 | 902 |
| 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%, 07/25/61 (j) | 319 | 312 |
| GS Mortgage-Backed Securities Trust 2024-RPL4 |  |  |
| Series 2024-A1-RPL4, REMIC, 3.90%, 07/25/26 (f) | 593 | 586 |
| Hamlin Park CLO Ltd. |  |  |
| Series 2024-A-1A, 5.01%, (3 Month Term SOFR + 1.34%), 10/20/37 (j) | 1015 | 1016 |
| Horizon Aircraft Finance I Limited |  |  |
| Series 2018-A-1, 4.46%, 12/15/38 (f) | 97 | 96 |
| INTL Commercial Mortgage Trust 2025-PLAZA |  |  |
| Series 2025-A-PLAZA, REMIC, 5.04%, 11/07/30 (j) | 490 | 487 |
| Invesco US CLO 2024-1 Ltd. |  |  |
| Series 2024-AR-1RA, 5.22%, (3 Month Term SOFR + 1.55%), 04/15/37 (j) | 959 | 959 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-AFX-WPT, REMIC, 4.25%, 07/08/33 | 339 | 339 |
| J.P. Morgan Mortgage Trust 2025-NQM2 |  |  |
| Series 2025-A1-NQM2, REMIC, 5.57%, 05/25/29 (j) | 168 | 168 |
| J.P. Morgan Mortgage Trust 2026-NQX1 |  |  |
| Series 2026-A1-NQX1, REMIC, 5.50%, 07/25/66 (j) | 300 | 300 |
| Jersey Mike's Funding, LLC |  |  |
| Series 2024-A2-1A, 5.64%, 02/15/32 | 1208 | 1232 |
| Series 2025-A2-1A, 5.61%, 08/16/32 | 527 | 536 |
| JPMDB Commercial Mortgage Securities Trust 2016-C4 |  |  |
| Series 2016-ASB-C4, REMIC, 2.99%, 06/17/26 | 14 | 14 |
| Series 2016-A2-C4, REMIC, 2.88%, 09/17/26 | 180 | 179 |
| Lakeside Park CLO Ltd. |  |  |
| Series 2025-A-1A, 4.82%, (3 Month Term SOFR + 1.15%), 04/15/38 (j) | 658 | 656 |
| LIFE 2021-BMR Mortgage Trust |  |  |
| Series 2021-C-BMR, REMIC, 4.89%, (1 Month Term SOFR + 1.21%), 03/15/38 (j) | 17 | 17 |
| Series 2021-D-BMR, REMIC, 5.19%, (1 Month Term SOFR + 1.51%), 03/15/38 (j) | 159 | 151 |
| Series 2021-E-BMR, REMIC, 5.54%, (1 Month Term SOFR + 1.86%), 03/15/38 (j) | 139 | 128 |
| LIFE 2022-BMR2 Mortgage Trust |  |  |
| Series 2022-A1-BMR2, REMIC, 4.97%, (1 Month Term SOFR + 1.30%), 05/17/38 (j) | 2042 | 1971 |
| Series 2022-B-BMR2, REMIC, 5.47%, (1 Month Term SOFR + 1.79%), 05/17/38 (j) | 1221 | 1120 |
| Series 2022-C-BMR2, REMIC, 5.77%, (1 Month Term SOFR + 2.09%), 05/17/38 (j) | 684 | 609 |
| Series 2022-D-BMR2, REMIC, 6.21%, (1 Month Term SOFR + 2.54%), 05/17/38 (j) | 608 | 517 |
| Madison Park Funding XIII, Ltd. |  |  |
| Series 2024-A1-67A, 5.18%, (3 Month Term SOFR + 1.51%), 04/25/37 (j) | 1211 | 1211 |
| Madison Park Funding XLV Ltd. |  |  |
| Series 2020-ARR-45A, 4.75%, (3 Month Term SOFR + 1.08%), 07/15/34 (j) | 653 | 651 |
| Magnetite XLI, Limited |  |  |
| Series 2024-A-41A, REMIC, 4.96%, (3 Month Term SOFR + 1.29%), 01/25/38 (j) | 596 | 597 |
| Magnetite Xlv Ltd. |  |  |
| Series 2025-A1-45A, REMIC, 4.82%, (3 Month Term SOFR + 1.15%), 04/15/38 (j) | 635 | 633 |
| Magnetite XXI, Limited |  |  |
| Series 2019-AR-21A, 4.95%, (3 Month Term SOFR + 1.28%), 04/20/34 (j) | 920 | 920 |
| Magnetite XXIX, Limited |  |  |
| Series 2021-AR-29A, 5.02%, (3 Month Term SOFR + 1.35%), 07/15/37 (j) | 1150 | 1151 |
| Magnetite XXVI Ltd. |  |  |
| Series 2020-AR2-26A, 4.82%, (3 Month Term SOFR + 1.15%), 01/25/38 (j) | 870 | 867 |
| Magnetite XXVIII Ltd. |  |  |
| Series 2020-A1RR-28A, 5.14%, (3 Month Term SOFR + 1.24%), 01/15/38 (j) | 1209 | 1208 |
| Magnetite XXX, Limited |  |  |
| Series 2021-AR-30A, 5.02%, (3 Month Term SOFR + 1.35%), 10/25/37 (j) | 1072 | 1073 |
| Magnetite XXXVI Ltd. |  |  |
| Series 2023-AR-36A, 4.99%, (3 Month Term SOFR + 1.32%), 07/26/38 (j) | 863 | 864 |
| Merchants Fleet Funding LLC |  |  |
| Series 2023-A-1A, 7.21%, 05/20/26 | 158 | 158 |
| Series 2024-A-1A, 5.82%, 08/20/27 | 394 | 396 |
| Series 2025-A-1A, 4.49%, 01/20/39 | 200 | 200 |
| MFA 2024-RPL1 Trust |  |  |
| Series 2024-A1-RPL1, REMIC, 4.25%, 02/25/66 (j) | 165 | 157 |
| MHP Commercial Mortgage Trust 2021-STOR |  |  |
| Series 2021-A-STOR, REMIC, 4.49%, (1 Month Term SOFR + 0.81%), 07/15/38 (j) | 603 | 603 |
| MHP Commercial Mortgage Trust 2025-MHIL2 |  |  |
| Series 2025-A-MHIL2, REMIC, 5.17%, (1 Month Term SOFR + 1.45%), 09/15/27 (j) | 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 | 695 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-A4-H1, REMIC, 3.26%, 03/17/27 | 700 | 694 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-A-NUGS, REMIC, 4.74%, (1 Month Term SOFR + 1.06%), 12/15/36 (j) | 900 | 679 |
| Morgan Stanley Eaton Vance CLO 2025-21 Ltd. |  |  |
| Series 2025-A1-21A, 4.84%, (3 Month Term SOFR + 1.17%), 04/15/38 (j) | 1085 | 1085 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.53%, 05/25/70 (f) (j) | 157 | 158 |
| Navigator 2025-1 Aviation Ltd. |  |  |
| Series 2025-A-1, 5.11%, 10/15/50 (f) | 1225 | 1201 |
| Neuberger Berman Loan Advisers CLO 25 Ltd. |  |  |
| Series 2017-AR2-25A, 5.07%, (3 Month Term SOFR + 1.40%), 07/18/38 (j) | 965 | 965 |
| Nissan Auto Lease Trust 2026-A |  |  |
| Series 2026-A3-A, 3.87%, 03/15/29 | 140 | 139 |
| NYMT Loan Trust 2022-CP1 |  |  |
| Series 2022-A1-CP1, 2.04%, 09/25/27 | 100 | 95 |
| NYMT Loan Trust 2024-CP1 |  |  |
| Series 2024-A1-CP1, REMIC, 3.75%, 08/25/37 (j) | 240 | 226 |
| Oak Hill Credit Partners |  |  |
| Series 2024-A1-18A, 5.17%, (3 Month Term SOFR + 1.50%), 04/20/37 (j) | 1393 | 1394 |
| Series 2024-A2-18A, 5.32%, (3 Month Term SOFR + 1.65%), 04/20/37 (j) | 250 | 249 |
| OCP Aegis CLO 2025-47 Ltd. |  |  |
| Series 2025-A1-47A, 4.82%, (3 Month Term SOFR + 1.11%), 01/21/38 (j) | 714 | 711 |
| OCP CLO 2015-8, Ltd. |  |  |
| Series 2020-AR2-8RA, 4.89%, (3 Month Term SOFR + 1.22%), 10/18/38 (j) | 806 | 804 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| OCP CLO 2018-15 Ltd. |  |  |
| Series 2018-AR-15A, 4.92%, (3 Month Term SOFR + 1.25%), 01/20/38 (j) | 550 | 550 |
| OCP CLO 2025-44 Ltd. |  |  |
| Series 2025-A-44A, 4.97%, (3 Month Term SOFR + 1.30%), 10/25/38 (j) | 891 | 892 |
| OCP CLO 2025-46 Ltd. |  |  |
| Series 2025-A-46A, 4.97%, (3 Month Term SOFR + 1.20%), 10/15/38 (j) | 555 | 553 |
| OCP CLO Aegis 2024-39, Ltd. |  |  |
| Series 2024-AR-39A, 4.76%, (3 Month Term SOFR + 1.09%), 04/16/38 (j) | 633 | 629 |
| Ocwen Loan Investment Trust 2023-HB1 |  |  |
| Series 2023-A-HB1, 3.00%, 06/25/26 (j) | 2 | 2 |
| Ocwen Loan Investment Trust 2024-HB1 |  |  |
| Series 2024-A-HB1, 3.00%, 02/25/27 | 34 | 33 |
| OHA Credit Funding 13 Ltd. |  |  |
| Series 2022-AR-13A, 5.02%, (3 Month Term SOFR + 1.35%), 07/20/37 (j) | 1592 | 1593 |
| OHA Credit Funding 14-R Ltd. |  |  |
| Series 2023-A-14RA, 4.90%, (3 Month Term SOFR + 1.23%), 04/20/38 (j) | 594 | 593 |
| OHA Credit Funding 4 Ltd. |  |  |
| Series 2019-AR2-4A, 4.96%, (3 Month Term SOFR + 1.29%), 01/22/38 (j) | 1088 | 1090 |
| OHA Credit Funding 5 Ltd. |  |  |
| Series 2012-AR4-7A, 4.80%, (3 Month Term SOFR + 1.14%), 02/20/38 (j) | 979 | 976 |
| OHA Credit Funding 6 Ltd. |  |  |
| Series 2020-AR2-6A, 5.00%, (3 Month Term SOFR + 1.33%), 10/20/37 (j) | 857 | 858 |
| OHA Credit Partners Ltd. |  |  |
| Series 2024-A-17A, 4.99%, (3 Month Term SOFR + 1.32%), 01/18/38 (j) | 374 | 374 |
| OneMain Financial Issuance Trust 2021-1 |  |  |
| Series 2021-A1-1A, 1.55%, 09/14/27 | 1000 | 978 |
| Onity Loan Investment Trust 2024-HB2 |  |  |
| Series 2024-A-HB2, 5.00%, 08/25/27 | 98 | 98 |
| Onity Loan Investment Trust 2025-HB2 |  |  |
| Series 2025-A-HB2, 3.00%, 11/25/28 (j) (q) | 210 | 204 |
| Oportun Issuance Trust 2025-B |  |  |
| Series 2025-A-B, 4.88%, 11/08/27 | 300 | 301 |
| Palmer Square CLO 2026-1 Ltd. |  |  |
| Series 2026-A-1A, 4.86%, (3 Month Term SOFR + 1.19%), 04/20/39 (j) | 713 | 713 |
| Palmer Square Loan Funding 2025-1 Ltd. |  |  |
| Series 2025-A1-1A, 4.45%, (3 Month Term SOFR + 0.80%), 02/15/33 (j) | 830 | 829 |
| Palmer Square Loan Funding 2025-2 Ltd. |  |  |
| Series 2025-A1-2A, 4.61%, (3 Month Term SOFR + 0.94%), 07/15/33 (j) | 755 | 755 |
| Peace Park CLO Ltd. |  |  |
| Series 2021-AR-1A, 4.92%, (3 Month Term SOFR + 1.25%), 10/20/38 (j) | 898 | 897 |
| Phantom Aviation |  |  |
| Series 2026-A-1, 5.24%, 01/18/33 (f) | 498 | 495 |
| PK Alift Loan Funding 3 LP |  |  |
| Series 2024-A1-1, 5.84%, 06/15/29 | 166 | 168 |
| PLYM Commercial Mortgage Trust 2026-IND |  |  |
| Series 2026-A-IND, 4.92%, (1 Month Term SOFR + 1.25%), 03/15/28 (j) | 1834 | 1825 |
| Series 2026-B-IND, 5.12%, (1 Month Term SOFR + 1.45%), 03/15/28 (j) | 235 | 233 |
| Series 2026-C-IND, 5.32%, (1 Month Term SOFR + 1.65%), 03/15/28 (j) | 261 | 259 |
| PRET 2024-RPL1 Trust |  |  |
| Series 2024-A1-RPL1, REMIC, 3.90%, 10/25/63 (j) | 378 | 362 |
| PRET 2025-RPL3 Trust |  |  |
| Series 2025-A1-RPL3, REMIC, 4.15%, 04/25/65 (f) | 277 | 270 |
| PRMI Securitization Trust 2024-CMG1 |  |  |
| Series 2024-A1-CMG1, REMIC, 5.12%, (1 Month Term SOFR + 1.45%), 07/25/54 (j) | 373 | 372 |
| PRPM 2024-RCF4, LLC |  |  |
| Series 2024-A1-RCF4, REMIC, 4.00%, 07/25/28 (f) | 124 | 123 |
| PRPM 2024-RCF6, LLC |  |  |
| Series 2024-A1-RCF6, 4.00%, 10/25/64 (f) | 78 | 77 |
| PRPM 2024-RPL2, LLC |  |  |
| Series 2024-A1-RPL2, 3.50%, 05/25/28 (f) | 611 | 595 |
| PRPM 2025-RCF3, LLC |  |  |
| Series 2025-A1-RCF3, REMIC, 5.25%, 07/26/55 (f) | 157 | 157 |
| PRPM 2025-RCF5, LLC |  |  |
| Series 2025-A1-RCF5, REMIC, 4.84%, 10/25/55 (f) | 270 | 269 |
| PRPM 2026-RCF2, LLC |  |  |
| Series 2026-A1-RCF2, 5.50%, 03/25/56 (j) | 200 | 201 |
| RCO X Mortgage LLC 2026-1 |  |  |
| Series 2026-A1-1, 5.54%, 03/25/31 (f) | 300 | 299 |
| RR 25 Ltd. |  |  |
| Series 2023-A1A2-25A, 4.85%, (3 Month Term SOFR + 1.18%), 04/15/41 (j) | 602 | 602 |
| RR 34 Ltd. |  |  |
| Series 2024-A1R-34RA, 5.02%, (3 Month Term SOFR + 1.35%), 10/15/39 (j) | 478 | 478 |
| RR 44 Ltd. |  |  |
| Series 2026-A1A-44A, 4.85%, (3 Month Term SOFR + 1.17%), 04/15/41 (j) | 915 | 912 |
| RR 7 Ltd. |  |  |
| Series 2019-A1AB-7A, 5.01%, (3 Month Term SOFR + 1.34%), 01/15/37 (j) | 1141 | 1140 |
| SBA Towers, LLC |  |  |
| Series 2020-2C-2, 2.33%, 01/15/28 | 279 | 267 |
| SFS Auto Receivables Securitization Trust 2026-1 |  |  |
| Series 2026-A2A-1A, 3.91%, 08/20/29 | 100 | 100 |
| Series 2026-A3-1A, 3.96%, 07/20/31 | 100 | 99 |
| Silver Aircraft Lease Investment Limited |  |  |
| Series 2019-A-1, 3.97%, 07/15/26 (f) | 425 | 414 |
| Sixth Street CLO XIX, Ltd. |  |  |
| Series 2021-A1R-19A, 4.95%, (3 Month Term SOFR + 1.28%), 07/17/37 (j) | 540 | 539 |
| Sixth Street CLO XVIII Ltd. |  |  |
| Series 2021-A1R-18A, 4.67%, (3 Month Term SOFR + 1.25%), 10/18/38 (j) | 819 | 819 |
| Sixth Street CLO XX Ltd. |  |  |
| Series 2021-A1R-20A, 4.99%, (3 Month Term SOFR + 1.32%), 07/19/38 (j) | 697 | 697 |
| SLAM 2025-1 Ltd. |  |  |
| Series 2025-A-1A, 5.81%, 05/15/32 (f) | 575 | 578 |
| Smarte Carte, Inc. |  |  |
| Series 2022-A2II-1A, 4.01%, 12/07/26 | 590 | 547 |
| Series 2025-A2I-1A, 5.27%, 12/05/30 | 535 | 529 |
| Series 2019-A2-1A, 3.86%, 12/05/49 (e) | 620 | 586 |
| Subway Funding LLC |  |  |
| Series 2024-A2I-3A, 5.25%, 07/30/29 | 1233 | 1225 |
| Series 2024-A2II-3A, 5.57%, 07/30/29 | 584 | 577 |
| Series 2024-A23-3A, 5.91%, 07/30/29 | 1183 | 1147 |
| Series 2024-A2I-1A, 6.03%, 07/30/29 | 1662 | 1676 |
| Series 2024-A2II-1A, 6.27%, 07/30/31 | 988 | 1001 |
| Series 2024-A23-1A, 6.51%, 07/30/34 | 867 | 868 |
| Symphony CLO 43 Ltd. |  |  |
| Series 2024-A1-43A, 5.19%, (3 Month Term SOFR + 1.52%), 04/15/37 (j) | 856 | 856 |
| Taco Bell Funding, LLC |  |  |
| Series 2025-A2I-1A, 4.82%, 08/25/55 | 1170 | 1155 |
| TCO Commercial Mortgage Trust 2024-DPM |  |  |
| Series 2024-A-DPM, REMIC, 5.06%, (1 Month Term SOFR + 1.24%), 12/17/29 (j) | 1227 | 1225 |
| Series 2024-B-DPM, REMIC, 5.46%, (1 Month Term SOFR + 1.59%), 12/17/29 (j) | 271 | 270 |
| Series 2024-C-DPM, REMIC, 5.66%, (1 Month Term SOFR + 1.99%), 12/17/29 (j) | 200 | 200 |
| Thunderbolt II Aircraft Lease Limited |  |  |
| Series 2018-A-A, 4.15%, 09/15/38 (f) | 124 | 123 |
| Thunderbolt III Aircraft Lease Limited |  |  |
| Series 2019-A-1, 3.67%, 11/15/26 (f) | 321 | 314 |
| VCAT 2026-NPL2, LLC |  |  |
| Series 2026-A1-NPL2, REMIC, 5.06%, 02/25/29 (f) | 194 | 195 |
| Verus Securitization Trust 2025-5 |  |  |
| Series 2025-A1-5, REMIC, 5.43%, 06/25/70 (f) | 250 | 251 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Verus Securitization Trust 2025-6 |  |  |
| Series 2025-A1-6, 5.42%, 07/25/70 (f) | 866 | 868 |
| VLS Commercial Mortgage Trust 2020-LAB |  |  |
| Series 2020-A-LAB, REMIC, 2.13%, 10/11/30 | 1251 | 1063 |
| 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 | 232 | 231 |
| Voya CLO 2020-2 Ltd. |  |  |
| Series 2020-A1RR-2A, 4.98%, (3 Month Term SOFR + 1.31%), 01/20/38 (j) | 304 | 304 |
| Voya CLO 2024-1 Ltd. |  |  |
| Series 2024-A1-1A, 5.19%, (3 Month Term SOFR + 1.52%), 04/15/37 (j) | 813 | 813 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Series 2020-ASB-C55, REMIC, 2.65%, 10/17/29 | 165 | 160 |
| Wells Fargo Commercial Mortgage Trust 2021-FCMT |  |  |
| Series 2021-A-FCMT, REMIC, 4.99%, (1 Month Term SOFR + 1.31%), 05/15/31 (j) | 688 | 688 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2025-A1-3A, 4.08%, 09/18/40 | 200 | 199 |
| Willis Engine Structured Trust IX |  |  |
| Series 2025-A-B, 5.16%, 12/15/31 (f) | 494 | 483 |
| Willis Engine Structured Trust VII |  |  |
| Series 2023-A-A, 8.00%, 10/15/29 (f) | 217 | 220 |
| Willis Engine Structured Trust VIII |  |  |
| Series 2025-A-A, 5.58%, 06/16/31 (f) | 749 | 759 |
| World Omni Auto Receivables Trust 2023-C |  |  |
| Series 2023-A3-C, 5.15%, 11/15/28 | 145 | 146 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $189,194) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $189,194) | 188046 |
| **SENIOR FLOATING RATE INSTRUMENTS 5.1%** | **SENIOR FLOATING RATE INSTRUMENTS 5.1%** | **SENIOR FLOATING RATE INSTRUMENTS 5.1%** |
| **Industrials 1.3%** | **Industrials 1.3%** | **Industrials 1.3%** |
| Acosta, Inc. |  |  |
| 2024 Term Loan B, 9.22%, (6 Month Term SOFR + 5.50%), 08/21/31 (j) | 45 | 44 |
| Advantage Sales & Marketing, Inc. |  |  |
| 2026 First Out Term Loan, 9.66%, (3 Month Term SOFR + 6.00%), 04/19/30 (j) | 135 | 101 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2026 Term Loan B, 0.00%, (3 Month Term SOFR + 2.75%), 07/31/28 (j) (r) | 25 | 25 |
| 2026 Term Loan B, 6.41%, (3 Month Term SOFR + 2.75%), 07/31/28 (j) | 206 | 206 |
| 2026 Term Loan B, 6.41%, (3 Month Term SOFR + 2.75%), 07/31/28 (j) | 206 | 206 |
| Air Canada |  |  |
| 2024 Term Loan B, 5.42%, (3 Month Term SOFR + 1.75%), 03/14/31 (j) | 74 | 73 |
| Air Comm Corporation, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 11/21/31 (j) (r) | 7 | 7 |
| 2025 Term Loan, 6.42%, (3 Month Term SOFR + 2.75%), 12/11/31 (j) | 141 | 141 |
| 2025 Term Loan, 6.44%, (3 Month Term SOFR + 2.75%), 12/11/31 (j) | 2 | 2 |
| AIT Worldwide Logistics, Inc |  |  |
| 2025 Repriced Term Loan, 7.67%, (3 Month Term SOFR + 4.00%), 04/08/30 (j) | 144 | 144 |
| AlixPartners, LLP |  |  |
| 2025 USD Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 07/29/32 (j) | 177 | 175 |
| Allied Universal Holdco LLC |  |  |
| 2025 USD Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/06/32 (j) | 542 | 542 |
| Amentum Government Services Holdings LLC |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 07/31/31 (j) | 192 | 192 |
| American Airlines, Inc. |  |  |
| 2017 1st Lien Term Loan, 5.52%, (3 Month Term SOFR + 1.75%), 01/29/27 (j) | 74 | 74 |
| 2023 1st Lien Term Loan, 5.91%, (3 Month Term SOFR + 2.25%), 05/29/29 (j) | 98 | 95 |
| 2025 Term Loan B, 6.42%, (3 Month Term SOFR + 3.25%), 05/09/32 (j) | 79 | 79 |
| Anticimex International AB |  |  |
| 2025 USD Term Loan, 6.56%, (3 Month Term SOFR + 2.90%), 10/31/31 (j) | 147 | 147 |
| APi Group DE, Inc. |  |  |
| 2025 Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 01/03/29 (j) | 158 | 158 |
| Arcwood Environmental, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 03/20/33 (j) (r) | 55 | 55 |
| Artera Services, LLC |  |  |
| 2024 Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 02/07/31 (j) (r) | 10 | 8 |
| 2024 Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 02/07/31 (j) | 246 | 209 |
| Arthur US Finco Inc |  |  |
| Term Loan B, 8.92%, (3 Month Term SOFR + 5.25%), 11/08/30 (j) | 137 | 122 |
| Astro Acquisition, LLC |  |  |
| 2025 Term Loan B, 7.12%, (6 Month Term SOFR + 3.25%), 08/14/32 (j) | 70 | 70 |
| Aurora Lux Finco S.A.R.L |  |  |
| 2025 Term Loan B, 8.92%, (3 Month Term SOFR + 5.25%), 09/05/32 (j) | 125 | 114 |
| Barnes Group Inc |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.75%), 12/11/31 (j) | 86 | 86 |
| BCPE Empire Holdings, Inc. |  |  |
| 2026 10th Amendment Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 12/29/32 (j) (r) | 40 | 39 |
| 2025 Term Loan B, 6.93%, (1 Month Term SOFR + 3.25%), 12/26/30 (j) | 79 | 78 |
| 2026 10th Amendment Term Loan, 7.17%, (1 Month Term SOFR + 3.50%), 12/29/32 (j) | 545 | 536 |
| Beach Acquisition Bidco LLC |  |  |
| USD Term Loan B, 6.92%, (3 Month Term SOFR + 3.25%), 06/25/32 (j) | 120 | 120 |
| Biomarin Pharmaceutical Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 1.75%), 01/28/33 (j) (r) | 90 | 90 |
| Bleriot US Bidco Inc. |  |  |
| 2023 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 10/31/28 (j) | 64 | 64 |
| Calpine Construction Finance Company, L.P. |  |  |
| 2025 Repriced Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 07/31/30 (j) | 115 | 115 |
| Cast and Crew Payroll, LLC |  |  |
| 2021 Incremental Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 12/30/28 (j) | 239 | 91 |
| CD&R Hydra Buyer Inc. |  |  |
| 2024 Term Loan B, 7.77%, (1 Month Term SOFR + 4.00%), 03/15/31 (j) | 221 | 221 |
| Chart Industries, Inc. |  |  |
| 2024 Term Loan B, 6.16%, (3 Month Term SOFR + 2.50%), 03/15/30 (j) | 76 | 75 |
| CHG Healthcare Services Inc. |  |  |
| 2025 Term Loan B1, 6.42%, (3 Month Term SOFR + 2.75%), 09/29/28 (j) | 121 | 121 |
| Chromalloy Corporation |  |  |
| 2024 Term Loan B, 6.91%, (3 Month Term SOFR + 3.25%), 03/21/31 (j) | 88 | 88 |
| 2024 Term Loan B, 6.91%, (3 Month Term SOFR + 3.25%), 03/21/31 (j) |  |  |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 3.17%), 03/30/29 (j) (r) | 25 | 24 |
| Term Loan B, 6.85%, (1 Month Term SOFR + 3.17%), 03/30/29 (j) | 551 | 525 |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 03/27/32 (j) | 297 | 277 |
| Columbus McKinnon Corporation |  |  |
| 2026 Term Loan B, 7.16%, (3 Month Term SOFR + 3.50%), 01/21/33 (j) | 141 | 141 |
| Conair Holdings, LLC |  |  |
| Term Loan B, 7.54%, (1 Month Term SOFR + 3.75%), 05/13/28 (j) | 128 | 89 |
| Congruex Group LLC |  |  |
| Term Loan, 5.17%, (1 Month Term SOFR + 1.50%), 04/26/29 (j) | 164 | 110 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Constant Contact Inc |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 4.00%), 02/10/28 (j) (r) | 47 | 44 |
| Term Loan, 7.93%, (3 Month Term SOFR + 4.00%), 02/10/28 (j) | 274 | 254 |
| Second Lien Term Loan, 11.43%, (3 Month Term SOFR + 7.50%), 02/10/29 (j) | 10 | 8 |
| Construction Partners Inc |  |  |
| Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 10/30/31 (j) | 109 | 108 |
| Core & Main LP |  |  |
| 2024 Term Loan E, 5.68%, (1 Month Term SOFR + 2.00%), 02/09/31 (j) | 49 | 49 |
| Cornerstone Building Brands, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month Term SOFR + 3.25%), 04/12/28 (j) (r) | 40 | 23 |
| 2021 Term Loan B, 7.02%, (3 Month Term SOFR + 3.25%), 04/12/28 (j) | 419 | 236 |
| 2022 Term Loan, 9.30%, (3 Month Term SOFR + 5.63%), 08/01/28 (j) | 75 | 40 |
| 2024 Term Loan B, 8.17%, (3 Month Term SOFR + 4.50%), 05/05/31 (j) | 55 | 26 |
| Corpay Technologies Operating Company LLC |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 10/03/32 (j) | 105 | 105 |
| Corporation Service Company |  |  |
| Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 08/10/29 (j) | 160 | 158 |
| CPI Holdco B LLC |  |  |
| 2025 Add-on Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 05/19/31 (j) | 88 | 88 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 8.17%, (1 Month Term SOFR + 4.50%), 09/18/28 (j) | 84 | 84 |
| CQP Holdco LP |  |  |
| 2026 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 12/31/32 (j) | 401 | 399 |
| Crown Equipment Corporation |  |  |
| 2025 1st Lien Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 10/10/31 (j) | 79 | 79 |
| Crown Subsea Communications Holding,Inc. |  |  |
| 2026 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 01/30/31 (j) | 218 | 218 |
| Darktrace PLC |  |  |
| 1st Lien Term Loan, 6.90%, (3 Month Term SOFR + 3.25%), 07/02/31 (j) | 203 | 194 |
| 2nd Lien Term Loan, 8.90%, (3 Month Term SOFR + 5.25%), 07/02/32 (j) | 70 | 64 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2025 Term Loan, 6.92%, (1 Month Term SOFR + 3.75%), 07/01/32 (j) | 148 | 147 |
| 2025 2nd Lien Term Loan, 9.17%, (1 Month Term SOFR + 5.50%), 07/24/33 (j) | 25 | 24 |
| Disco Parent, Inc. |  |  |
| 2025 Term Loan B, 6.67%, (3 Month Term SOFR + 3.25%), 08/01/32 (j) | 75 | 73 |
| Dycom Investments Inc |  |  |
| 2026 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 01/20/33 (j) | 70 | 70 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, 5.67%, (1 Month Term SOFR + 2.00%), 10/24/31 (j) | 100 | 100 |
| 2024 1st Lien Term Loan B2, 5.67%, (1 Month Term SOFR + 2.00%), 10/24/31 (j) | 38 | 38 |
| Echo Global Logistics, Inc. |  |  |
| Term Loan, 7.52%, (1 Month Term SOFR + 3.75%), 11/09/28 (j) | 189 | 185 |
| EMG Utica, LLC |  |  |
| 2025 Term Loan B, 7.17%, (3 Month Term SOFR + 4.00%), 10/24/29 (j) | 79 | 79 |
| Emrld Borrower LP |  |  |
| Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 05/04/30 (j) | 25 | 25 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, 6.12%, (6 Month Term SOFR + 2.25%), 06/18/31 (j) | 148 | 148 |
| Ensemble RCM, LLC |  |  |
| 2026 Term Loan B, 0.00%, (3 Month Term SOFR + 3.00%), 01/28/33 (j) (r) | 25 | 25 |
| 2026 Term Loan B, 6.66%, (3 Month Term SOFR + 3.00%), 01/28/33 (j) | 465 | 459 |
| Esdec Solar Group B.V. |  |  |
| Term Loan B, 8.93%, (3 Month Term SOFR + 5.00%), 08/23/28 (j) (l) | 291 | 122 |
| Filtration Group Corporation |  |  |
| 2025 USD Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 10/21/28 (j) | 184 | 184 |
| Focus Financial Partners, LLC |  |  |
| 2025 Incremental Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 09/15/31 (j) | 213 | 205 |
| Genesee & Wyoming Inc. (New) |  |  |
| 2024 Term Loan, 5.42%, (3 Month Term SOFR + 1.75%), 03/27/31 (j) | 138 | 137 |
| Genmab AS |  |  |
| Term Loan B, 6.70%, (3 Month Term SOFR + 3.00%), 11/19/32 (j) | 171 | 171 |
| GFL Environmental Inc. |  |  |
| 2025 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 02/04/32 (j) | 189 | 189 |
| Global Medical Response, Inc. |  |  |
| 2025 Term Loan B, 7.17%, (3 Month Term SOFR + 3.50%), 10/02/28 (j) | 85 | 84 |
| Gloves Buyer, Inc. |  |  |
| 2025 Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 01/16/32 (j) | 155 | 154 |
| Griffon Corporation |  |  |
| 2024 Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 01/24/29 (j) | 141 | 141 |
| Groupe Solmax Inc. |  |  |
| Term Loan, 8.54%, (1 Month Term SOFR + 4.75%), 06/28/28 (j) | 83 | 66 |
| Term Loan, 8.68%, (3 Month Term SOFR + 4.75%), 06/28/28 (j) | 96 | 77 |
| GTCR Everest Borrower, LLC |  |  |
| 2026 Term Loan B, 6.16%, (3 Month Term SOFR + 2.50%), 09/05/31 (j) | 178 | 176 |
| Harbourvest Partners, LLC |  |  |
| 2025 Repriced Term Loan B, 5.65%, (3 Month Term SOFR + 2.00%), 04/22/30 (j) | 85 | 85 |
| HighTower Holdings LLC |  |  |
| 2025 1st Lien Term Loan B, 6.41%, (3 Month Term SOFR + 2.75%), 02/03/32 (j) | 169 | 167 |
| Horizon US Finco LP |  |  |
| Term Loan B, 8.20%, (6 Month Term SOFR + 4.50%), 12/16/31 (j) (l) | 293 | 272 |
| ICON Luxembourg S.A.R.L. |  |  |
| 2024 LUX Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 07/03/28 (j) | 87 | 87 |
| IVC Acquisition Ltd. |  |  |
| 2025 USD Repriced Term Loan B, 0.00%, (3 Month Term SOFR + 3.75%), 12/06/28 (j) (r) | 55 | 55 |
| 2025 USD Repriced Term Loan B, 7.42%, (3 Month Term SOFR + 3.75%), 12/06/28 (j) | 156 | 155 |
| John Bean Technologies Corp |  |  |
| Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 01/02/32 (j) | 45 | 45 |
| Johnstone Supply LLC |  |  |
| 2026 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 06/09/31 (j) | 113 | 112 |
| Jupiter Borrower, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 03/25/33 (j) (r) | 220 | 219 |
| Jupiter Buyer, Inc. |  |  |
| 2024 Delayed Draw Term Loan B, 0.00%, (SOFR + 4.25%), 10/10/31 (j) (r) | 12 | 12 |
| 2024 Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 10/10/31 (j) | 136 | 136 |
| Kaman Corporation |  |  |
| 2025 Delayed Draw Term Loan, 6.15%, (3 Month Term SOFR + 2.50%), 01/30/32 (j) | 2 | 2 |
| 2025 Delayed Draw Term Loan, 6.15%, (3 Month Term SOFR + 2.50%), 01/30/32 (j) | 15 | 15 |
| 2025 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 01/30/32 (j) | 138 | 138 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 01/30/32 (j) | 33 | 33 |
| Karman Holdings LLC |  |  |
| 2026 Term Loan B, 6.46%, (3 Month Term SOFR + 2.75%), 04/01/32 (j) | 50 | 50 |
| KNS Acquisition Corp. |  |  |
| 2024 Term Loan A, 8.79%, (1 Month Term SOFR + 5.00%), 04/19/30 (j) | 89 | 87 |
| 2024 Term Loan B, 10.04%, (1 Month Term SOFR + 6.25%), 10/19/30 (j) | 85 | 75 |
| LaserShip, Inc. |  |  |
| 2024 New Money Term Loan A, 9.92%, (3 Month Term SOFR + 6.25%), 01/02/29 (j) | 60 | 60 |
| 2024 Term Loan B, 5.43%, (3 Month Term SOFR + 1.50%), 08/10/29 (j) | 174 | 127 |
| LBM Acquisition LLC |  |  |
| 2025 Incremental Term Loan, 0.00%, (1 Month Term SOFR + 5.00%), 06/06/31 (j) (r) | 45 | 38 |
| 2024 Incremental Term Loan B, 7.52%, (1 Month Term SOFR + 3.75%), 06/06/31 (j) | 195 | 155 |
| 2025 Incremental Term Loan, 8.67%, (1 Month Term SOFR + 5.00%), 06/06/31 (j) | 80 | 67 |
| LC AHAB US Bidco LLC |  |  |
| Term Loan B, 6.17%, (1 Month Term SOFR + 3.00%), 04/14/31 (j) | 113 | 112 |
| Madison IAQ LLC |  |  |
| Term Loan, 6.13%, (6 Month Term SOFR + 2.50%), 06/15/28 (j) | 107 | 107 |
| 2025 Repriced Term Loan, 6.38%, (3 Month Term SOFR + 2.75%), 03/26/32 (j) | 148 | 148 |
| Madison Safety & Flow LLC |  |  |
| 2025 1st Lien Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 09/26/31 (j) | 31 | 31 |
| MajorDrive Holdings IV LLC |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 4.00%), 05/12/28 (j) (r) | 10 | 9 |
| Term Loan B, 7.93%, (3 Month Term SOFR + 4.00%), 05/12/28 (j) | 152 | 138 |
| Maximus, Inc. |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 05/21/31 (j) | 44 | 44 |
| Modena Buyer LLC |  |  |
| Term Loan, 7.92%, (3 Month Term SOFR + 4.25%), 04/03/31 (j) | 355 | 318 |
| ModivCare Buyer LLC |  |  |
| Takeback Term Loan, 8.69%, (3 Month Term SOFR + 5.00%), 12/01/30 (j) | 27 | 25 |
| MRP Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 05/22/32 (j) (r) | 5 | 5 |
| Term Loan, 0.00%, (3 Month Term SOFR + 3.25%), 05/22/32 (j) (r) | 9 | 9 |
| Delayed Draw Term Loan, 6.92%, (3 Month Term SOFR + 3.25%), 05/22/32 (j) | 6 | 6 |
| Term Loan, 6.92%, (3 Month Term SOFR + 3.25%), 05/22/32 (j) | 79 | 79 |
| MV Holding GmbH |  |  |
| 2025 USD Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 02/19/32 (j) | 79 | 79 |
| Nielsen Consumer Inc. |  |  |
| 2025 USD 1st Lien Term Loan, 5.92%, (1 Month Term SOFR + 2.50%), 10/04/30 (j) | 84 | 83 |
| Nuvei Technologies Corp. |  |  |
| 2025 Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 11/17/31 (j) | 143 | 141 |
| OMNIA Partners LLC |  |  |
| 2024 Term Loan B, 6.43%, (3 Month Term SOFR + 2.75%), 07/25/30 (j) | 226 | 226 |
| OneSky Flight, LLC |  |  |
| 2026 Term Loan B, 6.43%, (1 Month Term SOFR + 2.75%), 02/04/33 (j) | 65 | 65 |
| Optiv Security, Inc. |  |  |
| 2023 Term Loan, 8.92%, (3 Month Term SOFR + 5.25%), 08/17/26 (j) | 137 | 90 |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 7.04%, (1 Month Term SOFR + 3.25%), 06/18/28 (j) | 109 | 107 |
| Parexel International Corporation |  |  |
| 2025 Repriced Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 12/09/31 (j) | 304 | 303 |
| Park River Holdings Inc |  |  |
| 2025 Term Loan, 8.16%, (3 Month Term SOFR + 4.50%), 09/24/32 (j) | 110 | 107 |
| PHRG Intermediate LLC |  |  |
| 2025 Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 02/13/32 (j) | 189 | 187 |
| Pinnacle Buyer LLC |  |  |
| Delayed Draw Term Loan, 0.00%, (SOFR + 2.50%), 09/11/32 (j) (r) | 18 | 18 |
| Term Loan, 6.16%, (3 Month Term SOFR + 2.50%), 09/11/32 (j) | 92 | 92 |
| PRA Health Sciences, Inc. |  |  |
| 2024 US Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 07/03/28 (j) | 22 | 22 |
| QuidelOrtho Corporation |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 08/21/30 - 12/31/49 (j) (r) | 65 | 62 |
| Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 08/13/32 (j) | 214 | 213 |
| Quikrete Holdings, Inc. |  |  |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 01/30/32 (j) | 213 | 212 |
| Roper Industrial Products Investment Company LLC |  |  |
| 2026 USD Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 11/22/29 (j) | 103 | 103 |
| Sabert Corporation |  |  |
| 2024 Term Loan B, 6.79%, (1 Month Term SOFR + 3.00%), 12/10/26 (j) | 119 | 119 |
| SAKS Global Enterprises LLC |  |  |
| DIP First Out Interim Delayed Draw Term Loan, 14.68%, (1 Month Term SOFR + 11.00%), 07/07/26 (j) |  |  |
| SGH2 LLC |  |  |
| 2025 USD Term Loan B, 8.17%, (3 Month Term SOFR + 4.50%), 07/16/32 (j) | 65 | 63 |
| Shift4 Payments, LLC |  |  |
| 2025 Repriced Term Loan B, 5.65%, (3 Month Term SOFR + 2.00%), 06/30/32 (j) | 25 | 25 |
| Sk Neptune Husky Finance S.A.R.L |  |  |
| Term Loan, 0.00%, (Prime Rate + 9.00%), 04/30/33 (h) (i) (j) | 6 | 1 |
| Southern Veterinary Partners, LLC |  |  |
| 2025 Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 12/04/31 (j) | 258 | 256 |
| Superannuation and Investments US LLC |  |  |
| 2026 Term Loan, 6.17%, (1 Month Term SOFR + 2.50%), 12/01/28 (j) | 76 | 76 |
| Tiger Acquisition, LLC |  |  |
| 2025 Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 08/14/32 (j) | 99 | 100 |
| TK Elevator Midco GmbH |  |  |
| 2025 USD Term Loan B, 6.38%, (6 Month Term SOFR + 2.75%), 04/30/30 (j) | 160 | 160 |
| Term Loan, 0.00%, (SOFR + 2.75%), 12/31/49 (j) (r) | 95 | 95 |
| TKC Holdings, Inc. |  |  |
| 2026 Term Loan, 8.18%, (1 Month Term SOFR + 4.50%), 08/17/30 (j) | 85 | 84 |
| TransDigm, Inc. |  |  |
| 2025 Term Loan K, 5.92%, (1 Month Term SOFR + 2.25%), 03/22/30 (j) | 716 | 716 |
| 2024 Term Loan L, 6.17%, (1 Month Term SOFR + 2.50%), 09/05/32 (j) | 44 | 44 |
| 2026 Term Loan N, 6.16%, (3 Month Term SOFR + 2.50%), 02/13/33 (j) | 70 | 70 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 6.17%, (3 Month Term SOFR + 2.50%), 02/16/28 (j) | 59 | 59 |
| United Airlines, Inc. |  |  |
| 2026 Term Loan B, 5.43%, (1 Month Term SOFR + 1.75%), 02/22/31 (j) | 156 | 156 |
| US Fertility Enterprises LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 3.50%), 12/11/32 (j) (r) | 7 | 7 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2025 Term Loan, 7.15%, (3 Month Term SOFR + 3.50%), 12/11/32 (j) | 43 | 43 |
| Van Pool Transportation LLC |  |  |
| 2026 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 08/06/30 (j) (r) | 3 | 3 |
| 2026 Delayed Draw Term Loan, 0.00%, (3 Month Term SOFR + 2.75%), 08/06/30 (j) | 1 | 1 |
| 2026 Term Loan, 6.41%, (3 Month Term SOFR + 2.75%), 08/06/30 (j) | 71 | 71 |
| VistaJet Malta Finance P.L.C. |  |  |
| 2025 Term Loan B, 7.41%, (3 Month Term SOFR + 3.75%), 03/27/31 (j) | 149 | 147 |
| VM Consolidated, Inc. |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 10/03/32 (j) | 121 | 121 |
| VSE Corporation |  |  |
| Term Loan, 0.00%, (SOFR + 2.00%), 03/17/33 (j) (r) | 85 | 85 |
| Wash Multifamily Parent Inc |  |  |
| Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/07/32 (j) | 75 | 75 |
| WEC US Holdings Ltd. |  |  |
| 2024 Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 01/20/31 (j) | 303 | 302 |
| White Cap Buyer LLC |  |  |
| 2026 Incremental Term Loan B, 7.17%, (3 Month Term SOFR + 3.50%), 02/04/33 (j) | 80 | 76 |
| Worldwide Express Operations, LLC |  |  |
| 2024 Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 07/26/28 (j) | 137 | 137 |
| | | 19560 |
| **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** | **Consumer Discretionary 0.9%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| 2024 Term Loan B6, 5.42%, (1 Month Term SOFR + 1.75%), 09/23/30 (j) | 57 | 56 |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, 0.00%, (1 Month Term SOFR + 2.25%), 12/21/28 (j) (r) | 25 | 25 |
| 2024 1st Lien Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 12/21/28 (j) | 728 | 726 |
| Allison Transmission, Inc. |  |  |
| 2025 Incremental Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 11/06/32 (j) | 45 | 45 |
| American Axle and Manufacturing, Inc. |  |  |
| 2025 Incremental Term Loan C, 7.01%, (3 Month Term SOFR + 3.25%), 02/24/32 (j) | 74 | 74 |
| American Trailer World Corp. |  |  |
| Term Loan B, 7.52%, (1 Month Term SOFR + 3.75%), 02/17/28 (j) | 177 | 149 |
| Apro, LLC |  |  |
| 2024 Term Loan B, 7.43%, (1 Month Term SOFR + 3.75%), 06/26/31 (j) | 133 | 133 |
| Aramark Services, Inc. |  |  |
| 2025 Repriced Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 04/06/28 (j) | 85 | 85 |
| 2025 Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 06/22/30 (j) | 110 | 110 |
| Asplundh Tree Expert, LLC |  |  |
| 2024 Incremental Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 05/09/31 (j) | 98 | 98 |
| Avis Budget Car Rental, LLC |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 07/10/32 (j) | 74 | 73 |
| Belron Finance 2019 LLC |  |  |
| 2026 Repriced Term Loan B, 5.66%, (3 Month Term SOFR + 2.00%), 10/16/31 (j) | 216 | 216 |
| BJ's Wholesale Club, Inc. |  |  |
| 2023 Term Loan B, 5.41%, (3 Month Term SOFR + 1.75%), 02/03/29 (j) | 79 | 79 |
| Bombardier Recreational Products, Inc. |  |  |
| 2023 Term Loan B3, 5.92%, (1 Month Term SOFR + 2.25%), 12/13/29 (j) | 126 | 126 |
| 2024 Term Loan B4, 5.92%, (1 Month Term SOFR + 2.25%), 01/22/31 (j) | 13 | 13 |
| Byju's Alpha, Inc. |  |  |
| 2024 DIP New Money Term Loan, 0.00%, (1 Month Term SOFR + 8.00%), 04/03/26 (j) (l) (r) | 1 | 1 |
| 2024 DIP New Money Term Loan, 11.67%, (1 Month Term SOFR + 8.00%), 04/03/26 (j) (l) | 1 | 1 |
| 2025 2nd Amendment New Money DIP Term Loan, 11.67%, (3 Month Term SOFR + 8.00%), 04/09/26 (j) (l) | 4 | 4 |
| 2024 Bridge Term Loan, 11.67%, (3 Month Term SOFR + 8.00%), 04/24/26 (j) (l) | 1 | 1 |
| 2024 Prepetition Reimbursement New Money Term Loan, 11.67%, (3 Month Term SOFR + 8.00%), 04/24/26 (j) (l) | 4 | 4 |
| Term Loan B, 0.00%, (LIBOR + 5.50%), 11/05/26 (h) (i) (j) | 158 | 9 |
| Term Loan, 0.00%, 03/23/33 (j) (r) | 5 | 3 |
| Caesars Entertainment Inc. |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 01/25/30 (j) | 539 | 523 |
| 2024 Term Loan B1, 5.92%, (1 Month Term SOFR + 2.25%), 01/24/31 (j) | 54 | 52 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/06/30 (j) | 212 | 211 |
| 2025 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 01/14/32 (j) | 85 | 84 |
| CWGS Group, LLC |  |  |
| 2021 Term Loan B, 6.29%, (1 Month Term SOFR + 2.50%), 05/25/28 (j) | 124 | 119 |
| EG America LLC |  |  |
| 2026 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 01/30/31 (j) | 440 | 440 |
| Empire Today, LLC |  |  |
| 2024 2nd Out Term Loan, 8.93%, (3 Month Term SOFR + 5.00%), 08/03/29 (j) (l) | 49 |  |
| 2024 1st Out Term Loan B, 9.43%, (3 Month Term SOFR + 5.50%), 08/03/29 (j) | 8 | 3 |
| 2024 UnSub FLFO Term Loan A, 9.43%, (3 Month Term SOFR + 5.50%), 08/30/29 (j) | 15 | 7 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 01/13/29 (j) (p) | 1036 | 1014 |
| Flynn Restaurant Group LP |  |  |
| 2025 Incremental Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 01/17/32 (j) (r) | 45 | 44 |
| 2025 Incremental Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 01/17/32 (j) | 186 | 183 |
| Fugue Finance B.V. |  |  |
| 2026 USD Term Loan B, 5.92%, (SOFR + 2.25%), 01/09/32 (j) | 132 | 130 |
| GEN II Fund Services LLC |  |  |
| 2024 Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 11/19/31 (j) | 109 | 107 |
| Golden Entertainment, Inc. |  |  |
| 2023 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 05/18/30 (j) | 169 | 169 |
| Great Outdoors Group, LLC |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 01/20/32 (j) | 1958 | 1952 |
| GVC Holdings (Gibraltar) Limited |  |  |
| 2025 Term Loan B6 (2029), 5.95%, (3 Month Term SOFR + 2.25%), 10/31/29 (j) | 150 | 150 |
| 2025 Term Loan B5 (2032), 5.95%, (3 Month Term SOFR + 2.25%), 07/30/32 (j) | 81 | 81 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2021 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 05/20/28 (j) | 376 | 376 |
| HNI Corp |  |  |
| Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 11/19/32 (j) | 55 | 55 |
| Hunter Douglas Inc. |  |  |
| 2025 USD Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 01/14/32 (j) | 468 | 465 |
| J&J Ventures Gaming, LLC |  |  |
| 2025 Repriced Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 04/26/30 (j) | 229 | 225 |
| Lippert Colipper |  |  |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 03/25/32 (j) | 84 | 84 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Marriott Ownership Resorts, Inc. |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 03/17/31 (j) | 165 | 164 |
| Michaels Companies, Inc. (The) |  |  |
| 2026 Term Loan B, 8.67%, (3 Month Term SOFR + 5.00%), 03/02/33 (j) | 40 | 39 |
| Needle Holdings LLC |  |  |
| 2024 Exit Term Loan, 0.00%, (Prime Rate + 8.50%), 04/30/28 (h) (i) (j) (l) | 1 | 1 |
| Openlane Inc |  |  |
| Term Loan B, 6.14%, (3 Month Term SOFR + 2.50%), 10/01/32 (j) | 30 | 30 |
| P.F. Chang's China Bistro Inc. |  |  |
| 2019 Term Loan B, 9.92%, (1 Month Term SOFR + 6.25%), 09/03/29 (j) | 99 | 70 |
| 2019 Term Loan B, 9.92%, (1 Month Term SOFR + 6.25%), 09/03/29 (j) |  |  |
| PCI Gaming Authority |  |  |
| Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 05/15/26 (j) | 57 | 57 |
| Peer Holding III B.V. |  |  |
| 2025 USD Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 09/29/32 (j) | 90 | 89 |
| Pye-Barker Fire & Safety, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (SOFR + 2.50%), 12/10/32 (j) (r) | 11 | 11 |
| 2025 Term Loan, 6.20%, (3 Month Term SOFR + 2.50%), 12/10/32 (j) | 74 | 74 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 6.29%, (1 Month Term SOFR + 2.50%), 10/15/28 (j) | 126 | 122 |
| 2022 Incremental Term Loan, 7.02%, (1 Month Term SOFR + 3.25%), 10/20/28 (j) | 109 | 108 |
| RVR Dealership Holdings, LLC |  |  |
| 2026 Term Loan B, 8.18%, (1 Month Term SOFR + 4.50%), 02/09/33 (j) | 160 | 154 |
| SAKS Global Enterprises LLC |  |  |
| DIP 2nd Out Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 12.50%), 07/15/26 (j) | 18 | 5 |
| DIP 3rd Out Term Loan, 13.68%, (1 Month Term SOFR + 10.00%), 07/15/26 (j) | 41 | 4 |
| DIP Second Out Roll-Up DDTL, 16.17%, (3 Month Term SOFR + 12.50%), 07/15/26 (j) | 17 | 5 |
| Somnigroup International Inc |  |  |
| Term Loan B, 5.91%, (SOFR + 2.25%), 10/24/31 (j) | 172 | 172 |
| Spin Holdco Inc. |  |  |
| 2026 First Lien Second Out Term Loan, 0.00%, (3 Month Term SOFR + 4.00%), 09/04/30 (j) (r) | 50 | 39 |
| 2026 First Lien Second Out Term Loan, 7.93%, (3 Month Term SOFR + 4.00%), 09/04/30 (j) | 1149 | 899 |
| 2026 First Lien First Out Term Loan, 9.10%, (3 Month Term SOFR + 5.43%), 09/30/30 (j) | 111 | 113 |
| Splat Super Holdco, LLC |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 5.00%), 06/24/32 (j) (r) | 8 | 8 |
| 2025 Term Loan, 8.67%, (1 Month Term SOFR + 5.00%), 06/24/32 (j) | 197 | 177 |
| Station Casinos LLC |  |  |
| 2024 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 03/07/31 (j) | 146 | 146 |
| Sweetwater Borrower, LLC |  |  |
| 2026 Term Loan B, 7.66%, (1 Month Term SOFR + 4.00%), 02/17/33 (j) | 162 | 161 |
| TGP Holdings III, LLC |  |  |
| 2021 Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 06/24/28 (j) (r) | 8 | 7 |
| 2021 Term Loan, 7.02%, (1 Month Term SOFR + 3.25%), 06/24/28 (j) | 150 | 129 |
| Tory Burch LLC |  |  |
| Term Loan B, 7.04%, (1 Month Term SOFR + 3.25%), 04/14/28 (j) | 176 | 176 |
| Varsity Brands, Inc. |  |  |
| 2025 1st Lien Term Loan, 0.00%, (3 Month Term SOFR + 3.00%), 08/26/31 (j) (r) | 35 | 35 |
| 2025 1st Lien Term Loan, 6.67%, (3 Month Term SOFR + 3.00%), 08/26/31 (j) | 189 | 188 |
| Wand NewCo 3, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 01/30/31 (j) | 83 | 82 |
| Weber-Stephen Products LLC |  |  |
| 2025 Term Loan B, 0.00%, (SOFR + 3.75%), 09/17/32 (j) (r) | 10 | 10 |
| 2025 Term Loan B, 7.47%, (3 Month Term SOFR + 3.75%), 09/17/32 (j) | 255 | 249 |
| WH Borrower, LLC |  |  |
| 2025 Term Loan B, 8.16%, (3 Month Term SOFR + 4.50%), 02/12/32 (j) | 483 | 482 |
| Term Loan, 0.00%, (SOFR + 4.50%), 12/31/49 (j) (r) | 75 | 75 |
| Whatabrands LLC |  |  |
| 2024 1st Lien Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 08/03/28 (j) | 136 | 136 |
| | | 12722 |
| **Information Technology 0.7%** | **Information Technology 0.7%** | **Information Technology 0.7%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B4, 6.17%, (3 Month Term SOFR + 2.50%), 01/24/31 (j) | 113 | 112 |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 5.92%, (1 Month Term SOFR + 2.25%), 02/07/31 (j) | 299 | 293 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 12/11/28 (j) | 248 | 242 |
| Athenahealth Group, Inc. |  |  |
| 2022 Term Loan B, 0.00%, (1 Month Term SOFR + 2.75%), 01/27/29 (j) (r) | 50 | 49 |
| 2022 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 01/27/29 (j) | 374 | 367 |
| AZZ Inc. |  |  |
| Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 05/06/29 (j) | 65 | 65 |
| CACI International, Inc. |  |  |
| Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 10/16/31 (j) | 79 | 79 |
| 2026 Incremental Term Loan B2, 5.42%, (1 Month Term SOFR + 1.75%), 02/26/33 (j) | 35 | 35 |
| Central Parent Inc. |  |  |
| 2024 Term Loan B, 6.92%, (3 Month Term SOFR + 3.25%), 07/06/29 (j) | 104 | 74 |
| Chamberlain Group Inc |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 07/22/32 (j) | 118 | 117 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2031), 6.92%, (3 Month Term SOFR + 3.25%), 03/24/31 (j) | 234 | 213 |
| 2025 Term Loan B (2032), 6.92%, (3 Month Term SOFR + 3.25%), 08/07/32 (j) | 269 | 245 |
| CompoSecure Holdings LLC |  |  |
| Term Loan, 5.93%, (1 Month Term SOFR + 2.25%), 01/07/33 (j) | 155 | 154 |
| CoorsTek Inc |  |  |
| Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 10/10/32 (j) | 75 | 75 |
| Cyberswift US Finco, LLC |  |  |
| Term Loan B, 7.65%, (3 Month Term SOFR + 4.00%), 09/22/32 (j) | 45 | 44 |
| Dayforce, Inc. |  |  |
| 2026 Term Loan, 6.66%, (3 Month Term SOFR + 3.00%), 10/07/32 (j) | 440 | 416 |
| DCert Buyer, Inc. |  |  |
| 2021 2nd Lien Term Loan, 10.67%, (1 Month Term SOFR + 7.00%), 02/16/29 (j) | 165 | 125 |
| Dragon Buyer, Inc |  |  |
| Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 09/24/31 (j) |  |  |
| ECL Entertainment, LLC |  |  |
| 2025 Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 08/30/30 (j) | 69 | 68 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.17%, (1 Month Term SOFR + 2.75%), 10/29/29 (j) | 160 | 155 |
| EP Purchaser, LLC |  |  |
| 2021 Term Loan B, 7.29%, (3 Month Term SOFR + 3.50%), 11/06/28 (j) | 20 | 12 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Epicor Software Corporation |  |  |
| 2024 Term Loan F, 6.17%, (1 Month Term SOFR + 2.50%), 05/23/31 (j) | 216 | 211 |
| Gen Digital Inc. |  |  |
| 2024 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 01/28/29 (j) | 302 | 299 |
| Genesys Cloud Services Holdings II LLC |  |  |
| 2025 USD Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 01/23/32 (j) | 94 | 90 |
| Go Daddy Operating Company, LLC |  |  |
| 2024 Term Loan B8, 5.42%, (1 Month Term SOFR + 1.75%), 11/09/29 (j) | 130 | 128 |
| 2024 Term Loan B7, 5.42%, (1 Month Term SOFR + 1.75%), 05/21/31 (j) | 79 | 77 |
| GTT Communications, Inc. |  |  |
| 2025 Fixed Holdco Term Loan, 14.00%, (PIK + 14.00%), 07/15/31 (j) | 36 | 29 |
| Kaseya Inc. |  |  |
| 2025 1st Lien Term Loan B, 6.92%, (1 Month Term SOFR + 3.00%), 03/05/32 (j) | 318 | 296 |
| 2025 2nd Lien Term Loan B, 8.67%, (1 Month Term SOFR + 5.00%), 03/07/33 (j) | 155 | 123 |
| KnowBe4, Inc. |  |  |
| 2025 Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 07/21/32 (j) | 209 | 186 |
| MH Sub I, LLC |  |  |
| 2023 Term Loan, 7.92%, (1 Month Term SOFR + 4.25%), 04/13/28 (j) | 346 | 297 |
| 2021 2nd Lien Term Loan, 9.92%, (1 Month Term SOFR + 6.25%), 02/12/29 (j) | 100 | 66 |
| 2024 Term Loan B4, 7.92%, (1 Month Term SOFR + 4.25%), 12/11/31 (j) | 404 | 267 |
| Mitchell International, Inc. |  |  |
| 2026 Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 06/17/31 (j) | 143 | 136 |
| Term Loan, 0.00%, (SOFR + 3.00%), 12/31/49 (j) (r) | 30 | 29 |
| MKS Instruments, Inc. |  |  |
| 2026 USD Term Loan B, 5.41%, (1 Month Term SOFR + 1.75%), 01/27/33 (j) | 60 | 60 |
| NCR Atleos LLC |  |  |
| 2025 Term Loan B, 6.69%, (3 Month Term SOFR + 3.00%), 04/16/29 (j) | 81 | 81 |
| Open Text Corporation |  |  |
| 2023 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 01/31/30 (j) | 1 | 1 |
| Peraton Corp. |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 3.75%), 02/22/28 (j) (r) | 25 | 21 |
| Term Loan B, 7.52%, (3 Month Term SOFR + 3.75%), 02/22/28 (j) | 587 | 500 |
| 2nd Lien Term Loan B1, 0.00%, (3 Month Term SOFR + 7.75%), 02/01/29 (j) (r) | 10 | 7 |
| 2nd Lien Term Loan B1, 11.52%, (3 Month Term SOFR + 7.75%), 02/01/29 (j) | 50 | 36 |
| Ping Identity Corporation |  |  |
| 2025 Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 10/31/32 (j) | 85 | 84 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 7.68%, (3 Month Term SOFR + 4.00%), 06/03/28 (j) | 719 | 631 |
| Priority Holdings, LLC |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.75%), 07/22/32 (j) | 56 | 55 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2024 1st Lien Term Loan B, 6.92%, (3 Month Term SOFR + 3.25%), 10/28/30 (j) | 111 | 84 |
| 2025 2nd Lien Incremental Term Loan, 8.67%, (3 Month Term SOFR + 5.00%), 11/22/32 (j) | 110 | 64 |
| Project Boost Purchaser LLC |  |  |
| 2025 Refinancing Term Loan, 6.42%, (3 Month Term SOFR + 2.75%), 07/02/31 (j) | 113 | 108 |
| Proofpoint, Inc. |  |  |
| 2025 Repriced Term Loan, 6.67%, (3 Month Term SOFR + 3.00%), 08/31/28 (j) | 348 | 336 |
| Qnity Electronics Inc |  |  |
| Term Loan B, 5.70%, (6 Month Term SOFR + 2.00%), 08/11/32 (j) | 155 | 154 |
| Rackspace Finance, LLC |  |  |
| 2024 First Lien Second Out Term Loan, 6.54%, (1 Month Term SOFR + 2.75%), 03/15/28 (j) | 270 | 125 |
| 2024 First Lien First Out Term Loan, 10.04%, (1 Month Term SOFR + 6.25%), 05/15/28 (j) | 63 | 62 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 6.93%, (3 Month Term SOFR + 3.00%), 02/18/28 (j) |  |  |
| Red Planet Borrower, LLC |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 08/07/32 (j) | 269 | 263 |
| Renaissance Holding Corp. |  |  |
| 2024 1st Lien Term Loan, 7.67%, (3 Month Term SOFR + 4.00%), 04/05/30 (j) | 314 | 222 |
| Resilience Parent LLC |  |  |
| 1st Lien Term Loan, 6.13%, (3 Month Term SOFR + 2.50%), 01/21/33 (j) | 105 | 104 |
| SonarSource Financing LLC |  |  |
| Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 12/17/30 (j) | 85 | 78 |
| Sovos Compliance, LLC |  |  |
| 2025 Repriced Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 08/13/29 (j) (r) | 70 | 66 |
| 2025 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/13/29 (j) | 92 | 88 |
| SS&C Technologies Inc. |  |  |
| 2024 Term Loan B8, 5.67%, (1 Month Term SOFR + 2.00%), 05/09/31 (j) | 210 | 210 |
| TCP Sunbelt Acquisition Co. |  |  |
| 2024 Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 10/11/31 (j) | 104 | 103 |
| TTM Technologies, Inc. |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 05/23/30 (j) | 102 | 102 |
| UKG Inc. |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 2.50%), 01/30/31 (j) (r) | 25 | 24 |
| 2024 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 01/30/31 (j) | 579 | 553 |
| VS Buyer, LLC |  |  |
| 2025 Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 04/12/31 (j) | 183 | 179 |
| Zelis Payments Buyer, Inc. |  |  |
| Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 09/28/29 (j) | 157 | 152 |
| 5th Amendment Term Loan, 0.00%, (1 Month Term SOFR + 3.25%), 10/24/31 (j) (r) | 25 | 24 |
| 5th Amendment Term Loan, 6.92%, (1 Month Term SOFR + 3.25%), 10/24/31 (j) | 208 | 201 |
| | | 9952 |
| **Communication Services 0.6%** | **Communication Services 0.6%** | **Communication Services 0.6%** |
| 19th Holdings Golf, LLC |  |  |
| 2022 Term Loan B, 7.02%, (1 Month Term SOFR + 3.25%), 01/27/29 (j) | 185 | 185 |
| Academy, Ltd. |  |  |
| 2021 Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 11/05/27 (j) | 54 | 54 |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.35%, (3 Month Term SOFR + 5.50%), 02/10/27 (j) (p) | 341 | 212 |
| Altice Financing SA |  |  |
| 2022 USD Term Loan, 8.67%, (3 Month Term SOFR + 5.00%), 10/31/27 (j) | 5 | 4 |
| Altice France S.A. |  |  |
| 2025 USD Term Loan B13, 9.05%, (3 Month Term SOFR + 5.38%), 05/14/29 (j) | 15 | 15 |
| 2025 USD Term Loan B14, 10.55%, (3 Month Term SOFR + 6.88%), 05/31/31 (j) | 868 | 869 |
| AP Core Holdings II, LLC |  |  |
| Amortization Term Loan B1, 9.43%, (3 Month Term SOFR + 5.50%), 07/21/27 (j) | 80 | 78 |
| High-Yield Term Loan B2, 9.43%, (3 Month Term SOFR + 5.50%), 07/21/27 (j) | 210 | 204 |
| Arcis Golf LLC |  |  |
| 2025 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 11/24/28 (j) | 75 | 75 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Aventiv Technologies, LLC |  |  |
| 2024 PIK Third Out Term Loan, 9.02%, (3 Month Term SOFR + 5.09%), 09/30/26 (j) | 341 | 197 |
| 2024 Incremental Second Out Term Loan, 11.43%, (3 Month Term SOFR + 7.50%), 09/30/26 (j) (l) | 9 | 9 |
| 2025 5th Amendment Incremental Bridge Loan, 13.94%, (3 Month Term SOFR + 10.00%), 09/30/26 (j) | 103 | 107 |
| 2024 Bridge Term Loan, 13.95%, (3 Month Term SOFR + 10.00%), 09/30/26 (j) | 14 | 14 |
| BetClic Everest Group |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 12/09/31 (j) (r) | 45 | 45 |
| Charter Communications Operating, LLC |  |  |
| 2024 Term Loan B5, 5.91%, (3 Month Term SOFR + 2.25%), 11/21/31 (j) | 276 | 276 |
| Ciena Corporation |  |  |
| 2025 Repriced Term Loan B, 5.43%, (1 Month Term SOFR + 1.75%), 10/24/30 (j) | 44 | 44 |
| City Football Group Limited |  |  |
| 2024 Term Loan, 0.00%, (3 Month Term SOFR + 3.50%), 07/21/30 (j) (r) | 25 | 25 |
| 2024 Term Loan, 6.93%, (3 Month Term SOFR + 3.50%), 07/21/30 (j) | 336 | 335 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.27%, (3 Month Term SOFR + 3.50%), 06/18/29 (j) | 380 | 355 |
| Coherent Corp |  |  |
| 2025 Term Loan B2, 5.42%, (1 Month Term SOFR + 1.75%), 07/02/29 (j) | 111 | 111 |
| Connect Holding II LLC |  |  |
| Delayed Draw Term Loan, 7.93%, (1 Month Term SOFR + 4.25%), 04/03/31 (j) | 20 | 19 |
| Delayed Draw Term Loan, 7.93%, (1 Month Term SOFR + 4.25%), 04/03/31 (j) | 190 | 176 |
| PIK Term Loan B, 8.67%, (1 Month Term SOFR + 5.75%), 10/03/31 (j) | 28 | 22 |
| Coral-US Co-Borrower, LLC |  |  |
| 2025 Term Loan B7, 6.92%, (3 Month Term SOFR + 3.25%), 01/24/32 (j) | 85 | 83 |
| Crown Finance US, Inc. |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 4.50%), 10/31/31 (j) (r) | 25 | 25 |
| 2025 Term Loan B, 8.17%, (1 Month Term SOFR + 4.50%), 12/02/31 (j) | 411 | 406 |
| Dave & Buster's, Inc. |  |  |
| 2024 Term Loan B, 6.94%, (3 Month Term SOFR + 3.25%), 06/29/29 (j) | 130 | 113 |
| 2024 1st Lien Term Loan B, 6.94%, (3 Month Term SOFR + 3.25%), 09/26/31 (j) | 149 | 123 |
| Dotdash Meredith Inc |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 06/05/32 (j) | 110 | 103 |
| Flutter Financing B.V. |  |  |
| 2024 Term Loan B, 5.42%, (3 Month Term SOFR + 1.75%), 11/30/30 (j) | 164 | 162 |
| 2025 Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 05/22/32 (j) | 114 | 113 |
| Herschend Entertainment Company, LLC |  |  |
| 2026 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/27/32 (j) | 65 | 65 |
| Kingpin Intermediate Holdings LLC |  |  |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 09/16/32 (j) | 119 | 108 |
| Level 3 Financing Inc. |  |  |
| 2025 Repriced Term Loan B4, 6.92%, (1 Month Term SOFR + 3.25%), 03/29/32 (j) | 325 | 325 |
| Life Time Fitness Inc |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 11/05/31 (j) | 153 | 153 |
| Light and Wonder International, Inc. |  |  |
| 2026 Term Loan B, 7.75%, (Prime Rate + 1.00%), 04/16/29 (j) | 183 | 183 |
| Live Nation Entertainment, Inc. |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 10/19/32 (j) | 45 | 45 |
| Neptune BidCo US Inc |  |  |
| 2026 USD Term Loan B, 0.00%, (3 Month Term SOFR + 5.00%), 01/28/33 (j) (r) | 55 | 52 |
| Neptune BidCo US Inc. |  |  |
| 2026 USD Term Loan B, 8.76%, (3 Month Term SOFR + 5.00%), 01/28/33 (j) | 780 | 743 |
| Nexstar Media Group, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 2.75%), 12/31/49 (j) (r) | 215 | 212 |
| Oak-Eagle AcquireCo Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.50%), 03/23/33 (j) (r) | 500 | 497 |
| Recess Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 02/21/30 (j) | 98 | 98 |
| Securus Technologies Holdings, Inc. |  |  |
| 2023 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR +9.05%), 09/30/26 (j) (l) (p) (r) | 193 |  |
| Sinclair Television Group Inc. |  |  |
| 2025 Term Loan B6, 7.09%, (1 Month Term SOFR + 3.30%), 12/31/29 (j) | 10 | 9 |
| 2025 Term Loan B7, 7.87%, (1 Month Term SOFR + 4.10%), 12/31/30 (j) | 112 | 100 |
| TKO Worldwide Holdings, LLC |  |  |
| 2025 Term Loan, 5.66%, (3 Month Term SOFR + 2.00%), 11/21/31 (j) | 139 | 139 |
| Townsquare Media, Inc. |  |  |
| 2025 Term Loan, 8.59%, (3 Month Term SOFR + 5.00%), 01/17/31 (j) | 44 | 32 |
| TripAdvisor Inc |  |  |
| Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 07/01/31 (j) | 79 | 75 |
| Univision Communications Inc. |  |  |
| 2022 Term Loan B, 7.04%, (1 Month Term SOFR + 3.25%), 05/06/28 (j) | 309 | 304 |
| 2024 Term Loan B, 7.29%, (1 Month Term SOFR + 3.50%), 01/31/29 (j) | 99 | 98 |
| 2022 First Lien Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 06/10/29 (j) | 58 | 57 |
| Versant Media Group Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 10/24/30 (j) (r) | 25 | 25 |
| Term Loan B, 7.16%, (3 Month Term SOFR + 3.50%), 10/24/30 (j) | 205 | 205 |
| Virgin Media Bristol LLC |  |  |
| 2023 USD Term Loan Y, 7.05%, (SOFR + 3.17%), 03/06/31 (j) | 40 | 36 |
| Windstream Services, LLC |  |  |
| 2025 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 09/24/32 (j) | 150 | 150 |
| | | 8270 |
| **Financials 0.5%** | **Financials 0.5%** | **Financials 0.5%** |
| Acrisure, LLC |  |  |
| 2024 1st Lien Term Loan B6, 0.00%, (1 Month Term SOFR + 3.00%), 11/06/30 (j) (r) | 30 | 29 |
| 2024 1st Lien Term Loan B6, 6.67%, (1 Month Term SOFR + 3.00%), 11/06/30 (j) | 836 | 809 |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 06/07/32 (j) (r) | 15 | 15 |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 06/07/32 (j) | 343 | 332 |
| Alera Group, Inc. |  |  |
| 2026 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 05/30/32 (j) | 104 | 101 |
| Alliant Holdings Intermediate, LLC |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 2.50%), 09/19/31 (j) (r) | 5 | 5 |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 09/19/31 (j) | 40 | 40 |
| AmWINS Group, Inc. |  |  |
| 2026 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 01/30/32 (j) | 152 | 151 |
| Asurion LLC |  |  |
| 2021 Second Lien Term Loan B4, 9.04%, (1 Month Term SOFR + 5.25%), 01/15/29 (j) | 171 | 169 |
| 2024 Term Loan B12, 7.92%, (1 Month Term SOFR + 4.25%), 09/12/30 (j) | 887 | 877 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2025 Term Loan B13, 7.92%, (1 Month Term SOFR + 4.25%), 09/19/30 (j) | 169 | 167 |
| 2026 Term Loan B14, 0.00%, (3 Month Term SOFR + 3.75%), 02/13/33 (j) (r) | 35 | 34 |
| 2026 Term Loan B14, 7.41%, (3 Month Term SOFR + 3.75%), 02/13/33 (j) | 573 | 553 |
| Azorra Soar TLB Finance Ltd. |  |  |
| 2026 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 10/18/29 (j) | 104 | 104 |
| Boots Group Bidco Ltd. |  |  |
| USD Term Loan, 6.92%, (3 Month Term SOFR + 3.50%), 07/22/32 (j) | 75 | 75 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 6.17%, (1 Month Term SOFR + 2.75%), 05/10/31 (j) | 188 | 183 |
| CFC Bidco 2022 Ltd. |  |  |
| Term Loan B, 7.16%, (3 Month Term SOFR + 3.75%), 05/30/32 (j) | 100 | 95 |
| Charlotte Buyer, Inc. |  |  |
| 2025 Repriced Term Loan B, 7.92%, (1 Month Term SOFR + 4.25%), 02/11/28 (j) | 166 | 165 |
| Citadel Securities LP |  |  |
| 2024 First Lien Term Loan, 5.67%, (3 Month Term SOFR + 2.00%), 10/31/31 (j) | 212 | 212 |
| Cotiviti Corporation |  |  |
| 2024 Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 02/21/31 (j) | 170 | 156 |
| 2024 Fixed Term Loan B, 7.63%, 02/21/31 | 55 | 51 |
| 2025 2nd Amendment Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 02/16/32 (j) | 69 | 64 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 2.50%), 06/20/30 (j) (r) | 25 | 25 |
| 2025 Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 06/20/30 (j) | 524 | 523 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 0.00%, (3 Month Term SOFR + 2.00%), 12/10/31 (j) (r) | 25 | 25 |
| 2024 Term Loan B1, 5.67%, (3 Month Term SOFR + 2.00%), 12/10/31 (j) | 380 | 372 |
| NEXUS Buyer LLC |  |  |
| 2025 Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 07/31/31 (j) | 219 | 210 |
| 2025 Incremental Term Loan, 7.67%, (1 Month Term SOFR + 4.00%), 07/31/31 (j) | 50 | 48 |
| 2025 2nd Lien Term Loan B, 9.42%, (1 Month Term SOFR + 5.75%), 01/30/32 (j) | 65 | 63 |
| Novae LLC |  |  |
| 1st Lien Term Loan, 8.85%, (3 Month Term SOFR + 5.00%), 01/19/29 (j) (p) | 123 | 109 |
| Orion US Finco Inc. |  |  |
| 1st Lien Term Loan, 7.15%, (3 Month Term SOFR + 3.50%), 05/21/32 (j) | 80 | 79 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 09/11/31 (j) | 151 | 151 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2023 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 02/16/28 (j) | 142 | 139 |
| St. George Warehousing & Trucking Co. of CA, Inc. |  |  |
| 2026 Interim New Money DIP Delayed Draw Term Loan, 8.00%, (3 Month Term SOFR + 8.00%), 07/07/26 (j) (l) | 30 | 30 |
| 2026 FLFO DIP Term Loan, 8.00%, (3 Month Term SOFR + 8.00%), 07/13/26 (j) (l) | 24 | 24 |
| 2026 FLSO DIP Term Loan, 8.00%, (3 Month Term SOFR + 8.00%), 07/13/26 (j) (l) | 2 | 2 |
| 2024 Second Out Term Loan, 11.30%, (3 Month Term SOFR + 7.50%), 10/03/29 (j) (l) | 72 | 1 |
| 2024 UnSub FLFO, 12.05%, (3 Month Term SOFR + 8.25%), 10/07/29 (j) (l) | 11 | 11 |
| Trans Union, LLC |  |  |
| 2024 Term Loan B8, 5.42%, (1 Month Term SOFR + 1.75%), 06/06/31 (j) | 48 | 48 |
| 2024 Term Loan B9, 5.42%, (1 Month Term SOFR + 1.75%), 06/24/31 (j) | 166 | 165 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 05/06/31 (j) | 243 | 239 |
| USI, Inc. |  |  |
| 2024 Term Loan D, 5.92%, (3 Month Term SOFR + 2.25%), 11/23/29 (j) | 129 | 128 |
| 2024 Term Loan C, 5.92%, (3 Month Term SOFR + 2.25%), 09/27/30 (j) | 29 | 29 |
| | | 6808 |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| American Consolidated Natural Resources, Inc. |  |  |
| 2024 2nd Lien Term Loan, 13.00%, 12/11/29 | 39 | 39 |
| American Rock Salt Company LLC |  |  |
| 2021 Term Loan, 7.79%, (1 Month Term SOFR + 4.00%), 06/04/28 (j) | 34 | 31 |
| 2024 First Out Term Loan, 10.79%, (1 Month Term SOFR + 7.00%), 06/09/28 (j) |  |  |
| Aruba Investments Holdings, LLC |  |  |
| 2020 USD Term Loan, 7.77%, (3 Month Term SOFR + 4.00%), 10/28/27 (j) | 127 | 121 |
| 2020 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR + 7.75%), 10/28/28 (j) (r) | 30 | 27 |
| 2020 2nd Lien Term Loan, 11.52%, (3 Month Term SOFR + 7.75%), 10/28/28 (j) | 155 | 139 |
| Bakelite US Holdco, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 3.75%), 12/16/31 (j) (r) | 30 | 29 |
| 2024 Term Loan B, 7.42%, (3 Month Term SOFR + 3.75%), 12/16/31 (j) | 153 | 148 |
| Berlin Packaging LLC |  |  |
| 2025 Term Loan B7, 6.91%, (3 Month Term SOFR + 3.25%), 06/07/31 (j) | 223 | 214 |
| Charter NEX US, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.75%), 11/29/30 (j) | 157 | 156 |
| Chemours Company (The) |  |  |
| 2025 USD Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 09/30/32 (j) | 209 | 208 |
| Consolidated Energy Finance, S.A. |  |  |
| 2024 Term Loan B, 8.20%, (6 Month Term SOFR + 4.50%), 11/07/30 (j) | 252 | 241 |
| 2026 Incremental Term Loan, 8.42%, (3 Month Term SOFR + 4.75%), 11/18/30 (j) | 110 | 105 |
| Derby Buyer LLC |  |  |
| 2024 Repriced Term Loan B, 6.68%, (1 Month Term SOFR + 3.00%), 11/01/30 (j) | 98 | 98 |
| Discovery Purchaser Corporation |  |  |
| Term Loan, 0.00%, (3 Month Term SOFR + 4.38%), 08/04/29 (j) (r) | 35 | 34 |
| Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 08/04/29 (j) | 520 | 511 |
| Graham Packaging Company Inc. |  |  |
| 2026 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 01/14/33 (j) | 85 | 84 |
| Hexion Holdings Corporation |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 03/15/29 (j) (r) | 15 | 14 |
| 2024 Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 03/15/29 (j) | 399 | 381 |
| 2022 USD 2nd Lien Term Loan, 0.00%, (1 Month Term SOFR + 7.44%), 02/09/30 (j) (r) | 30 | 28 |
| 2022 USD 2nd Lien Term Loan, 11.21%, (1 Month Term SOFR + 7.44%), 02/09/30 (j) | 22 | 21 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2026 USD Term Loan, 10.67%, (3 Month Term SOFR + 5.00%), 01/30/31 (j) | 94 | 76 |
| Lonza Group AG |  |  |
| USD Term Loan B, 0.00%, (3 Month Term SOFR + 3.92%), 04/29/28 (j) (r) | 60 | 52 |
| USD Term Loan B, 7.70%, (3 Month Term SOFR + 3.92%), 04/29/28 (j) | 405 | 352 |
| Luxembourg Investment Company 428 S.a r.l. |  |  |
| Term Loan B, 0.00%, (SOFR + 7.00%), 10/22/28 (h) (i) (j) | 58 | 1 |
| M2S Group Holdings Inc |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 4.75%), 08/21/31 (j) (r) | 5 | 5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Term Loan B, 8.42%, (3 Month Term SOFR + 4.75%), 08/21/31 (j) | 328 | 319 |
| Mativ Holdings Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 4.50%), 03/26/33 (j) (l) (r) | 195 | 187 |
| Natgasoline LLC |  |  |
| 2025 Term Loan B, 9.17%, (3 Month Term SOFR + 5.50%), 03/25/30 (j) | 171 | 172 |
| New Arclin U.S. Holding Corp. |  |  |
| 2021 Term Loan, 7.27%, (1 Month Term SOFR + 3.50%), 09/22/28 (j) | 150 | 148 |
| Nouryon Finance B.V. |  |  |
| 2024 USD Term Loan B1, 7.04%, (6 Month Term SOFR + 3.25%), 04/03/28 (j) | 137 | 134 |
| Proampac PG Borrower LLC |  |  |
| 2026 USD Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 02/20/33 (j) | 120 | 116 |
| SCIH Salt Holdings Inc. |  |  |
| 2025 Repriced Term Loan B, 6.35%, (3 Month Term SOFR + 2.75%), 01/31/29 (j) |  |  |
| Solstice Advanced Materials Inc |  |  |
| Term Loan B, 5.42%, (3 Month Term SOFR + 1.75%), 09/16/32 (j) | 75 | 75 |
| Spa Holdings 3 Oy |  |  |
| USD Term Loan B, 7.93%, (3 Month Term SOFR + 4.00%), 03/18/28 (j) | 90 | 89 |
| 2025 USD Term Loan B, 8.18%, (3 Month Term SOFR + 4.25%), 05/22/30 (j) | 29 | 29 |
| Staples, Inc. |  |  |
| 2024 Term Loan B, 9.41%, (3 Month Term SOFR + 5.75%), 08/22/29 (j) | 529 | 479 |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 09/24/32 (j) | 70 | 68 |
| SupplyOne, Inc |  |  |
| 2024 Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 03/27/31 (j) | 34 | 34 |
| TPC Group Inc. |  |  |
| 2024 Term Loan B, 0.00%, (6 Month Term SOFR + 5.75%), 11/22/31 (j) (r) | 5 | 5 |
| 2024 Term Loan B, 9.39%, (6 Month Term SOFR + 5.75%), 11/22/31 (j) | 84 | 77 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 6.92%, (1 Month Term SOFR + 3.25%), 01/29/28 (j) | 196 | 186 |
| Tronox Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 09/30/31 (j) | 81 | 61 |
| 2024 1st Lien Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 09/30/31 (j) | 63 | 48 |
| USALCO, LLC |  |  |
| 2025 Term Loan, 7.17%, (1 Month Term SOFR + 3.50%), 09/30/31 (j) | 72 | 71 |
| 2025 Delayed Draw Term Loan, 7.18%, (1 Month Term SOFR + 3.50%), 09/30/31 (j) | 7 | 7 |
| W.R. Grace & Co.-Conn. |  |  |
| 2025 Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 08/11/32 (j) | 95 | 94 |
| Windsor Holdings III, LLC |  |  |
| 2025 USD Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 08/01/30 (j) | 156 | 153 |
| Zekelman Industries, Inc. |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 01/24/31 (j) | 84 | 84 |
| | | 5751 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Accelerated Health Systems, LLC |  |  |
| 2022 Term Loan B, 8.07%, (3 Month Term SOFR + 4.25%), 02/01/29 (j) | 97 | 49 |
| Alkermes, Inc. |  |  |
| 2026 Term Loan B, 6.42%, (1 Month Term SOFR + 2.75%), 01/28/31 (j) | 50 | 50 |
| Amneal Pharmaceuticals LLC |  |  |
| 2026 Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 08/01/32 (j) | 114 | 115 |
| Aveanna Healthcare, LLC |  |  |
| 2025 Term Loan B, 7.42%, (1 Month Term SOFR + 3.75%), 09/11/32 (j) | 45 | 45 |
| Bausch & Lomb Corporation |  |  |
| 2025 Repriced Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 01/15/31 (j) | 199 | 199 |
| Bausch Health Companies Inc. |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 6.25%), 09/25/30 (j) (r) | 130 | 125 |
| 2025 Term Loan B, 9.92%, (1 Month Term SOFR + 6.25%), 09/25/30 (j) | 929 | 895 |
| Cano Health LLC |  |  |
| 2025 PIK Initial Exchange Term Loan, 13.67%, (3 Month Term SOFR + 10.00%), 06/28/29 (j) (l) | 100 | 70 |
| CNT Holdings I Corp |  |  |
| 2025 Term Loan, 6.17%, (3 Month Term SOFR + 2.25%), 11/08/32 (j) | 138 | 138 |
| DaVita, Inc. |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 05/09/31 (j) | 139 | 139 |
| Elanco Animal Health Incorporated |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 10/28/32 (j) | 50 | 50 |
| Embecta Corp |  |  |
| Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 01/27/29 (j) | 114 | 114 |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 2024 1st Lien Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 04/23/31 (j) | 162 | 161 |
| ExamWorks BidCo Inc. |  |  |
| 2026 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 11/01/35 (j) | 82 | 82 |
| Fitness International, LLC |  |  |
| 2024 Term Loan B, 8.17%, (1 Month Term SOFR + 4.50%), 01/30/29 (j) | 69 | 69 |
| Hanger, Inc. |  |  |
| 2024 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 10/16/31 (j) (r) | 3 | 3 |
| 2024 Delayed Draw Term Loan, 7.17%, (1 Month Term SOFR + 3.50%), 10/16/31 (j) |  |  |
| 2024 Delayed Draw Term Loan, 7.17%, (1 Month Term SOFR + 3.50%), 10/16/31 (j) | 5 | 5 |
| 2024 Term Loan B, 7.17%, (1 Month Term SOFR + 3.50%), 10/16/31 (j) | 70 | 70 |
| Heartland Dental, LLC |  |  |
| 2025 Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 07/31/32 (j) (r) | 15 | 15 |
| 2025 Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 07/31/32 (j) | 60 | 59 |
| Help At Home, Inc. |  |  |
| 2024 Term Loan B, 8.67%, (1 Month Term SOFR + 5.00%), 09/20/31 (j) | 227 | 193 |
| Hologic Inc |  |  |
| Term Loan, 0.00%, (SOFR + 2.25%), 12/31/49 (j) (r) | 320 | 316 |
| Insulet Corporation |  |  |
| 2025 Term Loan, 5.67%, (1 Month Term SOFR + 2.00%), 08/04/31 (j) | 191 | 192 |
| Jazz Financing Lux S.a.r.l. |  |  |
| 2024 1st Lien Term Loan B2, 5.92%, (1 Month Term SOFR + 2.25%), 05/05/28 (j) | 240 | 241 |
| Loire Finco Luxembourg S.a.r.l. |  |  |
| 2025 USD Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 01/31/30 (j) | 54 | 54 |
| Lumexa Imaging, Inc. |  |  |
| Term Loan B, 6.70%, (3 Month Term SOFR + 3.00%), 12/12/32 (j) | 35 | 35 |
| MED ParentCo LP |  |  |
| 2025 Repriced Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 04/15/31 (j) | 140 | 140 |
| Medline Borrower, LP |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 10/23/28 (j) | 73 | 73 |
| National Mentor Holdings, Inc. |  |  |
| 2025 1st Lien Term Loan B, 9.67%, (1 Month Term SOFR + 6.00%), 12/05/30 (j) | 185 | 184 |
| 2025 Delayed Draw Term Loan, 9.71%, (3 Month Term SOFR + 6.00%), 12/05/30 (j) | 79 | 79 |
| 2026 Term Loan B, 9.67%, (1 Month Term SOFR + 6.00%), 12/09/30 (j) | 45 | 45 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Organon & Co |  |  |
| 2024 USD Term Loan, 5.92%, (1 Month Term SOFR + 2.25%), 05/19/31 (j) | 172 | 163 |
| Phoenix Guarantor Inc |  |  |
| 2024 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 02/21/31 (j) | 103 | 103 |
| Sotera Health Holdings, LLC |  |  |
| 2025 Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/30/31 (j) | 85 | 85 |
| TEAM Services Holding Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 5.25%), 12/31/49 (j) (r) | 70 | 66 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 7.78%, (1 Month Term SOFR + 4.00%), 09/22/28 (j) | 44 | 44 |
| United FP Holdings, LLC |  |  |
| 2019 1st Lien Term Loan, 7.93%, (3 Month Term SOFR + 4.00%), 12/30/26 (j) | 656 | 628 |
| 2020 Incremental Term Loan, 12.43%, (3 Month Term SOFR + 8.50%), 12/30/26 (j) | 53 | 51 |
| | | 5145 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Aspire Bakeries Holdings LLC |  |  |
| 2025 Repriced Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 12/23/30 (j) | 99 | 99 |
| BIFM US Finance LLC |  |  |
| 2025 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 05/31/28 (j) | 108 | 108 |
| BW Gas & Convenience Holdings, LLC |  |  |
| 2021 Term Loan B, 7.29%, (1 Month Term SOFR + 3.50%), 03/17/28 (j) | 120 | 120 |
| C&S Wholesale Grocers Inc |  |  |
| Term Loan B, 8.67%, (3 Month Term SOFR + 5.00%), 08/05/30 (j) | 224 | 219 |
| Cardenas Markets, Inc. |  |  |
| 2022 Term Loan, 10.52%, (3 Month Term SOFR + 6.75%), 07/20/29 (j) | 208 | 159 |
| Celsius Holdings, Inc |  |  |
| 2025 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 04/01/32 (j) | 85 | 85 |
| Chobani, LLC |  |  |
| 2025 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 10/23/32 (j) | 150 | 150 |
| Del Monte Foods, Inc. |  |  |
| 2025 PIK Roll-Up Term Loan, 13.28%, (1 Month Term SOFR + 9.60%), 06/01/26 (j) (l) | 55 | 21 |
| 2025 PIK Roll-Up Term Loan, 13.28%, (1 Month Term SOFR + 9.60%), 06/01/26 (j) (l) | 92 | 35 |
| 2024 First Out Term Loan, 0.00%, (3 Month Term SOFR + 8.00%), 08/31/28 (h) (i) (j) | 47 | 22 |
| 2025 PIK Term Loan, 0.00%, (1 Month Term SOFR + 8.00%), 11/02/28 (h) (i) (j) | 42 | 20 |
| 2024 Second Out Term Loan, 0.00%, (3 Month Term SOFR + 4.25%), 02/15/29 (h) (i) (j) | 276 | 8 |
| Eagle Parent Corp. |  |  |
| 2022 Term Loan B, 7.92%, (3 Month Term SOFR + 4.25%), 03/17/29 (j) | 144 | 144 |
| 2025 Incremental Term Loan, 7.92%, (3 Month Term SOFR + 4.25%), 03/17/29 (j) (l) | 213 | 212 |
| Fiesta Purchaser, Inc. |  |  |
| 2025 Repriced Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 02/12/31 (j) | 153 | 148 |
| Froneri Lux Finco Sarl |  |  |
| 2024 USD Term Loan B4, 5.88%, (6 Month Term SOFR + 2.25%), 09/16/31 (j) | 152 | 148 |
| Golden State Food LLC |  |  |
| 2026 Term Loan B, 7.17%, (3 Month Term SOFR + 3.50%), 12/04/31 (j) | 79 | 79 |
| JP Intermediate B, LLC |  |  |
| 2025 Term Loan (2030), 10.67%, (3 Month Term SOFR + 7.00%), 09/30/30 (j) (l) | 13 | 11 |
| 2025 Takeback Term Loan A, 9.17%, (3 Month Term SOFR + 5.50%), 03/31/31 (j) (l) | 51 | 25 |
| Naked Juice LLC |  |  |
| 2025 FLSO Term Loan, 7.02%, (3 Month Term SOFR + 3.25%), 01/24/29 (j) | 142 | 75 |
| 2025 FLFO Term Loan, 9.17%, (3 Month Term SOFR + 5.50%), 01/24/29 (j) | 108 | 107 |
| 2025 FLTO Term Loan, 9.77%, (3 Month Term SOFR + 6.00%), 01/24/30 (j) | 29 | 6 |
| Newly Weds Foods Inc |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 03/05/32 (j) | 218 | 218 |
| Nourish Buyer I Inc |  |  |
| 2026 Repriced Term Loan B, 7.67%, (3 Month Term SOFR + 4.00%), 07/09/32 (j) | 155 | 155 |
| Olaplex, Inc |  |  |
| 2022 Term Loan, 7.27%, (3 Month Term SOFR + 3.50%), 02/17/29 (j) | 33 | 33 |
| Primary Products Finance LLC |  |  |
| 2024 1st Lien Term Loan B, 6.90%, (3 Month Term SOFR + 3.25%), 04/01/29 (j) | 117 | 116 |
| Primo Brands Corporation |  |  |
| 2025 Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 03/31/28 (j) | 332 | 332 |
| Term Loan, 0.00%, (SOFR + 2.75%), 03/19/31 (j) (r) | 305 | 305 |
|  |  | 3160 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Alpha Generation LLC |  |  |
| Term Loan B, 5.42%, (1 Month Term SOFR + 2.00%), 09/19/31 (j) | 143 | 142 |
| Cogentrix Finance Holdco I LLC |  |  |
| Repriced Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 02/26/32 (j) | 69 | 69 |
| Hamilton Projects Acquiror, LLC |  |  |
| 2025 Repriced Term Loan B, 6.17%, (1 Month Term SOFR + 2.50%), 05/30/31 (j) | 59 | 59 |
| Lightning Power LLC |  |  |
| Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 08/08/31 (j) | 163 | 163 |
| New Fortress Energy Inc |  |  |
| 2025 Incremental Term Loan B, 0.00%, (3 Month Term SOFR + 5.50%), 10/30/28 (j) (r) | 140 | 78 |
| 2025 Incremental Term Loan B, 9.17%, (3 Month Term SOFR + 5.50%), 10/30/28 (j) | 1156 | 643 |
| NRG Energy, Inc. |  |  |
| 2024 Term Loan, 5.52%, (3 Month Term SOFR + 1.75%), 03/27/31 (j) | 139 | 139 |
| Talen Energy Supply, LLC |  |  |
| 2024-1 Incremental Term Loan, 6.15%, (3 Month Term SOFR + 2.50%), 12/10/31 (j) | 54 | 54 |
| 2025 Term Loan B, 5.67%, (3 Month Term SOFR + 2.00%), 10/09/32 (j) | 111 | 111 |
| Vistra Operations Company LLC |  |  |
| 1st Lien Term Loan B3, 5.42%, (1 Month Term SOFR + 1.75%), 12/20/30 (j) | 210 | 210 |
|  |  | 1668 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Brand Industrial Services Inc |  |  |
| 2024 Term Loan B, 0.00%, (3 Month Term SOFR + 4.50%), 08/01/30 (j) (r) | 10 | 9 |
| 2024 Term Loan B, 8.16%, (3 Month Term SOFR + 4.50%), 08/01/30 (j) | 524 | 449 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 2025 Term Loan, 6.17%, (1 Month Term SOFR + 2.50%), 01/31/30 (j) | 98 | 98 |
| 2025 Term Loan B3, 6.42%, (1 Month Term SOFR + 2.75%), 01/31/30 (j) | 59 | 59 |
| Greystar Real Estate Partners, LLC |  |  |
| 2025 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 08/21/30 (j) | 78 | 78 |
|  |  | 693 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Canacol Energy Ltd. |  |  |
| Term Loan A, 0.00%, (3 Month Term SOFR + 13.00%), 06/30/26 (j) (l) (r) | 3 | 3 |
| Term Loan A, 16.67%, (3 Month Term SOFR + 13.00%), 06/30/26 (j) (l) | 37 | 37 |
| Delek US Holdings, Inc. |  |  |
| 2022 Term Loan B, 7.27%, (1 Month Term SOFR + 3.50%), 11/10/29 (j) | 127 | 127 |
| Par Petroleum, LLC |  |  |
| 2025 Term Loan B, 6.93%, (3 Month Term SOFR + 3.25%), 02/28/30 (j) | 102 | 102 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Prairie ECI Acquiror LP |  |  |
| 2026 Repriced Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 08/01/29 (j) | 54 | 54 |
| Rockpoint Gas Storage Partners LP |  |  |
| 2025 Repriced Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 09/18/31 (j) | 148 | 148 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 2024 Contingency Reserve Delayed Draw Term Loan, 5.90%, (1 Month Term SOFR + 2.23%), 05/25/29 (j) | 13 | 13 |
| Base Term Loan, 5.90%, (1 Month Term SOFR + 2.23%), 05/25/29 (j) | 103 | 102 |
| | | 586 |
| Total Senior Floating Rate Instruments (cost $78,107) | Total Senior Floating Rate Instruments (cost $78,107) | 74315 |
| **COMMON STOCKS 0.1%** | **COMMON STOCKS 0.1%** | **COMMON STOCKS 0.1%** |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| California Resources Corporation | 2 | 117 |
| Expand Energy Corporation | 3 | 330 |
| Limetree Bay Cayman Limited (h) (l) |  |  |
| Mesquite Energy, Inc. (h) (l) | 9 | 215 |
| New Fortress Energy Inc. - Class A (d) (h) | 2 | 1 |
| New Kleo Holdco (h) (l) | 12 | 18 |
|  |  | 681 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| ACNR Holdings Inc. (h) (l) | 2 | 380 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Acrisure Investment Holdings, LLC (h) (l) | 6 | 183 |
| AFLAC Incorporated (h) | 2 | 41 |
| FG Parent, LLC (l) | 3 |  |
| New Cineworld Ltd. (h) (l) | 5 | 97 |
|  |  | 321 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| Azul S.A. - ADR (h) (s) | 1 | 26 |
| Azul S.A. - ADR (e) (h) (l) | 4 | 51 |
| Fusion Parent, LLC (h) (l) | 3 | 65 |
| LuxCo 3 (h) (l) | 10 | 165 |
|  |  | 307 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Cano Health, Inc. (h) (l) | 15 | 124 |
| ModivCare Inc. (h) | 4 | 20 |
|  |  | 144 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| At Home Group, Inc. (h) (l) | 1 | 20 |
| Juice Plus Equity (h) (l) | 1 | 1 |
| Old Claimco, LLC (h) (l) | 5 | 56 |
| Party City Holdings Inc. (h) (l) |  |  |
|  |  | 77 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Travelport Worldwide Limited (h) (l) |  | 9 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Diamond Sports Group, LLC (h) |  |  |
| Total Common Stocks (cost $1,073) | Total Common Stocks (cost $1,073) | 1919 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Oracle Corporation, 6.50%, 01/15/29 (n) | 2 | 101 |
| Strategy Inc, 9.00%, (101, 05/12/26) (m) | 1 | 78 |
|  |  | 179 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Whirlpool Corporation, 8.50%, 02/15/29 (n) | 2 | 78 |
| Total Preferred Stocks (cost $278) | Total Preferred Stocks (cost $278) | 257 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Altice Financing S.A. (h) (l) |  | 2 |
| Total Rights (cost $2) | Total Rights (cost $2) | 2 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Cano Health, Inc. (h) (l) | 1 | 1 |
| Carnelian Point Holdings, L.P. (h) (l) |  |  |
| Total Warrants (cost $3) | Total Warrants (cost $3) | 1 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Saks Global Enterprises LLC (h) (l) (n) (t) | 39 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** |
| **Investment Companies 2.2%** | **Investment Companies 2.2%** | **Investment Companies 2.2%** |
| JNL Government Money Market Fund - Class I, 3.53% (u) (v) | 32815 | 32815 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Government Money Market Fund - Class SL, 3.63% (u) (v) | 8589 | 8589 |
| Total Short Term Investments (cost $41,404) | Total Short Term Investments (cost $41,404) | 41404 |
| **Total Investments 104.7% (cost $1,594,455)** | **Total Investments 104.7% (cost $1,594,455)** | **1532028** |
| **Total Forward Sales Commitments (0.4)% (proceeds $5,395)** | **Total Forward Sales Commitments (0.4)% (proceeds $5,395)** | **(5269)** |
| **Total Purchased Options 0.0% (cost $478)** | **Total Purchased Options 0.0% (cost $478)** | **370** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **190** |
| **Other Assets and Liabilities, Net (4.3)%** | **Other Assets and Liabilities, Net (4.3)%** | **(64060)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1463259** |

---

(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 March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $65,688.

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

(d) All or a portion of the security was on loan as of March 31, 2026.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $121,172 and 8.3% of the Fund.

(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 March 31, 2026.

(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) Non-income producing security.

(i) As of March 31, 2026, 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 has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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) 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 March 31, 2026.

(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 March 31, 2026. 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

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

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 March 31, 2026.

---

| | | |
|:---|:---|:---|
| | **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, 2.50%, 04/15/56 (a) | (5500) | (4627) |
| TBA, 3.50%, 04/15/56 (a) | (700) | (642) |
| Total Government And Agency Obligations (proceeds $5,395) | Total Government And Agency Obligations (proceeds $5,395) | (5269) |
| **Total Forward Sales Commitments (0.4%) (proceeds $5,395)** | **Total Forward Sales Commitments (0.4%) (proceeds $5,395)** | **(5269)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of March 31, 2026, the total proceeds for investments sold on a delayed delivery basis was $5,395.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 57496 | 57453 | 82134 | 331 |  |  | 32815 | 2.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 8264 | 15589 | 15264 | 92 |  |  | 8589 | 0.6 |
|  | 65760 | 73042 | 97398 | 423 |  |  | 41404 | 2.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 190 |  |
| Celtic Resources Holdings Designated Activity Company, 0.00%, 10/09/24 | 10/02/19 | 102 |  |  |
| Cosan Overseas Limited, 8.25% | 06/27/19 | 190 | 181 |  |
| Dar Al Arkan Sukuk Co Ltd., 7.25%, 07/02/30 | 08/18/25 | 201 | 194 |  |
| Dubai, Government of, 5.25%, 01/30/43 | 10/27/22 | 172 | 185 |  |
| Leviathan Bond Ltd., 6.50%, 06/30/27 | 05/14/25 | 159 | 160 |  |
| Minstry of Finance, Lebenon Republic of, 0.00%, 03/09/20 | 07/16/19 | 107 | 26 |  |
| Minstry of Finance, Lebenon Republic of, 0.00%, 04/03/20 | 07/01/19 | 74 | 24 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 10/23/17 | 198 | 225 | 0.1 |
| 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 | 102 |  |
|  |  | 1906 | 1287 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 307 | June 2026 | 34146 | 73 | (54) |
| United States 2 Year Note | 136 | July 2026 | 28337 | 9 | (125) |
| United States 5 Year Note | 1061 | July 2026 | 115978 | 149 | (1199) |
| United States Ultra Bond | 25 | June 2026 | 2966 | 6 | (52) |
|  |  |  |  | 237 | (1430) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.00<br> (A) | 06/17/28 | 41720 | (10) | 145 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/17/29 | 9218 | (5) | 50 |
| U.S. SOFR (A) | Receiving | 4.00<br> (A) | 06/17/41 | 1320 | 1 | 2 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 06/17/36 | 1040 | (1) | (4) |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 06/17/56 | 130 | (1) |  |
|  |  |  |  |  | (16) | 193 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.45 (Q) | N/A | 1.00 | 06/20/31 | 595 | (3) | (1) |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 08/12/36 | BOA | Call | 3.80 | 08/13/26 | 450000 | 450 | 6 |
| U.S. SOFR, 03/27/41 | CIT | Call | 4.34 | 03/25/31 | 360000 | 360 | 18 |
| U.S. SOFR, 04/02/41 | CIT | Call | 4.37 | 03/31/31 | 810000 | 810 | 49 |
| U.S. SOFR, 03/14/29 | GSC | Call | 3.28 | 03/10/28 | 4940000 | 4940 | 30 |
| U.S. SOFR, 04/02/41 | GSC | Call | 4.36 | 03/31/31 | 1470000 | 1470 | 74 |
| U.S. SOFR, 03/13/41 | GSC | Call | 4.31 | 03/11/31 | 450000 | 450 | 23 |
| U.S. SOFR, 07/06/36 | GSC | Call | 3.86 | 07/02/26 | 500000 | 500 | 8 |
| U.S. SOFR, 08/27/36 | GSC | Call | 3.80 | 08/25/26 | 1540000 | 1540 | 33 |
| U.S. SOFR, 11/09/34 | MSC | Call | 3.87 | 11/07/29 | 1700000 | 1700 | 48 |
| U.S. SOFR, 08/12/36 | BOA | Put | 3.80 | 08/13/26 | 450000 | 450 | 9 |
| U.S. SOFR, 07/06/36 | GSC | Put | 3.86 | 07/02/26 | 500000 | 500 | 7 |
| U.S. SOFR, 08/27/36 | GSC | Put | 3.80 | 08/25/26 | 1540000 | 1540 | 23 |
| U.S. SOFR, 11/09/34 | MSC | Put | 3.87 | 11/07/29 | 1700000 | 1700 | 42 |
|  |  |  |  |  |  |  | 370 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written 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, 03/24/41 | BOA | Call | 4.36 | 03/20/31 | 800000 | 800 | (40) |
| U.S. SOFR, 03/24/41 | BOA | Call | 4.34 | 03/20/31 | 540000 | 540 | (27) |
| U.S. SOFR, 03/24/41 | BOA | Put | 4.36 | 03/20/31 | 800000 | 800 | (41) |
| U.S. SOFR, 03/24/41 | BOA | Put | 4.34 | 03/20/31 | 540000 | 540 | (27) |
|  |  |  |  |  |  |  | (135) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | 10  | 2  | 2  | —  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 60  | 11  | 17  | (6)  |
| CMBX.NA.BBB-.16 (M)  | JPM | N/A | 3.00 | 04/17/65  | 20  | 4  | 6  | (2)  |
| CMBX.NA.BBB-.19 (M)  | GSC | N/A | 3.00 | 12/17/58  | 50  | 5  | 4  | 1  |
| CMBX.NA.BB.18 (M)  | GSC | N/A | 5.00 | 12/17/57  | 100  | 17  | 15  | 2  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 100  | 9  | 10  | (1)  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 100  | 8  | 7  | 1  |
| 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  | 16  | 7  | 9  |
| CMBX.NA.BBB-.18 (M)  | JPM | N/A | 3.00 | 12/17/57  | 100  | 8  | 5  | 3  |
| CMBX.NA.BBB-.18 (M)  | GSC | N/A | 3.00 | 12/17/57  | 300  | 25  | 12  | 13  |
| CMBX.NA.BBB-.16 (M)  | GSC | N/A | 3.00 | 04/17/65  | 20  | 3  | 5  | (2)  |
| CMBX.NA.BB.18 (M)  | MSC | N/A | 5.00 | 12/17/57  | 100  | 17  | 7  | 10  |
| CMBX.NA.BBB-.19 (M)  | CIT | N/A | 3.00 | 12/17/58  | 50  | 5  | 4  | 1  |
| CMBX.NA.BBB-.16 (M)  | CIT | N/A | 3.00 | 04/17/65  | 30  | 5  | 9  | (4)  |
| CMBX.NA.BBB-.17 (M)  | CIT | N/A | 3.00 | 12/15/56  | 100  | 15  | 14  | 1  |
|  |  |  |  |  | 2210 | 146 | 130 | 16 |
| **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 | 0.74 | 0.50 | 12/15/56  | (300)  | (4)  | (4)  | —  |
| CMBX.NA.AAA.17 (M)  | MSC | 0.74 | 0.50 | 12/15/56  | (100)  | (2)  | (2)  | —  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.74 | 0.50 | 12/15/56  | (400)  | (5)  | (5)  | —  |
| CMBX.NA.AAA.17 (M)  | GSC | 0.74 | 0.50 | 12/15/56  | (100)  | (2)  | (3)  | 1  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Credit Default Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| CMBX.NA.AAA.17 (M)  | GSC | 0.74 | 0.50 | 12/15/56  | (300)  | (4)  | (9)  | 5  |
| CMBX.NA.AAA.19 (M)  | GSC | 0.54 | 0.50 | 12/17/58  | (400)  | —  | —  | —  |
| CMBX.NA.AAA.17 (M)  | JPM | 0.74 | 0.50 | 12/15/56  | (300)  | (4)  | (3)  | (1)  |
| CMBX.NA.AAA.13 (M)  | MSC | 0.39 | 0.50 | 12/16/72  | (970)  | 3  | (23)  | 26  |
| CMBX.NA.AAA.16 (M)  | CIT | 0.64 | 0.50 | 04/17/65  | (300)  | (2)  | (1)  | (1)  |
| CMBX.NA.AAA.16 (M)  | CIT | 0.64 | 0.50 | 04/17/65  | (399)  | (2)  | (3)  | 1  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.74 | 0.50 | 12/15/56  | (400)  | (6)  | (6)  | —  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.74 | 0.50 | 12/15/56  | (100)  | (1)  | (2)  | 1  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.74 | 0.50 | 12/15/56  | (200)  | (3)  | (4)  | 1  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.74 | 0.50 | 12/15/56  | (400)  | (6)  | (5)  | (1)  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.74 | 0.50 | 12/15/56  | (100)  | (1)  | (1)  | —  |
| CMBX.NA.AAA.17 (M)  | CIT | 0.74 | 0.50 | 12/15/56  | (100)  | (2)  | (2)  | —  |
|  |  |  |  |  | (4869) | (41) | (73) | 32 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 857307 |  | 857307 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 368731 | 46 | 368777 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 188046 |  | 188046 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 73231 | 1084 | 74315 |
| &nbsp;&nbsp;Common Stocks | 509 | 26 | 1384 | 1919 |
| &nbsp;&nbsp;Preferred Stocks | 257 |  |  | 257 |
| &nbsp;&nbsp;Rights |  |  | 2 | 2 |
| &nbsp;&nbsp;Warrants |  |  | 1 | 1 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 41404 |  |  | 41404 |
|  | 42170 | 1487341 | 2517 | 1532028 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (5269) |  | (5269) |
|  |  | (5269) |  | (5269) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 197 |  | 197 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  |  |  |  |
| &nbsp;&nbsp;OTC Purchased Options |  | 370 |  | 370 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 76 |  | 76 |
|  |  | 643 |  | 643 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1430) |  |  | (1430) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (4) |  | (4) |
| &nbsp;&nbsp;OTC Written Options |  | (135) |  | (135) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (28) |  | (28) |
|  | (1430) | (167) |  | (1597) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **United States of America 56.9%** | **United States of America 56.9%** | **United States of America 56.9%** |
| American Electric Power Company, Inc. | 169 | 22177 |
| American Tower Corporation | 26 | 4516 |
| Cheniere Energy, Inc. | 54 | 15390 |
| CSX Corporation | 453 | 18602 |
| Dominion Energy, Inc. | 213 | 13187 |
| DT Midstream, Inc. | 46 | 6176 |
| Duke Energy Corporation | 192 | 25156 |
| Equinix, Inc. | 6 | 5610 |
| Evergy, Inc. | 154 | 12620 |
| NextEra Energy, Inc. | 205 | 19057 |
| ONEOK, Inc. | 219 | 19788 |
| PG&E Corporation | 715 | 12561 |
| Public Service Enterprise Group Incorporated | 153 | 12405 |
| SBA Communications Corporation - Class A | 94 | 16204 |
| Sempra | 174 | 16938 |
| Targa Resources Corp. | 36 | 8929 |
| UGI Corporation | 157 | 5735 |
| Union Pacific Corporation | 88 | 21417 |
| XCEL Energy Inc. | 202 | 16042 |
|  |  | 272510 |
| **Australia 5.5%** | **Australia 5.5%** | **Australia 5.5%** |
| Atlas Arteria Limited | 2522 | 7501 |
| Transurban Holdings Limited | 1954 | 19010 |
|  |  | 26511 |
| **United Kingdom 5.2%** | **United Kingdom 5.2%** | **United Kingdom 5.2%** |
| National Grid PLC | 987 | 16632 |
| United Utilities PLC | 472 | 8218 |
|  |  | 24850 |
| **France 4.7%** | **France 4.7%** | **France 4.7%** |
| Aeroports de Paris (a) | 78 | 9421 |
| Getlink S.E. | 618 | 13297 |
|  |  | 22718 |
| **Canada 4.3%** | **Canada 4.3%** | **Canada 4.3%** |
| Algonquin Power & Utilities Corp. (a) | 1166 | 7140 |
| Canadian National Railway Company | 130 | 13391 |
|  |  | 20531 |
| **Mexico 3.9%** | **Mexico 3.9%** | **Mexico 3.9%** |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 489 | 12048 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 407 | 6577 |
|  |  | 18625 |
| **China 3.9%** | **China 3.9%** | **China 3.9%** |
| Beijing Capital International Airport Co., Ltd. - Class H (a) (b) | 15272 | 3573 |
| China Tower Corporation Limited - Class H | 5973 | 8177 |
| ENN Energy Holdings Limited | 827 | 6738 |
|  |  | 18488 |
| **Spain 3.0%** | **Spain 3.0%** | **Spain 3.0%** |
| AENA S.M.E., S.A. (a) | 477 | 14210 |
| **Japan 2.7%** | **Japan 2.7%** | **Japan 2.7%** |
| Japan Airport Terminal Co., Ltd. (a) | 193 | 6355 |
| West Japan Railway Company | 323 | 6370 |
|  |  | 12725 |
| **Brazil 2.5%** | **Brazil 2.5%** | **Brazil 2.5%** |
| Motiva Infraestrutura De Mobilidade S.A. | 1842 | 5635 |
| Rumo S.A. | 2059 | 6492 |
|  |  | 12127 |
| **Hong Kong 2.0%** | **Hong Kong 2.0%** | **Hong Kong 2.0%** |
| CLP Holdings Limited | 1004 | 9432 |
| **Denmark 1.9%** | **Denmark 1.9%** | **Denmark 1.9%** |
| Orsted A/S (b) (c) | 377 | 9259 |
| **Italy 1.4%** | **Italy 1.4%** | **Italy 1.4%** |
| Hera S.p.A. | 1423 | 6548 |
| **Switzerland 1.2%** | **Switzerland 1.2%** | **Switzerland 1.2%** |
| Flughafen Zurich AG - Class N | 19 | 5965 |
| Total Common Stocks (cost $424,211) | Total Common Stocks (cost $424,211) | 474499 |
| **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** |
| **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** |
| JNL Government Money Market Fund - Class SL, 3.63% (d) (e) | 6962 | 6962 |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 3.53% (d) (e) | 2981 | 2981 |
| Total Short Term Investments (cost $9,943) | Total Short Term Investments (cost $9,943) | 9943 |
| **Total Investments 101.2% (cost $434,154)** | **Total Investments 101.2% (cost $434,154)** | **484442** |
| **Other Assets and Liabilities, Net (1.2)%** | **Other Assets and Liabilities, Net (1.2)%** | **(5563)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **478879** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 2315 | 25770 | 25104 | 20 |  |  | 2981 | 0.6 |
| JNL Government Money Market Fund, 3.63% - Class SL | 849 | 11299 | 5186 | 13 |  |  | 6962 | 1.5 |
|  | 3164 | 37069 | 30290 | 33 |  |  | 9943 | 2.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Orsted A/S | 10/03/25 | 7045 | 9259 | 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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 323793 | 150706 |  | 474499 |
| &nbsp;&nbsp;Short Term Investments | 9943 |  |  | 9943 |
|  | 333736 | 150706 |  | 484442 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 34.3%** | **CORPORATE BONDS AND NOTES 34.3%** | **CORPORATE BONDS AND NOTES 34.3%** |
| **Health Care 6.8%** | **Health Care 6.8%** | **Health Care 6.8%** |
| Centene Corporation |  |  |
| 4.63%, 12/15/29 | 4780 | 4542 |
| Community Health Systems, Inc. |  |  |
| 6.88%, 04/15/29 (a) (b) | 12847 | 12339 |
| 6.13%, 04/01/30 (a) (b) | 8000 | 6940 |
| 10.88%, 01/15/32 (b) | 19410 | 20803 |
| 9.75%, 01/15/34 (b) | 1000 | 1038 |
| CVS Health Corporation |  |  |
| 5.25%, 02/21/33 | 3500 | 3542 |
| Davita Inc. |  |  |
| 4.63%, 06/01/30 (b) | 3500 | 3360 |
| Endo Finance Holdings, Inc. |  |  |
| 8.50%, 04/15/31 (a) (b) | 3000 | 3140 |
| Genmab A/S |  |  |
| 6.25%, 12/15/32 (b) | 1500 | 1538 |
| 7.25%, 12/15/33 (b) | 500 | 522 |
| HCA Inc. |  |  |
| 5.50%, 06/01/33 | 8500 | 8672 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (b) | 4000 | 3874 |
| Organon & Co. |  |  |
| 4.13%, 04/30/28 (b) | 1500 | 1453 |
| 5.13%, 04/30/31 (a) (b) | 1500 | 1223 |
| 7.88%, 05/15/34 (a) (b) | 1500 | 1235 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 06/15/30 | 20000 | 20096 |
| 6.00%, 11/15/33 (a) (b) | 2500 | 2526 |
|  |  | 96843 |
| **Financials 6.0%** | **Financials 6.0%** | **Financials 6.0%** |
| Asurion LLC |  |  |
| 8.00%, 12/31/32 (b) | 2000 | 2075 |
| 8.38%, 02/01/34 (b) | 1000 | 974 |
| Barclays PLC |  |  |
| 5.75%, 08/09/33 | 8500 | 8748 |
| 7.44%, 11/02/33 | 5000 | 5592 |
| Citigroup Inc. |  |  |
| 6.27%, 11/17/33 | 10500 | 11238 |
| Ford Motor Credit Company LLC |  |  |
| 4.95%, 05/28/27 | 4000 | 3999 |
| 7.35%, 03/06/30 | 3000 | 3167 |
| General Motors Financial Company, Inc. |  |  |
| 6.40%, 01/09/33 | 3500 | 3707 |
| Goldman Sachs Group, Inc., The |  |  |
| 6.56%, 10/24/34 | 8000 | 8700 |
| 5.39%, 02/02/41 | 1000 | 968 |
| JPMorgan Chase & Co. |  |  |
| 6.50%, (100, 04/01/30) (c) | 2000 | 2046 |
| 6.88%, (100, 06/01/29) (c) | 3000 | 3135 |
| 6.25%, 10/23/34 | 1500 | 1611 |
| KeyBank National Association |  |  |
| 4.90%, 08/08/32 | 1500 | 1474 |
| Morgan Stanley |  |  |
| 6.34%, 10/18/33 | 2000 | 2142 |
| 5.25%, 04/21/34 | 4000 | 4021 |
| 6.63%, 11/01/34 | 2500 | 2724 |
| The PNC Financial Services Group, Inc. |  |  |
| 6.04%, 10/28/33 | 4000 | 4232 |
| Truist Financial Corporation |  |  |
| 4.92%, 07/28/33 | 2000 | 1965 |
| U.S. Bancorp |  |  |
| 5.85%, 10/21/33 | 4500 | 4733 |
| Wells Fargo & Company |  |  |
| 6.13%, (100, 06/15/31) (c) | 1500 | 1505 |
| 5.56%, 07/25/34 | 6000 | 6150 |
|  |  | 84906 |
| **Consumer Discretionary 4.1%** | **Consumer Discretionary 4.1%** | **Consumer Discretionary 4.1%** |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (b) (d) | 4216 | 4481 |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/30 (b) | 5000 | 5056 |
| 6.50%, 02/15/32 (b) | 2500 | 2470 |
| 6.00%, 10/15/32 (a) (b) | 3500 | 3220 |
| Carnival Corporation |  |  |
| 5.75%, 08/01/32 (b) | 5000 | 5000 |
| DexKo Global Inc. |  |  |
| 6.63%, 10/15/29 (a) (b) | 6215 | 5533 |
| Fertitta Entertainment, LLC |  |  |
| 4.63%, 01/15/29 (b) | 1600 | 1530 |
| 6.75%, 01/15/30 (a) (b) | 3000 | 2802 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 3500 | 3042 |
| General Motors Company |  |  |
| 5.60%, 10/15/32 | 2500 | 2564 |
| 5.15%, 04/01/38 | 6000 | 5631 |
| JH North America Holdings Inc. |  |  |
| 10.00%, 01/15/31 (a) (b) | 1500 | 1452 |
| NCL Corporation Ltd. |  |  |
| 6.75%, 02/01/32 (b) | 1000 | 993 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (b) | 1500 | 1545 |
| SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/28 (b) | 5042 | 5037 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (b) | 1500 | 1546 |
| Wynn Las Vegas, LLC |  |  |
| 5.25%, 05/15/27 (b) | 2000 | 1991 |
| Wynn Resorts Finance, LLC |  |  |
| 6.25%, 03/15/33 (a) (b) | 5000 | 4942 |
|  |  | 58835 |
| **Energy 3.8%** | **Energy 3.8%** | **Energy 3.8%** |
| Calumet Specialty Products Partners, L.P. |  |  |
| 9.25%, 07/15/29 (b) | 4800 | 4866 |
| 9.75%, 02/15/31 (b) | 500 | 531 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (b) | 2000 | 1993 |
| Kinder Morgan Kansas, Inc. |  |  |
| 5.40%, 02/01/34 | 4000 | 4091 |
| Matador Resources Company |  |  |
| 6.25%, 04/15/33 (b) | 1500 | 1500 |
| Occidental Petroleum Corporation |  |  |
| 6.63%, 09/01/30 | 2000 | 2146 |
| 5.55%, 10/01/34 (a) | 2000 | 2034 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (b) (c) | 7500 | 7472 |
| 8.13%, 06/01/28 (b) | 4500 | 4617 |
| 8.38%, 06/01/31 (b) | 4000 | 4160 |
| 9.88%, 02/01/32 (a) (b) | 2000 | 2156 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (b) | 1500 | 1542 |
| 6.50%, 06/15/34 (b) | 2500 | 2600 |
| 7.75%, 05/01/35 (b) | 4500 | 5042 |
| Weatherford International Ltd. |  |  |
| 8.63%, 04/30/30 (b) | 2422 | 2466 |
| 6.75%, 10/15/33 (b) | 1500 | 1525 |
| Williams Companies, Inc., The |  |  |
| 5.65%, 03/15/33 | 4400 | 4551 |
|  |  | 53292 |
| **Industrials 3.6%** | **Industrials 3.6%** | **Industrials 3.6%** |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (b) | 833 | 834 |
| 5.75%, 04/20/29 (b) | 4000 | 3967 |
| Boeing Company, The |  |  |
| 5.15%, 05/01/30 (e) | 3000 | 3050 |
| 3.25%, 02/01/35 | 4500 | 3857 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/32 (b) | 3500 | 3311 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 (b) | 2000 | 2035 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (b) | 1250 | 1280 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (a) (b) | 3500 | 3308 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/30 (b) | 5000 | 5000 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 9.25%, 04/15/30 (b) | 5000 | 4637 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (b) | 3000 | 3033 |
| R. R. Donnelley & Sons Company |  |  |
| 9.50%, 08/01/29 (b) | 2000 | 2021 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 - 01/31/34 (b) | 6300 | 6363 |
| 6.63%, 03/01/32 (b) | 5000 | 5109 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (b) | 4000 | 3930 |
| | | 51735 |
| **Materials 3.0%** | **Materials 3.0%** | **Materials 3.0%** |
| Alcoa Nederland Holding B.V. |  |  |
| 4.13%, 03/31/29 (b) | 2000 | 1944 |
| Ardagh Group S.A. |  |  |
| 9.50%, 12/01/30 (b) | 4180 | 4378 |
| 11.00%, 12/01/30 (b) (d) | 4278 | 3595 |
| Celanese US Holdings LLC |  |  |
| 7.17%, 07/15/27 (e) (f) | 4000 | 4080 |
| Cleveland-Cliffs Inc. |  |  |
| 7.00%, 03/15/32 (b) | 2500 | 2419 |
| 7.38%, 05/01/33 (b) | 2000 | 1957 |
| 7.63%, 01/15/34 (b) | 2500 | 2442 |
| Fortescue Treasury Pty Ltd. |  |  |
| 5.88%, 04/15/30 (b) | 3000 | 3028 |
| 4.38%, 04/01/31 (b) | 3000 | 2835 |
| Rain Carbon Inc. |  |  |
| 12.25%, 09/01/29 (a) (b) | 4500 | 4629 |
| Scih Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (b) | 3300 | 3256 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (a) (b) | 6000 | 4807 |
| 9.13%, 09/30/30 (a) (b) | 3400 | 3396 |
|  |  | 42766 |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| NRG Energy, Inc. |  |  |
| 5.75%, 07/15/29 (b) | 9000 | 8973 |
| 6.00%, 01/15/36 (b) | 3000 | 2966 |
| PG&E Company |  |  |
| 4.55%, 07/01/30 | 2500 | 2469 |
| The Southern Company |  |  |
| 6.00%, 04/01/58 | 6000 | 6021 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (b) (c) | 8000 | 8077 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (b) | 2500 | 2618 |
|  |  | 31124 |
| **Information Technology 1.8%** | **Information Technology 1.8%** | **Information Technology 1.8%** |
| ArcelorMittal |  |  |
| 6.80%, 11/29/32 (a) | 6000 | 6628 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (b) | 2500 | 2428 |
| 9.00%, 09/30/29 (b) | 2500 | 2413 |
| Coreweave, Inc. |  |  |
| 9.00%, 02/01/31 (a) (b) | 1000 | 960 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (a) (b) | 2500 | 2063 |
| Micron Technology, Inc. |  |  |
| 5.88%, 02/09/33 | 1000 | 1065 |
| Oracle Corporation |  |  |
| 6.25%, 11/09/32 | 2000 | 2055 |
| 5.70%, 02/04/36 | 3500 | 3367 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/32 (b) | 750 | 749 |
| 6.25%, 08/15/33 (b) | 750 | 758 |
| Salesforce, Inc. |  |  |
| 5.55%, 03/15/36 | 3500 | 3490 |
|  |  | 25976 |
| **Consumer Staples 1.7%** | **Consumer Staples 1.7%** | **Consumer Staples 1.7%** |
| B.A.T Capital Corporation |  |  |
| 6.42%, 08/02/33 | 2850 | 3093 |
| JBS USA Food Company |  |  |
| 5.75%, 04/01/33 | 4000 | 4128 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 (b) | 2000 | 1993 |
| Pilgrim's Pride Corporation |  |  |
| 6.25%, 07/01/33 (a) | 4500 | 4716 |
| United Rentals (North America), Inc. |  |  |
| 4.88%, 01/15/28 | 6000 | 5972 |
| 6.00%, 12/15/29 (b) | 4000 | 4067 |
|  |  | 23969 |
| **Communication Services 1.2%** | **Communication Services 1.2%** | **Communication Services 1.2%** |
| CCO Holdings, LLC |  |  |
| 5.00%, 02/01/28 (b) | 5000 | 4956 |
| 6.38%, 09/01/29 (b) | 5000 | 5010 |
| 7.00%, 02/01/33 (b) | 2500 | 2509 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (a) (b) | 4000 | 4018 |
|  |  | 16493 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (b) | 1500 | 1495 |
| Total Corporate Bonds And Notes (cost $474,702) | Total Corporate Bonds And Notes (cost $474,702) | 487434 |
| **COMMON STOCKS 33.4%** | **COMMON STOCKS 33.4%** | **COMMON STOCKS 33.4%** |
| **Energy 7.2%** | **Energy 7.2%** | **Energy 7.2%** |
| Chevron Corporation | 155 | 32069 |
| ConocoPhillips | 75 | 9900 |
| Exxon Mobil Corporation | 200 | 33932 |
| Shell PLC - Class A - ADR | 125 | 11625 |
| SLB Limited | 225 | 11561 |
| TotalEnergies SE | 40 | 3639 |
|  |  | 102726 |
| **Health Care 6.0%** | **Health Care 6.0%** | **Health Care 6.0%** |
| Abbott Laboratories | 130 | 13347 |
| AbbVie Inc. | 65 | 14137 |
| Amgen Inc. | 10 | 3519 |
| Bristol-Myers Squibb Company | 68 | 4122 |
| Johnson & Johnson | 65 | 15889 |
| Mallinckrodt Public Limited Company (g) | 27 | 2325 |
| Medtronic, Inc. | 55 | 4766 |
| Merck & Co., Inc. | 100 | 12029 |
| Pfizer Inc. | 470 | 13195 |
| UnitedHealth Group Incorporated | 7 | 1893 |
|  |  | 85222 |
| **Consumer Staples 5.1%** | **Consumer Staples 5.1%** | **Consumer Staples 5.1%** |
| Coca-Cola Company, The | 150 | 11407 |
| Nestle S.A. - Series B - ADR | 80 | 7928 |
| PepsiCo, Inc. | 115 | 17858 |
| Philip Morris International Inc. | 30 | 4960 |
| Procter & Gamble Company, The | 185 | 26721 |
| Target Corporation | 31 | 3697 |
|  |  | 72571 |
| **Utilities 3.6%** | **Utilities 3.6%** | **Utilities 3.6%** |
| Dominion Energy, Inc. | 100 | 6182 |
| Duke Energy Corporation | 100 | 13094 |
| Sempra | 75 | 7288 |
| The Southern Company | 210 | 20269 |
| XCEL Energy Inc. | 63 | 5005 |
|  |  | 51838 |
| **Industrials 2.6%** | **Industrials 2.6%** | **Industrials 2.6%** |
| Honeywell International Inc. | 23 | 5198 |
| Lockheed Martin Corporation | 15 | 9066 |
| RTX Corporation | 30 | 5787 |
| Union Pacific Corporation | 50 | 12131 |
| United Parcel Service, Inc. - Class B | 50 | 4968 |
|  |  | 37150 |
| **Information Technology 2.5%** | **Information Technology 2.5%** | **Information Technology 2.5%** |
| Cisco Systems, Inc. | 225 | 17458 |
| International Business Machines Corporation | 30 | 7272 |
| Microsoft Corporation | 15 | 5553 |
| Texas Instruments Incorporated | 25 | 4853 |
|  |  | 35136 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Financials 2.0%** | **Financials 2.0%** | **Financials 2.0%** |
| Bank of America Corporation | 100 | 4875 |
| BlackRock, Inc. | 7 | 6732 |
| Capital One Financial Corporation | 30 | 5473 |
| Citigroup Inc. | 25 | 2835 |
| Fifth Third Bancorp | 75 | 3485 |
| JPMorgan Chase & Co. | 15 | 4412 |
|  |  | 27812 |
| **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** | **Consumer Discretionary 1.8%** |
| Amazon.com, Inc. (g) | 25 | 5189 |
| Home Depot, Inc., The | 35 | 11511 |
| McDonald's Corporation | 15 | 4662 |
| Nike, Inc. - Class B | 50 | 2641 |
| Starbucks Corporation | 25 | 2240 |
|  |  | 26243 |
| **Materials 1.8%** | **Materials 1.8%** | **Materials 1.8%** |
| Air Products and Chemicals, Inc. | 50 | 14524 |
| Freeport-McMoRan Inc. | 60 | 3527 |
| International Paper Company | 65 | 2321 |
| LyondellBasell Industries N.V. - Class A | 56 | 4511 |
|  |  | 24883 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| Comcast Corporation - Class A | 175 | 5024 |
| Verizon Communications Inc. | 120 | 6024 |
|  |  | 11048 |
| Total Common Stocks (cost $391,333) | Total Common Stocks (cost $391,333) | 474629 |
| **EQUITY LINKED STRUCTURED NOTES 15.8%** | **EQUITY LINKED STRUCTURED NOTES 15.8%** | **EQUITY LINKED STRUCTURED NOTES 15.8%** |
| Barclays Bank PLC |  |  |
| (Micron Technology, Inc.), 10.00%, 09/08/26 (h) | 40 | 5957 |
| (Microchip Technology Incorporated), 10.00%, 10/05/26 (h) | 100 | 6191 |
| (Freeport-McMoRan Inc.), 10.00%, 01/27/27 (h) | 65 | 3448 |
| BNP Paribas Issuance B.V. |  |  |
| (Texas Instruments Incorporated), 9.00%, 07/01/26 (h) | 50 | 9613 |
| (Freeport-McMoRan Inc.), 10.00%, 08/28/26 (h) | 175 | 8081 |
| (Target Corporation), 11.00%, 10/07/26 (h) | 22 | 2235 |
| (NextEra Energy, Inc.), 8.00%, 02/10/27 (b) (h) | 150 | 13233 |
| Citigroup Global Markets Holdings Inc. |  |  |
| (International Business Machines Corporation), 8.50%, 08/21/26 (h) | 13 | 3103 |
| (Halliburton Company), 10.00%, 01/26/27 (h) | 95 | 3224 |
| (Workday, Inc.), 10.00%, 02/24/27 (h) | 26 | 3468 |
| J.P. Morgan Structured Products B.V. |  |  |
| (Home Depot, Inc. , The), 8.00%, 10/20/26 (b) (h) | 25 | 8358 |
| (Amazon.com, Inc.), 9.00%, 01/11/27 (b) (h) | 18 | 3746 |
| Merrill Lynch S.A. |  |  |
| (Comcast Corporation), 8.50%, 06/22/26 (h) | 150 | 4548 |
| (UnitedHealth Group Incorporated), 10.00%, 07/01/26 (h) | 10 | 2729 |
| (Albemarle Corporation), 12.50%, 08/28/26 (h) | 48 | 5127 |
| (Microchip Technology Incorporated), 11.00%, 09/03/26 (h) | 100 | 6324 |
| (Halliburton Company), 8.50%, 09/21/26 (h) | 145 | 4049 |
| (UnitedHealth Group Incorporated), 9.00%, 09/25/26 (h) | 14 | 3859 |
| (Charles Schwab Corporation, The), 8.00%, 03/03/27 (h) | 59 | 5498 |
| Mizuho Markets Cayman LP |  |  |
| (Exxon Mobil Corporation), 8.50%, 04/07/26 (b) (h) | 100 | 12616 |
| (Analog Devices, Inc.), 8.50%, 05/18/26 (b) (h) | 45 | 10502 |
| (Amgen Inc.), 10.00%, 06/15/26 (h) | 18 | 5449 |
| (Dell Technologies Inc.), 12.00%, 11/09/26 (b) (h) | 48 | 7317 |
| (Meta Platforms, Inc.), 10.00%, 12/07/26 (b) (h) | 10 | 5599 |
| (Microsoft Corporation), 7.25%, 01/11/27 (b) (h) | 20 | 7691 |
| Morgan Stanley Finance II Ltd. |  |  |
| (JPMorgan Chase & Co.), 8.00%, 03/30/27 (h) | 15 | 4259 |
| (International Business Machines Corporation), 8.00%, 04/08/27 (h) | 15 | 3631 |
| Royal Bank of Canada |  |  |
| (Texas Instruments Incorporated), 9.00%, 07/21/26 (h) | 15 | 2914 |
| (Microsoft Corporation), 8.00%, 04/05/27 (b) (h) | 10 | 3699 |
| Toronto-Dominion Bank, The |  |  |
| (Target Corporation), 12.00%, 06/30/26 (h) | 40 | 4380 |
| (Intel Corporation), 10.50%, 09/01/26 (h) | 170 | 5135 |
| (Qualcomm Incorporated), 10.00%, 11/25/26 (h) | 36 | 4873 |
| (Starbucks Corporation), 9.00%, 01/27/27 (h) | 100 | 8887 |
| UBS AG |  |  |
| (Marvell Technology, Inc.), 12.00%, 05/14/26 (h) | 60 | 4745 |
| (Accenture Public Limited Company), 8.00%, 07/13/26 (b) (h) | 15 | 3111 |
| (Oracle Corporation), 12.00%, 01/11/27 (h) | 14 | 2109 |
| (Texas Instruments Incorporated), 10.00%, 02/24/27 (h) | 22 | 4433 |
| (Bank of America Corporation), 8.00%, 03/03/27 (h) | 42 | 2048 |
| Wells Fargo Bank, National Association |  |  |
| (CVS Health Corporation), 10.00%, 04/09/26 (b) (h) | 80 | 5758 |
| (Salesforce, Inc.), 9.00%, 06/15/26 (h) | 17 | 3244 |
| (NextEra Energy, Inc.), 9.50%, 10/22/26 (h) | 37 | 3266 |
| (Amazon.com, Inc.), 9.00%, 02/26/27 (b) (h) | 29 | 5891 |
| Total Equity Linked Structured Notes (cost $226,359) | Total Equity Linked Structured Notes (cost $226,359) | 224348 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 9.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 9.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 9.6%** |
| **Mortgage-Backed Securities 5.8%** | **Mortgage-Backed Securities 5.8%** | **Mortgage-Backed Securities 5.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 5.00%, 05/01/53 - 11/01/54 | 18027 | 17827 |
| 5.50%, 07/01/53 - 02/01/55 | 18107 | 18222 |
| 6.00%, 09/01/55 | 1869 | 1904 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 08/01/49 | 469 | 448 |
| 5.00%, 05/01/53 - 11/01/53 | 13128 | 13009 |
| 5.50%, 11/01/54 | 2871 | 2888 |
| 6.00%, 08/01/55 | 3299 | 3361 |
| Government National Mortgage Association |  |  |
| 5.50%, 05/20/55 - 12/20/55 | 14710 | 14810 |
| 6.00%, 08/20/55 - 01/20/56 | 10455 | 10642 |
|  |  | 83111 |
| **U.S. Treasury Bond 2.4%** | **U.S. Treasury Bond 2.4%** | **U.S. Treasury Bond 2.4%** |
| Treasury, United States Department of |  |  |
| 3.63%, 05/15/53 | 14000 | 11224 |
| Principal Only, 0.00%, 11/15/54 (i) | 75000 | 18085 |
| 4.50%, 11/15/54 | 5000 | 4672 |
|  |  | 33981 |
| **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 | 7527 |
| 2.88%, 05/15/32 | 5000 | 4677 |
| 4.13%, 05/31/32 | 7500 | 7521 |
|  |  | 19725 |
| Total Government And Agency Obligations (cost $138,624) | Total Government And Agency Obligations (cost $138,624) | 136817 |
| **PREFERRED STOCKS 2.6%** | **PREFERRED STOCKS 2.6%** | **PREFERRED STOCKS 2.6%** |
| **Utilities 1.0%** | **Utilities 1.0%** | **Utilities 1.0%** |
| NextEra Energy, Inc., 7.23%, 11/01/27 (j) | 150 | 7881 |
| PPL Corporation, 7.00%, 02/15/29 (g) (j) | 30 | 1539 |
| The Southern Company, 7.13%, 12/15/28 (j) | 80 | 4112 |
|  |  | 13532 |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| Boeing Company, The, 6.00%, 10/15/27 (j) | 110 | 7137 |
| **Information Technology 0.5%** | **Information Technology 0.5%** | **Information Technology 0.5%** |
| Oracle Corporation, 6.50%, 01/15/29 (j) | 150 | 6751 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| Ares Management Corporation, 6.75%, 10/01/27 (j) | 125 | 4522 |
| KKR & Co. Inc., 6.25%, 03/01/28 (j) | 10 | 402 |
|  |  | 4924 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Albemarle Corporation, 7.25%, 03/01/27 (j) | 60 | 4311 |
| Total Preferred Stocks (cost $32,820) | Total Preferred Stocks (cost $32,820) | 36655 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SENIOR FLOATING RATE INSTRUMENTS 0.6%** | **SENIOR FLOATING RATE INSTRUMENTS 0.6%** | **SENIOR FLOATING RATE INSTRUMENTS 0.6%** |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Hologic Inc |  |  |
| Term Loan, 0.00%, (SOFR + 5.00%), 12/31/49 (h) (k) (l) | 4000 | 3945 |
| Term Loan, 0.00%, (SOFR + 2.25%), 12/31/49 (h) (l) | 1000 | 988 |
|  |  | 4933 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Opal Bidco SAS |  |  |
| USD Term Loan B4, 6.69%, (3 Month Term SOFR + 3.00%), 04/28/32 (h) | 1995 | 1993 |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Clydesdale Acquisition Holdings Inc |  |  |
| 2025 Delayed Draw Term Loan, 6.92%, (1 Month Term SOFR + 3.25%), 03/27/32 (h) | 17 | 16 |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 03/27/32 (h) | 1471 | 1371 |
|  |  | 1387 |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| MPH Acquisition Holdings LLC |  |  |
| 2025 Exchange 1st Out Term Loan, 7.42%, (3 Month Term SOFR + 3.75%), 12/31/30 (h) | 889 | 885 |
| Total Senior Floating Rate Instruments (cost $9,303) | Total Senior Floating Rate Instruments (cost $9,303) | 9198 |
| **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 | 2732 | 2814 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 1465 | 1486 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,197) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,197) | 4300 |
| **SHORT TERM INVESTMENTS 5.8%** | **SHORT TERM INVESTMENTS 5.8%** | **SHORT TERM INVESTMENTS 5.8%** |
| **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** | **Securities Lending Collateral 2.9%** |
| JNL Government Money Market Fund - Class SL, 3.63% (m) (n) | 41564 | 41564 |
| **U.S. Treasury Bill 2.5%** | **U.S. Treasury Bill 2.5%** | **U.S. Treasury Bill 2.5%** |
| Treasury, United States Department of |  |  |
| 3.69%, 04/07/26 (o) | 10000 | 9994 |
| 3.63%, 05/05/26 (o) | 25000 | 24915 |
|  |  | 34909 |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.53% (m) (n) | 5533 | 5533 |
| Total Short Term Investments (cost $82,005) | Total Short Term Investments (cost $82,005) | 82006 |
| **Total Investments 102.4% (cost $1,359,343)** | **Total Investments 102.4% (cost $1,359,343)** | **1455387** |
| **Other Assets and Liabilities, Net (2.4)%** | **Other Assets and Liabilities, Net (2.4)%** | **(33469)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1421918** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $378,196 and 26.6% of the Fund.

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

(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) 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 March 31, 2026.

(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 March 31, 2026.

(g) Non-income producing security.

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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 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) This senior floating rate interest will settle after March 31, 2026. 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 March 31, 2026.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I |  | 132062 | 126529 | 163 |  |  | 5533 | 0.4 |
| JNL Government Money Market Fund, 3.63% - Class SL | 47419 | 76707 | 82562 | 404 |  |  | 41564 | 2.9 |
|  | 47419 | 208769 | 209091 | 567 |  |  | 47097 | 3.3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see 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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 487434 |  | 487434 |
| &nbsp;&nbsp;Common Stocks | 474629 |  |  | 474629 |
| &nbsp;&nbsp;Equity Linked Structured Notes |  | 224348 |  | 224348 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 136817 |  | 136817 |
| &nbsp;&nbsp;Preferred Stocks | 36655 |  |  | 36655 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 5253 | 3945 | 9198 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 4300 |  | 4300 |
| &nbsp;&nbsp;Short Term Investments | 47097 | 34909 |  | 82006 |
|  | 558381 | 893061 | 3945 | 1455387 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** |
| **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** |
| **Information Technology 32.2%** | **Information Technology 32.2%** | **Information Technology 32.2%** |
| Accenture Public Limited Company - Class A | 444 | 87962 |
| Adobe Inc. (a) | 257 | 62369 |
| Akamai Technologies, Inc. (a) | 214 | 24553 |
| Amphenol Corporation - Class A | 668 | 84469 |
| Applied Materials, Inc. | 267 | 91246 |
| Broadcom Inc. | 155 | 48033 |
| CDW Corp. | 61 | 7334 |
| Cisco Systems, Inc. | 597 | 46341 |
| Corning Incorporated | 701 | 95280 |
| Gartner, Inc. (a) | 271 | 42852 |
| Hewlett Packard Enterprise Company | 1243 | 29603 |
| HP, Inc. | 2316 | 44500 |
| Intel Corporation (a) | 428 | 18894 |
| International Business Machines Corporation | 40 | 9791 |
| Jabil Inc. | 503 | 133585 |
| KLA Corporation | 26 | 39075 |
| Lam Research Corporation | 541 | 115506 |
| Microsoft Corporation | 115 | 42511 |
| NetApp, Inc. | 986 | 100911 |
| NVIDIA Corporation | 294 | 51251 |
| NXP Semiconductors N.V. | 81 | 16051 |
| ON Semiconductor Corporation (a) | 352 | 21770 |
| Oracle Corporation | 73 | 10737 |
| Qualcomm Incorporated | 679 | 87435 |
| Roper Technologies, Inc. | 26 | 9371 |
| Salesforce, Inc. | 86 | 16064 |
| Seagate Technology Holdings Public Limited Company | 107 | 42030 |
| Skyworks Solutions, Inc. | 813 | 43565 |
| TE Connectivity Public Limited Company | 233 | 48615 |
| Texas Instruments Incorporated | 141 | 27452 |
| Trimble Inc. (a) | 205 | 13408 |
| VeriSign, Inc. | 61 | 15093 |
|  |  | 1527657 |
| **Financials 12.8%** | **Financials 12.8%** | **Financials 12.8%** |
| Ameriprise Financial, Inc. | 56 | 25134 |
| AON Public Limited Company - Class A | 49 | 15745 |
| Ares Management Corporation - Class A | 87 | 9450 |
| Bank of New York Mellon Corporation, The | 308 | 36495 |
| Blackstone Inc. - Class A | 86 | 9841 |
| Capital One Financial Corporation | 72 | 13093 |
| CBOE Global Markets, Inc. | 131 | 36925 |
| Charles Schwab Corporation, The | 170 | 15991 |
| Citigroup Inc. | 498 | 56484 |
| Citizens Financial Group, Inc. | 301 | 18039 |
| Corpay Inc (a) | 50 | 14605 |
| JPMorgan Chase & Co. | 55 | 16311 |
| KeyCorp | 927 | 18597 |
| MasterCard Incorporated - Class A | 49 | 24593 |
| Moody's Corporation | 93 | 40757 |
| Morgan Stanley | 209 | 34415 |
| Northern Trust Corporation | 256 | 35703 |
| Progressive Corporation, The | 273 | 54185 |
| Prudential Financial, Inc. | 260 | 25427 |
| Truist Financial Corporation | 377 | 17338 |
| U.S. Bancorp | 359 | 18651 |
| Visa Inc. - Class A | 237 | 71524 |
|  |  | 609303 |
| **Health Care 9.6%** | **Health Care 9.6%** | **Health Care 9.6%** |
| AbbVie Inc. | 156 | 33991 |
| Boston Scientific Corporation (a) | 157 | 9881 |
| Cardinal Health, Inc. | 243 | 51331 |
| Cencora, Inc. | 257 | 80773 |
| Centene Corporation (a) | 443 | 14504 |
| Cigna Group, The | 65 | 17267 |
| CVS Health Corporation | 353 | 25373 |
| Eli Lilly and Company | 56 | 51688 |
| HCA Healthcare, Inc. | 89 | 42318 |
| Johnson & Johnson | 73 | 17814 |
| McKesson Corporation | 24 | 20552 |
| Merck & Co., Inc. | 191 | 23030 |
| Pfizer Inc. | 1043 | 29287 |
| UnitedHealth Group Incorporated | 62 | 16660 |
| Universal Health Services, Inc. - Class B | 49 | 8700 |
| Zoetis Inc. - Class A | 106 | 12503 |
|  |  | 455672 |
| **Consumer Discretionary 9.5%** | **Consumer Discretionary 9.5%** | **Consumer Discretionary 9.5%** |
| Aptiv PLC (a) | 577 | 40087 |
| AutoZone, Inc. (a) | 4 | 13308 |
| Best Buy Co., Inc. | 873 | 56079 |
| Booking Holdings Inc. | 14 | 57782 |
| Darden Restaurants, Inc. | 51 | 9912 |
| Expedia Group, Inc. | 78 | 17909 |
| General Motors Company | 230 | 17137 |
| Genuine Parts Company | 81 | 8603 |
| Hasbro, Inc. | 385 | 36016 |
| LKQ Corporation | 1130 | 33177 |
| O'Reilly Automotive, Inc. (a) | 525 | 48472 |
| Ralph Lauren Corporation - Class A | 102 | 34998 |
| Tapestry, Inc. | 548 | 77293 |
|  |  | 450773 |
| **Communication Services 9.4%** | **Communication Services 9.4%** | **Communication Services 9.4%** |
| Alphabet Inc. - Class A | 189 | 54222 |
| Comcast Corporation - Class A | 3146 | 90318 |
| Electronic Arts Inc. | 96 | 19613 |
| Former Charter Communications Parent, Inc. - Class A (a) | 118 | 25526 |
| Meta Platforms, Inc. - Class A | 105 | 60142 |
| Netflix, Inc. (a) | 295 | 28407 |
| Omnicom Group Inc. | 902 | 67937 |
| Paramount Skydance Corporation - Class B (b) | 2444 | 22042 |
| T-Mobile US, Inc. | 171 | 35866 |
| Verizon Communications Inc. | 608 | 30547 |
| Walt Disney Company, The | 140 | 13525 |
|  |  | 448145 |
| **Industrials 7.9%** | **Industrials 7.9%** | **Industrials 7.9%** |
| Automatic Data Processing, Inc. | 142 | 28907 |
| Broadridge Financial Solutions, Inc. | 50 | 8096 |
| C.H. Robinson Worldwide, Inc. | 98 | 16231 |
| Caterpillar Inc. | 24 | 17267 |
| EMCOR Group, Inc. | 54 | 39771 |
| Huntington Ingalls Industries, Inc. | 128 | 48748 |
| Johnson Controls International Public Limited Company | 153 | 19979 |
| Leidos Holdings, Inc. | 53 | 8226 |
| Lennox International Inc. | 97 | 44999 |
| Masco Corporation | 137 | 8258 |
| Paychex, Inc. | 104 | 9544 |
| Quanta Services, Inc. | 43 | 23689 |
| RTX Corporation | 102 | 19667 |
| Snap-on Incorporated | 54 | 19481 |
| Stanley Black & Decker, Inc. | 355 | 25257 |
| United Airlines Holdings, Inc. (a) | 87 | 8021 |
| United Parcel Service, Inc. - Class B | 277 | 27251 |
|  |  | 373392 |
| **Energy 4.1%** | **Energy 4.1%** | **Energy 4.1%** |
| ConocoPhillips | 354 | 46704 |
| EOG Resources, Inc. | 132 | 19160 |
| Exxon Mobil Corporation | 119 | 20143 |
| Kinder Morgan, Inc. | 612 | 20511 |
| Marathon Petroleum Corporation | 179 | 43630 |
| ONEOK, Inc. | 348 | 31437 |
| SLB Limited | 237 | 12167 |
|  |  | 193752 |
| **Materials 3.8%** | **Materials 3.8%** | **Materials 3.8%** |
| CF Industries Holdings, Inc. | 518 | 67298 |
| Freeport-McMoRan Inc. | 266 | 15632 |
| International Paper Company | 223 | 7954 |
| LyondellBasell Industries N.V. - Class A | 340 | 27359 |
| Mosaic Company, The | 1174 | 29951 |
| Sherwin-Williams Company, The | 96 | 30776 |
|  |  | 178970 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Utilities 3.5%** | **Utilities 3.5%** | **Utilities 3.5%** |
| American Electric Power Company, Inc. | 142 | 18632 |
| Edison International | 977 | 71480 |
| Entergy Corporation | 371 | 41650 |
| NextEra Energy, Inc. | 193 | 17933 |
| NRG Energy, Inc. | 52 | 7563 |
| WEC Energy Group Inc. | 82 | 9481 |
|  |  | 166739 |
| **Real Estate 3.1%** | **Real Estate 3.1%** | **Real Estate 3.1%** |
| Alexandria Real Estate Equities, Inc. | 435 | 20210 |
| Host Hotels & Resorts, Inc. | 1481 | 28375 |
| SBA Communications Corporation - Class A | 263 | 45292 |
| Welltower Inc. | 267 | 52847 |
|  |  | 146724 |
| **Consumer Staples 3.1%** | **Consumer Staples 3.1%** | **Consumer Staples 3.1%** |
| Colgate-Palmolive Company | 596 | 50835 |
| Conagra Brands, Inc. | 1924 | 30239 |
| Dollar General Corporation | 116 | 13759 |
| Dollar Tree, Inc. (a) | 156 | 17071 |
| Kraft Heinz Company, The | 730 | 16412 |
| Philip Morris International Inc. | 99 | 16327 |
|  |  | 144643 |
| Total Common Stocks (cost $4,266,219) | Total Common Stocks (cost $4,266,219) | 4695770 |
| **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** |
| **Investment Companies 0.9%** | **Investment Companies 0.9%** | **Investment Companies 0.9%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 43970 | 43970 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 12310 | 12310 |
| Total Short Term Investments (cost $56,280) | Total Short Term Investments (cost $56,280) | 56280 |
| **Total Investments 100.2% (cost $4,322,499)** | **Total Investments 100.2% (cost $4,322,499)** | **4752050** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **1141** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(9876)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4743315** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 16240 | 205966 | 178236 | 248 |  |  | 43970 | 0.9 |
| JNL Government Money Market Fund, 3.63% - Class SL | 283 | 102238 | 90211 | 58 |  |  | 12310 | 0.3 |
|  | 16523 | 308204 | 268447 | 306 |  |  | 56280 | 1.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 125 | June 2026 | 39984 | 1141 | 1084 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 4695770 |  |  | 4695770 |
| &nbsp;&nbsp;Short Term Investments | 56280 |  |  | 56280 |
|  | 4752050 |  |  | 4752050 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1084 |  |  | 1084 |
|  | 1084 |  |  | 1084 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 89.7%** | **COMMON STOCKS 89.7%** | **COMMON STOCKS 89.7%** |
| **India 22.4%** | **India 22.4%** | **India 22.4%** |
| Adani Energy Solutions Limited (a) | 770 | 7825 |
| Adani Enterprises Limited | 682 | 13018 |
| Adani Green Energy (UP) Limited (a) | 1008 | 8890 |
| Adani Ports and Special Economic Zone Limited | 762 | 10799 |
| Adani Power Limited (a) | 9522 | 15534 |
| Bharti Airtel Limited | 986 | 18911 |
| Coal India Ltd Govt Of India Undertaking | 151 | 728 |
| GMR Airports Limited (a) | 6394 | 5840 |
| HDFC Bank Limited | 63 | 500 |
| HDFC Bank Limited - ADR | 275 | 6848 |
| ICICI Bank Limited | 1308 | 16962 |
| ITC Hotels Limited (a) | 1129 | 1675 |
| ITC Limited | 5744 | 17665 |
| JSW Energy Limited | 449 | 2266 |
| JSW Steel Limited | 562 | 6763 |
| Lodha Developers Limited | 68 | 492 |
| Patanjali Foods Limited | 1140 | 5574 |
| Power Finance Corporation Limited | 1842 | 7535 |
| State Bank of India | 721 | 7642 |
| Sun Pharma Advanced Research Company Limited | 494 | 9330 |
|  |  | 164797 |
| **Brazil 16.6%** | **Brazil 16.6%** | **Brazil 16.6%** |
| American Beverage Co Ambev - ADR (b) | 3510 | 10248 |
| B3 S.A. - Brasil, Bolsa, Balcao | 1959 | 6959 |
| Banco BTG Pactual S.A. | 1380 | 15074 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 1413 | 15969 |
| Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp | 296 | 9058 |
| Companhia Paranaense De Energia | 1525 | 4545 |
| Embraer S.A. - ADR | 116 | 6915 |
| Eneva S.A. (a) | 2021 | 9578 |
| Equatorial Energia S.A. | 1029 | 8124 |
| Petroleo Brasileiro S/A Petrobras. - ADR | 1491 | 30948 |
| Vale S.A. - ADR | 303 | 4814 |
|  |  | 122232 |
| **Taiwan 5.8%** | **Taiwan 5.8%** | **Taiwan 5.8%** |
| Taiwan Semiconductor Manufacturing Company Limited | 750 | 42984 |
| **United Arab Emirates 4.9%** | **United Arab Emirates 4.9%** | **United Arab Emirates 4.9%** |
| Adnoc Gas | 7575 | 6610 |
| Aldar Properties - P J S C | 1216 | 2591 |
| Alpha Dhabi Holding | 3329 | 6255 |
| First Abu Dhabi Bank P.J.S.C. | 1576 | 7301 |
| International Holdings Company P.J.S.C. - Dubai Branch (a) | 128 | 13645 |
|  |  | 36402 |
| **United Kingdom 4.6%** | **United Kingdom 4.6%** | **United Kingdom 4.6%** |
| BP P.L.C. | 2994 | 23530 |
| Unilever PLC - ADR | 180 | 10271 |
|  |  | 33801 |
| **France 4.4%** | **France 4.4%** | **France 4.4%** |
| TotalEnergies SE | 350 | 32175 |
| **United States of America 3.8%** | **United States of America 3.8%** | **United States of America 3.8%** |
| Coca-Cola Company, The | 98 | 7437 |
| Philip Morris International Inc. | 123 | 20406 |
|  |  | 27843 |
| **Singapore 3.7%** | **Singapore 3.7%** | **Singapore 3.7%** |
| DBS Group Holdings Ltd. | 195 | 8660 |
| Singapore Technologies Engineering Ltd. | 173 | 1463 |
| Singapore Telecommunications Limited | 4464 | 17234 |
|  |  | 27357 |
| **Mexico 3.0%** | **Mexico 3.0%** | **Mexico 3.0%** |
| America Movil, S.A.B. De C.V. | 5156 | 6556 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. (b) | 152 | 3746 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Series B - ADR | 7 | 2330 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 846 | 9364 |
|  |  | 21996 |
| **China 3.0%** | **China 3.0%** | **China 3.0%** |
| PICC Property and Casualty Company Limited - Class H | 3554 | 6558 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 117 | 904 |
| Tencent Holdings Limited | 228 | 14334 |
|  |  | 21796 |
| **Hong Kong 2.3%** | **Hong Kong 2.3%** | **Hong Kong 2.3%** |
| AIA Group Limited | 1518 | 16714 |
| **Saudi Arabia 2.2%** | **Saudi Arabia 2.2%** | **Saudi Arabia 2.2%** |
| Al Rajhi Banking and Investment Corporation | 273 | 7785 |
| Saudi Arabian Oil Company (c) | 1184 | 8647 |
|  |  | 16432 |
| **Indonesia 2.2%** | **Indonesia 2.2%** | **Indonesia 2.2%** |
| PT Bank Mandiri (Persero) Tbk. | 29381 | 8234 |
| PT. Bank Central Asia Tbk | 18075 | 6922 |
| PT. Bank Rakyat Indonesia (Persero) Tbk | 4165 | 820 |
|  |  | 15976 |
| **South Korea 2.0%** | **South Korea 2.0%** | **South Korea 2.0%** |
| Hanwha Aerospace Co., Ltd. | 13 | 11090 |
| Samsung Fire & Marine Insurance Co., Ltd. | 12 | 3446 |
|  |  | 14536 |
| **Thailand 1.6%** | **Thailand 1.6%** | **Thailand 1.6%** |
| KASIKORNBANK Public Company Limited | 814 | 4743 |
| Krungthai Bank Public Company Limited | 6758 | 7244 |
|  |  | 11987 |
| **Greece 1.3%** | **Greece 1.3%** | **Greece 1.3%** |
| Eurobank S.A. (a) | 881 | 3505 |
| National Bank of Greece S.A. - Class R | 372 | 5737 |
|  |  | 9242 |
| **Switzerland 1.1%** | **Switzerland 1.1%** | **Switzerland 1.1%** |
| Coca-Cola HBC AG | 140 | 7876 |
| **Philippines 1.0%** | **Philippines 1.0%** | **Philippines 1.0%** |
| International Container Terminal Services, Inc. | 657 | 7550 |
| **Hungary 0.9%** | **Hungary 0.9%** | **Hungary 0.9%** |
| OTP Bank Nyrt. | 63 | 6745 |
| **Poland 0.9%** | **Poland 0.9%** | **Poland 0.9%** |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 281 | 6639 |
| **Austria 0.8%** | **Austria 0.8%** | **Austria 0.8%** |
| Erste Group Bank AG (b) | 54 | 5844 |
| **South Africa 0.6%** | **South Africa 0.6%** | **South Africa 0.6%** |
| FirstRand Limited | 897 | 4572 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Anheuser-Busch InBev | 37 | 2539 |
| **Italy 0.3%** | **Italy 0.3%** | **Italy 0.3%** |
| Eni S.P.A. | 74 | 2097 |
| Eni S.P.A. - ADR | 2 | 96 |
|  |  | 2193 |
| **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 Lukoil Oil Company (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 $627,813) | Total Common Stocks (cost $627,813) | 660228 |
| **PREFERRED STOCKS 7.3%** | **PREFERRED STOCKS 7.3%** | **PREFERRED STOCKS 7.3%** |
| **Brazil 7.3%** | **Brazil 7.3%** | **Brazil 7.3%** |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Preferred Class C (a) | 367 | 4005 |
| Itau Unibanco Holding S.A. (e) | 1835 | 15403 |
| Petroleo Brasileiro S/A Petrobras. (e) | 3675 | 34464 |
| Total Preferred Stocks (cost $37,637) | Total Preferred Stocks (cost $37,637) | 53872 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** |
| **Investment Companies 2.5%** | **Investment Companies 2.5%** | **Investment Companies 2.5%** |
| JNL Government Money Market Fund - Class I, 3.53% (f) (g) | 18264 | 18264 |
| **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (f) (g) | 8332 | 8332 |
| Total Short Term Investments (cost $26,596) | Total Short Term Investments (cost $26,596) | 26596 |
| **Total Investments 100.6% (cost $692,046)** | **Total Investments 100.6% (cost $692,046)** | **740696** |
| **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)%** | **(4374)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **736314** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 18864 | 62862 | 63462 | 184 |  |  | 18264 | 2.5 |
| JNL Government Money Market Fund, 3.63% - Class SL | 10339 | 19521 | 21528 | 132 |  |  | 8332 | 1.1 |
|  | 29203 | 82383 | 84990 | 316 |  |  | 26596 | 3.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Public Joint Stock Company Gazprom | 11/23/21 | 13221 |  |  |
| Public Joint Stock Company Lukoil Oil Company | 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 | 8715 | 8647 | 1.2 |
|  |  | 65970 | 8647 | 1.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/ZAR | SSB | 04/01/26 | ZAR | (3669) | (217) | (3) |
| USD/ZAR | SSB | 04/02/26 | ZAR | (4312) | (255) | (4) |
| USD/ZAR | SSB | 04/07/26 | ZAR | (4516) | (266) | (1) |
|  |  |  |  |  | (738) | (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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 189286 | 470942 |  | 660228 |
| &nbsp;&nbsp;Preferred Stocks | 53872 |  |  | 53872 |
| &nbsp;&nbsp;Short Term Investments | 26596 |  |  | 26596 |
|  | 269754 | 470942 |  | 740696 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency 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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |
| **COMMON STOCKS 95.8%** | **COMMON STOCKS 95.8%** | **COMMON STOCKS 95.8%** |
| **Financials 17.0%** | **Financials 17.0%** | **Financials 17.0%** |
| American International Group, Inc. | 70 | 5290 |
| Bank of America Corporation | 414 | 20195 |
| Capital One Financial Corporation | 44 | 8099 |
| CBOE Global Markets, Inc. | 17 | 4745 |
| Charles Schwab Corporation, The | 155 | 14579 |
| Citigroup Inc. | 113 | 12837 |
| Fifth Third Bancorp | 152 | 7062 |
| Hartford Insurance Group, Inc., The | 31 | 4222 |
| JPMorgan Chase & Co. | 100 | 29379 |
| Marsh & Mclennan Companies, Inc. | 39 | 6794 |
| The PNC Financial Services Group, Inc. | 43 | 8890 |
| Wells Fargo & Company | 166 | 13174 |
|  |  | 135266 |
| **Health Care 14.6%** | **Health Care 14.6%** | **Health Care 14.6%** |
| Abbott Laboratories | 113 | 11575 |
| AbbVie Inc. | 37 | 8093 |
| Becton, Dickinson and Company | 51 | 7940 |
| CVS Health Corporation | 172 | 12372 |
| Danaher Corporation | 69 | 13058 |
| Johnson & Johnson | 87 | 21373 |
| Lonza Group AG | 8 | 4906 |
| Medtronic, Inc. | 127 | 11003 |
| Merck & Co., Inc. | 75 | 9021 |
| Regeneron Pharmaceuticals, Inc. | 11 | 8330 |
| UnitedHealth Group Incorporated | 32 | 8565 |
|  |  | 116236 |
| **Industrials 13.0%** | **Industrials 13.0%** | **Industrials 13.0%** |
| Airbus SE | 24 | 4557 |
| Deere & Company | 14 | 7975 |
| Eaton Corporation Public Limited Company | 38 | 13736 |
| Emerson Electric Co. | 60 | 7795 |
| Honeywell International Inc. | 55 | 12493 |
| Hubbell Incorporated | 16 | 7999 |
| Johnson Controls International Public Limited Company | 77 | 10115 |
| Northrop Grumman Corporation | 16 | 10739 |
| Parker-Hannifin Corporation | 10 | 8738 |
| Sunbelt Rental Holdings Inc. (a) | 112 | 7265 |
| Union Pacific Corporation | 48 | 11722 |
|  |  | 103134 |
| **Information Technology 10.8%** | **Information Technology 10.8%** | **Information Technology 10.8%** |
| ASML Holding N.V. - ADR | 6 | 8439 |
| Broadcom Inc. | 36 | 11232 |
| Cisco Systems, Inc. | 228 | 17653 |
| International Business Machines Corporation | 47 | 11403 |
| Intuit Inc. | 16 | 6963 |
| Lam Research Corporation | 28 | 6025 |
| Microsoft Corporation | 20 | 7567 |
| NXP Semiconductors N.V. | 26 | 5086 |
| TE Connectivity Public Limited Company | 26 | 5347 |
| Texas Instruments Incorporated | 31 | 5918 |
|  |  | 85633 |
| **Energy 8.4%** | **Energy 8.4%** | **Energy 8.4%** |
| Chevron Corporation | 118 | 24368 |
| ConocoPhillips | 110 | 14453 |
| Devon Energy Corporation | 93 | 4658 |
| SLB Limited | 179 | 9189 |
| Williams Companies, Inc., The | 197 | 14301 |
|  |  | 66969 |
| **Consumer Discretionary 8.4%** | **Consumer Discretionary 8.4%** | **Consumer Discretionary 8.4%** |
| Darden Restaurants, Inc. | 21 | 4028 |
| Lowe`s Companies, Inc. | 67 | 15926 |
| Marriott International, Inc. - Class A | 21 | 6982 |
| McDonald's Corporation | 39 | 12162 |
| Ross Stores, Inc. | 43 | 9383 |
| TJX Companies, Inc., The | 33 | 5281 |
| Tractor Supply Company | 122 | 5537 |
| Yum! Brands, Inc. | 48 | 7399 |
|  |  | 66698 |
| **Consumer Staples 7.1%** | **Consumer Staples 7.1%** | **Consumer Staples 7.1%** |
| Coca-Cola Company, The | 139 | 10576 |
| Colgate-Palmolive Company | 98 | 8339 |
| Mondelez International, Inc. - Class A | 123 | 7117 |
| Philip Morris International Inc. | 104 | 17147 |
| Walmart Inc. | 104 | 12973 |
|  |  | 56152 |
| **Communication Services 6.1%** | **Communication Services 6.1%** | **Communication Services 6.1%** |
| Alphabet Inc. - Class A | 73 | 21044 |
| AT&T Inc. | 520 | 15085 |
| Meta Platforms, Inc. - Class A | 22 | 12424 |
|  |  | 48553 |
| **Utilities 5.8%** | **Utilities 5.8%** | **Utilities 5.8%** |
| CMS Energy Corporation | 97 | 7513 |
| Entergy Corporation | 114 | 12820 |
| PPL Corporation | 290 | 11072 |
| Public Service Enterprise Group Incorporated | 92 | 7454 |
| Sempra | 72 | 6973 |
|  |  | 45832 |
| **Materials 3.1%** | **Materials 3.1%** | **Materials 3.1%** |
| CRH Public Limited Company | 79 | 8330 |
| Linde Public Limited Company | 34 | 16763 |
|  |  | 25093 |
| **Real Estate 1.5%** | **Real Estate 1.5%** | **Real Estate 1.5%** |
| ProLogis Inc. | 90 | 11915 |
| Total Common Stocks (cost $621,465) | Total Common Stocks (cost $621,465) | 761481 |
| **SHORT TERM INVESTMENTS 6.6%** | **SHORT TERM INVESTMENTS 6.6%** | **SHORT TERM INVESTMENTS 6.6%** |
| **Investment Companies 5.7%** | **Investment Companies 5.7%** | **Investment Companies 5.7%** |
| JNL Government Money Market Fund - Class I, 3.53% (b) (c) | 45265 | 45265 |
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| JNL Government Money Market Fund - Class SL, 3.63% (b) (c) | 7311 | 7311 |
| Total Short Term Investments (cost $52,576) | Total Short Term Investments (cost $52,576) | 52576 |
| **Total Investments 102.4% (cost $674,041)** | **Total Investments 102.4% (cost $674,041)** | **814057** |
| **Other Assets and Liabilities, Net (2.4)%** | **Other Assets and Liabilities, Net (2.4)%** | **(18753)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **795304** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 10205 | 78533 | 43473 | 189 |  |  | 45265 | 5.7 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 15097 | 7786 |  |  |  | 7311 | 0.9 |
|  | 10205 | 93630 | 51259 | 189 |  |  | 52576 | 6.6 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 752018 | 9463 |  | 761481 |
| &nbsp;&nbsp;Short Term Investments | 52576 |  |  | 52576 |
|  | 804594 | 9463 |  | 814057 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **United States of America 66.7%** | **United States of America 66.7%** | **United States of America 66.7%** |
| Alphabet Inc. - Class A | 384 | 110539 |
| Amazon.com, Inc. (a) | 157 | 32808 |
| Analog Devices, Inc. | 122 | 38805 |
| Apple Inc. | 24 | 6204 |
| Berkshire Hathaway Inc. - Class A (a) |  | 2154 |
| Boston Scientific Corporation (a) | 198 | 12451 |
| Broadcom Inc. | 140 | 43244 |
| Cadence Design Systems, Inc. (a) | 22 | 6146 |
| Ecolab Inc. | 30 | 8006 |
| Eli Lilly and Company | 38 | 35357 |
| Equifax Inc. | 46 | 8207 |
| IDEXX Laboratories, Inc. (a) | 11 | 5944 |
| Intuit Inc. | 79 | 34334 |
| Intuitive Surgical, Inc. (a) | 39 | 17798 |
| IQVIA Holdings Inc (a) | 22 | 3789 |
| Lam Research Corporation | 269 | 57556 |
| Las Vegas Sands Corp. | 115 | 6186 |
| Linde Public Limited Company | 9 | 4668 |
| Marriott International, Inc. - Class A | 50 | 16356 |
| Marvell Technology, Inc. | 211 | 20905 |
| MasterCard Incorporated - Class A | 23 | 11471 |
| Meta Platforms, Inc. - Class A | 102 | 58596 |
| Microsoft Corporation | 84 | 31028 |
| Netflix, Inc. (a) | 106 | 10207 |
| NVIDIA Corporation | 376 | 65551 |
| Phathom Pharmaceuticals, Inc. (a) (b) | 337 | 3748 |
| S&P Global Inc. | 99 | 42217 |
| ServiceNow, Inc. (a) | 43 | 4448 |
| Stryker Corporation | 16 | 5274 |
| Thermo Fisher Scientific Inc. | 34 | 16713 |
| TJX Companies, Inc., The | 70 | 11249 |
| Visa Inc. - Class A | 124 | 37513 |
|  |  | 769472 |
| **Taiwan 6.5%** | **Taiwan 6.5%** | **Taiwan 6.5%** |
| Taiwan Semiconductor Manufacturing Company Limited | 1304 | 74734 |
| **France 4.3%** | **France 4.3%** | **France 4.3%** |
| Airbus SE | 125 | 23568 |
| EssilorLuxottica | 33 | 7618 |
| LVMH Moet Hennessy Louis Vuitton | 34 | 18557 |
|  |  | 49743 |
| **India 3.3%** | **India 3.3%** | **India 3.3%** |
| DLF Limited | 4570 | 24980 |
| HDFC Bank Limited | 759 | 6042 |
| ICICI Bank Limited - ADR | 279 | 7224 |
|  |  | 38246 |
| **Canada 2.3%** | **Canada 2.3%** | **Canada 2.3%** |
| Shopify Inc. - Class A (a) | 226 | 26825 |
| **Switzerland 2.3%** | **Switzerland 2.3%** | **Switzerland 2.3%** |
| Galderma Group AG | 51 | 9911 |
| Lonza Group AG | 26 | 16414 |
|  |  | 26325 |
| **Japan 2.3%** | **Japan 2.3%** | **Japan 2.3%** |
| Capcom Co., Ltd. | 386 | 8271 |
| HOYA Corporation | 51 | 8883 |
| Keyence Corporation | 17 | 5945 |
| Nintendo Co., Ltd. (b) | 49 | 2775 |
|  |  | 25874 |
| **Netherlands 2.2%** | **Netherlands 2.2%** | **Netherlands 2.2%** |
| Adyen N.V. (a) (c) | 11 | 11114 |
| ASML Holding N.V. | 4 | 5721 |
| BE Semiconductor Industries N.V. | 42 | 9018 |
|  |  | 25853 |
| **Sweden 2.1%** | **Sweden 2.1%** | **Sweden 2.1%** |
| ASSA ABLOY AB - Class B | 220 | 7906 |
| Atlas Copco Aktiebolag - Class A | 409 | 7226 |
| Spotify Technology S.A. (a) | 19 | 9103 |
|  |  | 24235 |
| **Germany 2.0%** | **Germany 2.0%** | **Germany 2.0%** |
| Allianz SE | 26 | 11107 |
| SAP SE | 68 | 11614 |
|  |  | 22721 |
| **China 1.8%** | **China 1.8%** | **China 1.8%** |
| JD.com, Inc. - Class A - ADR | 337 | 9952 |
| Tencent Holdings Limited | 175 | 10996 |
|  |  | 20948 |
| **United Kingdom 1.3%** | **United Kingdom 1.3%** | **United Kingdom 1.3%** |
| Arm Holdings PLC - ADR (a) | 97 | 14729 |
| **Italy 1.1%** | **Italy 1.1%** | **Italy 1.1%** |
| Brunello Cucinelli S.p.A. (b) | 114 | 9928 |
| Moncler S.p.A. | 46 | 2778 |
|  |  | 12706 |
| **Argentina 0.5%** | **Argentina 0.5%** | **Argentina 0.5%** |
| MercadoLibre, Inc. (a) | 4 | 6185 |
| **Spain 0.4%** | **Spain 0.4%** | **Spain 0.4%** |
| Amadeus IT Holding, S.A. (c) | 82 | 4691 |
| **Czech Republic 0.3%** | **Czech Republic 0.3%** | **Czech Republic 0.3%** |
| CSG N.V. - Class A (a) | 125 | 3422 |
| **South Korea 0.3%** | **South Korea 0.3%** | **South Korea 0.3%** |
| SK Hynix Inc. | 5 | 3077 |
| Total Common Stocks (cost $748,897) | Total Common Stocks (cost $748,897) | 1149786 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (d) (e) | 3259 | 3259 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 3.53% (d) (e) | 972 | 972 |
| Total Short Term Investments (cost $4,231) | Total Short Term Investments (cost $4,231) | 4231 |
| **Total Investments 100.0% (cost $753,128)** | **Total Investments 100.0% (cost $753,128)** | **1154017** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (425) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1153592** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 7916 | 43586 | 50530 | 37 |  |  | 972 | 0.1 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 22241 | 18982 | 5 |  |  | 3259 | 0.3 |
|  | 7916 | 65827 | 69512 | 42 |  |  | 4231 | 0.4 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 16818 | 11114 | 1.0 |
| Amadeus IT Holding, S.A. | 02/28/23 | 5309 | 4691 | 0.4 |
|  |  | 22127 | 15805 | 1.4 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 843490 | 306296 |  | 1149786 |
| &nbsp;&nbsp;Short Term Investments | 4231 |  |  | 4231 |
|  | 847721 | 306296 |  | 1154017 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.7%** | **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** |
| **Information Technology 26.4%** | **Information Technology 26.4%** | **Information Technology 26.4%** |
| Advanced Energy Industries, Inc. | 116 | 37581 |
| Allegro Microsystems Inc. (a) | 471 | 14855 |
| Applied Optoelectronics, Inc. (a) | 162 | 13676 |
| Cellebrite Di Ltd. (a) | 309 | 4258 |
| Cognex Corporation | 232 | 11366 |
| Fabrinet (a) | 61 | 31915 |
| InterDigital, Inc. | 23 | 7050 |
| IPG Photonics Corporation (a) | 118 | 13479 |
| Lattice Semiconductor Corporation (a) | 318 | 29506 |
| MACOM Technology Solutions Holdings, Inc. (a) | 214 | 47585 |
| MKS Inc. | 140 | 32162 |
| Nova Ltd. (a) | 67 | 29154 |
| Onto Innovation Inc. (a) | 42 | 8698 |
| OSI Systems, Inc. (a) | 51 | 13420 |
| Rambus Inc. (a) | 85 | 7343 |
| Sanmina Corporation (a) | 174 | 22514 |
| Tower Semiconductor Ltd. (a) | 198 | 34696 |
| TTM Technologies, Inc. (a) | 385 | 37529 |
| Viavi Solutions Inc. (a) | 370 | 12302 |
|  |  | 409089 |
| **Industrials 26.1%** | **Industrials 26.1%** | **Industrials 26.1%** |
| API Group Corporation (a) | 768 | 31124 |
| Applied Industrial Technologies, Inc. | 62 | 16512 |
| ATMUS Filtration Technologies Inc. | 449 | 25465 |
| Bloom Energy Corporation - Class A (a) | 99 | 13437 |
| Carpenter Technology Corporation | 51 | 19981 |
| Casella Waste Systems, Inc. - Class A (a) | 91 | 7253 |
| Clean Harbors, Inc. (a) | 99 | 28279 |
| Embraer S.A. - ADR | 81 | 4809 |
| Enpro Inc. | 90 | 22619 |
| ESCO Technologies Inc. | 131 | 36719 |
| Flowserve Corporation | 168 | 12333 |
| Forgent Power Solutions, Inc. - Class A (a) | 392 | 11478 |
| FTAI Aviation Ltd. | 50 | 12171 |
| Karman Holdings Inc. (a) | 132 | 10577 |
| Kratos Defense & Security Solutions, Inc. (a) | 140 | 9847 |
| NextPower LLC - Class A (a) | 149 | 18019 |
| Nvent Electric Public Limited Company | 118 | 13929 |
| RBC Bearings Incorporated (a) | 35 | 18943 |
| Regal Rexnord Corporation | 79 | 14879 |
| Saia, Inc. (a) | 47 | 16533 |
| SPX Technologies, Inc. (a) | 115 | 22982 |
| Sterling Infrastructure, Inc. (a) | 54 | 21975 |
| Zurn Elkay Water Solutions Corporation | 349 | 15664 |
|  |  | 405528 |
| **Health Care 20.1%** | **Health Care 20.1%** | **Health Care 20.1%** |
| Adaptive Biotechnologies Corporation (a) | 491 | 6821 |
| Alignment Healthcare, Inc. (a) | 845 | 14881 |
| Arrowhead Pharmaceuticals Inc (a) | 132 | 8294 |
| Ascendis Pharma A/S - ADR (a) | 58 | 13243 |
| Axsome Therapeutics, Inc. (a) | 160 | 27027 |
| BillionToOne, Inc. - Class A (a) (b) | 61 | 4784 |
| Bridgebio Pharma, Inc. (a) | 397 | 29503 |
| Brightspring Health Services, Inc. (a) | 746 | 31770 |
| Canticle Pharmaceuticals, Inc. (a) | 49 | 25782 |
| Cogent Biosciences, Inc. (a) | 445 | 17137 |
| Cytokinetics, Incorporated (a) | 86 | 5648 |
| Encompass Health Corporation | 144 | 13941 |
| Glaukos Corporation (a) | 144 | 15454 |
| Guardant Health, Inc. (a) | 300 | 27740 |
| Halozyme Therapeutics, Inc. (a) | 190 | 12290 |
| Heartflow, Inc. (a) | 164 | 3994 |
| Ionis Pharmaceuticals, Inc. (a) | 151 | 11338 |
| Protagonist Therapeutics, Inc. (a) | 187 | 19705 |
| RadNet, Inc. (a) | 159 | 8907 |
| TransMedics Group, Inc. (a) | 129 | 12808 |
|  |  | 311067 |
| **Energy 7.1%** | **Energy 7.1%** | **Energy 7.1%** |
| Antero Resources Corporation (a) | 369 | 15664 |
| Chord Energy Corporation | 88 | 12460 |
| Kodiak Gas Services, LLC | 171 | 9952 |
| Matador Resources Company | 197 | 12450 |
| Par Pacific Holdings, Inc. (a) | 193 | 12114 |
| Permian Resources Corporation - Class A | 771 | 16434 |
| SunocoCorp LLC | 64 | 3945 |
| TechnipFMC PLC | 391 | 26997 |
|  |  | 110016 |
| **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** | **Consumer Discretionary 6.8%** |
| Academy Sports & Outdoors, Inc. | 146 | 8228 |
| Boot Barn Holdings, Inc. (a) | 122 | 17830 |
| CAVA Group, Inc. (a) | 54 | 4389 |
| Cavco Industries, Inc. (a) | 17 | 8408 |
| Les Vetements de Sport Gildan Inc. - Class A (b) | 191 | 10615 |
| M/I Homes, Inc. (a) | 73 | 8958 |
| Phinia Inc. | 177 | 12095 |
| Red Rock Resorts, Inc. - Class A | 275 | 14681 |
| Travel + Leisure Co. | 220 | 15227 |
| Wyndham Hotels & Resorts, Inc. | 68 | 5489 |
|  |  | 105920 |
| **Financials 5.8%** | **Financials 5.8%** | **Financials 5.8%** |
| Bancorp, Inc., The (a) | 209 | 11243 |
| Bullish (a) | 216 | 7722 |
| Evercore Inc. - Class A | 87 | 26075 |
| Galaxy Digital Inc. - Class A (a) | 329 | 6073 |
| Palomar Holdings, Inc. (a) | 65 | 7816 |
| Piper Sandler Companies | 353 | 27025 |
| StepStone Group Inc. - Class A | 91 | 4353 |
|  |  | 90307 |
| **Materials 3.7%** | **Materials 3.7%** | **Materials 3.7%** |
| Element Solutions Inc. | 491 | 16761 |
| Equinox Gold Corp. | 492 | 7107 |
| ERO Copper Corp. (a) | 445 | 11869 |
| MP Materials Corp. - Class A (a) (b) | 277 | 13392 |
| Triple Flag Precious Metals Corp. | 219 | 7606 |
|  |  | 56735 |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |
| Andersons, Inc. , The | 127 | 9082 |
| Post Holdings, Inc. (a) | 94 | 9262 |
|  |  | 18344 |
| **Utilities 0.8%** | **Utilities 0.8%** | **Utilities 0.8%** |
| Talen Energy Corporation (a) | 40 | 12682 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| CarGurus, Inc. - Class A (a) | 323 | 11002 |
| Total Common Stocks (cost $1,262,508) | Total Common Stocks (cost $1,262,508) | 1530690 |
| **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 21535 | 21535 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 6132 | 6132 |
| Total Short Term Investments (cost $27,667) | Total Short Term Investments (cost $27,667) | 27667 |
| **Total Investments 100.5% (cost $1,290,175)** | **Total Investments 100.5% (cost $1,290,175)** | **1558357** |
| **Other Assets and Liabilities, Net (0.5)%** | **Other Assets and Liabilities, Net (0.5)%** | **(7009)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1551348** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 9805 | 305533 | 293803 | 284 |  |  | 21535 | 1.4 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 46614 | 40482 | 35 |  |  | 6132 | 0.4 |
|  | 9805 | 352147 | 334285 | 319 |  |  | 27667 | 1.8 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1530690 |  |  | 1530690 |
| &nbsp;&nbsp;Short Term Investments | 27667 |  |  | 27667 |
|  | 1558357 |  |  | 1558357 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |
| **COMMON STOCKS 49.8%** | **COMMON STOCKS 49.8%** | **COMMON STOCKS 49.8%** |
| **United States of America 27.5%** | **United States of America 27.5%** | **United States of America 27.5%** |
| 3M Company | 10 | 1405 |
| AbbVie Inc. | 14 | 3068 |
| Accenture Public Limited Company - Class A | 7 | 1287 |
| Albemarle Corporation | 3 | 628 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 495 |
| Alphabet Inc. - Class A | 10 | 2941 |
| Alphabet Inc. - Class C | 18 | 5218 |
| Amazon.com, Inc. (a) | 42 | 8803 |
| American Express Company | 5 | 1524 |
| American Homes 4 Rent - Class A | 4 | 122 |
| American Tower Corporation | 6 | 982 |
| American Water Works Company, Inc. | 4 | 490 |
| AMETEK, Inc. | 3 | 622 |
| Amphenol Corporation - Class A | 9 | 1099 |
| Analog Devices, Inc. | 1 | 184 |
| Andersen Group Inc. - Class A (a) | 1 | 40 |
| AON Public Limited Company - Class A | 2 | 645 |
| Apple Inc. (b) | 39 | 9854 |
| AppLovin Corporation - Class A (a) | 1 | 322 |
| Arch Capital Group Ltd. (a) | 1 | 96 |
| Arthur J. Gallagher & Co. | 2 | 492 |
| AT&T Inc. | 71 | 2080 |
| AutoZone, Inc. (a) |  | 1996 |
| AvalonBay Communities, Inc. | 3 | 552 |
| Baker Hughes Company - Class A | 16 | 943 |
| Ball Corporation | 4 | 259 |
| Bank of America Corporation | 54 | 2661 |
| Berkshire Hathaway Inc. - Class B (a) | 6 | 2843 |
| Best Buy Co., Inc. | 2 | 129 |
| Biogen Inc. (a) | 2 | 317 |
| BJ's Wholesale Club Holdings, Inc. (a) | 7 | 643 |
| Booking Holdings Inc. |  | 994 |
| Booz Allen Hamilton Holding Corporation - Class A | 5 | 387 |
| Bristol-Myers Squibb Company | 41 | 2443 |
| Broadcom Inc. | 19 | 6114 |
| Burlington Stores, Inc. (a) | 3 | 853 |
| BWXT Government Group, Inc. | 3 | 559 |
| Capital One Financial Corporation | 2 | 387 |
| Carlisle Companies Incorporated |  | 83 |
| Carnival Corporation | 2 | 49 |
| Carvana Co. - Class A (a) | 1 | 272 |
| Casey's General Stores, Inc. | 1 | 522 |
| CBRE Group, Inc. - Class A (a) | 3 | 462 |
| CDW Corp. | 1 | 129 |
| Celanese Corporation - Class A | 5 | 352 |
| Cencora, Inc. | 3 | 813 |
| Charles Schwab Corporation, The | 28 | 2651 |
| Chemours Company, The | 12 | 271 |
| Chevron Corporation | 4 | 842 |
| Chubb Limited |  | 158 |
| Ciena Corporation (a) | 2 | 676 |
| Cigna Group, The | 1 | 268 |
| Cisco Systems, Inc. | 2 | 138 |
| Citigroup Inc. | 1 | 104 |
| Cloudflare, Inc. - Class A (a) | 1 | 211 |
| CME Group Inc. - Class A | 7 | 2188 |
| Columbia Sportswear Company | 2 | 118 |
| Comfort Systems USA, Inc. |  | 687 |
| ConocoPhillips | 3 | 392 |
| Corning Incorporated | 4 | 523 |
| Corpay Inc (a) | 1 | 380 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 281 |
| Darden Restaurants, Inc. |  | 86 |
| Deere & Company | 1 | 418 |
| Diamondback Energy, Inc. | 2 | 402 |
| DigitalOcean Holdings, Inc. (a) | 2 | 203 |
| Dominion Energy, Inc. | 22 | 1327 |
| DoorDash, Inc. - Class A (a) | 3 | 458 |
| Dover Corporation | 7 | 1364 |
| e.l.f. Beauty, Inc. (a) | 2 | 119 |
| EastGroup Properties, Inc. |  | 71 |
| Eaton Corporation Public Limited Company | 2 | 546 |
| El Paso Electric Company (a) | 1 | 3 |
| Elevance Health, Inc. |  | 105 |
| Eli Lilly and Company | 1 | 1055 |
| Emerson Electric Co. | 7 | 867 |
| EOG Resources, Inc. | 10 | 1436 |
| EQT Corporation | 10 | 640 |
| Equinix, Inc. |  | 142 |
| Equipmentshare.Com Inc - Class A (a) | 6 | 116 |
| Exxon Mobil Corporation | 24 | 4016 |
| FedEx Corporation | 1 | 208 |
| Fidelity National Information Services, Inc. | 29 | 1356 |
| Fifth Third Bancorp | 24 | 1113 |
| First Citizens BancShares, Inc. - Class A |  | 121 |
| Flowserve Corporation | 7 | 510 |
| Former Charter Communications Parent, Inc. - Class A (a) | 2 | 473 |
| Fox Corporation - Class A | 10 | 581 |
| Gap, Inc., The | 14 | 335 |
| Garmin Ltd. | 1 | 342 |
| Gates Industrial Corporation PLC (a) | 31 | 693 |
| GE HealthCare Technologies Inc. | 12 | 826 |
| General Dynamics Corporation | 1 | 222 |
| Genpact Limited | 6 | 216 |
| Gilead Sciences, Inc. | 4 | 518 |
| GoDaddy Inc. - Class A (a) | 1 | 76 |
| Goldman Sachs Group, Inc., The | 1 | 727 |
| Hayward Holdings, Inc. (a) | 8 | 109 |
| HCA Healthcare, Inc. |  | 108 |
| Healthpeak OP, LLC | 21 | 348 |
| Henry Schein, Inc. (a) | 2 | 163 |
| Hewlett Packard Enterprise Company | 37 | 877 |
| Hilton Worldwide Holdings Inc. | 2 | 505 |
| Host Hotels & Resorts, Inc. | 3 | 67 |
| Howmet Aerospace Inc. | 2 | 546 |
| HubSpot, Inc. (a) | 3 | 750 |
| Humana Inc. | 1 | 206 |
| Huntington Bancshares Incorporated | 21 | 321 |
| Insmed Incorporated (a) | 5 | 821 |
| Interactive Brokers Group, Inc. - Class A | 6 | 411 |
| Intercontinental Exchange, Inc. | 3 | 528 |
| International Business Machines Corporation | 1 | 280 |
| Intuit Inc. | 1 | 549 |
| Intuitive Surgical, Inc. (a) | 1 | 522 |
| Ionis Pharmaceuticals, Inc. (a) | 2 | 120 |
| IQVIA Holdings Inc (a) | 4 | 629 |
| ITT Inc. | 4 | 698 |
| J.B. Hunt Transport Services, Inc. | 1 | 164 |
| Jabil Inc. | 1 | 175 |
| James Hardie Industries Public Limited Company (a) | 12 | 226 |
| James Hardie Industries Public Limited Company - CHESS | 2 | 44 |
| Johnson & Johnson | 19 | 4478 |
| Keurig Dr Pepper Inc. | 2 | 51 |
| Kinder Morgan, Inc. | 4 | 119 |
| Kinsale Capital Group, Inc. |  | 114 |
| Kontoor Brands, Inc. | 8 | 552 |
| Labcorp Holdings Inc. | 3 | 847 |
| Live Nation Entertainment, Inc. (a) | 2 | 269 |
| Loews Corporation | 2 | 262 |
| Lowe`s Companies, Inc. | 10 | 2307 |
| LyondellBasell Industries N.V. - Class A | 3 | 269 |
| M&T Bank Corporation | 1 | 272 |
| Marriott International, Inc. - Class A |  | 153 |
| Marsh & Mclennan Companies, Inc. | 4 | 670 |
| Martin Marietta Materials, Inc. |  | 127 |
| MasterCard Incorporated - Class A | 12 | 5543 |
| McDonald's Corporation | 9 | 2753 |
| Media Group Holdings LLC (c) (d) | 3314 | 48 |
| Medtronic, Inc. | 22 | 1908 |
| Merck & Co., Inc. | 6 | 698 |
| Meta Platforms, Inc. - Class A | 14 | 7885 |
| Mettler-Toledo International Inc. (a) |  | 207 |
| MGIC Investment Corporation | 6 | 162 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Micron Technology, Inc. | 1 | 221 |
| Microsoft Corporation | 24 | 9068 |
| Mid-America Apartment Communities, Inc. | 5 | 600 |
| Middleby Corporation, The (a) | 1 | 139 |
| Millicom International Cellular S.A. | 6 | 421 |
| Mohawk Industries, Inc. (a) | 1 | 95 |
| Mondelez International, Inc. - Class A | 17 | 961 |
| Morgan Stanley | 7 | 1167 |
| Murphy USA Inc. |  | 148 |
| Natera, Inc. (a) | 2 | 477 |
| Netflix, Inc. (a) | 14 | 1300 |
| Neurocrine Biosciences, Inc. (a) | 4 | 580 |
| Nexstar Media Group, Inc. - Class A | 1 | 111 |
| NextEra Energy, Inc. | 40 | 3706 |
| Nike, Inc. - Class B | 1 | 47 |
| Norfolk Southern Corporation | 1 | 242 |
| Nuvalent, Inc. - Class A (a) | 2 | 239 |
| NVIDIA Corporation | 97 | 16937 |
| Omnicom Group Inc. | 2 | 154 |
| ON Semiconductor Corporation (a) | 8 | 494 |
| Oracle Corporation | 3 | 439 |
| Packaging Corporation of America | 1 | 175 |
| Palo Alto Networks, Inc. (a) | 3 | 533 |
| Paylocity Holding Corporation (a) | 1 | 76 |
| PepsiCo, Inc. | 10 | 1526 |
| Performance Food Group Company (a) | 13 | 1148 |
| PG&E Corporation | 9 | 156 |
| Philip Morris International Inc. | 9 | 1452 |
| Post Holdings, Inc. (a) | 2 | 173 |
| PPG Industries, Inc. | 3 | 349 |
| Procter & Gamble Company, The | 4 | 513 |
| Progressive Corporation, The | 2 | 305 |
| Public Service Enterprise Group Incorporated | 1 | 81 |
| Public Storage Operating Company | 1 | 160 |
| Quanta Services, Inc. | 2 | 869 |
| Quest Diagnostics Incorporated | 1 | 293 |
| Raymond James Financial, Inc. | 1 | 150 |
| Rayonier Inc. | 4 | 86 |
| Reddit, Inc. - Class A (a) | 1 | 183 |
| Regency Centers Corporation | 3 | 229 |
| Regeneron Pharmaceuticals, Inc. | 1 | 858 |
| Regions Financial Corporation | 5 | 118 |
| Robinhood Markets, Inc. - Class A (a) | 3 | 241 |
| Roblox Corporation - Class A (a) | 2 | 111 |
| Rocket Companies, Inc. - Class A | 11 | 161 |
| Roper Technologies, Inc. | 2 | 661 |
| RTX Corporation | 7 | 1306 |
| Ryder System, Inc. | 4 | 770 |
| Saia, Inc. (a) | 1 | 202 |
| SBA Communications Corporation - Class A | 1 | 109 |
| ServiceNow, Inc. (a) | 12 | 1282 |
| Silgan Holdings Inc. | 3 | 133 |
| Skyworks Solutions, Inc. | 1 | 69 |
| Snowflake Inc. - Class A (a) | 3 | 384 |
| Somnigroup International Inc. | 2 | 175 |
| Southwest Airlines Co. | 9 | 323 |
| State Street Corporation | 3 | 317 |
| Stryker Corporation | 5 | 1510 |
| Take-Two Interactive Software, Inc. (a) | 3 | 529 |
| TD SYNNEX Corporation | 3 | 497 |
| TechnipFMC PLC | 8 | 572 |
| Teledyne Technologies Incorporated (a) | 1 | 420 |
| Teradyne, Inc. | 2 | 618 |
| Tesla Inc. (a) (b) | 9 | 3537 |
| Texas Instruments Incorporated | 2 | 353 |
| Textron Inc. | 1 | 130 |
| The Southern Company | 16 | 1506 |
| Thermo Fisher Scientific Inc. | 1 | 429 |
| TJX Companies, Inc., The | 5 | 822 |
| Toast, Inc. - Class A (a) | 17 | 460 |
| Trane Technologies Public Limited Company | 7 | 2885 |
| TransUnion | 2 | 157 |
| Travelers Companies, Inc., The | 1 | 216 |
| Twilio Inc. - Class A (a) | 2 | 276 |
| U.S. Bancorp | 37 | 1942 |
| UDR, Inc. | 3 | 113 |
| Ulta Beauty, Inc. (a) | 1 | 484 |
| Union Pacific Corporation | 1 | 228 |
| United Rentals, Inc. | 1 | 959 |
| UnitedHealth Group Incorporated | 8 | 1933 |
| Universal Display Corporation | 1 | 85 |
| Universal Music Group N.V. | 4 | 73 |
| Valero Energy Corporation | 2 | 519 |
| Ventas, Inc. | 8 | 614 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 652 |
| Walmart Inc. | 21 | 2606 |
| Walt Disney Company, The | 26 | 2467 |
| Warner Bros. Discovery, Inc. - Series A (a) | 9 | 245 |
| Warner Music Group Corp. - Class A | 3 | 80 |
| Wells Fargo & Company (b) | 36 | 2859 |
| Wesco Aircraft Holdings, Inc. (a) (e) | 1 | 10 |
| Western Digital Corporation | 3 | 731 |
| Williams Companies, Inc., The | 10 | 748 |
| Willscot Holdings Corporation - Class A | 11 | 186 |
| XCEL Energy Inc. | 3 | 251 |
| Yum! Brands, Inc. | 10 | 1459 |
| Zoetis Inc. - Class A | 2 | 233 |
| | | 225216 |
| **Japan 3.0%** | **Japan 3.0%** | **Japan 3.0%** |
| Advantest Corporation | 3 | 387 |
| AEON Co., Ltd. | 11 | 125 |
| AGC Inc. | 1 | 28 |
| Aisin Corporation | 2 | 32 |
| Ajinomoto Co., Inc. | 4 | 112 |
| ANA Holdings Inc. | 1 | 12 |
| Asahi Group Holdings, Ltd. | 6 | 59 |
| Asahi Kasei Corporation | 5 | 52 |
| ASICS Corporation | 3 | 78 |
| Astellas Pharma Inc. | 7 | 115 |
| Bandai Namco Holdings Inc. | 3 | 64 |
| Bridgestone Corporation | 4 | 92 |
| Canon Inc. | 3 | 95 |
| Capcom Co., Ltd. | 1 | 28 |
| Central Japan Railway Company | 4 | 101 |
| Chubu Electric Power Co., Ltd. | 3 | 51 |
| Chugai Pharmaceutical Co., Ltd. | 3 | 145 |
| Dai Nippon Printing Co., Ltd. | 2 | 36 |
| Daifuku Co., Ltd. | 2 | 53 |
| Dai-ichi Life Holdings, Inc. | 15 | 136 |
| Daiichi Sankyo Company, Limited | 8 | 134 |
| Daikin Industries, Ltd. | 1 | 145 |
| Daito Trust Construction Co., Ltd. | 1 | 23 |
| Daiwa House Industry Co., Ltd. | 2 | 75 |
| Daiwa Securities Group Inc. | 5 | 43 |
| DENSO Corporation (f) | 7 | 91 |
| DISCO Corporation |  | 164 |
| East Japan Railway Company | 4 | 96 |
| Eisai Co., Ltd. (f) | 1 | 35 |
| ENEOS Holdings, Inc. | 10 | 93 |
| FANUC Corporation | 4 | 135 |
| Fast Retailing Co., Ltd. | 1 | 277 |
| Fuji Electric Co., Ltd. | 1 | 42 |
| FUJIFILM Holdings Corporation | 5 | 93 |
| Fujikura Ltd. | 6 | 165 |
| Fujitsu Limited | 7 | 143 |
| Hankyu Hanshin Holdings, Inc. (f) | 1 | 32 |
| Hikari Tsushin,Inc. |  | 25 |
| Hitachi Construction Machinery Co., Ltd. |  | 14 |
| Hitachi, Ltd. | 18 | 531 |
| Honda Motor Co., Ltd. | 15 | 124 |
| HOYA Corporation | 1 | 246 |
| Hulic Co., Ltd. | 2 | 20 |
| IBIDEN Co., Ltd. | 1 | 50 |
| Idemitsu Kosan Co., Ltd. | 3 | 33 |
| IHI Corporation | 4 | 86 |
| Inpex Corporation | 4 | 107 |
| Isuzu Motors Limited | 2 | 33 |
| ITOCHU Corporation | 28 | 357 |
| Japan Airlines Co., Ltd. | 1 | 8 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Japan Exchange Group, Inc. | 4 | 46 |
| Japan Post Bank Co., Ltd. | 7 | 115 |
| Japan Post Holdings Co., Ltd. | 7 | 83 |
| Japan Post Insurance Co., Ltd. | 3 | 30 |
| Japan Real Estate Investment Corporation |  | 19 |
| Japan Tobacco Inc. | 4 | 168 |
| JFE Holdings, Inc. | 3 | 30 |
| Kajima Corporation | 2 | 68 |
| Kao Corporation | 2 | 70 |
| Kawasaki Heavy Industries, Ltd. | 4 | 66 |
| Kawasaki Kisen Kaisha, Ltd. (f) | 1 | 24 |
| KDDI Corporation | 11 | 197 |
| Keyence Corporation | 5 | 1628 |
| Kikkoman Corporation | 4 | 34 |
| Kioxia Holdings Corporation (a) | 1 | 76 |
| Kirin Holdings Company, Limited | 3 | 51 |
| Komatsu Ltd. (f) | 4 | 141 |
| Konami Group Corporation |  | 49 |
| Kubota Corporation | 5 | 73 |
| KYOCERA Corporation | 5 | 83 |
| Kyowa Kirin Co., Ltd. | 1 | 18 |
| Lasertec Co., Ltd. |  | 66 |
| LY Corporation | 11 | 27 |
| M3, Inc. | 2 | 17 |
| Makita Corporation | 1 | 36 |
| Marubeni Corporation | 7 | 240 |
| MatsukiyoCocokara & Co. (f) | 2 | 24 |
| Minebeamitsumi Inc. | 2 | 26 |
| Mitsubishi Chemical Group Corporation | 6 | 32 |
| Mitsubishi Corporation | 15 | 502 |
| Mitsubishi Electric Corporation | 8 | 268 |
| Mitsubishi Estate Co., Ltd. | 5 | 139 |
| Mitsubishi HC Capital Inc. | 3 | 23 |
| Mitsubishi Heavy Industries, Ltd. | 13 | 368 |
| Mitsubishi UFJ Financial Group, Inc. | 96 | 1618 |
| Mitsui & Co., Ltd. | 10 | 393 |
| Mitsui Fudosan Co., Ltd. | 11 | 118 |
| Mitsui O.S.K. Lines, Ltd. (f) | 1 | 45 |
| Mizuho Financial Group, Inc. | 10 | 388 |
| MonotaRO Co., Ltd. | 1 | 10 |
| MS&AD Insurance Group Holdings, Inc. | 6 | 150 |
| Murata Manufacturing Co., Ltd. | 7 | 161 |
| Nec Corporation | 5 | 126 |
| NEXON Co., Ltd. | 2 | 32 |
| Nidec Corporation | 4 | 52 |
| Nintendo Co., Ltd. (f) | 5 | 261 |
| Nippon Building Fund Inc. |  | 26 |
| Nippon Paint Holdings Co., Ltd. | 4 | 24 |
| Nippon Sanso Holdings Corporation | 1 | 28 |
| Nippon Steel Corporation (f) | 21 | 76 |
| Nippon Telegraph and Telephone Corporation | 107 | 107 |
| Nippon Yusen Kabushiki Kaisha | 2 | 59 |
| Nissan Motor Co., Ltd. (a) | 9 | 18 |
| Niterra Co., Ltd. | 1 | 37 |
| Nitori Holdings Co., Ltd. | 2 | 33 |
| Nitto Denko Corporation | 3 | 56 |
| Nomura Holdings, Inc. | 11 | 88 |
| Nomura Research Institute, Ltd. | 2 | 45 |
| Obayashi Corporation | 3 | 65 |
| OBIC Co., Ltd. | 1 | 34 |
| Olympus Corporation | 5 | 43 |
| Oracle Corporation Japan |  | 5 |
| Oriental Land Co., Ltd. | 5 | 77 |
| ORIX Corporation | 4 | 125 |
| Osaka Gas Co., Ltd. | 2 | 65 |
| Otsuka Corporation | 1 | 19 |
| Otsuka Holdings Co., Ltd. | 2 | 135 |
| Pan Pacific International Holdings Corporation | 11 | 66 |
| Panasonic Holdings Corporation | 9 | 149 |
| Rakuten Group, Inc. (a) | 6 | 28 |
| Recruit Holdings Co., Ltd. | 6 | 237 |
| Renesas Electronics Corporation | 6 | 90 |
| Resona Holdings, Inc. | 9 | 97 |
| SBI Holdings, Inc. | 2 | 43 |
| SCREEN Holdings Co., Ltd. | 1 | 47 |
| Secom Co., Ltd. | 2 | 61 |
| Sekisui Chemical Co., Ltd. | 2 | 30 |
| Sekisui House, Ltd. | 3 | 56 |
| Seven & I Holdings Co., Ltd. | 9 | 115 |
| Shimadzu Corporation | 1 | 24 |
| Shimano Inc. |  | 31 |
| Shimizu Corporation | 2 | 41 |
| Shin-Etsu Chemical Co., Ltd. | 7 | 299 |
| Shionogi & Co., Ltd. | 3 | 76 |
| Shiseido Company, Limited | 2 | 31 |
| SMC Corporation |  | 78 |
| SoftBank Corp. | 109 | 146 |
| SoftBank Group Corp. | 15 | 366 |
| Sompo Holdings, Inc. | 4 | 143 |
| Sony Group Corporation | 60 | 1240 |
| Square Enix Holdings Co., Ltd. | 1 | 16 |
| Subaru Corporation. | 2 | 35 |
| Sumitomo Corporation | 5 | 179 |
| Sumitomo Electric Industries, Ltd. | 3 | 172 |
| Sumitomo Metal Mining Co., Ltd. | 1 | 64 |
| Sumitomo Mitsui Financial Group, Inc. | 15 | 492 |
| Sumitomo Mitsui Trust Group, Inc. | 3 | 85 |
| Sumitomo Realty & Development Co., Ltd. | 4 | 111 |
| Suntory Beverage & Food Limited | 1 | 20 |
| Suzuki Motor Corporation | 7 | 89 |
| Sysmex Corporation | 2 | 16 |
| T&D Holdings, Inc. | 2 | 54 |
| Taisei Corporation | 1 | 62 |
| Takeda Pharmaceutical Company Limited | 6 | 224 |
| TDK Corporation | 8 | 99 |
| Terumo Corporation | 6 | 77 |
| The Chiba Bank, Ltd. | 3 | 36 |
| The Kansai Electric Power Company, Incorporated | 4 | 68 |
| TIS Inc. | 1 | 19 |
| Toho Co., Ltd. | 2 | 23 |
| Tokio Marine Holdings, Inc. | 38 | 1774 |
| Tokyo Electric Power Company Holdings, Inc. (a) | 6 | 26 |
| Tokyo Electron Limited | 2 | 423 |
| Tokyo Gas Co., Ltd. | 1 | 66 |
| Tokyu Corporation | 3 | 31 |
| TOPPAN Holdings Inc. | 1 | 29 |
| Toray Industries, Inc. | 6 | 43 |
| Toyo Suisan Kaisha, Ltd. | 1 | 35 |
| Toyota Motor Corporation | 95 | 1938 |
| Toyota Tsusho Corporation | 3 | 112 |
| Trend Micro Incorporated | 1 | 17 |
| Unicharm Corporation | 5 | 26 |
| West Japan Railway Company | 2 | 37 |
| Yamaha Motor Co., Ltd. | 4 | 27 |
| Yaskawa Electric Corporation | 1 | 29 |
| Yokogawa Electric Corporation | 1 | 25 |
| Yokohama Financial Group, Inc. | 5 | 40 |
| Zensho Holdings Co., Ltd. |  | 17 |
| ZOZO, Inc. (f) | 2 | 13 |
| | | 24720 |
| **China 2.5%** | **China 2.5%** | **China 2.5%** |
| Advanced Micro-Fabrication Equipment Inc. - Class A | 7 | 308 |
| Alibaba Group Holding Limited (d) | 131 | 2043 |
| Baidu, Inc. - Class A (a) (d) | 25 | 339 |
| BYD Company Limited - Class H | 33 | 455 |
| China Construction Bank Corporation - Class H | 895 | 967 |
| China Hongqiao Group Limited | 71 | 323 |
| China International Capital Corporation Limited - Class H (d) | 125 | 278 |
| China Merchants Bank Co., Ltd. - Class A | 87 | 495 |
| China Minsheng Banking Corp., Ltd. - Class H | 471 | 221 |
| China Shenhua Energy Company Limited - Class H | 65 | 385 |
| China Yangtze Power Co., Ltd. - Class A | 63 | 247 |
| Chuangxin Industries Holdings Limited (d) | 45 | 171 |
| Contemporary Amperex Technology Co., Limited - Class A | 14 | 799 |
| ENN Energy Holdings Limited | 29 | 238 |
| Fuyao Glass Industry Group Co., Ltd. - Class H (d) | 40 | 305 |
| H World Group Limited | 90 | 455 |

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------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Jason Furniture (Hangzhou) Co., Ltd. - Class A | 46 | 226 |
| Jiangsu Hengrui Pharmaceuticals Co., Ltd. - Class A | 31 | 252 |
| Kweichow Moutai Co., Ltd. - Class A | 2 | 358 |
| Loncin Motor Co., Ltd. - Class A | 106 | 209 |
| Midea Group Co., Ltd. - Class A | 36 | 405 |
| Montage Technology Co., Ltd. - Class A | 12 | 222 |
| NetEase, Inc. | 30 | 677 |
| PetroChina Company Limited - Class H | 492 | 676 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 148 | 1148 |
| Sieyuan Electric Co., Ltd. - Class A | 11 | 333 |
| Sungrow Power Supply Co., Ltd. - Class A | 11 | 242 |
| Tencent Holdings Limited | 64 | 4005 |
| WUS Printed Circuit (Kunshan) Co., Ltd. - Class A | 20 | 231 |
| WuXi AppTec Co., Ltd. - Class A | 28 | 398 |
| WuXi Biologics (Cayman) Inc. (a) (d) | 14 | 60 |
| XCMG Construction Machinery Co., Ltd. - Class A | 189 | 278 |
| Xiaomi Corporation (a) (d) | 72 | 297 |
| Yum China Holdings, Inc. | 11 | 536 |
| Yum China Holdings, Inc. | 23 | 1115 |
| Zijin Mining Group Co., Ltd. - Class H | 156 | 713 |
| ZTO Express (Cayman) Inc. (d) (f) | 15 | 367 |
| | | 20777 |
| **Taiwan 2.4%** | **Taiwan 2.4%** | **Taiwan 2.4%** |
| Accton Technology Corporation | 8 | 394 |
| ASE Technology Holding Co., Ltd. | 48 | 516 |
| CTBC Financial Holding Co., Ltd. | 345 | 557 |
| Delta Electronics, Inc. | 25 | 1141 |
| Elite Material Co., Ltd. | 7 | 596 |
| Formosa Chemicals & Fibre Corporation | 194 | 278 |
| Hon Hai Precision Industry Co., Ltd. | 24 | 146 |
| Lotes Co., Ltd. | 7 | 478 |
| MediaTek Inc. | 4 | 193 |
| Realtek Semiconductor Corporation | 22 | 334 |
| Taiwan Mobile Co., Ltd. | 67 | 229 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 9 | 3258 |
| Taiwan Semiconductor Manufacturing Company Limited | 189 | 10860 |
| Wiwynn Corporation | 5 | 496 |
| Zhen Ding Technology Holding Limited | 41 | 274 |
|  |  | 19750 |
| **United Kingdom 1.8%** | **United Kingdom 1.8%** | **United Kingdom 1.8%** |
| 3i Group PLC | 4 | 127 |
| Admiral Group PLC | 1 | 38 |
| Anglo American PLC | 4 | 182 |
| Associated British Foods PLC | 1 | 30 |
| AstraZeneca PLC | 6 | 1203 |
| Autotrader Group PLC | 4 | 22 |
| Aviva PLC | 17 | 133 |
| BAE Systems PLC | 12 | 344 |
| Barclays PLC | 57 | 301 |
| Barratt Redrow PLC | 5 | 18 |
| BP P.L.C. | 61 | 482 |
| British American Tobacco P.L.C. | 9 | 503 |
| BT Group PLC | 25 | 69 |
| Bunzl Public Limited Company | 1 | 37 |
| Centrica PLC | 19 | 54 |
| Coca-Cola Europacific Partners PLC | 1 | 76 |
| Compass Group PLC | 7 | 190 |
| CVC Capital Partners PLC (f) | 3 | 41 |
| Diageo PLC | 9 | 165 |
| Entain PLC | 2 | 19 |
| Experian PLC | 4 | 127 |
| Fiat Chrysler Automobiles N.V. | 8 | 56 |
| GSK PLC | 16 | 443 |
| Haleon PLC | 36 | 176 |
| Halma Public Limited Company | 2 | 78 |
| HSBC Holdings PLC | 69 | 1126 |
| ICG PLC | 1 | 24 |
| Imperial Brands PLC | 3 | 130 |
| Informa PLC | 5 | 50 |
| InterContinental Hotels Group PLC | 1 | 81 |
| International Consolidated Airlines Group S.A. | 14 | 64 |
| Intertek Group PLC | 1 | 31 |
| J Sainsbury PLC | 7 | 31 |
| Kingfisher PLC | 7 | 26 |
| Legal & General Group PLC | 27 | 87 |
| Lloyds Banking Group PLC | 236 | 292 |
| London Stock Exchange Group PLC | 2 | 221 |
| M&G PLC | 9 | 32 |
| Melrose Industries PLC | 5 | 32 |
| National Grid PLC | 20 | 335 |
| NatWest Group PLC | 110 | 817 |
| Next PLC |  | 78 |
| Pearson PLC | 3 | 35 |
| Reckitt Benckiser Group PLC | 3 | 175 |
| Relx PLC | 7 | 238 |
| Rentokil Initial PLC | 9 | 59 |
| Rightmove PLC | 3 | 17 |
| Rolls-Royce Holdings PLC | 33 | 505 |
| Schroders PLC | 3 | 26 |
| SEGRO Public Limited Company | 5 | 42 |
| Severn Trent PLC | 1 | 43 |
| Shell PLC - Class A | 85 | 3986 |
| Smith & Nephew PLC | 3 | 55 |
| Smiths Group PLC | 1 | 40 |
| Spirax Group PLC |  | 26 |
| SSE PLC | 4 | 151 |
| Standard Chartered PLC | 7 | 155 |
| Standard Life PLC | 3 | 27 |
| Tesco PLC | 26 | 165 |
| The Sage Group PLC. | 4 | 43 |
| Unilever PLC | 9 | 487 |
| United Utilities PLC | 3 | 47 |
| Vodafone Group Public Limited Company | 81 | 122 |
| Weir Group PLC(The) | 1 | 39 |
| Wise PLC - Class A (a) | 3 | 33 |
|  |  | 14887 |
| **South Korea 1.5%** | **South Korea 1.5%** | **South Korea 1.5%** |
| APR Co., Ltd. | 2 | 350 |
| Coupang, Inc. - Class A (a) | 6 | 122 |
| DB Insurance Co., Ltd. | 2 | 192 |
| Hana Financial Group Co., Ltd. | 5 | 359 |
| HD Hyundai Electric Co., Ltd. |  | 266 |
| Hugel, Inc. (a) | 1 | 126 |
| Hyundai Glovis Co., Ltd. | 2 | 242 |
| JB Financial Group Co., Ltd. | 15 | 289 |
| JYP Entertainment Corporation | 4 | 155 |
| KakaoBank Corp. | 14 | 218 |
| KIA Corporation | 8 | 794 |
| Korea Aerospace Industries, Ltd. | 4 | 455 |
| KT Corporation | 4 | 149 |
| KT Corporation - ADR | 18 | 392 |
| RigaChem Bioscience Co., Ltd. (a) | 1 | 121 |
| Samsung Biologics Co., Ltd. (a) |  | 209 |
| Samsung Electronics Co., Ltd. | 44 | 5206 |
| SK Hynix Inc. | 5 | 2677 |
|  |  | 12322 |
| **Germany 1.5%** | **Germany 1.5%** | **Germany 1.5%** |
| Adidas AG - Class N | 1 | 115 |
| Allianz SE | 2 | 646 |
| BASF SE - Class N | 4 | 217 |
| Bayer Aktiengesellschaft - Class N | 4 | 169 |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 105 |
| Beiersdorf Aktiengesellschaft |  | 34 |
| BioNTech SE - ADR (a) |  | 35 |
| COMMERZBANK Aktiengesellschaft | 3 | 126 |
| Continental Aktiengesellschaft |  | 30 |
| Daimler Truck Holding AG | 2 | 85 |
| Deutsche Bank Aktiengesellschaft - Class N | 8 | 227 |
| Deutsche Borse Aktiengesellschaft - Class N | 10 | 2933 |
| Deutsche Post AG - Class N | 4 | 195 |
| Deutsche Telekom AG - Class N | 13 | 494 |
| E.ON SE - Class N | 9 | 194 |
| Fresenius SE & Co. KGaA | 2 | 85 |
| Hannover Ruck SE - Class N |  | 75 |
| Heidelberg Materials AG | 1 | 108 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Henkel AG & Co. KGaA |  | 28 |
| Infineon Technologies AG - Class N | 17 | 776 |
| Mercedes-Benz Group AG - Class N | 3 | 163 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 65 |
| MTU Aero Engines AG - Class N |  | 73 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 4 | 2609 |
| Rheinmetall Aktiengesellschaft |  | 309 |
| RWE Aktiengesellschaft | 3 | 178 |
| SAP SE | 4 | 703 |
| Siemens Aktiengesellschaft - Class N | 3 | 715 |
| Siemens Energy AG | 3 | 520 |
| Siemens Healthineers AG (d) | 1 | 46 |
| Talanx Aktiengesellschaft |  | 31 |
| Vonovia SE | 3 | 84 |
| | | 12173 |
| **France 1.3%** | **France 1.3%** | **France 1.3%** |
| Aeroports de Paris |  | 17 |
| Airbus SE | 2 | 443 |
| Amundi (d) |  | 21 |
| AXA | 7 | 315 |
| Biomerieux S.A. |  | 19 |
| BNP Paribas | 4 | 386 |
| Bollore SE | 3 | 16 |
| Bouygues | 1 | 43 |
| Bureau Veritas | 1 | 37 |
| Capgemini France | 1 | 80 |
| Compagnie de Saint-Gobain | 2 | 149 |
| Compagnie Generale des Etablissements Michelin | 3 | 92 |
| Credit Agricole S.A. | 4 | 84 |
| Danone | 3 | 206 |
| Dassault Aviation |  | 26 |
| Dassault Systemes | 3 | 53 |
| Engie | 7 | 240 |
| EssilorLuxottica | 1 | 273 |
| Hermes International |  | 259 |
| Kering |  | 85 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 2 | 473 |
| Legrand | 1 | 162 |
| L'Oreal | 1 | 395 |
| LVMH Moet Hennessy Louis Vuitton | 3 | 1829 |
| Orange | 7 | 150 |
| Pernod Ricard | 1 | 59 |
| Publicis Groupe S.A. | 1 | 73 |
| Safran | 6 | 1863 |
| Sanofi | 4 | 434 |
| Sartorius Stedim Biotech |  | 20 |
| Schneider Electric SE | 2 | 588 |
| Societe Generale | 3 | 200 |
| Thales |  | 112 |
| TotalEnergies SE | 8 | 721 |
| Veolia Environnement | 3 | 96 |
| VINCI | 2 | 297 |
|  |  | 10316 |
| **India 1.0%** | **India 1.0%** | **India 1.0%** |
| Axis Bank Limited | 21 | 261 |
| Axis Bank Limited - GDR (d) | 7 | 429 |
| Bajaj Finance Limited | 53 | 458 |
| Biocon Limited | 55 | 214 |
| Blue Star Limited | 10 | 181 |
| CG Power and Industrial Solutions Limited | 31 | 218 |
| Coforge Limited | 15 | 183 |
| Cyient Limited | 17 | 137 |
| Dr. Reddy's Laboratories Limited - ADR | 14 | 201 |
| HDFC Bank Limited | 70 | 558 |
| HDFC Bank Limited - ADR | 34 | 852 |
| Hindalco Industries Limited | 33 | 316 |
| Indian Hotels Company Limited, The | 33 | 203 |
| IndusInd Bank Ltd. (a) | 21 | 171 |
| Infosys Limited - ADR (f) | 16 | 222 |
| Infosys Limited | 12 | 157 |
| Mahindra and Mahindra Limited | 19 | 600 |
| Max Financial Services Limited (a) | 26 | 414 |
| NTPC Limited | 120 | 476 |
| Reliance Industries Limited - GDR (d) | 10 | 569 |
| Reliance Industries Limited | 35 | 514 |
| SBI Life Insurance Company Limited (d) | 15 | 283 |
| UltraTech Cement Limited | 2 | 268 |
| Varun Beverages Limited | 68 | 281 |
|  |  | 8166 |
| **Switzerland 0.9%** | **Switzerland 0.9%** | **Switzerland 0.9%** |
| ABB Ltd. - Class N | 6 | 508 |
| Alcon AG | 2 | 149 |
| Amrize AG | 3 | 176 |
| Amrize AG | 2 | 118 |
| Coca-Cola HBC AG | 1 | 71 |
| Compagnie Financiere Richemont S.A. | 2 | 378 |
| EMS-Chemie Holding AG |  | 24 |
| Galderma Group AG | 1 | 104 |
| Geberit AG - Class N |  | 90 |
| Givaudan S.A. - Class N |  | 112 |
| Glencore PLC | 38 | 291 |
| Holcim AG | 2 | 163 |
| Julius Bar Gruppe AG - Class N | 1 | 58 |
| Kuhne & Nagel International AG (f) |  | 43 |
| Lonza Group AG |  | 179 |
| Nestle S.A. - Class N | 10 | 1013 |
| Novartis AG - Class N | 8 | 1156 |
| Partners Group Holding AG |  | 93 |
| Roche Holding AG | 3 | 1091 |
| Roche Holding AG |  | 48 |
| Sandoz Group AG | 2 | 129 |
| Schindler Holding AG - Class N |  | 26 |
| SGS S.A. | 1 | 64 |
| Sika AG | 1 | 106 |
| Sonova Holding AG |  | 44 |
| Straumann Holding AG - Class N (f) |  | 45 |
| Swiss Life Holding AG - Class N |  | 154 |
| Swiss Re AG (f) | 1 | 201 |
| Swisscom AG - Class N |  | 85 |
| UBS Group AG | 12 | 484 |
| Zurich Insurance Group AG - Class N | 1 | 403 |
|  |  | 7606 |
| **Netherlands 0.9%** | **Netherlands 0.9%** | **Netherlands 0.9%** |
| Adyen N.V. (a) (d) |  | 119 |
| ASM International N.V. |  | 131 |
| ASML Holding N.V. | 4 | 4723 |
| DSM-Firmenich AG | 1 | 69 |
| Exor Nederland N.V. |  | 28 |
| HAL Trust |  | 29 |
| Heineken Holding N.V. | 1 | 37 |
| Heineken N.V. | 5 | 360 |
| ING Groep N.V. | 12 | 303 |
| JDE Peet's N.V. | 1 | 23 |
| Koninklijke Ahold Delhaize N.V. | 3 | 162 |
| Koninklijke KPN N.V. | 15 | 86 |
| Koninklijke Philips N.V. | 3 | 87 |
| NN Group N.V. | 1 | 83 |
| NXP Semiconductors N.V. | 4 | 778 |
| Prosus N.V. - Class N | 4 | 208 |
| STMicroelectronics N.V. | 3 | 86 |
| uniQure N.V. (a) | 2 | 31 |
| Wolters Kluwer N.V. - Class C | 1 | 69 |
|  |  | 7412 |
| **Australia 0.9%** | **Australia 0.9%** | **Australia 0.9%** |
| ANZ Group Holdings Limited | 12 | 299 |
| Aristocrat Leisure Limited | 2 | 79 |
| ASX Limited | 1 | 28 |
| Australian Pipeline Trust | 5 | 36 |
| BHP Group Limited | 19 | 683 |
| BlueScope Steel Limited | 2 | 32 |
| Brambles Limited | 5 | 86 |
| Cochlear Limited |  | 29 |
| Coles Group Limited | 5 | 80 |
| Commonwealth Bank of Australia | 7 | 781 |
| Computershare Limited | 2 | 43 |
| CSL Limited | 2 | 191 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Evolution Mining Limited | 8 | 72 |
| Fortescue Ltd. | 6 | 90 |
| Goodman Funding Pty Ltd. | 8 | 139 |
| GPT Management Holdings Limited | 8 | 24 |
| Insurance Australia Group Limited | 9 | 48 |
| Lottery Corporation Limited, The | 9 | 33 |
| Macquarie Group Limited | 1 | 205 |
| Medibank Private Limited | 11 | 33 |
| Mirvac Limited | 15 | 19 |
| National Australia Bank Limited | 12 | 353 |
| Northern Star Resources Ltd. | 6 | 82 |
| Orica Limited | 2 | 27 |
| Origin Energy Limited | 7 | 59 |
| Pro Medicus Limited |  | 18 |
| Qantas Airways Limited | 3 | 17 |
| QBE Insurance Group Limited | 6 | 88 |
| REA Group Ltd. (f) |  | 22 |
| Rio Tinto Limited | 1 | 167 |
| Rio Tinto PLC | 20 | 1869 |
| Santos Limited | 12 | 68 |
| Scentre Group Limited | 21 | 48 |
| SEEK Limited | 1 | 12 |
| SGH Limited | 1 | 23 |
| Sigma Healthcare Ltd. | 22 | 41 |
| Sonic Healthcare Limited | 2 | 26 |
| South32 Limited | 18 | 54 |
| Stockland Corporation Ltd. | 9 | 28 |
| Suncorp Group Limited | 4 | 48 |
| Telstra Group Limited | 16 | 59 |
| TPG Corporation Limited | 2 | 5 |
| Transurban Holdings Limited | 12 | 120 |
| Vicinity Centres RE Ltd. | 14 | 24 |
| Wesfarmers Limited | 5 | 230 |
| Westpac Banking Corporation | 14 | 376 |
| WHSP Holdings Ltd. | 1 | 35 |
| WiseTech Global Limited | 1 | 19 |
| Woodside Energy Group Ltd. | 8 | 181 |
| Woolworths Group Limited | 5 | 123 |
| | | 7252 |
| **Sweden 0.6%** | **Sweden 0.6%** | **Sweden 0.6%** |
| AB Sagax - Class B | 1 | 15 |
| Aktiebolaget Industrivarden - Class A |  | 22 |
| Aktiebolaget Industrivarden - Class C (f) | 1 | 34 |
| Aktiebolaget SKF - Class A |  | 1 |
| Aktiebolaget SKF - Class B | 1 | 34 |
| Aktiebolaget Volvo - Class A | 1 | 25 |
| Aktiebolaget Volvo - Class B (f) | 47 | 1532 |
| Alfa Laval AB | 1 | 59 |
| ASSA ABLOY AB - Class B | 4 | 152 |
| Atlas Copco Aktiebolag - Class A | 10 | 179 |
| Atlas Copco Aktiebolag - Class B | 6 | 98 |
| Axfood AB (f) |  | 15 |
| Boliden AB (a) | 1 | 59 |
| Epiroc Aktiebolag - Class A | 2 | 61 |
| Epiroc Aktiebolag - Class B | 2 | 33 |
| EQT AB (d) | 3 | 86 |
| Essity Aktiebolag (publ) - Class A |  | 2 |
| Essity Aktiebolag (publ) - Class B | 2 | 61 |
| Evolution AB (publ) (d) | 1 | 45 |
| Fastighets AB Balder - Class B (a) | 3 | 16 |
| G&L Beijer Ref AB - Class B (f) | 1 | 20 |
| H & M Hennes & Mauritz AB - Class B (f) | 2 | 37 |
| Hexagon Aktiebolag - Class B | 8 | 82 |
| Holmen Aktiebolag - Class B (f) |  | 11 |
| Indutrade Aktiebolag (f) | 1 | 24 |
| Investmentaktiebolaget Latour - Class B | 1 | 12 |
| Investor Aktiebolag - Class A | 3 | 102 |
| Investor Aktiebolag - Class B | 7 | 275 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B |  | 17 |
| Lifco AB (Publ) - Class B | 1 | 27 |
| NIBE Industrier AB - Class B | 7 | 27 |
| Nordnet AB | 1 | 20 |
| SAAB Aktiebolag - Class B (f) | 1 | 97 |
| Sandvik Aktiebolag | 4 | 149 |
| Securitas AB - Class B | 2 | 35 |
| Skandinaviska Enskilda Banken AB - Class A (f) | 5 | 98 |
| Skanska AB - Class B (f) | 1 | 35 |
| Spotify Technology S.A. (a) | 1 | 402 |
| SSAB AB - Class A | 1 | 7 |
| SSAB AB - Class B | 2 | 18 |
| Svenska Cellulosa Aktiebolaget SCA - Class B (f) | 2 | 22 |
| Svenska Handelsbanken AB - Class A (f) | 5 | 71 |
| Svenska Handelsbanken AB - Class B |  |  |
| Swedbank AB - Class A | 4 | 131 |
| Swedish Orphan Biovitrum AB (Publ) (a) | 1 | 27 |
| Tele2 AB - Class B | 2 | 45 |
| Telefonaktiebolaget LM Ericsson - Class A |  | 2 |
| Telefonaktiebolaget LM Ericsson - Class B (f) | 10 | 118 |
| Telia Company AB (f) | 9 | 47 |
| Trelleborg AB - Class B | 1 | 30 |
|  |  | 4517 |
| **Hong Kong 0.5%** | **Hong Kong 0.5%** | **Hong Kong 0.5%** |
| AIA Group Limited | 75 | 824 |
| Budweiser Brewing Company APAC Limited (d) (f) | 7 | 6 |
| CK Asset Holdings Limited | 8 | 46 |
| CK Hutchison Holdings Limited | 10 | 81 |
| CK Infrastructure Holdings Limited | 2 | 16 |
| CLP Holdings Limited | 8 | 70 |
| Henderson Land Development Company Limited | 5 | 19 |
| HKT Trust | 14 | 22 |
| Hong Kong And China Gas Company Limited - The- | 43 | 39 |
| Hong Kong Exchanges and Clearing Limited | 36 | 1817 |
| Jardine Matheson Holdings Limited | 1 | 48 |
| Link Real Estate Investment Trust | 10 | 46 |
| MTR Corporation Limited (f) | 7 | 27 |
| Power Assets Holdings Limited | 6 | 43 |
| Sino Land Company Limited | 18 | 26 |
| Sun Hung Kai Properties Limited | 7 | 117 |
| Swire Pacific Limited - Class A | 2 | 16 |
| Swire Pacific Limited - Class B | 3 | 4 |
| Swire Properties Limited | 5 | 13 |
| Techtronic Industries Company Limited | 26 | 344 |
| WH Group Limited (d) | 30 | 40 |
| Wharf (Holdings) Limited, The (f) | 5 | 14 |
| Wharf Real Estate Investment Company Limited | 6 | 17 |
|  |  | 3695 |
| **Brazil 0.4%** | **Brazil 0.4%** | **Brazil 0.4%** |
| B3 S.A. - Brasil, Bolsa, Balcao | 186 | 662 |
| Banco do Brasil S.A. | 59 | 260 |
| Banco Santander (Brasil) S.A. | 61 | 363 |
| Centrais Eletricas Brasileiras S/A - Eletrobras | 43 | 485 |
| Localiza Rent A Car S/A | 42 | 378 |
| Motiva Infraestrutura De Mobilidade S.A. | 96 | 293 |
| NU Holdings Ltd. - Class A (a) | 26 | 376 |
| Raia Drogasil S.A. | 53 | 239 |
| Telefonica Brasil S.A. | 56 | 444 |
|  |  | 3500 |
| **Spain 0.4%** | **Spain 0.4%** | **Spain 0.4%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 1 | 108 |
| AENA S.M.E., S.A. | 3 | 87 |
| Amadeus IT Holding, S.A. (d) | 2 | 99 |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima | 23 | 495 |
| Banco Santander, S.A. | 59 | 655 |
| CaixaBank, S.A. | 14 | 169 |
| Cellnex Telecom, S.A. (d) | 2 | 73 |
| EDP Renovaveis, S.A. (f) | 1 | 16 |
| Endesa, S.A. | 1 | 52 |
| Ferrovial SE | 2 | 118 |
| Iberdrola, Sociedad Anonima | 24 | 558 |
| Industria de Diseno Textil, S.A. | 4 | 255 |
| Naturgy Energy Group S.A. (f) |  | 13 |
| Repsol S.A. | 4 | 124 |
| Telefonica, S.A. (f) | 18 | 77 |
|  |  | 2899 |
| **Singapore 0.3%** | **Singapore 0.3%** | **Singapore 0.3%** |
| Capitaland Ascendas REIT | 14 | 27 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Capitaland Group Pte. Ltd. | 24 | 42 |
| Capitaland Investment Limited | 9 | 18 |
| DBS Group Holdings Ltd. | 36 | 1618 |
| Genting Singapore Limited (f) | 23 | 12 |
| Jardine Cycle & Carriage Limited |  | 11 |
| Keppel Ltd. | 6 | 53 |
| Mpact Treasury Company Pte. Ltd. (d) | 9 | 9 |
| Oversea-Chinese Banking Corporation Limited | 13 | 223 |
| Sea Limited - Class A - ADR (a) | 2 | 185 |
| Singapore Airlines Limited | 6 | 30 |
| Singapore Exchange Limited | 3 | 52 |
| Singapore Technologies Engineering Ltd. | 6 | 51 |
| Singapore Telecommunications Limited | 33 | 127 |
| United Overseas Bank Limited | 5 | 152 |
| Wilmar International Limited | 7 | 22 |
| | | 2632 |
| **South Africa 0.3%** | **South Africa 0.3%** | **South Africa 0.3%** |
| ABSA Group | 31 | 448 |
| Capitec Bank Holdings | 1 | 274 |
| Gold Fields Limited | 15 | 694 |
| Gold Fields Limited - ADR | 10 | 438 |
| MTN Group | 28 | 328 |
| Sanlam | 41 | 217 |
| Woolworths Holdings Limited | 56 | 168 |
|  |  | 2567 |
| **Italy 0.3%** | **Italy 0.3%** | **Italy 0.3%** |
| A2a S.P.A. | 6 | 17 |
| Assicurazioni Generali Societa' Per Azioni | 4 | 143 |
| Banca Mediolanum SpA | 1 | 16 |
| Banca Monte dei Paschi di Siena S.p.A. | 8 | 72 |
| Banco BPM Societa' Per Azioni (f) | 5 | 72 |
| Bper Banca S.P.A. | 5 | 68 |
| Buzzi S.p.A. |  | 16 |
| Davide Campari-Milano N.V. | 2 | 16 |
| ENEL - SPA | 31 | 336 |
| Eni S.P.A. | 8 | 220 |
| Ferrari N.V. | 1 | 170 |
| Finecobank Banca Fineco S.P.A. | 2 | 54 |
| Infrastrutture Wireless Italiane S.p.A. (d) (f) | 1 | 10 |
| Intesa Sanpaolo SPA | 61 | 370 |
| Leonardo S.p.A. | 2 | 108 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni |  | 9 |
| Moncler S.p.A. | 1 | 52 |
| Poste Italiane - Societa' Per Azioni (d) | 2 | 43 |
| Prysmian S.p.A. | 1 | 133 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. |  | 22 |
| Snam S.p.A. | 9 | 65 |
| Telecom Italia S.p.A. | 50 | 35 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 6 | 64 |
| Unicredit, Societa' Per Azioni | 6 | 434 |
|  |  | 2545 |
| **Denmark 0.3%** | **Denmark 0.3%** | **Denmark 0.3%** |
| A.P. Moller - Maersk A/S - Class A (f) |  | 29 |
| A.P. Moller - Maersk A/S - Class B (f) |  | 30 |
| Carlsberg A/S - Class B |  | 46 |
| Coloplast A/S - Class B | 1 | 37 |
| Danske Bank A/S | 3 | 125 |
| DSV A/S | 1 | 186 |
| Genmab A/S (a) |  | 67 |
| Novo Nordisk A/S - Class B | 33 | 1234 |
| Novozymes A/S - Class B | 1 | 82 |
| Orsted A/S (a) (d) | 2 | 45 |
| Pandora A/S (f) |  | 22 |
| Tryg A/S | 1 | 29 |
| Vestas Wind Systems A/S | 4 | 116 |
|  |  | 2048 |
| **Mexico 0.1%** | **Mexico 0.1%** | **Mexico 0.1%** |
| Arca Continental S.A.B. de C.V. (f) | 23 | 266 |
| Fresnillo PLC | 1 | 33 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Series B - ADR | 1 | 364 |
| Regional, S.A.B. De C.V. | 41 | 349 |
|  |  | 1012 |
| **Finland 0.1%** | **Finland 0.1%** | **Finland 0.1%** |
| Elisa Oyj | 1 | 28 |
| Fortum Oyj (f) | 2 | 44 |
| Kesko Oyj - Class A |  | 8 |
| Kesko Oyj - Class B | 1 | 23 |
| Kone Corporation - Class B | 1 | 90 |
| Metso Oyj | 3 | 48 |
| Neste Oyj | 2 | 55 |
| Nokia Oyj | 20 | 162 |
| Nordea Bank Abp (f) | 13 | 221 |
| Orion Oyj - Class A |  | 8 |
| Orion Oyj - Class B |  | 34 |
| Sampo Oyj - Class A | 10 | 108 |
| Stora Enso Oyj - Class R (f) | 2 | 28 |
| UPM-Kymmene Oyj | 2 | 65 |
| Wartsila Oyj Abp | 2 | 71 |
|  |  | 993 |
| **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** |
| Al Rajhi Banking and Investment Corporation | 34 | 965 |
| **Belgium 0.1%** | **Belgium 0.1%** | **Belgium 0.1%** |
| Ackermans |  | 26 |
| Ageas SA/NV | 1 | 50 |
| Anheuser-Busch InBev | 4 | 270 |
| Argenx SE (a) |  | 180 |
| D'Ieteren Group |  | 15 |
| Elia Group |  | 25 |
| Groep Brussel Lambert |  | 29 |
| KBC Groep | 1 | 122 |
| Lotus Bakeries |  | 23 |
| Sofina |  | 15 |
| Syensqo (f) |  | 16 |
| U C B |  | 145 |
| Warehouses De Pauw | 1 | 18 |
|  |  | 934 |
| **Indonesia 0.1%** | **Indonesia 0.1%** | **Indonesia 0.1%** |
| PT. Bank Central Asia Tbk | 1620 | 620 |
| PT. Telekomunikasi Indonesia (Persero) Tbk | 1485 | 271 |
|  |  | 891 |
| **Ireland 0.1%** | **Ireland 0.1%** | **Ireland 0.1%** |
| AerCap Holdings N.V. | 4 | 595 |
| Kerry Group Public Limited Company - Class A | 1 | 46 |
| Kingspan Group Public Limited Company | 1 | 52 |
| Smurfit Westrock Public Limited Company | 4 | 143 |
|  |  | 836 |
| **Hungary 0.1%** | **Hungary 0.1%** | **Hungary 0.1%** |
| OTP Bank Nyrt. | 6 | 681 |
| **Norway 0.1%** | **Norway 0.1%** | **Norway 0.1%** |
| Aker BP ASA | 1 | 45 |
| DNB Bank ASA | 3 | 92 |
| Equinor ASA | 3 | 132 |
| Gjensidige Forsikring ASA | 1 | 19 |
| Kongsberg Gruppen ASA | 2 | 74 |
| Mowi ASA | 2 | 40 |
| Norsk Hydro ASA | 5 | 54 |
| Orkla ASA | 3 | 34 |
| SalMar ASA |  | 17 |
| Storebrand ASA | 2 | 30 |
| Telenor ASA | 2 | 44 |
| Var Energi ASA | 3 | 17 |
| Vend Marketplaces ASA - Class B | 1 | 20 |
| Yara International ASA | 1 | 38 |
|  |  | 656 |
| **Israel 0.1%** | **Israel 0.1%** | **Israel 0.1%** |
| Azrieli Group Ltd. |  | 18 |
| Bank Hapoalim B.M. | 5 | 123 |
| Bank Leumi Le-Israel B.M. | 6 | 133 |
| Elbit Systems Ltd. |  | 81 |
| ICL Group Ltd. | 3 | 14 |
| Israel Discount Bank Limited | 5 | 50 |
| Mizrahi Tefahot Bank Ltd. | 1 | 41 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nice Ltd. (a) |  | 28 |
| Teva Pharmaceutical Industries Ltd. (a) | 5 | 137 |
| | | 625 |
| **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** |
| Abu Dhabi Islamic Bank | 37 | 208 |
| Adnoc Drilling Company PJSC | 115 | 161 |
| Americana Restaurants International PLC | 371 | 188 |
|  |  | 557 |
| **Greece 0.1%** | **Greece 0.1%** | **Greece 0.1%** |
| Piraeus Bank S.A. (a) | 64 | 518 |
| **Peru 0.1%** | **Peru 0.1%** | **Peru 0.1%** |
| Intergroup Financial Services Corp. | 9 | 434 |
| **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** |
| BIM Birlesik Magazalar Anonim Sirketi - Class A | 17 | 267 |
| Turkiye Petrol Rafinerileri Anonim Sirketi Tupras - Class A | 26 | 150 |
|  |  | 417 |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| Allegro.eu (a) (d) | 2 | 17 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 1 | 49 |
| Dino Polska Spolka Akcyjna (a) (d) | 2 | 17 |
| ING Bank Slaski Spolka Akcyjna |  | 13 |
| KGHM Polska Miedz Spolka Akcyjna (a) | 1 | 40 |
| LPP Spolka Akcyjna |  | 36 |
| Orlen S A | 2 | 84 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 3 | 81 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 2 | 39 |
| Santander Bank Polska Spolka Akcyjna |  | 24 |
|  |  | 400 |
| **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** |
| MercadoLibre, Inc. (a) |  | 318 |
| Tenaris S.A. | 1 | 38 |
|  |  | 356 |
| **Malaysia 0.0%** | **Malaysia 0.0%** | **Malaysia 0.0%** |
| Malayan Banking Berhad | 120 | 336 |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Shopify Inc. - Class A (a) | 1 | 162 |
| Wheaton Precious Metals Corp. | 1 | 131 |
|  |  | 293 |
| **Portugal 0.0%** | **Portugal 0.0%** | **Portugal 0.0%** |
| EDP, S.A. | 11 | 58 |
| Galp Energia, SGPS, S.A. - Class B | 2 | 40 |
| Jeronimo Martins, SGPS S.A. | 8 | 193 |
|  |  | 291 |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| Andritz AG (f) |  | 18 |
| BAWAG Group AG (d) |  | 46 |
| Erste Group Bank AG (f) | 1 | 129 |
| OMV Aktiengesellschaft (f) | 1 | 41 |
| Raiffeisen Bank International AG (f) | 1 | 25 |
| Telekom Austria Aktiengesellschaft |  | 4 |
| Verbund AG (f) |  | 20 |
|  |  | 283 |
| **Thailand 0.0%** | **Thailand 0.0%** | **Thailand 0.0%** |
| PTT Global Chemical Public Company Limited - NVDR | 201 | 224 |
| **Kazakhstan 0.0%** | **Kazakhstan 0.0%** | **Kazakhstan 0.0%** |
| Joint Stock Company Kaspi.Kz - ADR (d) | 2 | 159 |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Auckland International Airport Limited | 6 | 28 |
| Fisher & Paykel Healthcare Corporation Limited | 2 | 47 |
| Meridian Energy Limited | 5 | 16 |
|  |  | 91 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| ArcelorMittal | 2 | 87 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 1 | 62 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Galaxy Entertainment Group Limited | 9 | 41 |
| Sands China Ltd. | 8 | 18 |
|  |  | 59 |
| **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** |
| Zijin Gold International Company Limited | 2 | 36 |
| **Czech Republic 0.0%** | **Czech Republic 0.0%** | **Czech Republic 0.0%** |
| CSG N.V. - Class A (a) | 1 | 17 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (a) (d) (e) | 1 |  |
| Public Joint Stock Company Severstal - GDR (a) (d) (e) | 15 |  |
| Total Common Stocks (cost $406,775) | Total Common Stocks (cost $406,775) | 407213 |
| **CORPORATE BONDS AND NOTES 21.1%** | **CORPORATE BONDS AND NOTES 21.1%** | **CORPORATE BONDS AND NOTES 21.1%** |
| **United States of America 16.5%** | **United States of America 16.5%** | **United States of America 16.5%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (g) | 642 | 612 |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (g) | 471 | 480 |
| Acrisure, LLC |  |  |
| 4.25%, 02/15/29 (g) | 495 | 466 |
| 7.50%, 11/06/30 (g) | 639 | 637 |
| Adient Global Holdings Ltd. |  |  |
| 7.00%, 04/15/28 (g) | 257 | 261 |
| ADT Security Corporation, The |  |  |
| 4.13%, 08/01/29 (g) | 583 | 557 |
| Advance Auto Parts, Inc. |  |  |
| 7.00%, 08/01/30 (g) | 564 | 571 |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (g) | 565 | 590 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 04/15/28 (g) | 637 | 639 |
| 7.00%, 01/15/31 (g) | 376 | 379 |
| Allied Universal Holdco LLC |  |  |
| 6.88%, 06/15/30 (g) | 895 | 906 |
| Alta Equipment Group Inc. |  |  |
| 9.00%, 06/01/29 (g) | 444 | 393 |
| American Airlines, Inc. |  |  |
| 7.25%, 02/15/28 (g) | 34 | 34 |
| 5.75%, 04/20/29 (g) | 961 | 953 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 | 487 | 464 |
| American Express Company |  |  |
| 4.46%, 02/10/32 | 1123 | 1113 |
| AmeriGas Partners, L.P. |  |  |
| 9.50%, 06/01/30 (g) | 422 | 446 |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (g) | 393 | 396 |
| 4.88%, 06/30/29 (g) | 150 | 144 |
| Antero Resources Corporation |  |  |
| 5.38%, 03/01/30 (g) | 700 | 703 |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (g) | 557 | 557 |
| 9.75%, 04/15/30 (g) | 41 | 43 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (g) | 508 | 459 |
| APLD ComputeCo LLC |  |  |
| 9.25%, 12/15/30 (g) | 627 | 646 |
| Arbor Realty SR, Inc. |  |  |
| 7.88%, 07/15/30 (g) | 438 | 405 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28 (g) | 332 | 319 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 3.25%, 09/01/28 (g) | 403 | 383 |
| Asbury Automotive Group, Inc. |  |  |
| 4.63%, 11/15/29 (g) | 218 | 211 |
| Athene Global Funding |  |  |
| 2.88%, 07/21/28, EUR (d) | 644 | 720 |
| Avantor, Inc. |  |  |
| 4.63%, 07/15/28 (g) | 501 | 488 |
| Avis Budget Car Rental, LLC |  |  |
| 4.75%, 04/01/28 (g) | 69 | 67 |
| 8.25%, 01/15/30 (f) (g) | 706 | 710 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Axalta Coating Systems, LLC |  |  |
| 4.75%, 06/15/27 (g) | 287 | 285 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 (g) | 572 | 582 |
| B&G Foods, Inc. |  |  |
| 5.25%, 09/15/27 | 14 | 13 |
| 8.00%, 09/15/28 (g) | 522 | 514 |
| Ball Corporation |  |  |
| 6.00%, 06/15/29 | 496 | 503 |
| Bank of America Corporation |  |  |
| 5.05%, 02/06/37 | 719 | 709 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (g) | 618 | 638 |
| Bausch Health Companies Inc. |  |  |
| 11.00%, 09/30/28 (g) | 82 | 84 |
| Beacon Mobility Corp. |  |  |
| 7.25%, 08/01/30 (g) | 421 | 435 |
| Bellring Intermediate Holdings, Inc. |  |  |
| 7.00%, 03/15/30 (g) | 355 | 355 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (g) | 636 | 632 |
| Boyd Gaming Corporation |  |  |
| 4.75%, 12/01/27 | 317 | 313 |
| Brandywine Operating Partnership, L.P. |  |  |
| 8.88%, 04/12/29 | 434 | 439 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (f) (g) | 661 | 636 |
| 7.00%, 02/15/30 (g) | 500 | 506 |
| California Resources Corporation |  |  |
| 8.25%, 06/15/29 (g) | 330 | 345 |
| Capstone Borrower, Inc. |  |  |
| 8.00%, 06/15/30 (g) | 497 | 475 |
| Carnival Corporation |  |  |
| 5.13%, 05/01/29 (g) | 639 | 632 |
| 5.75%, 03/15/30 (g) | 259 | 260 |
| CCO Holdings, LLC |  |  |
| 6.38%, 09/01/29 (g) | 650 | 651 |
| CDI Escrow Issuer, Inc. |  |  |
| 5.75%, 04/01/30 (g) | 386 | 381 |
| Celanese US Holdings LLC |  |  |
| 6.85%, 11/15/28 (h) (i) (j) | 15 | 16 |
| 6.50%, 04/15/30 (f) | 822 | 838 |
| 7.05%, 11/15/30 (h) (i) (j) | 452 | 477 |
| Central Parent Inc. |  |  |
| 7.25%, 06/15/29 (g) | 26 | 19 |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/29 (g) (j) | 221 | 207 |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 (g) | 97 | 101 |
| Charter Communications Operating, LLC |  |  |
| 2.80%, 04/01/31 | 1295 | 1163 |
| 6.65%, 02/01/34 | 193 | 201 |
| Chemours Company, The |  |  |
| 5.75%, 11/15/28 (g) | 116 | 115 |
| 4.63%, 11/15/29 (g) | 342 | 321 |
| Chevron Phillips Chemical Company LLC |  |  |
| 3.40%, 12/01/26 (g) | 52 | 52 |
| Cinemark USA, Inc. |  |  |
| 5.25%, 07/15/28 (g) | 495 | 491 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (g) | 756 | 783 |
| Citigroup Inc. |  |  |
| 4.54%, 09/19/30 | 1610 | 1605 |
| Civitas Resources, Inc. |  |  |
| 8.63%, 11/01/30 (g) | 284 | 299 |
| Clarios Global LP |  |  |
| 6.75%, 02/15/30 (g) | 289 | 295 |
| Clarivate Science Holdings Corporation |  |  |
| 3.88%, 07/01/28 (g) | 249 | 235 |
| 4.88%, 07/01/29 (g) | 611 | 531 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.88%, 04/01/30 (g) | 507 | 530 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (g) | 689 | 689 |
| 6.75%, 04/15/30 (g) | 18 | 18 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (g) | 1466 | 1424 |
| 9.00%, 09/30/29 (g) | 834 | 805 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 8.75%, 04/15/30 (g) | 851 | 795 |
| Coinbase Global, Inc. |  |  |
| 3.38%, 10/01/28 (g) | 594 | 555 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (g) | 619 | 620 |
| Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/30 (g) | 730 | 688 |
| Compass Group Diversified Holdings LLC |  |  |
| 5.25%, 04/15/29 (g) (k) | 69 | 64 |
| Compass Minerals International, Inc. |  |  |
| 8.00%, 07/01/30 (g) | 478 | 494 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (g) | 803 | 791 |
| 5.88%, 01/15/30 (g) | 66 | 64 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (g) | 791 | 769 |
| CP Atlas Buyer, Inc. |  |  |
| 9.75%, 07/15/30 (g) | 419 | 392 |
| Credit Acceptance Corporation |  |  |
| 6.63%, 03/15/30 (g) | 591 | 574 |
| CrossCountry Intermediate HoldCo, LLC |  |  |
| 6.50%, 10/01/30 (g) | 542 | 517 |
| CSC Holdings, LLC |  |  |
| 11.75%, 01/31/29 (g) | 1007 | 729 |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 6.75%, 05/15/28 (g) | 309 | 309 |
| Darling Ingredients Inc. |  |  |
| 6.00%, 06/15/30 (g) | 333 | 336 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (g) | 26 | 25 |
| Delek Logistics Partners, LP |  |  |
| 8.63%, 03/15/29 (g) | 536 | 554 |
| Digital Stout Holding, LLC |  |  |
| 3.30%, 07/19/29, GBP (d) | 117 | 145 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (g) | 758 | 758 |
| 8.88%, 02/01/30 (g) | 1158 | 1152 |
| Discovery Communications, LLC |  |  |
| 3.63%, 05/15/30 | 935 | 869 |
| DISH DBS Corporation |  |  |
| 7.38%, 07/01/28 | 951 | 922 |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (g) | 1147 | 1181 |
| Duke Energy Corporation |  |  |
| 3.10%, 06/15/28, EUR | 386 | 442 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/27 (g) | 750 | 741 |
| Dycom Industries, Inc. |  |  |
| 4.50%, 04/15/29 (g) | 272 | 263 |
| Edgewell Personal Care Colombia S A S |  |  |
| 4.13%, 04/01/29 (g) | 467 | 441 |
| Elastic N.V. |  |  |
| 4.13%, 07/15/29 (g) | 493 | 462 |
| Ellucian Holdings Inc. |  |  |
| 6.50%, 12/01/29 (g) | 510 | 498 |
| Encore Capital Group, Inc. |  |  |
| 8.50%, 05/15/30 (g) | 206 | 218 |
| Energy Transfer LP |  |  |
| 7.13%, 10/01/54 | 150 | 152 |
| Enova International, Inc. |  |  |
| 9.13%, 08/01/29 (g) | 424 | 435 |
| EQT Corporation |  |  |
| 4.50%, 01/15/29 | 123 | 123 |
| Equipmentshare.Com Inc |  |  |
| 9.00%, 05/15/28 (g) | 579 | 597 |
| Equitable Financial Life Global Funding |  |  |
| 0.60%, 06/16/28, EUR (d) | 685 | 736 |
| EverArc Escrow |  |  |
| 5.00%, 10/30/29 (g) | 270 | 263 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (g) | 505 | 527 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ferrellgas Escrow, LLC |  |  |
| 5.88%, 04/01/29 (g) | 59 | 56 |
| Fiserv Funding Unlimited Company |  |  |
| 2.88%, 06/15/28, EUR | 415 | 471 |
| Flash Compute LLC |  |  |
| 7.25%, 12/31/30 (g) | 657 | 659 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 150 | 130 |
| Ford Motor Credit Company LLC |  |  |
| 3.78%, 09/16/29, EUR | 162 | 184 |
| 5.75%, 04/06/33 | 200 | 197 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.50%, 05/01/28 (g) | 638 | 638 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 (g) | 728 | 737 |
| Gap, Inc., The |  |  |
| 3.63%, 10/01/29 (g) | 533 | 497 |
| Gen Digital Inc. |  |  |
| 6.75%, 09/30/27 (g) | 633 | 634 |
| Genting New York LLC |  |  |
| 7.25%, 10/01/29 (g) | 269 | 269 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 475 | 493 |
| Getty Images, Inc. |  |  |
| 10.50%, 11/15/30 (g) | 600 | 542 |
| Global Payments Inc. |  |  |
| 4.88%, 03/17/31, EUR | 238 | 279 |
| Gray Media, Inc. |  |  |
| 10.50%, 07/15/29 (g) | 597 | 636 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (g) | 457 | 442 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (g) | 33 | 35 |
| 4.88%, 06/01/29 (g) | 698 | 652 |
| Herc Holdings Inc. |  |  |
| 6.63%, 06/15/29 (g) | 591 | 599 |
| 7.00%, 06/15/30 (g) | 360 | 369 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (g) | 459 | 403 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (g) | 332 | 333 |
| Hilton Domestic Operating Company Inc. |  |  |
| 3.75%, 05/01/29 (g) | 39 | 37 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 5.00%, 06/01/29 (g) | 552 | 524 |
| Hologic Inc |  |  |
| 6.00%, 01/31/33 (e) (l) | 22 | 9 |
| HUB International Limited |  |  |
| 7.25%, 06/15/30 (g) | 1054 | 1081 |
| Icahn Enterprises L.P. |  |  |
| 5.25%, 05/15/27 | 415 | 407 |
| 10.00%, 11/15/29 (g) | 362 | 356 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (g) | 783 | 761 |
| Iron Mountain Incorporated |  |  |
| 5.00%, 07/15/28 (g) | 566 | 560 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (g) | 172 | 167 |
| Jazz Securities Designated Activity Company |  |  |
| 4.38%, 01/15/29 (g) | 670 | 653 |
| Jefferies Finance LLC |  |  |
| 5.00%, 08/15/28 (g) | 388 | 362 |
| KeHE Distributors, LLC |  |  |
| 9.00%, 02/15/29 (g) | 542 | 564 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (g) | 750 | 761 |
| Lamar Media Corp. |  |  |
| 3.75%, 02/15/28 | 317 | 308 |
| Lifepoint Health, Inc. |  |  |
| 11.00%, 10/15/30 (g) | 205 | 220 |
| Light & Wonder, Inc. |  |  |
| 6.63%, 03/01/30 (g) | 506 | 434 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (g) | 482 | 490 |
| Lithia Motors, Inc. |  |  |
| 3.88%, 06/01/29 (g) | 22 | 21 |
| Live Nation Entertainment, Inc. |  |  |
| 4.75%, 10/15/27 (g) | 326 | 324 |
| Magnera Corporation |  |  |
| 4.75%, 11/15/29 (f) (g) | 480 | 433 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/30 (g) | 987 | 987 |
| 9.25%, 04/15/30 (g) | 351 | 326 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/29 | 526 | 528 |
| Midcap Financial Issuer Trust |  |  |
| 6.50%, 05/01/28 (g) | 301 | 292 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (g) | 81 | 79 |
| Millennium Escrow Corporation |  |  |
| 6.63%, 08/01/26 (g) | 332 | 309 |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/30 (g) | 620 | 618 |
| MIWD Holdco II LLC |  |  |
| 5.50%, 02/01/30 (g) | 471 | 407 |
| Mohegan Escrow Issuer, LLC |  |  |
| 8.25%, 04/15/30 (g) | 29 | 30 |
| Molina Healthcare, Inc. |  |  |
| 4.38%, 06/15/28 (g) | 325 | 314 |
| Morgan Stanley |  |  |
| 1.51%, 07/20/27 | 125 | 124 |
| 3.79%, 03/21/30, EUR (d) | 409 | 475 |
| 5.07%, 01/30/37 | 259 | 254 |
| Mozart Debt Merger Sub Inc. |  |  |
| 5.25%, 10/01/29 (g) | 930 | 921 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (g) | 517 | 511 |
| Nabors Industries, Inc. |  |  |
| 9.13%, 01/31/30 (g) | 464 | 488 |
| Navient Corporation |  |  |
| 5.50%, 03/15/29 (f) | 681 | 624 |
| 9.38%, 07/25/30 | 54 | 52 |
| NCL Corporation Ltd. |  |  |
| 7.75%, 02/15/29 (g) | 268 | 278 |
| NCR Atleos Escrow Corporation |  |  |
| 9.50%, 04/01/29 (g) | 573 | 613 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (g) | 910 | 913 |
| NESCO Holdings II, Inc. |  |  |
| 5.50%, 04/15/29 (g) | 567 | 554 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (g) | 323 | 333 |
| 6.38%, 05/15/30 (f) | 776 | 745 |
| Nexstar Media Group, Inc. |  |  |
| 4.75%, 11/01/28 (g) | 324 | 319 |
| NFE Financing LLC |  |  |
| 0.00%, 11/15/29 (a) (g) (m) | 652 | 295 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (g) | 414 | 426 |
| Nissan Motor Acceptance Company LLC |  |  |
| 1.85%, 09/16/26 (g) | 499 | 490 |
| 5.63%, 09/29/28 (g) | 418 | 409 |
| 6.13%, 09/30/30 (g) | 253 | 243 |
| Noble Finance II LLC |  |  |
| 8.00%, 04/15/30 (g) | 622 | 641 |
| Novelis Corporation |  |  |
| 6.88%, 01/30/30 (g) | 144 | 145 |
| ON Semiconductor Corporation |  |  |
| 3.88%, 09/01/28 (g) | 10 | 10 |
| OneMain Finance Corporation |  |  |
| 3.50%, 01/15/27 | 767 | 752 |
| ONEOK, Inc. |  |  |
| 5.38%, 06/01/29 | 500 | 509 |
| 6.50%, 09/01/30 (g) | 200 | 212 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (g) | 178 | 184 |
| Oracle Corporation |  |  |
| 5.70%, 02/04/36 | 155 | 149 |
| 6.70%, 02/04/56 | 388 | 360 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Organon & Co. |  |  |
| 4.13%, 04/30/28 (g) | 811 | 786 |
| Owens-Brockway Glass Container Inc. |  |  |
| 6.63%, 05/13/27 (g) | 101 | 101 |
| Pagaya Us Holding Company LLC |  |  |
| 8.88%, 08/01/30 (f) (g) | 443 | 318 |
| Paramount Global |  |  |
| 6.38%, 03/30/62 | 543 | 396 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (g) | 197 | 196 |
| Pattern Energy Group Inc. |  |  |
| 4.50%, 08/15/28 (g) | 306 | 298 |
| PBF Holding Company LLC |  |  |
| 9.88%, 03/15/30 (f) (g) | 615 | 659 |
| PennyMac Financial Services, Inc. |  |  |
| 7.88%, 12/15/29 (g) | 39 | 40 |
| 7.13%, 11/15/30 (g) | 163 | 163 |
| Penske Automotive Group, Inc. |  |  |
| 3.75%, 06/15/29 | 87 | 83 |
| Penske Truck Leasing Co., L.P. |  |  |
| 3.40%, 11/15/26 (g) | 125 | 124 |
| PG&E Corporation |  |  |
| 5.00%, 07/01/28 | 586 | 581 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/30 (g) | 470 | 475 |
| Prime Healthcare Services, Inc. |  |  |
| 9.38%, 09/01/29 (g) | 681 | 705 |
| Prime Security Services Borrower, LLC |  |  |
| 3.38%, 08/31/27 (g) | 318 | 310 |
| Primo Water Holdings Inc. |  |  |
| 4.38%, 04/30/29 (g) | 115 | 112 |
| R. R. Donnelley & Sons Company |  |  |
| 9.50%, 08/01/29 (g) | 136 | 137 |
| Rand Parent, LLC |  |  |
| 8.50%, 02/15/30 (g) | 513 | 527 |
| RITHM Capital Corp. |  |  |
| 8.00%, 04/01/29 (g) | 589 | 580 |
| Roblox Corporation |  |  |
| 3.88%, 05/01/30 (g) | 599 | 563 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (g) | 643 | 649 |
| Rocket Mortgage, LLC |  |  |
| 2.88%, 10/15/26 (g) | 395 | 390 |
| Rocket Software, Inc. |  |  |
| 9.00%, 11/28/28 (g) | 536 | 535 |
| Sabre Financial Borrower, LLC |  |  |
| 11.13%, 06/15/29 (g) | 267 | 273 |
| Sabre GLBL Inc. |  |  |
| 11.13%, 07/15/30 (g) | 683 | 579 |
| Safeway Inc. |  |  |
| 3.50%, 03/15/29 (g) | 156 | 149 |
| SBA Communications Corporation |  |  |
| 3.13%, 02/01/29 | 701 | 664 |
| Scih Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (g) | 574 | 566 |
| Sealed Air Corporation |  |  |
| 6.13%, 02/01/28 (g) | 491 | 497 |
| Simmons Foods, Inc. |  |  |
| 4.63%, 03/01/29 (g) | 292 | 281 |
| Sirius XM Radio LLC |  |  |
| 4.00%, 07/15/28 (g) | 834 | 808 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 452 | 442 |
| SM Energy Company |  |  |
| 6.75%, 08/01/29 (g) | 504 | 512 |
| Solaris Water Midstream, LLC |  |  |
| 7.25%, 04/01/30 (g) | 304 | 320 |
| Somnigroup International Inc. |  |  |
| 4.00%, 04/15/29 (g) | 424 | 408 |
| Sonic Automotive, Inc. |  |  |
| 4.63%, 11/15/29 (g) | 112 | 109 |
| Southern Power Company |  |  |
| 1.85%, 06/20/26, EUR | 650 | 750 |
| Southwestern Energy Company |  |  |
| 5.38%, 02/01/29 | 26 | 26 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (g) | 323 | 321 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (g) | 919 | 853 |
| Star Parent, Inc. |  |  |
| 9.00%, 10/01/30 (g) | 570 | 590 |
| Starwood Property Trust, Inc. |  |  |
| 4.38%, 01/15/27 (g) | 374 | 372 |
| 7.25%, 04/01/29 (g) | 248 | 255 |
| Stellantis Financial Services US Corp. |  |  |
| 5.40%, 09/15/30 (g) | 200 | 196 |
| Summit Midstream Holdings, LLC |  |  |
| 8.63%, 10/31/29 (g) | 429 | 440 |
| SunCoke Energy, Inc. |  |  |
| 4.88%, 06/30/29 (g) | 409 | 369 |
| Sunoco LP |  |  |
| 4.50%, 05/15/29 | 664 | 647 |
| 4.63%, 05/01/30 (g) | 623 | 599 |
| Synergy Infrastructure Holdings, LLC |  |  |
| 7.88%, 12/01/30 (g) | 453 | 462 |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (g) | 323 | 339 |
| Tallgrass Energy Partners, LP |  |  |
| 7.38%, 02/15/29 (g) | 499 | 512 |
| Tenet Healthcare Corporation |  |  |
| 4.63%, 06/15/28 (d) | 162 | 161 |
| 4.25%, 06/01/29 | 460 | 445 |
| 4.38%, 01/15/30 | 272 | 262 |
| 6.13%, 06/15/30 | 626 | 629 |
| Tenneco LLC |  |  |
| 8.00%, 11/17/28 (g) | 797 | 793 |
| Terex Corporation |  |  |
| 5.00%, 05/15/29 (g) | 477 | 469 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 07/15/29 | 658 | 622 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.10%, 07/23/27 | 250 | 250 |
| Tidewater Inc. |  |  |
| 9.13%, 07/15/30 (g) | 458 | 486 |
| Toyota Motor Credit Corporation |  |  |
| 4.05%, 09/05/28 | 31 | 31 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (g) | 624 | 630 |
| 4.63%, 01/15/29 | 514 | 505 |
| 6.38%, 03/01/29 (g) | 785 | 800 |
| 4.88%, 05/01/29 | 243 | 239 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (f) (g) | 735 | 589 |
| Twilio Inc. |  |  |
| 3.63%, 03/15/29 | 467 | 446 |
| United Rentals (North America), Inc. |  |  |
| 3.88%, 11/15/27 | 321 | 316 |
| United Wholesale Mortgage, LLC |  |  |
| 5.75%, 06/15/27 (g) | 591 | 581 |
| Uniti Group Inc. |  |  |
| 4.75%, 04/15/28 (g) | 450 | 448 |
| Univision Communications Inc. |  |  |
| 8.00%, 08/15/28 (g) | 655 | 665 |
| 7.38%, 06/30/30 (g) | 474 | 464 |
| Urban One, Inc. |  |  |
| 7.63%, 04/01/31 (g) | 10 | 4 |
| USA Compression Finance Corp. |  |  |
| 7.13%, 03/15/29 (g) | 54 | 55 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (g) | 518 | 489 |
| V.F. Corporation |  |  |
| 2.80%, 04/23/27 | 329 | 320 |
| Valaris Limited |  |  |
| 8.38%, 04/30/30 (g) | 569 | 590 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 (g) | 19 | 18 |
| 6.25%, 01/15/30 (g) | 785 | 803 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/29 (g) | 860 | 930 |
| 7.00%, 01/15/30 (f) (g) | 1000 | 1022 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Versant Media Group, Inc. |  |  |
| 7.25%, 01/30/31 (g) | 572 | 584 |
| Victoria's Secret & Co. |  |  |
| 4.63%, 07/15/29 (g) | 483 | 460 |
| Vistra Operations Company LLC |  |  |
| 4.38%, 05/01/29 (g) | 624 | 609 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/30 (g) | 645 | 665 |
| VT Topco, Inc. |  |  |
| 8.50%, 08/15/30 (f) (g) | 458 | 463 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (g) | 576 | 528 |
| Warner Bros. Discovery, Inc. |  |  |
| 4.30%, 01/17/30, EUR | 282 | 322 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 77 | 76 |
| 4.05%, 03/15/29 | 664 | 642 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (g) | 488 | 497 |
| 7.75%, 09/15/30 (g) | 209 | 217 |
| WBI Operations LLC |  |  |
| 6.25%, 10/15/30 (g) | 527 | 528 |
| Wells Fargo & Company |  |  |
| 2.77%, 07/23/29, EUR (d) | 757 | 861 |
| Wesco Distribution, Inc. |  |  |
| 7.25%, 06/15/28 (g) | 231 | 232 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 479 | 468 |
| Williams Scotsman International, Inc. |  |  |
| 4.63%, 08/15/28 (g) | 582 | 570 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 04/15/30 (g) | 20 | 20 |
| Windsor Holdings III, LLC |  |  |
| 8.50%, 06/15/30 (g) | 498 | 515 |
| Wolverine World Wide, Inc. |  |  |
| 4.00%, 08/15/29 (g) | 479 | 443 |
| WPC Eurobond B.V. |  |  |
| 1.35%, 04/15/28, EUR | 350 | 386 |
| 0.95%, 06/01/30, EUR | 100 | 102 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (g) | 623 | 659 |
| Xerox Holdings Corporation |  |  |
| 5.50%, 08/15/28 (g) | 312 | 131 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 7.25%, 01/15/29 (f) (g) | 639 | 656 |
| 8.38%, 01/15/31 (g) | 84 | 88 |
| Ziprecruiter, Inc. |  |  |
| 5.00%, 01/15/30 (g) | 494 | 281 |
| | | 135334 |
| **Canada 0.9%** | **Canada 0.9%** | **Canada 0.9%** |
| CIBC Mellon Trust Company |  |  |
| 1.25%, 06/15/26, CAD | 140 | 100 |
| Enbridge Inc. |  |  |
| 5.50%, 07/15/77 | 150 | 149 |
| 7.38%, 01/15/83 (l) | 350 | 353 |
| GFL Environmental Inc. |  |  |
| 4.00%, 08/01/28 (g) | 18 | 17 |
| 3.50%, 09/01/28 (g) | 424 | 412 |
| 4.75%, 06/15/29 (g) | 11 | 11 |
| 4.38%, 08/15/29 (g) | 92 | 89 |
| Ontario Teachers' Finance Trust |  |  |
| 1.13%, 05/15/26, GBP (d) | 1901 | 2507 |
| 1.10%, 10/19/27, CAD (g) | 297 | 208 |
| 4.25%, 04/25/28 (g) | 1067 | 1073 |
| 0.10%, 05/19/28, EUR (d) | 875 | 954 |
| Toronto-Dominion Bank, The |  |  |
| 3.19%, 02/16/29, EUR (d) | 1000 | 1161 |
|  |  | 7034 |
| **United Kingdom 0.7%** | **United Kingdom 0.7%** | **United Kingdom 0.7%** |
| Barclays PLC |  |  |
| 5.67%, 03/12/28 | 200 | 202 |
| 4.48%, 11/11/29 | 1568 | 1560 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 03/15/29, EUR (d) | 100 | 95 |
| ION Platform Finance S.a r.l. |  |  |
| 9.50%, 05/30/29 (g) | 688 | 647 |
| NatWest Group PLC |  |  |
| 0.67%, 09/14/29, EUR (d) | 674 | 728 |
| Santander UK Group Holdings PLC |  |  |
| 2.47%, 01/11/28 | 200 | 197 |
| 4.32%, 09/22/29 | 743 | 736 |
| TSB Bank PLC |  |  |
| 3.32%, 03/05/29, EUR (d) | 800 | 929 |
| 2.70%, 02/18/30, EUR (d) | 400 | 454 |
|  |  | 5548 |
| **Germany 0.4%** | **Germany 0.4%** | **Germany 0.4%** |
| Aroundtown S.A. |  |  |
| 3.00%, 10/16/29, GBP (d) | 605 | 721 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 2.31%, 11/16/27 | 360 | 355 |
| 3.00%, 06/16/29, EUR (d) | 400 | 456 |
| 4.73%, 02/06/32 | 181 | 178 |
| IHO Verwaltungs GmbH |  |  |
| 6.75%, 11/15/29, EUR (d) (k) | 100 | 120 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (g) | 200 | 199 |
| Volkswagen Bank Gesellschaft mit beschrankter Haftung |  |  |
| 2.75%, 06/19/28, EUR (d) | 500 | 569 |
| Vonovia SE |  |  |
| 2.25%, 04/07/30, EUR (d) | 100 | 109 |
| 1.00%, 07/09/30, EUR (d) | 600 | 622 |
| ZF Friedrichshafen AG |  |  |
| 7.00%, 06/12/30, EUR (d) | 100 | 118 |
|  |  | 3447 |
| **France 0.4%** | **France 0.4%** | **France 0.4%** |
| Alstom |  |  |
| 0.13%, 07/27/27, EUR (d) | 700 | 775 |
| Altice Financing S.A. |  |  |
| 5.00%, 01/15/28 (g) | 250 | 174 |
| BNP Paribas |  |  |
| 5.09%, 05/09/31 (g) | 550 | 555 |
| BPCE SFH |  |  |
| 3.38%, 03/13/29, EUR (d) | 600 | 700 |
| Legrand |  |  |
| 3.63%, 05/29/29, EUR (d) (i) | 200 | 232 |
| Societe Generale |  |  |
| 0.50%, 06/12/29, EUR (d) | 600 | 649 |
|  |  | 3085 |
| **Switzerland 0.3%** | **Switzerland 0.3%** | **Switzerland 0.3%** |
| Herens Holdco S.a r.l. |  |  |
| 4.75%, 05/15/28 (f) (g) | 200 | 167 |
| UBS Group AG |  |  |
| 4.40%, 09/23/31 (g) | 744 | 731 |
| UBS Switzerland AG |  |  |
| 3.30%, 03/05/29, EUR (d) | 1596 | 1857 |
|  |  | 2755 |
| **Italy 0.3%** | **Italy 0.3%** | **Italy 0.3%** |
| Banca Monte dei Paschi di Siena S.p.A. |  |  |
| 3.50%, 04/23/29, EUR (d) | 700 | 818 |
| Banco BPM Societa' Per Azioni |  |  |
| 4.88%, 01/17/30, EUR (d) | 444 | 529 |
| Credito Emiliano S.P.A. |  |  |
| 3.25%, 04/18/29, EUR (d) | 600 | 696 |
| ENEL - SPA |  |  |
| 6.38%, (100, 04/16/28), EUR (d) (n) | 100 | 120 |
| Intesa Sanpaolo SPA |  |  |
| 6.38%, (100, 05/26/33), EUR (d) (n) | 200 | 231 |
| Unicredit, Societa' Per Azioni |  |  |
| 6.50%, (100, 12/03/31), EUR (d) (n) | 200 | 238 |
|  |  | 2632 |
| **Spain 0.3%** | **Spain 0.3%** | **Spain 0.3%** |
| Banco De Sabadell SA |  |  |
| 6.50%, (100, 05/20/31), EUR (d) (l) (n) | 200 | 233 |
| CaixaBank, S.A. |  |  |
| 5.00%, 07/19/29, EUR (d) | 900 | 1076 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cellnex Telecom, S.A. |  |  |
| 1.25%, 01/15/29, EUR (d) | 600 | 651 |
| Iberdrola Finance Ireland Designated Activity Company |  |  |
| 3.75%, (100, 08/05/31), EUR (d) (n) | 200 | 223 |
| Maxam Prill S.a r.l. |  |  |
| 6.00%, 07/15/30, EUR (d) | 100 | 114 |
| Telefonica Europe B.V. |  |  |
| 6.75%, (100, 06/07/31), EUR (d) (n) | 200 | 246 |
| | | 2543 |
| **Ireland 0.3%** | **Ireland 0.3%** | **Ireland 0.3%** |
| AIB Group Public Limited Company |  |  |
| 4.63%, 07/23/29, EUR (d) | 600 | 710 |
| Ardagh Group S.A. |  |  |
| 9.50%, 12/01/30 (g) | 609 | 638 |
| Avolon Holdings Funding Limited |  |  |
| 3.25%, 02/15/27 (g) | 700 | 692 |
|  |  | 2040 |
| **Netherlands 0.2%** | **Netherlands 0.2%** | **Netherlands 0.2%** |
| CTP N.V. |  |  |
| 4.75%, 02/05/30, EUR (d) | 615 | 724 |
| Nederlandse Waterschapsbank N.V. |  |  |
| 3.50%, 07/20/27, AUD | 460 | 311 |
| Wintershall Dea Finance B.V. |  |  |
| 1.33%, 09/25/28, EUR (d) | 300 | 325 |
|  |  | 1360 |
| **Australia 0.2%** | **Australia 0.2%** | **Australia 0.2%** |
| National Australia Bank Limited |  |  |
| 3.15%, 02/05/31, EUR (d) | 700 | 809 |
| Woolworths Group Limited |  |  |
| 0.38%, 11/15/28, EUR (d) | 450 | 478 |
|  |  | 1287 |
| **South Korea 0.1%** | **South Korea 0.1%** | **South Korea 0.1%** |
| Export-Import Bank of Korea, The |  |  |
| 2.63%, 05/26/26 | 1050 | 1047 |
| **Greece 0.1%** | **Greece 0.1%** | **Greece 0.1%** |
| Eurobank S.A. |  |  |
| 3.25%, 03/12/30, EUR (d) | 629 | 715 |
| National Bank of Greece S.A. |  |  |
| 8.00%, 01/03/34, EUR (d) | 144 | 180 |
|  |  | 895 |
| **Denmark 0.1%** | **Denmark 0.1%** | **Denmark 0.1%** |
| Danske Bank A/S |  |  |
| 4.50%, 11/09/28, EUR (d) | 600 | 707 |
| **Belgium 0.1%** | **Belgium 0.1%** | **Belgium 0.1%** |
| KBC Groep |  |  |
| 4.93%, 10/16/30 (g) | 672 | 677 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| SELP Finance S.a r.l. |  |  |
| 0.88%, 05/27/29, EUR (d) | 475 | 502 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Avianca MidCo 2 PLC |  |  |
| 9.00%, 12/01/28 (g) | 433 | 418 |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (d) | 250 | 251 |
| **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 | 251 |
| **Japan 0.0%** | **Japan 0.0%** | **Japan 0.0%** |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 1.54%, 07/20/27 | 250 | 248 |
| **Israel 0.0%** | **Israel 0.0%** | **Israel 0.0%** |
| Playtika Holding Corp. |  |  |
| 4.25%, 03/15/29 (g) | 289 | 225 |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| Benteler International Aktiengesellschaft |  |  |
| 7.25%, 06/15/31, EUR (d) | 100 | 120 |
| Total Corporate Bonds And Notes (cost $172,927) | Total Corporate Bonds And Notes (cost $172,927) | 172406 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 15.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 15.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 15.0%** |
| **Germany 3.7%** | **Germany 3.7%** | **Germany 3.7%** |
| Bundesrepublik Deutschland |  |  |
| 2.20%, 03/11/27 - 10/10/30, EUR | 17920 | 20481 |
| 2.00%, 12/16/27, EUR | 3610 | 4132 |
| 0.00%, 05/15/35, EUR (d) (o) | 780 | 692 |
| 2.60%, 08/15/35 - 05/15/41, EUR | 2210 | 2467 |
| 2.90%, 02/15/36, EUR | 1330 | 1527 |
| 2.90%, 08/15/56, EUR (d) | 1010 | 1046 |
|  |  | 30345 |
| **United States of America 2.4%** | **United States of America 2.4%** | **United States of America 2.4%** |
| Treasury, United States Department of |  |  |
| 4.13%, 01/31/27 (b) | 13314 | 13355 |
| 3.38%, 09/15/27 - 02/29/28 | 1940 | 1924 |
| 3.50%, 10/31/27 | 525 | 522 |
| 3.63%, 10/31/30 | 2144 | 2117 |
| 4.25%, 08/15/35 | 435 | 433 |
| 1.25%, 05/15/50 | 335 | 159 |
| 4.75%, 05/15/55 - 08/15/55 | 1189 | 1158 |
|  |  | 19668 |
| **United Kingdom 1.7%** | **United Kingdom 1.7%** | **United Kingdom 1.7%** |
| HM Treasury |  |  |
| 4.13%, 03/07/31, GBP | 7410 | 9684 |
| 4.50%, 03/07/35, GBP (d) | 2095 | 2714 |
| 4.38%, 07/31/54, GBP (d) | 1239 | 1379 |
|  |  | 13777 |
| **Mexico 1.1%** | **Mexico 1.1%** | **Mexico 1.1%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 8.50%, 03/01/29, MXN | 13126 | 733 |
| 7.75%, 05/29/31 - 11/13/42, MXN | 123410 | 6487 |
| 7.50%, 05/26/33, MXN | 20760 | 1054 |
| 8.00%, 02/21/36, MXN | 13530 | 698 |
|  |  | 8972 |
| **Japan 1.0%** | **Japan 1.0%** | **Japan 1.0%** |
| Cabinet Office, Government of Japan |  |  |
| 1.50%, 06/20/35 - 09/20/43, JPY | 1290950 | 6415 |
| 2.30%, 12/20/54, JPY | 106250 | 509 |
| 2.40%, 03/20/55, JPY | 166350 | 814 |
| 0.80%, 03/20/58, JPY | 62100 | 184 |
| Japan Bank For International Cooperation |  |  |
| 1.63%, 01/20/27 | 272 | 267 |
|  |  | 8189 |
| **Canada 1.0%** | **Canada 1.0%** | **Canada 1.0%** |
| Gouvernement de la Province de Quebec |  |  |
| 4.00%, 09/01/35, CAD | 2663 | 1918 |
| 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 | 210 |
| 2.95%, 06/18/50, CAD | 160 | 85 |
| Ontario, Government of |  |  |
| 0.01%, 11/25/30, EUR (d) | 1098 | 1103 |
| 3.80%, 12/02/34, CAD | 6711 | 4813 |
|  |  | 8158 |
| **Italy 0.6%** | **Italy 0.6%** | **Italy 0.6%** |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 3.65%, 08/01/35, EUR (g) | 1172 | 1339 |
| 4.30%, 10/01/54, EUR (g) | 3005 | 3340 |
|  |  | 4679 |
| **Hungary 0.4%** | **Hungary 0.4%** | **Hungary 0.4%** |
| Sandor-Palota |  |  |
| 2.13%, 09/22/31 (g) | 331 | 280 |
| 4.75%, 11/24/32, HUF | 174140 | 456 |
| 5.38%, 09/12/33, EUR (d) | 100 | 121 |
| 1.75%, 06/05/35, EUR (d) | 100 | 91 |
| 7.00%, 10/24/35, HUF | 935190 | 2769 |
|  |  | 3717 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Indonesia 0.4%** | **Indonesia 0.4%** | **Indonesia 0.4%** |
| Republic of Indonesia, The Government of, The |  |  |
| 6.50%, 02/15/31, IDR | 9914000 | 580 |
| 6.38%, 04/15/32, IDR | 9115000 | 526 |
| 7.00%, 02/15/33, IDR | 1885000 | 112 |
| 6.63%, 02/15/34, IDR | 26862000 | 1560 |
| 7.50%, 06/15/35, IDR | 5025000 | 307 |
| 6.75%, 07/15/35, IDR | 7713000 | 450 |
|  |  | 3535 |
| **Poland 0.3%** | **Poland 0.3%** | **Poland 0.3%** |
| Urzad Rady Ministrow |  |  |
| 4.50%, 07/25/30, PLN | 684 | 179 |
| 1.75%, 04/25/32, PLN | 3204 | 701 |
| 6.00%, 10/25/33, PLN | 594 | 163 |
| 5.00%, 10/25/35, PLN | 6398 | 1612 |
|  |  | 2655 |
| **India 0.3%** | **India 0.3%** | **India 0.3%** |
| Government of India |  |  |
| 7.02%, 06/18/31, INR | 117910 | 1248 |
| 7.10%, 04/08/34, INR | 82440 | 873 |
| 7.30%, 06/19/53, INR | 40190 | 406 |
|  |  | 2527 |
| **Spain 0.3%** | **Spain 0.3%** | **Spain 0.3%** |
| Estado Espanol |  |  |
| 4.00%, 10/31/54, EUR (g) | 2032 | 2301 |
| **Malaysia 0.3%** | **Malaysia 0.3%** | **Malaysia 0.3%** |
| Malaysia, Government of |  |  |
| 2.63%, 04/15/31, MYR | 5097 | 1211 |
| 3.83%, 07/05/34, MYR | 2287 | 571 |
| 4.18%, 05/16/44, MYR | 789 | 199 |
| 4.74%, 03/15/46, MYR | 1141 | 309 |
|  |  | 2290 |
| **Czech Republic 0.2%** | **Czech Republic 0.2%** | **Czech Republic 0.2%** |
| Urad Vlady Ceske Republiky |  |  |
| 4.50%, 11/11/32, CZK | 23650 | 1102 |
| 2.00%, 10/13/33, CZK | 17050 | 663 |
| 3.50%, 05/30/35, CZK | 10 |  |
|  |  | 1765 |
| **Colombia 0.2%** | **Colombia 0.2%** | **Colombia 0.2%** |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 7.00%, 03/26/31, COP | 806400 | 169 |
| 13.25%, 02/09/33, COP | 560700 | 151 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 11.00%, 08/22/29, COP | 1001100 | 252 |
| 7.75%, 09/18/30, COP | 1046200 | 230 |
| 7.00%, 06/30/32, COP | 1588400 | 318 |
| 11.75%, 01/24/35, COP | 1983900 | 495 |
|  |  | 1615 |
| **Thailand 0.2%** | **Thailand 0.2%** | **Thailand 0.2%** |
| Thailand, Kingdom of |  |  |
| 3.40%, 06/17/36, THB | 17021 | 573 |
| 3.30%, 06/17/38, THB | 12686 | 409 |
| 2.70%, 06/17/40, THB (d) | 3900 | 117 |
| 2.00%, 06/17/42, THB | 15176 | 399 |
|  |  | 1498 |
| **South Africa 0.2%** | **South Africa 0.2%** | **South Africa 0.2%** |
| South Africa, Parliament of |  |  |
| 8.50%, 01/31/37, ZAR | 3213 | 177 |
| 9.00%, 01/31/40, ZAR | 8648 | 481 |
| 10.13%, 03/31/42, ZAR | 2537 | 153 |
| 8.75%, 01/31/44, ZAR | 6705 | 360 |
| 5.75%, 09/30/49 | 370 | 286 |
|  |  | 1457 |
| **Romania 0.2%** | **Romania 0.2%** | **Romania 0.2%** |
| Romania, Government of |  |  |
| 6.30%, 04/25/29, RON | 2955 | 659 |
| 6.85%, 07/29/30, RON | 155 | 35 |
| 3.65%, 09/24/31, RON | 655 | 126 |
| 6.70%, 02/25/32, RON | 2475 | 544 |
|  |  | 1364 |
| **China 0.2%** | **China 0.2%** | **China 0.2%** |
| Ministry of Finance People's Republic of China |  |  |
| 2.11%, 08/25/34, CNY | 2220 | 331 |
| 2.04%, 11/25/34, CNY | 1260 | 187 |
| 3.12%, 10/25/52, CNY | 980 | 162 |
| The Central People's Government of the People's Republic of China |  |  |
| 1.83%, 08/25/35, CNY | 1660 | 240 |
| 1.98%, 04/25/45, CNY | 1420 | 193 |
| 2.15%, 08/25/55, CNY | 1750 | 244 |
|  |  | 1357 |
| **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/29 - 01/01/35, BRL | 7946 | 1345 |
| **Peru 0.1%** | **Peru 0.1%** | **Peru 0.1%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 5.40%, 08/12/34, PEN | 1705 | 474 |
| 6.85%, 08/12/35, PEN | 410 | 121 |
| 5.35%, 08/12/40, PEN | 1174 | 289 |
|  |  | 884 |
| **Philippines 0.0%** | **Philippines 0.0%** | **Philippines 0.0%** |
| Philippines, The Republic of |  |  |
| 6.75%, 09/15/32, PHP | 5560 | 91 |
| The Philippines, Government of |  |  |
| 6.38%, 04/28/35, PHP | 8690 | 137 |
|  |  | 228 |
| **Cote D'Ivoire 0.0%** | **Cote D'Ivoire 0.0%** | **Cote D'Ivoire 0.0%** |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 6.75%, 02/25/41 (g) | 200 | 175 |
| **Ghana 0.0%** | **Ghana 0.0%** | **Ghana 0.0%** |
| Government of Ghana |  |  |
| 5.00%, 07/03/35 (d) (i) | 200 | 170 |
| **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 | 84 |
| **France 0.0%** | **France 0.0%** | **France 0.0%** |
| Gouvernement De France |  |  |
| 2.70%, 02/25/31, EUR | 30 | 34 |
| Total Government And Agency Obligations (cost $127,076) | Total Government And Agency Obligations (cost $127,076) | 122789 |
| **INVESTMENT COMPANIES 4.3%** | **INVESTMENT COMPANIES 4.3%** | **INVESTMENT COMPANIES 4.3%** |
| **United States of America 4.3%** | **United States of America 4.3%** | **United States of America 4.3%** |
| iShares MSCI EAFE ETF (f) | 1 | 92 |
| JPMorgan Income ETF (f) (p) | 765 | 35228 |
| Total Investment Companies (cost $35,558) | Total Investment Companies (cost $35,558) | 35320 |
| **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%** |
| **United States of America 0.5%** | **United States of America 0.5%** | **United States of America 0.5%** |
| American Credit Acceptance Receivables Trust 2026-1 |  |  |
| Series 2026-C-1, 4.55%, 12/12/28 | 269 | 267 |
| Series 2026-D-1, 5.10%, 08/12/29 | 248 | 246 |
| Aqua Finance Issuer Trust 2025-B |  |  |
| Series 2025-A-B, 4.79%, 05/17/33 | 189 | 189 |
| Bridgecrest Lending Auto Securitization Trust 2026-1 |  |  |
| Series 2026-C-1, 4.44%, 12/15/28 | 114 | 113 |
| Series 2026-D-1, 4.99%, 10/15/29 | 143 | 142 |
| Exeter Automobile Receivables Trust 2026-1 |  |  |
| Series 2026-C-1A, 4.40%, 03/15/29 | 108 | 107 |
| Series 2026-D-1A, 5.00%, 03/15/30 | 214 | 212 |
| GS Mortgage-Backed Securities Trust 2025-RPL3 |  |  |
| Series 2025-A1-RPL3, REMIC, 4.10%, 06/25/27 (h) (i) | 94 | 92 |
| GS Mortgage-Backed Securities Trust 2026-CES1 |  |  |
| Series 2026-A1-CES1, REMIC, 4.90%, 01/25/30 (i) | 98 | 97 |
| Lendmark Funding Trust 2025-2 |  |  |
| Series 2025-A-2, 4.78%, 10/20/29 | 449 | 449 |
| LHOME Mortgage Trust 2026-RTL1 |  |  |
| Series 2026-A1-RTL1, REMIC, 4.91%, 01/25/41 (i) | 256 | 255 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| New Residential Mortgage Loan Trust 2026-NQM1 |  |  |
| Series 2026-A1-NQM1, REMIC, 4.82%, 11/25/65 (h) (i) | 294 | 291 |
| OBX 2026-NQM2 Trust |  |  |
| Series 2026-A1A-NQM2, REMIC, 4.82%, 12/25/65 (i) | 354 | 352 |
| Oportun Issuance Trust 2026-A |  |  |
| Series 2026-A-A, 4.32%, 02/08/28 | 276 | 275 |
| Progress Residential 2025-SFR3 Trust |  |  |
| Series 2025-A-SFR3, REMIC, 3.39%, 07/17/30 | 415 | 392 |
| RCKT Mortgage Trust 2025-CES1 |  |  |
| Series 2025-A1A-CES11, REMIC, 4.97%, 11/25/55 (i) | 284 | 282 |
| RCKT Mortgage Trust 2025-CES12 |  |  |
| Series 2025-A1A-CES12, REMIC, 5.03%, 11/25/29 (i) | 237 | 236 |
| 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 | 65 | 65 |
| WHARF Commercial Mortgage Trust 2025-DC |  |  |
| Series 2025-A-DC, REMIC, 5.53%, 07/17/30 (h) | 100 | 101 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,277) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,277) | 4259 |
| **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** |
| **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** |
| Centrais Eletricas Brasileiras S/A - Eletrobras - Preferred Class C (a) | 8 | 82 |
| Itausa S.A. | 128 | 344 |
| Petroleo Brasileiro S/A Petrobras. (l) | 139 | 1308 |
|  |  | 1734 |
| **Germany 0.1%** | **Germany 0.1%** | **Germany 0.1%** |
| Bayerische Motoren Werke Aktiengesellschaft |  | 20 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft |  | 20 |
| Henkel AG & Co. KGaA (l) | 1 | 50 |
| Sartorius Aktiengesellschaft |  | 25 |
| Volkswagen Aktiengesellschaft (l) | 1 | 83 |
|  |  | 198 |
| **Switzerland 0.0%** | **Switzerland 0.0%** | **Switzerland 0.0%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 70 |
| Schindler Holding AG |  | 53 |
|  |  | 123 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 24 | 19 |
| Total Preferred Stocks (cost $1,568) | Total Preferred Stocks (cost $1,568) | 2074 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **Singapore 0.0%** | **Singapore 0.0%** | **Singapore 0.0%** |
| Capitaland Ascendas REIT (a) (c) |  |  |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. (a) (c) | 24 |  |
| Telecom Italia S.p.A. (a) (c) | 48 |  |
| Total Rights (cost $0) | Total Rights (cost $0) |  |
| **SHORT TERM INVESTMENTS 7.1%** | **SHORT TERM INVESTMENTS 7.1%** | **SHORT TERM INVESTMENTS 7.1%** |
| **Investment Companies 5.7%** | **Investment Companies 5.7%** | **Investment Companies 5.7%** |
| JNL Government Money Market Fund - Class I, 3.53% (p) (q) | 46428 | 46428 |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 3.63% (p) (q) | 6811 | 6811 |
| **U.S. Treasury Bill 0.5%** | **U.S. Treasury Bill 0.5%** | **U.S. Treasury Bill 0.5%** |
| Treasury, United States Department of |  |  |
| 3.64%, 06/23/26 (r) | 4460 | 4423 |
| **Certificates of Deposit 0.1%** | **Certificates of Deposit 0.1%** | **Certificates of Deposit 0.1%** |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.41%, 07/08/26 (q) | 151 | 151 |
| Royal Bank of Canada |  |  |
| 3.95%, 11/17/26 (q) | 250 | 250 |
|  |  | 401 |
| Total Short Term Investments (cost $58,063) | Total Short Term Investments (cost $58,063) | 58063 |
| **Total Investments 98.1% (cost $806,244)** | **Total Investments 98.1% (cost $806,244)** | **802124** |
| **Total Purchased Options 0.0% (cost $1,228)** | **Total Purchased Options 0.0% (cost $1,228)** | **374** |
| **Other Derivative Instruments 0.3%** | **Other Derivative Instruments 0.3%** | **2669** |
| **Other Assets and Liabilities, Net 1.6%** | **Other Assets and Liabilities, Net 1.6%** | **12823** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **817990** |

---

(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 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) 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) All or a portion of the security was on loan as of March 31, 2026.

(g) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $120,017 and 14.7% of the Fund.

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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 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 March 31, 2026.

(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 March 31, 2026.

(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) Convertible security.

(m) As of March 31, 2026, 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) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

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

(p) Investment in affiliate.

(q) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

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

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 95515 | 56536 | 105623 | 649 |  |  | 46428 | 5.7 |
| JNL Government Money Market Fund, 3.63% - Class SL | 5082 | 42837 | 41108 | 80 |  |  | 6811 | 0.8 |
| JPMorgan Income ETF | 35397 |  |  | 315 |  | (169) | 35228 | 4.3 |
|  | 135994 | 99373 | 146731 | 1044 |  | (169) | 88467 | 10.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 194 | 119 |  |
| AIB Group Public Limited Company, 4.63%, 07/23/29 | 06/07/24 | 657 | 710 | 0.1 |
| Alibaba Group Holding Limited | 08/01/24 | 1959 | 2043 | 0.3 |
| Allegro.eu | 09/17/21 | 23 | 17 |  |
| Alstom, 0.13%, 07/27/27 | 06/07/24 | 722 | 775 | 0.1 |
| Amadeus IT Holding, S.A. | 06/08/20 | 122 | 99 |  |
| Amundi | 12/17/21 | 16 | 21 |  |
| Aroundtown S.A., 3.00%, 10/16/29 | 02/25/26 | 764 | 721 | 0.1 |
| Athene Global Funding, 2.88%, 07/21/28 | 02/25/26 | 757 | 720 | 0.1 |
| Axis Bank Limited | 07/03/25 | 473 | 429 | 0.1 |
| Baidu, Inc. - Class A | 01/06/26 | 463 | 339 | 0.1 |
| Banca Monte dei Paschi di Siena S.p.A., 3.50%, 04/23/29 | 06/10/24 | 751 | 818 | 0.1 |
| Banco BPM Societa' Per Azioni, 4.88%, 01/17/30 | 03/30/26 | 524 | 529 | 0.1 |
| Banco De Sabadell SA, 6.50% (callable at 100, 05/20/31) | 01/09/26 | 245 | 233 |  |
| BAWAG Group AG | 06/08/20 | 24 | 46 |  |
| Benteler International Aktiengesellschaft, 7.25%, 06/15/31 | 09/08/25 | 125 | 120 |  |
| BPCE SFH, 3.38%, 03/13/29 | 01/07/25 | 629 | 700 | 0.1 |
| Budweiser Brewing Company APAC Limited | 12/05/23 | 9 | 6 |  |
| Bundesrepublik Deutschland, 0.00%, 05/15/35 | 03/30/26 | 681 | 692 | 0.1 |
| Bundesrepublik Deutschland, 2.90%, 08/15/56 | 09/02/25 | 1071 | 1046 | 0.1 |
| CaixaBank, S.A., 5.00%, 07/19/29 | 06/07/24 | 1021 | 1076 | 0.1 |
| Cellnex Telecom, S.A. | 04/16/21 | 88 | 73 |  |
| Cellnex Telecom, S.A., 1.25%, 01/15/29 | 03/24/26 | 653 | 651 | 0.1 |
| China International Capital Corporation Limited - Class H | 05/23/25 | 272 | 278 |  |
| Chuangxin Industries Holdings Limited | 03/23/26 | 142 | 171 |  |
| Credito Emiliano S.P.A., 3.25%, 04/18/29 | 01/07/25 | 626 | 696 | 0.1 |
| CTP N.V., 4.75%, 02/05/30 | 03/30/26 | 718 | 724 | 0.1 |
| Danske Bank A/S, 4.50%, 11/09/28 | 06/07/24 | 653 | 707 | 0.1 |
| Deutsche Bank Aktiengesellschaft, 3.00%, 06/16/29 | 03/30/26 | 452 | 456 | 0.1 |
| Digital Stout Holding, LLC, 3.30%, 07/19/29 | 02/25/26 | 153 | 145 |  |
| Dino Polska Spolka Akcyjna | 08/05/25 | 24 | 17 |  |
| Eagle Funding LuxCo S.a r.l., 5.50%, 08/17/30 | 10/29/25 | 254 | 251 |  |
| ENEL - SPA, 6.38% (callable at 100, 04/16/28) | 10/15/24 | 114 | 120 |  |
| EQT AB | 12/16/22 | 83 | 86 |  |
| Equitable Financial Life Global Funding, 0.60%, 06/16/28 | 02/25/26 | 771 | 736 | 0.1 |
| Eurobank S.A., 3.25%, 03/12/30 | 02/25/26 | 748 | 715 | 0.1 |
| Evolution AB (publ) | 12/03/20 | 71 | 45 |  |
| Evraz PLC | 05/28/19 | 5 |  |  |
| Fuyao Glass Industry Group Co., Ltd. - Class H | 05/08/23 | 235 | 305 | 0.1 |
| Government of Ghana, 5.00%, 07/03/35 | 01/12/26 | 181 | 170 |  |
| GreenSaif Pipelines Bidco S.a r.l., 5.85%, 02/23/36 | 06/20/25 | 252 | 251 |  |
| HM Treasury, 4.50%, 03/07/35 | 12/02/25 | 2771 | 2714 | 0.3 |
| HM Treasury, 4.38%, 07/31/54 | 07/10/25 | 1432 | 1379 | 0.2 |
| Iberdrola Finance Ireland Designated Activity Company, 3.75% (callable at 100, 08/05/31) | 01/29/26 | 238 | 223 |  |
| IHO Verwaltungs GmbH, 6.75%, 11/15/29 | 06/11/25 | 119 | 120 |  |
| INEOS Quattro Finance 2 plc, 8.50%, 03/15/29 | 06/11/25 | 116 | 95 |  |
| Infrastrutture Wireless Italiane S.p.A. | 09/18/20 | 13 | 10 |  |
| Intesa Sanpaolo SPA, 6.38% (callable at 100, 05/26/33) | 01/09/26 | 245 | 231 |  |
| Joint Stock Company Kaspi.Kz | 02/06/25 | 200 | 159 |  |
| Legrand, 3.63%, 05/29/29 | 03/30/26 | 230 | 232 |  |
| Maxam Prill S.a r.l., 6.00%, 07/15/30 | 09/08/25 | 118 | 114 |  |
| Media Group Holdings LLC, 2.00%, 12/31/26 | 04/28/14 | 37019 | 48 |  |
| Morgan Stanley, 3.79%, 03/21/30 | 03/30/26 | 471 | 475 | 0.1 |
| Mpact Treasury Company Pte. Ltd. | 06/08/20 | 10 | 9 |  |
| National Australia Bank Limited, 3.15%, 02/05/31 | 06/11/24 | 747 | 809 | 0.1 |
| National Bank of Greece S.A., 8.00%, 01/03/34 | 03/30/26 | 178 | 180 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| NatWest Group PLC, 0.67%, 09/14/29 | 03/30/26 | 721 | 728 | 0.1 |
| Ontario Teachers' Finance Trust, 1.13%, 05/15/26 | 09/20/22 | 2180 | 2507 | 0.3 |
| Ontario Teachers' Finance Trust, 0.10%, 05/19/28 | 07/16/21 | 1036 | 954 | 0.1 |
| Ontario, Government of, 0.01%, 11/25/30 | 10/04/21 | 1260 | 1103 | 0.1 |
| Orsted A/S | 10/29/21 | 40 | 45 |  |
| Poste Italiane - Societa' Per Azioni | 04/27/20 | 26 | 43 |  |
| Presidencia de la Republica de El Salvador, 7.65%, 06/15/35 | 09/08/25 | 86 | 84 |  |
| Public Joint Stock Company Severstal | 12/01/20 | 243 |  |  |
| Reliance Industries Limited | 03/10/25 | 616 | 569 | 0.1 |
| Sandor-Palota, 5.38%, 09/12/33 | 11/20/23 | 108 | 121 |  |
| Sandor-Palota, 1.75%, 06/05/35 | 11/20/23 | 82 | 91 |  |
| SBI Life Insurance Company Limited | 11/11/25 | 335 | 283 |  |
| SELP Finance S.a r.l., 0.88%, 05/27/29 | 03/30/26 | 498 | 502 | 0.1 |
| Siemens Healthineers AG | 06/18/21 | 59 | 46 |  |
| Societe Generale, 0.50%, 06/12/29 | 03/30/26 | 643 | 649 | 0.1 |
| Telefonica Europe B.V., 6.75% (callable at 100, 06/07/31) | 01/29/26 | 266 | 246 |  |
| Tenet Healthcare Corporation, 4.63%, 06/15/28 | 10/01/24 | 160 | 161 |  |
| Thailand, Kingdom of, 2.70%, 06/17/40 | 11/18/25 | 132 | 117 |  |
| Toronto-Dominion Bank, The, 3.19%, 02/16/29 | 06/11/24 | 1071 | 1161 | 0.2 |
| TSB Bank PLC, 3.32%, 03/05/29 | 06/10/24 | 861 | 929 | 0.1 |
| TSB Bank PLC, 2.70%, 02/18/30 | 07/10/25 | 468 | 454 | 0.1 |
| UBS Switzerland AG, 3.30%, 03/05/29 | 06/12/24 | 1874 | 1857 | 0.2 |
| Unicredit, Societa' Per Azioni, 6.50% (callable at 100, 12/03/31) | 01/28/26 | 257 | 238 |  |
| Volkswagen Bank Gesellschaft mit beschrankter Haftung, 2.75%, 06/19/28 | 03/30/26 | 564 | 569 | 0.1 |
| Vonovia SE, 2.25%, 04/07/30 | 06/07/24 | 101 | 109 |  |
| Vonovia SE, 1.00%, 07/09/30 | 06/07/24 | 570 | 622 | 0.1 |
| Wells Fargo & Company, 2.77%, 07/23/29 | 03/24/26 | 862 | 861 | 0.1 |
| WH Group Limited | 06/08/20 | 26 | 40 |  |
| Wintershall Dea Finance B.V., 1.33%, 09/25/28 | 03/30/26 | 323 | 325 | 0.1 |
| Woolworths Group Limited, 0.38%, 11/15/28 | 06/07/24 | 445 | 478 | 0.1 |
| WuXi Biologics (Cayman) Inc. | 06/17/22 | 51 | 60 |  |
| Xiaomi Corporation | 10/31/24 | 411 | 297 |  |
| ZF Friedrichshafen AG, 7.00%, 06/12/30 | 09/08/25 | 122 | 118 |  |
| ZTO Express (Cayman) Inc. | 03/19/24 | 345 | 367 | 0.1 |
|  |  | 78474 | 41388 | 5.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| CAD/USD Spot Rate | 156 | June 2026 |  | 11520 | (6) | (288) |
| Canada 10 Year Bond | 185 | June 2026 | CAD | 22260 | 64 | (45) |
| Euro BOBL | 13 | June 2026 | EUR | 1501 | (8) |  |
| Euro Buxl 30 Year Bond | 5 | June 2026 | EUR | 559 | 12 | (9) |
| Euro OAT | 60 | June 2026 | EUR | 7295 | 76 | (201) |
| FTSE 100 Index | 28 | June 2026 | GBP | 2920 | 82 | (87) |
| Italy Government BTP Bond | 41 | June 2026 | EUR | 4886 | 66 | (137) |
| Italy Short Term Government BTP Bond | 28 | June 2026 | EUR | 2986 | 9 | (26) |
| Japan 10 Year Bond | 87 | June 2026 | JPY | 1147005 | 28 | (76) |
| Japan 10 Year Bond | 20 | June 2026 | JPY | 2626971 | 32 | (130) |
| JPY/USD Spot Rate | 147 | June 2026 |  | 11680 | 53 | (41) |
| Korea 10 Year Bond | 58 | June 2026 | KRW | 6374287 | 16 | (49) |
| Long Gilt | 637 | June 2026 | GBP | 58727 | 556 | (3739) |
| MSCI EAFE Index | 21 | June 2026 |  | 3082 | 95 | (36) |
| MSCI Emerging Markets Index | 49 | June 2026 |  | 3628 | 129 | (64) |
| S&P 500 Index | 107 | June 2026 |  | 17137 | 332 | (411) |
| S&P 500 Index | 203 | June 2026 |  | 68534 | 1852 | (1841) |
| S&P Communication Services Select Sector Index | 54 | June 2026 |  | 8264 | 206 | (379) |
| S&P Energy Select Sector Index | 48 | June 2026 |  | 6052 | (73) | 156 |
| S&P Financial Select Sector Index | 38 | June 2026 |  | 5817 | 122 | 7 |
| S&P Health Care Select Sector Index | 40 | June 2026 |  | 6075 | 110 | (114) |
| S&P Industrial Select Sector Index | 54 | June 2026 |  | 8995 | 284 | (120) |
| S&P Technology Select Sector Index | 33 | June 2026 |  | 9382 | 360 | (473) |
| S&P/TSX 60 Index | 58 | June 2026 | CAD | 21681 | 360 | 323 |
| Topix Index | 107 | June 2026 | JPY | 3853462 | (647) | (663) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts (continued)** | **JNL/JPMorgan 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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| United States 10 Year Ultra Bond | 237 | June 2026 |  | 27520 | 70 | (617) |
| United States 5 Year Note | 296 | July 2026 |  | 32514 | 42 | (493) |
|  |  |  |  |  | 4222 | (9553) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Australia 10 Year Bond | (367) | June 2026 | AUD | (39848) | (257) | 216 |
| Dow Jones United States Real Estate Index | (81) | June 2026 |  | (3024) | (49) | 110 |
| Euro Bund | (439) | June 2026 | EUR | (55636) | (476) | 681 |
| Euro Schatz | (36) | June 2026 | EUR | (3806) | (1) | (1) |
| Euro STOXX 50 Price Index | (315) | June 2026 | EUR | (17451) | (208) | 163 |
| S&P Consumer Discretionary Select Sector Index | (42) | June 2026 |  | (9265) | (283) | (55) |
| S&P Consumer Staples Select Sector Index | (131) | June 2026 |  | (11152) | (10) | 252 |
| S&P Materials Select Sector Index | (83) | June 2026 |  | (8464) | (163) | (401) |
| S&P Utilities Select Sector Index | (36) | June 2026 |  | (3448) | 3 | 90 |
| S&P/ASX 200 Index | (208) | June 2026 | AUD | (45120) | 140 | 603 |
| United States 10 Year Note | (329) | June 2026 |  | (36594) | (78) | 60 |
| United States 2 Year Note | (30) | July 2026 |  | (6252) | (2) | 28 |
| United States 5 Year Note | (77) | July 2026 |  | (8400) | (11) | 70 |
| United States Ultra Bond | (20) | June 2026 |  | (2397) | (4) | 66 |
|  |  |  |  |  | (1399) | 1882 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Invesco S&P 500 Equal Weight ETF | Call | 205.00 | 06/18/26 | 2050 | 42025 | 374 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/JPY | CIT | 04/22/26 | JPY | (20320) | (128) |  |
| AUD/NZD | GSC | 04/22/26 | NZD | (444) | (255) | 1 |
| AUD/USD | BCL | 04/13/26 | AUD | 1044 | 720 | (15) |
| AUD/USD | BCL | 04/22/26 | AUD | 376 | 259 | (5) |
| AUD/USD | BNP | 04/22/26 | AUD | 6454 | 4452 | (94) |
| AUD/USD | BNP | 04/22/26 | AUD | 185 | 128 | 1 |
| AUD/USD | GSC | 04/22/26 | AUD | 1570 | 1083 | (23) |
| BRL/USD | GSC | 04/22/26 | BRL | 646 | 124 | 2 |
| BRL/USD | MSC | 04/22/26 | BRL | 3035 | 584 | 12 |
| CAD/EUR | CIT | 04/22/26 | EUR | (223) | (259) | (2) |
| CAD/GBP | CIT | 04/22/26 | GBP | (96) | (127) |  |
| CAD/GBP | GSC | 04/22/26 | GBP | (96) | (127) |  |
| CAD/USD | BCL | 04/22/26 | CAD | 1020 | 734 | (12) |
| CHF/EUR | BNP | 04/22/26 | EUR | (112) | (129) | (2) |
| CHF/EUR | MSC | 04/22/26 | EUR | (221) | (256) | (2) |
| CHF/USD | HSB | 04/22/26 | CHF | 295 | 370 | (6) |
| CLP/USD | GSC | 04/22/26 | CLP | 56647 | 61 | (1) |
| CLP/USD | HSB | 04/22/26 | CLP | 223277 | 241 | (4) |
| CNY/USD | MSC | 04/22/26 | CNY | 11535 | 1672 | (4) |
| COP/USD | BNP | 04/22/26 | COP | 677505 | 183 |  |
| COP/USD | MSC | 04/22/26 | COP | 151877 | 41 |  |
| CZK/USD | HSB | 04/22/26 | CZK | 24275 | 1144 | 5 |
| DKK/USD | HSB | 04/22/26 | DKK | 4680 | 725 | 5 |
| EUR/AUD | GSC | 04/22/26 | AUD | (370) | (255) | 2 |
| EUR/CAD | CIT | 04/22/26 | CAD | (354) | (255) | 5 |
| EUR/GBP | SCB | 04/22/26 | GBP | (152) | (202) | 2 |
| EUR/HUF | MSC | 04/22/26 | HUF | (13819) | (41) |  |
| EUR/JPY | GSC | 04/22/26 | JPY | (35817) | (226) |  |
| EUR/MXN | GSC | 04/22/26 | MXN | (1609) | (90) | 1 |
| EUR/THB | HSB | 04/22/26 | THB | (3196) | (97) | 1 |
| EUR/USD | BCL | 04/22/26 | EUR | 1618 | 1873 |  |
| EUR/USD | CIT | 04/22/26 | EUR | 77 | 89 | 1 |
| EUR/USD | HSB | 04/22/26 | EUR | 9634 | 11147 | 77 |
| GBP/JPY | BNP | 04/22/26 | JPY | (41026) | (259) | (4) |
| GBP/USD | BCL | 04/22/26 | GBP | 61 | 81 | (1) |
| GBP/USD | BCL | 04/22/26 | GBP | 46 | 61 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| GBP/USD | HSB | 04/22/26 | GBP | 96 | 127 | (2) |
| GBP/USD | MSC | 04/22/26 | GBP | 74 | 97 |  |
| HUF/EUR | MSC | 04/22/26 | EUR | (71) | (82) | 2 |
| HUF/USD | MSC | 04/22/26 | HUF | 157977 | 474 | 13 |
| IDR/USD | HSB | 04/22/26 | IDR | 6843196 | 402 | (2) |
| ILS/USD | CIT | 04/20/26 | ILS | 1808 | 575 | (3) |
| INR/USD | HSB | 04/22/26 | INR | 12299 | 129 |  |
| INR/USD | MLP | 04/22/26 | INR | 3795 | 40 |  |
| JPY/AUD | MSC | 04/22/26 | AUD | (261) | (180) | 4 |
| JPY/GBP | GSC | 04/22/26 | GBP | (193) | (256) | 3 |
| JPY/GBP | RBC | 04/22/26 | GBP | (97) | (129) | 1 |
| JPY/USD | BCL | 04/22/26 | JPY | 6029 | 38 |  |
| JPY/USD | GSC | 04/22/26 | JPY | 20412 | 129 | (1) |
| JPY/USD | HSB | 04/22/26 | JPY | 2858931 | 18050 | 42 |
| KRW/USD | HSB | 04/22/26 | KRW | 272964 | 178 | (4) |
| MXN/USD | HSB | 04/22/26 | MXN | 2883 | 161 |  |
| MXN/USD | MSC | 04/22/26 | MXN | 11392 | 635 | (6) |
| MXN/USD | MSC | 04/22/26 | MXN | 2087 | 116 | 1 |
| MYR/USD | BNP | 04/22/26 | MYR | 2184 | 540 | (17) |
| NOK/USD | HSB | 04/22/26 | NOK | 2993 | 309 | 1 |
| NZD/JPY | CIT | 04/22/26 | JPY | (20385) | (129) | (2) |
| NZD/USD | HSB | 04/22/26 | NZD | 7529 | 4330 | (70) |
| PEN/USD | HSB | 04/22/26 | PEN | 426 | 122 | (2) |
| PLN/USD | MSC | 04/22/26 | PLN | 3761 | 1013 | 4 |
| RON/USD | BCL | 04/22/26 | RON | 1873 | 424 | 3 |
| RON/USD | GSC | 04/22/26 | RON | 2457 | 557 | 3 |
| RON/USD | HSB | 04/22/26 | RON | 510 | 115 |  |
| RON/USD | MSC | 04/22/26 | RON | 1446 | 328 |  |
| SEK/EUR | BCL | 04/22/26 | EUR | (638) | (739) | (7) |
| SEK/EUR | BNP | 04/22/26 | EUR | (224) | (259) | (4) |
| SEK/EUR | SCB | 04/22/26 | EUR | (222) | (257) | (2) |
| SEK/USD | HSB | 04/22/26 | SEK | 11807 | 1249 | (11) |
| SGD/USD | MSC | 04/22/26 | SGD | 52 | 41 |  |
| THB/USD | HSB | 04/22/26 | THB | 79077 | 2402 | (30) |
| USD/AUD | GSC | 04/13/26 | AUD | (1044) | (720) | 15 |
| USD/AUD | BCL | 04/22/26 | AUD | (1044) | (720) | 15 |
| USD/AUD | HSB | 04/22/26 | AUD | (116) | (80) | 2 |
| USD/AUD | MSC | 04/22/26 | AUD | (209) | (144) | 2 |
| USD/BRL | GSC | 04/22/26 | BRL | (440) | (85) | (1) |
| USD/BRL | SCB | 04/22/26 | BRL | (232) | (45) | (1) |
| USD/CAD | BCL | 04/22/26 | CAD | (2) | (1) |  |
| USD/CNY | HSB | 04/22/26 | CNY | (849) | (123) |  |
| USD/CNY | MSC | 04/22/26 | CNY | (849) | (123) |  |
| USD/COP | MLP | 04/22/26 | COP | (3376332) | (914) | (5) |
| USD/COP | MLP | 04/22/26 | COP | (282286) | (76) |  |
| USD/CZK | GSC | 04/22/26 | CZK | (327) | (15) |  |
| USD/CZK | MSC | 04/22/26 | CZK | (8033) | (378) |  |
| USD/EUR | BCL | 04/22/26 | EUR | (96) | (111) | (1) |
| USD/EUR | BCL | 04/22/26 | EUR | (1603) | (1855) | 8 |
| USD/EUR | GSC | 04/22/26 | EUR | (640) | (741) | (5) |
| USD/EUR | HSB | 04/22/26 | EUR | (904) | (1046) | (9) |
| USD/EUR | HSB | 04/22/26 | EUR | (112) | (130) |  |
| USD/EUR | MSC | 04/22/26 | EUR | (114) | (132) | (1) |
| USD/GBP | BCL | 04/22/26 | GBP | (184) | (244) | 1 |
| USD/GBP | BNP | 04/22/26 | GBP | (162) | (215) |  |
| USD/GBP | GSC | 04/22/26 | GBP | (31) | (41) |  |
| USD/GBP | HSB | 04/22/26 | GBP | (129) | (171) | (1) |
| USD/GBP | HSB | 04/22/26 | GBP | (2598) | (3438) | 9 |
| USD/HUF | GSC | 04/22/26 | HUF | (52015) | (156) | (3) |
| USD/HUF | MSC | 04/22/26 | HUF | (758017) | (2276) | (55) |
| USD/HUF | MSC | 04/22/26 | HUF | (17237) | (52) |  |
| USD/INR | HSB | 04/22/26 | INR | (18601) | (196) | 5 |
| USD/INR | MLP | 04/22/26 | INR | (3818) | (40) | 1 |
| USD/JPY | BCL | 04/22/26 | JPY | (12020) | (76) |  |
| USD/JPY | HSB | 04/22/26 | JPY | (25419) | (160) | (1) |
| USD/JPY | HSB | 04/22/26 | JPY | (11208) | (71) |  |
| USD/KRW | MSC | 04/22/26 | KRW | (122432) | (80) | 1 |
| USD/MXN | MSC | 04/22/26 | MXN | (1460) | (81) | (1) |
| USD/MXN | MSC | 04/22/26 | MXN | (59778) | (3330) | 11 |
| USD/MYR | BNP | 04/22/26 | MYR | (499) | (123) | 1 |
| USD/PEN | SCB | 04/22/26 | PEN | (844) | (242) | 3 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/PHP | SCB | 04/22/26 | PHP | (14126) | (232) | 3 |
| USD/PLN | BCL | 04/22/26 | PLN | (279) | (75) |  |
| USD/RON | BCL | 04/22/26 | RON | (4845) | (1097) | (11) |
| USD/SEK | MLP | 04/22/26 | SEK | (2405) | (254) | 5 |
| USD/SGD | HSB | 04/22/26 | SGD | (966) | (752) | 4 |
| USD/SGD | MSC | 04/22/26 | SGD | (53) | (41) |  |
| USD/THB | BCL | 04/22/26 | THB | (1334) | (41) | 1 |
| USD/THB | BNP | 04/22/26 | THB | (4010) | (122) |  |
| ZAR/USD | HSB | 04/22/26 | ZAR | 3054 | 180 |  |
|  |  |  |  |  | 32751 | (154) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 225041 | 165 | 10 | 225216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 24720 |  | 24720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 1115 | 19662 |  | 20777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 3258 | 16492 |  | 19750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 76 | 14811 |  | 14887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 514 | 11808 |  | 12322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 35 | 12138 |  | 12173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 10316 |  | 10316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1275 | 6891 |  | 8166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 176 | 7430 |  | 7606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 809 | 6603 |  | 7412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 7252 |  | 7252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 402 | 4115 |  | 4517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 48 | 3647 |  | 3695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 3500 |  |  | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 2899 |  | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 185 | 2447 |  | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 438 | 2129 |  | 2567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 2545 |  | 2545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 2048 |  | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 979 | 33 |  | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 993 |  | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia |  | 965 |  | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 934 |  | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 891 |  | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 738 | 98 |  | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 681 |  | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 656 |  | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 625 |  | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 557 |  | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 518 |  | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 434 |  |  | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 417 |  | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 400 |  | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | 318 | 38 |  | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia |  | 336 |  | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 293 |  |  | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 291 |  | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 283 |  | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 224 |  | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 159 |  |  | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 91 |  | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg |  | 87 |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile |  | 62 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macau |  | 59 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia |  | 36 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic |  | 17 |  | 17 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 172397 | 9 | 172406 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 122789 |  | 122789 |
| &nbsp;&nbsp;Investment Companies | 35320 |  |  | 35320 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 4259 |  | 4259 |
| &nbsp;&nbsp;Preferred Stocks | 1734 | 340 |  | 2074 |
| &nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 53239 | 4824 |  | 58063 |
|  | 330086 | 472019 | 19 | 802124 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 2954 |  |  | 2954 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 374 |  |  | 374 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 279 |  | 279 |
|  | 3328 | 279 |  | 3607 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (10625) |  |  | (10625) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (433) |  | (433) |
|  | (10625) | (433) |  | (11058) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Information Technology 32.7%** | **Information Technology 32.7%** | **Information Technology 32.7%** |
| Accenture Public Limited Company - Class A | 9 | 1771 |
| Advanced Micro Devices, Inc. (a) | 22 | 4460 |
| Amphenol Corporation - Class A | 44 | 5515 |
| Analog Devices, Inc. | 18 | 5706 |
| Apple Inc. (b) | 207 | 52457 |
| AppLovin Corporation - Class A (a) (b) | 2 | 776 |
| Arista Networks, Inc. (a) (b) | 25 | 3012 |
| Autodesk, Inc. (a) | 9 | 2064 |
| Broadcom Inc. | 73 | 22569 |
| Cadence Design Systems, Inc. (a) (b) | 7 | 1975 |
| Cognizant Technology Solutions Corporation - Class A (b) | 57 | 3503 |
| Corning Incorporated | 6 | 842 |
| Fortinet, Inc. (a) | 9 | 762 |
| Intuit Inc. | 8 | 3343 |
| Lam Research Corporation | 32 | 6887 |
| Micron Technology, Inc. | 18 | 6249 |
| Microsoft Corporation (b) | 118 | 43547 |
| Motorola Solutions, Inc. (b) | 2 | 1039 |
| NVIDIA Corporation (b) | 374 | 65308 |
| NXP Semiconductors N.V. | 21 | 4083 |
| Oracle Corporation (b) | 41 | 5974 |
| Palantir Technologies Inc. - Class A (a) | 24 | 3583 |
| Roper Technologies, Inc. | 2 | 663 |
| Salesforce, Inc. | 3 | 492 |
| Seagate Technology Holdings Public Limited Company | 11 | 4207 |
| ServiceNow, Inc. (a) | 50 | 5221 |
| Texas Instruments Incorporated | 25 | 4881 |
| Western Digital Corporation (b) | 9 | 2398 |
|  |  | 263287 |
| **Financials 12.6%** | **Financials 12.6%** | **Financials 12.6%** |
| Affirm Holdings, Inc. - Class A (a) | 9 | 435 |
| American Express Company (b) | 10 | 3059 |
| Ameriprise Financial, Inc. | 2 | 768 |
| AON Public Limited Company - Class A | 13 | 4240 |
| Apollo Global Management, Inc. (b) | 16 | 1787 |
| Arch Capital Group Ltd. (a) | 12 | 1147 |
| Arthur J. Gallagher & Co. | 20 | 4426 |
| Bank of America Corporation | 157 | 7659 |
| Berkshire Hathaway Inc. - Class B (a) (b) | 24 | 11275 |
| Blackstone Inc. - Class A | 14 | 1631 |
| Capital One Financial Corporation | 19 | 3544 |
| Charles Schwab Corporation, The | 68 | 6375 |
| Chubb Limited | 4 | 1429 |
| Citigroup Inc. | 32 | 3677 |
| CME Group Inc. - Class A | 9 | 2620 |
| Corpay Inc (a) (b) | 10 | 2998 |
| Fidelity National Information Services, Inc. | 46 | 2136 |
| Fifth Third Bancorp | 68 | 3139 |
| MasterCard Incorporated - Class A (b) | 22 | 10967 |
| Morgan Stanley | 21 | 3384 |
| Progressive Corporation, The | 9 | 1710 |
| State Street Corporation | 9 | 1192 |
| Toast, Inc. - Class A (a) | 30 | 794 |
| U.S. Bancorp (b) | 80 | 4140 |
| Visa Inc. - Class A (b) | 28 | 8371 |
| Wells Fargo & Company (b) | 102 | 8093 |
| Wex, Inc. (a) | 2 | 306 |
|  |  | 101302 |
| **Consumer Discretionary 11.5%** | **Consumer Discretionary 11.5%** | **Consumer Discretionary 11.5%** |
| Amazon.com, Inc. (a) (b) | 160 | 33317 |
| Aptiv PLC (a) | 7 | 500 |
| AutoZone, Inc. (a) | 1 | 2831 |
| Booking Holdings Inc. |  | 1545 |
| Burlington Stores, Inc. (a) (b) | 9 | 2890 |
| Carnival Corporation | 88 | 2273 |
| Chipotle Mexican Grill, Inc. (a) (b) | 96 | 3061 |
| DoorDash, Inc. - Class A (a) | 5 | 748 |
| Expedia Group, Inc. | 8 | 1934 |
| Hilton Worldwide Holdings Inc. (b) | 17 | 5318 |
| Lennar Corporation - Class A | 7 | 627 |
| Lowe`s Companies, Inc. | 30 | 7207 |
| McDonald's Corporation | 20 | 6186 |
| Nike, Inc. - Class B | 37 | 1955 |
| Ross Stores, Inc. | 19 | 4208 |
| Tesla Inc. (a) (b) | 39 | 14400 |
| Yum! Brands, Inc. | 26 | 4055 |
|  |  | 93055 |
| **Communication Services 10.1%** | **Communication Services 10.1%** | **Communication Services 10.1%** |
| Alphabet Inc. - Class A (b) | 86 | 24609 |
| Alphabet Inc. - Class C | 56 | 16121 |
| AT&T Inc. | 250 | 7262 |
| Comcast Corporation - Class A | 53 | 1523 |
| EchoStar Corporation - Class A (a) (c) | 2 | 260 |
| Former Charter Communications Parent, Inc. - Class A (a) | 2 | 399 |
| Meta Platforms, Inc. - Class A (b) | 34 | 19559 |
| Netflix, Inc. (a) | 55 | 5261 |
| Omnicom Group Inc. | 12 | 924 |
| Walt Disney Company, The | 54 | 5200 |
| Warner Music Group Corp. - Class A | 23 | 576 |
|  |  | 81694 |
| **Health Care 9.4%** | **Health Care 9.4%** | **Health Care 9.4%** |
| AbbVie Inc. (b) | 43 | 9277 |
| Boston Scientific Corporation (a) | 54 | 3372 |
| Bristol-Myers Squibb Company | 81 | 4933 |
| Cigna Group, The (b) | 11 | 2853 |
| Danaher Corporation | 15 | 2786 |
| Edwards Lifesciences Corporation (a) | 41 | 3321 |
| Eli Lilly and Company | 10 | 8760 |
| HCA Healthcare, Inc. | 2 | 1120 |
| Humana Inc. | 9 | 1563 |
| Johnson & Johnson (b) | 46 | 11162 |
| McKesson Corporation | 2 | 1667 |
| Medline Inc. - Class A (a) | 13 | 589 |
| Medtronic, Inc. | 47 | 4101 |
| Merck & Co., Inc. | 6 | 696 |
| Neurocrine Biosciences, Inc. (a) | 4 | 592 |
| Regeneron Pharmaceuticals, Inc. | 5 | 4039 |
| Stryker Corporation | 17 | 5738 |
| UnitedHealth Group Incorporated | 16 | 4426 |
| Vertex Pharmaceuticals Incorporated (a) (b) | 6 | 2863 |
| Waters Corporation (a) | 5 | 1556 |
|  |  | 75414 |
| **Industrials 8.5%** | **Industrials 8.5%** | **Industrials 8.5%** |
| 3M Company | 44 | 6457 |
| Carrier Global Corporation (b) | 21 | 1208 |
| Deere & Company | 9 | 5039 |
| Delta Air Lines, Inc. | 18 | 1192 |
| Dover Corporation | 13 | 2696 |
| Eaton Corporation Public Limited Company | 10 | 3640 |
| Emerson Electric Co. (b) | 15 | 2034 |
| FedEx Corporation | 8 | 3004 |
| GE Vernova Inc. (b) | 4 | 3325 |
| Howmet Aerospace Inc. | 30 | 6889 |
| Ingersoll Rand Inc. | 16 | 1289 |
| Leidos Holdings, Inc. (b) | 19 | 2883 |
| Masco Corporation (b) | 29 | 1761 |
| Otis Worldwide Corporation (b) | 17 | 1314 |
| RTX Corporation | 42 | 8150 |
| Textron Inc. | 16 | 1440 |
| Trane Technologies Public Limited Company | 18 | 7702 |
| TransDigm Group Incorporated (b) | 3 | 2932 |
| Union Pacific Corporation (b) | 11 | 2791 |
| United Airlines Holdings, Inc. (a) | 7 | 616 |
| United Rentals, Inc. (b) | 2 | 1183 |
| Vertiv Holdings Co - Class A | 3 | 676 |
|  |  | 68221 |
| **Energy 4.0%** | **Energy 4.0%** | **Energy 4.0%** |
| Baker Hughes Company - Class A (b) | 63 | 3859 |
| Diamondback Energy, Inc. (b) | 12 | 2374 |
| EOG Resources, Inc. | 47 | 6845 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| EQT Corporation | 25 | 1613 |
| Exxon Mobil Corporation | 103 | 17556 |
| | | 32247 |
| **Consumer Staples 3.9%** | **Consumer Staples 3.9%** | **Consumer Staples 3.9%** |
| Altria Group, Inc. | 25 | 1623 |
| Church & Dwight Co., Inc. | 17 | 1594 |
| Keurig Dr Pepper Inc. | 85 | 2230 |
| Mondelez International, Inc. - Class A | 87 | 5002 |
| PepsiCo, Inc. (b) | 56 | 8653 |
| Philip Morris International Inc. (b) | 36 | 5881 |
| Walmart Inc. | 52 | 6483 |
|  |  | 31466 |
| **Utilities 2.6%** | **Utilities 2.6%** | **Utilities 2.6%** |
| Entergy Corporation | 36 | 4021 |
| NextEra Energy, Inc. | 88 | 8213 |
| NRG Energy, Inc. | 3 | 422 |
| Sempra (b) | 44 | 4238 |
| The Southern Company | 39 | 3734 |
| Vistra Corp. | 3 | 435 |
|  |  | 21063 |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Ball Corporation | 5 | 318 |
| Ecolab Inc. (b) | 23 | 6065 |
| Linde Public Limited Company | 8 | 3952 |
| Martin Marietta Materials, Inc. (b) | 3 | 1491 |
| PPG Industries, Inc. (b) | 22 | 2302 |
| Vulcan Materials Company | 6 | 1650 |
|  |  | 15778 |
| **Real Estate 1.8%** | **Real Estate 1.8%** | **Real Estate 1.8%** |
| American Tower Corporation | 5 | 832 |
| Equinix, Inc. | 4 | 3834 |
| Equity Lifestyle Properties, Inc. | 26 | 1593 |
| SBA Communications Corporation - Class A | 8 | 1346 |
| Ventas, Inc. (b) | 53 | 4339 |
| Welltower Inc. | 15 | 2973 |
|  |  | 14917 |
| Total Common Stocks (cost $587,879) | Total Common Stocks (cost $587,879) | 798444 |
| **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, 3.53% (d) (e) | 5059 | 5059 |
| Total Short Term Investments (cost $5,059) | Total Short Term Investments (cost $5,059) | 5059 |
| **Total Investments 99.7% (cost $592,938)** | **Total Investments 99.7% (cost $592,938)** | **803503** |
| **Total Purchased Options 2.4% (cost $18,505)** | **Total Purchased Options 2.4% (cost $18,505)** | **19576** |
| **Other Derivative Instruments (2.2)%** | **Other Derivative Instruments (2.2)%** | **(17686)** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **282** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **805675** |

---

(a) Non-income producing security.

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

(c) All or a portion of the security was on loan as of March 31, 2026.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 2780 | 39515 | 37236 | 37 |  |  | 5059 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 24 | June 2026 | 8000 | 219 | (115) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 6180.00 | 06/30/26 | 1234 | 762612 | 19576 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 6865.00 | 06/30/26 | 1234 | 847141 | (13080) |
| S&P 500 Index | Put | 5210.00 | 06/30/26 | 1234 | 642914 | (4825) |
|  |  |  |  |  |  | (17905) |

---

**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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 798444 |  |  | 798444 |
| &nbsp;&nbsp;Short Term Investments | 5059 |  |  | 5059 |
|  | 803503 |  |  | 803503 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 19576 |  |  | 19576 |
|  | 19576 |  |  | 19576 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (115) |  |  | (115) |
| &nbsp;&nbsp;Exchange Traded Written Options | (17905) |  |  | (17905) |
|  | (18020) |  |  | (18020) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Industrials 24.2%** | **Industrials 24.2%** | **Industrials 24.2%** |
| AMETEK, Inc. | 139 | 29694 |
| Axon Enterprise, Inc. (a) | 62 | 26222 |
| Broadridge Financial Solutions, Inc. | 155 | 25193 |
| BWXT Government Group, Inc. | 145 | 29603 |
| Carlisle Companies Incorporated | 50 | 16621 |
| Comfort Systems USA, Inc. | 58 | 80198 |
| ESAB Corporation | 171 | 16528 |
| FTAI Aviation Ltd. | 158 | 38635 |
| HEICO Corporation - Class A | 188 | 39577 |
| Howmet Aerospace Inc. | 471 | 108577 |
| Ingersoll Rand Inc. | 214 | 17111 |
| ITT Inc. | 182 | 34730 |
| PACCAR Inc | 136 | 15747 |
| Quanta Services, Inc. | 166 | 90857 |
| Rocket Lab USA, Inc. (a) | 305 | 19593 |
| Rollins, Inc. | 484 | 25824 |
| Trane Technologies Public Limited Company | 41 | 16892 |
| Veralto Corporation | 202 | 17839 |
| Vertiv Holdings Co - Class A | 420 | 105231 |
|  |  | 754672 |
| **Consumer Discretionary 19.5%** | **Consumer Discretionary 19.5%** | **Consumer Discretionary 19.5%** |
| AutoZone, Inc. (a) | 9 | 28944 |
| Bright Horizons Family Solutions, Inc. (a) | 139 | 11431 |
| Burlington Stores, Inc. (a) | 152 | 49609 |
| Carvana Co. - Class A (a) | 174 | 54656 |
| Chipotle Mexican Grill, Inc. (a) | 486 | 15565 |
| Coupang, Inc. - Class A (a) | 648 | 12237 |
| DoorDash, Inc. - Class A (a) | 129 | 19345 |
| Expedia Group, Inc. | 47 | 10777 |
| Flutter Entertainment Public Limited Company (a) | 77 | 7827 |
| Garmin Ltd. | 71 | 16558 |
| Hilton Worldwide Holdings Inc. | 353 | 107180 |
| Levi Strauss & Co. - Class A | 935 | 17289 |
| On Holding AG - Class A (a) | 582 | 19787 |
| Planet Fitness, Inc. - Class A (a) | 168 | 12487 |
| Royal Caribbean Cruises Ltd. | 353 | 97233 |
| Somnigroup International Inc. | 467 | 34506 |
| Texas Roadhouse, Inc. - Class A | 112 | 18519 |
| Thor Industries, Inc. | 188 | 15027 |
| Ulta Beauty, Inc. (a) | 63 | 32982 |
| Wingstop Inc. | 46 | 7198 |
| Wynn Resorts, Limited | 166 | 16872 |
|  |  | 606029 |
| **Health Care 18.1%** | **Health Care 18.1%** | **Health Care 18.1%** |
| Agilent Technologies, Inc. | 139 | 15885 |
| Alkermes Public Limited Company (a) | 485 | 17148 |
| Alnylam Pharmaceuticals, Inc. (a) | 193 | 63788 |
| Bridgebio Pharma, Inc. (a) | 91 | 6720 |
| Caris Life Sciences, Inc. (a) (b) | 465 | 8316 |
| Cencora, Inc. | 248 | 78019 |
| DexCom, Inc. (a) | 490 | 30800 |
| Disc Medicine, Inc. (a) | 106 | 6783 |
| IDEXX Laboratories, Inc. (a) | 66 | 36991 |
| Insmed Incorporated (a) | 426 | 69703 |
| Ionis Pharmaceuticals, Inc. (a) | 222 | 16659 |
| IQVIA Holdings Inc (a) | 106 | 18091 |
| Irhythm Holdings, Inc. (a) | 62 | 7274 |
| Mettler-Toledo International Inc. (a) | 11 | 13452 |
| Natera, Inc. (a) | 232 | 46474 |
| Neurocrine Biosciences, Inc. (a) | 332 | 43741 |
| Nuvalent, Inc. - Class A (a) | 167 | 17116 |
| Penumbra, Inc. (a) | 21 | 6961 |
| Rhythm Pharmaceuticals, Inc. (a) | 163 | 14214 |
| uniQure N.V. (a) | 155 | 2535 |
| Veeva Systems Inc. - Class A (a) | 217 | 38028 |
| Xenon Pharmaceuticals Inc. (a) | 117 | 6804 |
|  |  | 565502 |
| **Information Technology 16.1%** | **Information Technology 16.1%** | **Information Technology 16.1%** |
| Ciena Corporation (a) | 74 | 28846 |
| Cloudflare, Inc. - Class A (a) | 336 | 69251 |
| CyberArk Software Ltd. (a) (c) | 51 | 2314 |
| Datadog, Inc. - Class A (a) | 366 | 43179 |
| DigitalOcean Holdings, Inc. (a) | 102 | 8752 |
| Fabrinet (a) | 53 | 27627 |
| HubSpot, Inc. (a) | 97 | 23625 |
| JFROG Ltd. (a) | 363 | 17052 |
| MKS Inc. | 90 | 20744 |
| MongoDB, Inc. - Class A (a) | 82 | 20007 |
| Monolithic Power Systems, Inc. | 33 | 36538 |
| Okta, Inc. - Class A (a) | 196 | 15424 |
| ON Semiconductor Corporation (a) | 491 | 30432 |
| Palo Alto Networks, Inc. (a) | 111 | 17831 |
| Procore Technologies, Inc. (a) | 308 | 17559 |
| Rambus Inc. (a) | 167 | 14376 |
| Rubrik, Inc. - Class A (a) | 207 | 10137 |
| Snowflake Inc. - Class A (a) | 118 | 17718 |
| Teledyne Technologies Incorporated (a) | 49 | 29710 |
| Teradyne, Inc. | 95 | 28208 |
| Twilio Inc. - Class A (a) | 182 | 22888 |
|  |  | 502218 |
| **Financials 6.8%** | **Financials 6.8%** | **Financials 6.8%** |
| Affirm Holdings, Inc. - Class A (a) | 104 | 4772 |
| Ares Management Corporation - Class A | 53 | 5811 |
| Arthur J. Gallagher & Co. | 82 | 17752 |
| Bank of New York Mellon Corporation, The | 158 | 18706 |
| Figure Technology Solutions, Inc. - Class A (a) (b) | 278 | 9437 |
| Interactive Brokers Group, Inc. - Class A | 150 | 10037 |
| LPL Financial Holdings Inc. | 57 | 17289 |
| MSCI Inc. - Class A | 80 | 43347 |
| Raymond James Financial, Inc. | 204 | 29499 |
| Robinhood Markets, Inc. - Class A (a) | 295 | 20444 |
| Rocket Companies, Inc. - Class A | 1329 | 18932 |
| Tradeweb Markets Inc. - Class A | 147 | 17305 |
|  |  | 213331 |
| **Energy 4.7%** | **Energy 4.7%** | **Energy 4.7%** |
| Cheniere Energy, Inc. | 194 | 54901 |
| EOG Resources, Inc. | 200 | 28894 |
| TechnipFMC PLC | 299 | 20661 |
| Williams Companies, Inc., The | 570 | 41512 |
|  |  | 145968 |
| **Communication Services 4.5%** | **Communication Services 4.5%** | **Communication Services 4.5%** |
| Live Nation Entertainment, Inc. (a) | 285 | 43405 |
| Reddit, Inc. - Class A (a) | 199 | 26787 |
| Roblox Corporation - Class A (a) | 580 | 32826 |
| Take-Two Interactive Software, Inc. (a) | 195 | 38482 |
|  |  | 141500 |
| **Consumer Staples 2.1%** | **Consumer Staples 2.1%** | **Consumer Staples 2.1%** |
| Casey's General Stores, Inc. | 46 | 33714 |
| Performance Food Group Company (a) | 362 | 31021 |
|  |  | 64735 |
| **Real Estate 1.6%** | **Real Estate 1.6%** | **Real Estate 1.6%** |
| CBRE Group, Inc. - Class A (a) | 257 | 34781 |
| Equity Lifestyle Properties, Inc. | 238 | 14868 |
|  |  | 49649 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| Vistra Corp. | 283 | 42582 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| James Hardie Industries Public Limited Company (a) | 753 | 14270 |
| Total Common Stocks (cost $2,807,298) | Total Common Stocks (cost $2,807,298) | 3100456 |
| **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, 3.53% (d) (e) | 10913 | 10913 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (d) (e) | 4916 | 4916 |
| Total Short Term Investments (cost $15,829) | Total Short Term Investments (cost $15,829) | 15829 |
| **Total Investments 100.0% (cost $2,823,127)** | **Total Investments 100.0% (cost $2,823,127)** | **3116285** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (904) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3115381** |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 21897 | 172397 | 183381 | 257 |  |  | 10913 | 0.3 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 26520 | 21604 | 5 |  |  | 4916 | 0.2 |
|  | 21897 | 198917 | 204985 | 262 |  |  | 15829 | 0.5 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 3098142 | 2314 |  | 3100456 |
| &nbsp;&nbsp;Short Term Investments | 15829 |  |  | 15829 |
|  | 3113971 | 2314 |  | 3116285 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.8%** | **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** |
| **Information Technology 50.5%** | **Information Technology 50.5%** | **Information Technology 50.5%** |
| Adobe Inc. (a) | 1 | 227 |
| Advanced Micro Devices, Inc. (a) (b) | 5 | 1013 |
| Analog Devices, Inc. | 2 | 674 |
| Apple Inc. (b) | 15 | 3852 |
| Applied Materials, Inc. | 1 | 461 |
| AppLovin Corporation - Class A (a) | 1 | 306 |
| ASML Holding N.V. - ADR |  | 551 |
| Atlassian Corporation - Class A (a) |  | 16 |
| Broadcom Inc. (b) | 4 | 1348 |
| Cisco Systems, Inc. | 9 | 678 |
| Cognizant Technology Solutions Corporation - Class A | 2 | 99 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 296 |
| Datadog, Inc. - Class A (a) |  | 46 |
| HubSpot, Inc. (a) |  | 60 |
| Intel Corporation (a) | 9 | 379 |
| Intuit Inc. (b) | 1 | 435 |
| KLA Corporation |  | 79 |
| Lam Research Corporation | 5 | 1074 |
| Marvell Technology, Inc. | 4 | 346 |
| Micron Technology, Inc. | 4 | 1234 |
| Microsoft Corporation (b) | 8 | 2906 |
| NVIDIA Corporation (b) | 25 | 4436 |
| NXP Semiconductors N.V. | 1 | 285 |
| Oracle Corporation | 1 | 156 |
| Palantir Technologies Inc. - Class A (a) | 5 | 739 |
| Palo Alto Networks, Inc. (a) (b) | 3 | 419 |
| Qualcomm Incorporated | 2 | 317 |
| Seagate Technology Holdings Public Limited Company | 2 | 580 |
| ServiceNow, Inc. (a) | 1 | 106 |
| Shopify Inc. - Class A (a) | 2 | 290 |
| Strategy Inc - Class A (a) (c) |  | 34 |
| Synopsys, Inc. (a) | 1 | 327 |
| Teradyne, Inc. | 1 | 223 |
| Texas Instruments Incorporated | 2 | 422 |
| Western Digital Corporation | 1 | 156 |
| Workday, Inc. - Class A (a) |  | 51 |
|  |  | 24621 |
| **Communication Services 14.9%** | **Communication Services 14.9%** | **Communication Services 14.9%** |
| Alphabet Inc. - Class C (b) | 11 | 3074 |
| Comcast Corporation - Class A | 12 | 349 |
| Former Charter Communications Parent, Inc. - Class A (a) |  | 73 |
| Meta Platforms, Inc. - Class A (b) | 3 | 1823 |
| Netflix, Inc. (a) | 13 | 1248 |
| Take-Two Interactive Software, Inc. (a) | 1 | 164 |
| T-Mobile US, Inc. (b) | 2 | 521 |
|  |  | 7252 |
| **Consumer Discretionary 12.9%** | **Consumer Discretionary 12.9%** | **Consumer Discretionary 12.9%** |
| Airbnb, Inc. - Class A (a) |  | 57 |
| Amazon.com, Inc. (a) (b) | 12 | 2426 |
| Booking Holdings Inc. (b) |  | 484 |
| Chipotle Mexican Grill, Inc. (a) | 3 | 104 |
| DoorDash, Inc. - Class A (a) | 1 | 131 |
| Lowe`s Companies, Inc. | 1 | 184 |
| Marriott International, Inc. - Class A | 1 | 308 |
| MercadoLibre, Inc. (a) |  | 280 |
| O'Reilly Automotive, Inc. (a) | 4 | 344 |
| PDD Holdings Inc. - ADR (a) | 1 | 62 |
| Ross Stores, Inc. | 1 | 162 |
| Starbucks Corporation | 2 | 187 |
| Tesla Inc. (a) (b) | 4 | 1569 |
|  |  | 6298 |
| **Consumer Staples 7.9%** | **Consumer Staples 7.9%** | **Consumer Staples 7.9%** |
| Coca-Cola Company, The | 2 | 126 |
| Costco Wholesale Corporation (b) | 1 | 947 |
| Kraft Heinz Company, The | 3 | 68 |
| Mondelez International, Inc. - Class A | 6 | 318 |
| Monster Beverage 1990 Corporation (a) | 4 | 292 |
| PepsiCo, Inc. | 4 | 579 |
| Walmart Inc. | 12 | 1496 |
|  |  | 3826 |
| **Health Care 5.2%** | **Health Care 5.2%** | **Health Care 5.2%** |
| AbbVie Inc. | 1 | 262 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 172 |
| Amgen Inc. | 1 | 266 |
| Bristol-Myers Squibb Company | 3 | 152 |
| DexCom, Inc. (a) | 2 | 104 |
| Gilead Sciences, Inc. | 1 | 86 |
| Intuitive Surgical, Inc. (a) | 1 | 547 |
| Regeneron Pharmaceuticals, Inc. |  | 361 |
| Thermo Fisher Scientific Inc. |  | 110 |
| UnitedHealth Group Incorporated |  | 75 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 407 |
|  |  | 2542 |
| **Industrials 3.6%** | **Industrials 3.6%** | **Industrials 3.6%** |
| Copart, Inc. (a) | 5 | 174 |
| CSX Corporation | 10 | 392 |
| Deere & Company |  | 182 |
| Eaton Corporation Public Limited Company | 1 | 216 |
| Honeywell International Inc. | 2 | 489 |
| Uber Technologies, Inc. (a) | 1 | 97 |
| United Parcel Service, Inc. - Class B |  | 41 |
| Verisk Analytics, Inc. | 1 | 140 |
|  |  | 1731 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| Constellation Energy Group, Inc. |  | 53 |
| NextEra Energy, Inc. | 2 | 206 |
| The Southern Company | 2 | 197 |
| XCEL Energy Inc. | 3 | 212 |
|  |  | 668 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| Linde Public Limited Company | 1 | 531 |
| **Financials 0.7%** | **Financials 0.7%** | **Financials 0.7%** |
| Corpay Inc (a) |  | 97 |
| MasterCard Incorporated - Class A |  | 153 |
| PayPal Holdings, Inc. | 2 | 68 |
|  |  | 318 |
| **Energy 0.4%** | **Energy 0.4%** | **Energy 0.4%** |
| Diamondback Energy, Inc. | 1 | 220 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| ProLogis Inc. | 1 | 117 |
| Total Common Stocks (cost $44,167) | Total Common Stocks (cost $44,167) | 48124 |
| **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, 3.53% (d) (e) | 89 | 89 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.63% (d) (e) | 34 | 34 |
| Total Short Term Investments (cost $123) | Total Short Term Investments (cost $123) | 123 |
| **Total Investments 99.0% (cost $44,290)** | **Total Investments 99.0% (cost $44,290)** | **48247** |
| **Total Purchased Options 2.8% (cost $1,376)** | **Total Purchased Options 2.8% (cost $1,376)** | **1360** |
| **Other Derivative Instruments (2.9)%** | **Other Derivative Instruments (2.9)%** | **(1399)** |
| **Other Assets and Liabilities, Net 1.1%** | **Other Assets and Liabilities, Net 1.1%** | **506** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **48714** |

---

(a) Non-income producing security.

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

(c) All or a portion of the security was on loan as of March 31, 2026.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Investments in Affiliates** | **JNL/JPMorgan Nasdaq 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, 3.53% - Class I | 1424 | 4888 | 6223 | 7 |  |  | 89 | 0.2 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 69 | 35 |  |  |  | 34 | 0.1 |
|  | 1424 | 4957 | 6258 | 7 |  |  | 123 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Nasdaq 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** |
| NASDAQ 100 Stock Index | 2 | June 2026 | 96 |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 22500.00 | 06/30/26 | 20 | 45000 | 1360 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 25200.00 | 06/30/26 | 20 | 50400 | (1015) |
| NASDAQ 100 Stock Index | Put | 19000.00 | 06/30/26 | 20 | 38000 | (384) |
|  |  |  |  |  |  | (1399) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 48124 |  |  | 48124 |
| &nbsp;&nbsp;Short Term Investments | 123 |  |  | 123 |
|  | 48247 |  |  | 48247 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 1360 |  |  | 1360 |
|  | 1360 |  |  | 1360 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Written Options | (1399) |  |  | (1399) |
|  | (1399) |  |  | (1399) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 81.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 81.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 81.2%** |
| **U.S. Treasury Note 22.1%** | **U.S. Treasury Note 22.1%** | **U.S. Treasury Note 22.1%** |
| Treasury, United States Department of |  |  |
| 2.00%, 11/15/26 | 9000 | 8903 |
| 2.25%, 02/15/27 (a) | 34079 | 33640 |
| 0.63%, 03/31/27 | 25000 | 24242 |
| 2.25%, 08/15/27 | 40000 | 39155 |
| 4.13%, 10/31/27 - 02/15/36 | 18980 | 18882 |
| 3.38%, 12/31/27 - 05/15/33 | 6120 | 5844 |
| 4.00%, 06/30/28 - 11/15/35 | 48170 | 47756 |
| 1.50%, 11/30/28 | 14930 | 14059 |
| 3.63%, 12/31/30 | 5400 | 5327 |
| 3.50%, 02/28/31 (b) | 9225 | 9045 |
| 3.88%, 12/31/32 - 08/15/34 | 16110 | 15766 |
| 3.75%, 02/28/33 | 9955 | 9731 |
| 4.25%, 05/15/35 - 08/15/35 | 35117 | 35015 |
|  |  | 267365 |
| **Mortgage-Backed Securities 21.1%** | **Mortgage-Backed Securities 21.1%** | **Mortgage-Backed Securities 21.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 11/01/28 - 03/01/56 | 14757 | 15059 |
| 7.00%, 10/01/31 - 06/01/32 | 5 | 5 |
| 5.50%, 07/01/38 - 03/01/56 | 43702 | 44059 |
| 6.50%, 03/01/56 - 04/01/56 | 4070 | 4225 |
| Series 2025-A1A-CES3, REMIC, 4.84%, 09/25/60 (c) (d) | 2055 | 2035 |
| Federal National Mortgage Association, Inc. |  |  |
| 7.00%, 03/01/29 - 04/01/56 | 685 | 723 |
| 8.00%, 12/01/29 - 03/01/31 | 4 | 4 |
| 7.50%, 02/01/31 | 2 | 2 |
| 1.90%, 12/01/31 | 35000 | 30811 |
| 1.94%, 10/01/33 | 10000 | 8470 |
| 2.52%, 09/01/34 | 6843 | 5964 |
| 2.41%, 10/01/34 | 9794 | 8501 |
| 5.50%, 02/01/35 - 03/01/56 | 24211 | 24422 |
| 1.78%, 05/01/35 | 15000 | 11881 |
| 2.50%, 11/01/35 | 1554 | 1471 |
| 6.00%, 11/01/35 - 04/01/56 | 8289 | 8481 |
| 6.50%, 02/01/36 - 04/01/56 | 2453 | 2540 |
| 2.04%, 06/01/37 | 5102 | 4005 |
| 3.50%, 06/01/42 | 3291 | 3174 |
| 5.00%, 08/01/52 - 03/01/56 | 38398 | 38101 |
| TBA, 2.00%, 04/15/56 (e) | 5750 | 4621 |
| TBA, 6.00%, 04/15/56 (e) | 17940 | 18281 |
| Government National Mortgage Association |  |  |
| 6.00%, 04/15/29 - 01/15/36 | 223 | 232 |
| 2.50%, 10/15/49 - 12/20/49 | 2722 | 2347 |
| 3.50%, 09/20/51 | 6191 | 5619 |
| 5.50%, 01/20/56 | 8253 | 8318 |
| Government National Mortgage Association II |  |  |
| 2.50%, 08/20/53 | 1811 | 1559 |
|  |  | 254910 |
| **U.S. Treasury Bond 17.0%** | **U.S. Treasury Bond 17.0%** | **U.S. Treasury Bond 17.0%** |
| Treasury, United States Department of |  |  |
| Interest Only, 0.00%, 08/15/36 - 08/15/37 (f) | 1106 | 676 |
| 2.00%, 11/15/41 - 02/15/50 | 72500 | 46852 |
| 3.88%, 02/15/43 - 05/15/43 | 18000 | 15985 |
| 3.63%, 08/15/43 | 12735 | 10876 |
| 3.75%, 11/15/43 | 48000 | 41612 |
| 3.00%, 05/15/45 - 02/15/48 | 37500 | 28284 |
| 4.88%, 08/15/45 | 52550 | 52384 |
| 4.63%, 11/15/45 | 6175 | 5955 |
| 2.25%, 08/15/49 | 5000 | 3109 |
|  |  | 205733 |
| **Collateralized Mortgage Obligations 13.9%** | **Collateralized Mortgage Obligations 13.9%** | **Collateralized Mortgage Obligations 13.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 30-264, 3.00%, 07/15/42 | 3854 | 3556 |
| Series GT-3270, REMIC, 5.50%, 01/15/27 |  |  |
| Series AM-2525, REMIC, 4.50%, 04/15/32 | 38 | 38 |
| Series NY-4206, REMIC, 3.00%, 05/15/33 | 3265 | 3174 |
| Series MJ-2638, REMIC, 5.00%, 07/15/33 | 242 | 245 |
| Series MU-2915, REMIC, 5.00%, 01/15/35 | 352 | 358 |
| Series AZ-3036, REMIC, 5.00%, 02/15/35 | 2195 | 2223 |
| Series PB-3283, REMIC, 5.50%, 07/15/36 | 284 | 293 |
| Series B-3413, REMIC, 5.50%, 04/15/37 | 127 | 129 |
| Series PE-3341, REMIC, 6.00%, 07/15/37 | 195 | 204 |
| Series HZ-4365, REMIC, 3.00%, 01/15/40 | 2210 | 2091 |
| Series QH-3699, REMIC, 5.50%, 07/15/40 | 225 | 230 |
| Series PB-4047, REMIC, 3.50%, 01/15/41 | 55 | 55 |
| Series YN-4094, REMIC, 3.00%, 08/15/42 | 1574 | 1494 |
| Series AW-4437, REMIC, 2.50%, 02/15/45 | 5143 | 4178 |
| Series PY-4493, REMIC, 3.00%, 07/15/45 | 3715 | 3124 |
| Series DB-4585, REMIC, 3.00%, 05/15/46 | 5594 | 4514 |
| Series KR-4945, REMIC, 2.50%, 09/25/49 | 3768 | 3261 |
| Series MD-4937, REMIC, 2.50%, 10/25/49 | 2978 | 2613 |
| Series PA-4933, REMIC, 2.50%, 10/25/49 | 5066 | 4435 |
| Series 2020-M55G-1, REMIC, 3.00%, 08/25/59 | 5670 | 5044 |
| Series 2024-MT-2, REMIC, 3.50%, 05/25/64 | 2821 | 2451 |
| Series 2025-MAU-1, REMIC, 3.25%, 11/25/64 | 8412 | 7655 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2011-PB-145, REMIC, 3.50%, 01/25/32 | 3687 | 3642 |
| Series 2012-LY-134, REMIC, 3.00%, 12/25/32 | 2769 | 2656 |
| Series 2013-PY-106, REMIC, 3.00%, 10/25/33 | 3638 | 3516 |
| Series 2004-AZ-35, REMIC, 4.50%, 05/25/34 | 1258 | 1256 |
| Series 2015-BY-41, REMIC, 3.00%, 09/25/34 | 1302 | 1287 |
| Series 2015-BW-15, REMIC, 3.50%, 04/25/35 | 3190 | 3139 |
| Series 2015-GB-28, REMIC, 3.50%, 05/25/35 | 4156 | 4012 |
| Series 2015-EY-47, REMIC, 3.00%, 07/25/35 | 5051 | 4799 |
| Series 2005-PL-64, REMIC, 5.50%, 07/25/35 | 38 | 39 |
| Series 2005-BG-97, REMIC, 5.50%, 11/25/35 | 571 | 584 |
| Principal Only, Series 2006-HO-23, REMIC, 0.00%, 04/25/36 | 204 | 170 |
| Series 2016-LY-30, REMIC, 3.50%, 05/25/36 | 5618 | 5431 |
| Series 2017-DL-83, REMIC, 3.00%, 10/25/37 | 5061 | 4576 |
| Series 2010-MB-47, REMIC, 5.00%, 09/25/39 | 688 | 699 |
| Series 2010-SL-4, REMIC, 3.09%, (11.33% - (SOFR 30-Day Average \* 2.25)), 02/25/40 (g) | 25 | 21 |
| Series 2010-CB-11, REMIC, 4.50%, 02/25/40 | 26 | 26 |
| Series 2010-PM-123, REMIC, 4.00%, 07/25/40 | 197 | 196 |
| Series 2010-MB-134, REMIC, 4.50%, 12/25/40 | 1398 | 1377 |
| Series 2002-A3-T4, REMIC, 7.50%, 12/25/41 | 1079 | 1135 |
| Series 2012-EP-60, REMIC, 3.00%, 04/25/42 | 337 | 327 |
| Series 2003-2A4-W3, REMIC, 5.75%, 06/25/42 | 299 | 304 |
| Series 2012-HY-102, REMIC, 2.00%, 09/25/42 | 4000 | 3298 |
| Series 2012-AB-121, REMIC, 3.00%, 11/25/42 | 2185 | 1998 |
| Series 2003-2A7-W12, REMIC, 4.68%, 06/25/43 | 652 | 641 |
| Series 2016-LA-25, REMIC, 3.00%, 07/25/45 | 1785 | 1686 |
| Series 2015-N-97, REMIC, 3.00%, 11/25/45 | 13757 | 12124 |
| Series 2019-CA-71, REMIC, 2.50%, 07/25/46 | 4109 | 3855 |
| Series 2017-CA-52, REMIC, 3.00%, 07/25/47 | 2574 | 2314 |
| Series 2019-PA-65, REMIC, 2.50%, 05/25/48 | 1464 | 1349 |
| Series 2019-KA-42, REMIC, 3.00%, 07/25/49 | 7359 | 6662 |
| Series 2019-JA-81, REMIC, 2.50%, 09/25/49 | 3914 | 3288 |
| Series 2009-A-W1, REMIC, 5.99%, 12/25/49 (g) | 62 | 64 |
| Series 2020-JC-12, REMIC, 2.00%, 03/25/50 | 7482 | 6035 |
| REMIC, 0.50%, 09/25/54 | 1314 | 1135 |
| Government National Mortgage Association |  |  |
| Series 2003-ZA-75, REMIC, 5.50%, 09/20/33 | 194 | 199 |
| Series 2003-Z-114, REMIC, 6.00%, 12/16/33 | 287 | 296 |
| Series 2007-MB-2, REMIC, 5.50%, 01/20/37 | 437 | 452 |
| Interest Only, Series 2008-SA-40, REMIC, 2.61%, (6.29% - (1 Month Term SOFR \* 1)), 05/16/38 (g) | 366 | 21 |
| Series 2009-TX-42, REMIC, 4.50%, 06/20/39 | 836 | 834 |
| Series 2011-Z-29, REMIC, 5.00%, 05/20/40 | 9735 | 9757 |
| Interest Only, Series 2011-SH-97, REMIC, 2.34%, (6.02% - (1 Month Term SOFR \* 1)), 07/20/41 (g) | 784 | 63 |
| Series 2015-PL-157, REMIC, 3.00%, 10/20/45 | 12872 | 10827 |
| Series 2016-AC-19, REMIC, 3.00%, 02/20/46 | 1284 | 1046 |
| Principal Only, Series 2018-BO-46, REMIC, 0.00%, 03/20/48 | 3779 | 3239 |
| Principal Only, Series 2022-AO-94, REMIC, 0.00%, 05/20/52 | 3081 | 2199 |
| Series 2025-JS-100, REMIC, 5.85%, (15.95% - (SOFR 30-Day Average \* 2.75)), 06/20/55 (g) | 3718 | 3587 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2013-FA-H16, REMIC, 4.32%, (1 Month Term SOFR + 0.65%), 07/20/63 (g) | 641 | 642 |
| | | 168168 |
| **U.S. Government Agency Obligations 4.0%** | **U.S. Government Agency Obligations 4.0%** | **U.S. Government Agency Obligations 4.0%** |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.50%, 03/26/27 (h) | 11250 | 11331 |
| 3.33%, 04/28/37 (h) | 7500 | 6746 |
| Federal National Mortgage Association, Inc. |  |  |
| Principal Only, 0.00%, 03/23/28 (f) (h) | 4000 | 3706 |
| Resolution Funding Corporation |  |  |
| Principal Only, 0.00%, 01/15/30 - 04/15/30 (f) (h) | 27560 | 23599 |
| Tennessee Valley Authority |  |  |
| Interest Only, 0.00%, 07/15/37 (f) (h) | 6000 | 3505 |
|  |  | 48887 |
| **Commercial Mortgage-Backed Securities 3.1%** | **Commercial Mortgage-Backed Securities 3.1%** | **Commercial Mortgage-Backed Securities 3.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K145, REMIC, 2.58%, 05/25/32 | 4265 | 3856 |
| Series APT2-Q013, REMIC, 1.19%, 05/25/50 (g) | 3875 | 3780 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2022-A2-M3, REMIC, 1.71%, 11/25/31 (g) | 7500 | 6513 |
| Series 2019-A2-M31, REMIC, 2.85%, 04/25/34 | 9000 | 7851 |
| Series 2020-AL-M8, REMIC, 2.01%, 03/25/35 | 9905 | 8074 |
| Series 2019-AL2-M14, REMIC, 3.07%, 04/25/48 | 8369 | 7983 |
|  |  | 38057 |
| Total Government And Agency Obligations (cost $1,060,149) | Total Government And Agency Obligations (cost $1,060,149) | 983120 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.5%** |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 4.42%, (1 Month Term SOFR + 0.31%), 12/20/46 (c) (d) (g) | 223 | 201 |
| Alternative Loan Trust 2006-OA9 |  |  |
| Series 2006-2A1A-OA9, REMIC, 4.30%, (1 Month Term SOFR + 0.53%), 07/20/46 (c) (d) (g) | 116 | 102 |
| AMSR 2026-SFR1 Trust |  |  |
| Series 2026-A-SFR1, 3.78%, 04/17/31 | 2510 | 2357 |
| Aqua Finance Trust 2024-A |  |  |
| Series 2024-A-A, 4.81%, 06/17/30 | 1703 | 1715 |
| Bank 2020-BNK26 |  |  |
| Series 2020-A4-BN26, REMIC, 2.40%, 02/15/30 | 5000 | 4563 |
| Bridge 2025-SFR1 Trust |  |  |
| Series 2025-A-SFR1, REMIC, 4.05%, 09/17/30 | 5107 | 4896 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2020-A1-1, 1.69%, 07/15/60 | 4412 | 3703 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Series 2020-A5-GC46, REMIC, 2.72%, 02/15/30 | 8750 | 8087 |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2004-4A1-5, REMIC, 6.00%, 09/25/34 | 102 | 100 |
| FIGRE Trust 2025-HE3 |  |  |
| Series 2025-A-HE3, REMIC, 5.56%, 05/25/55 (g) | 3683 | 3700 |
| GLS Auto Select Receivables Trust 2024-1 |  |  |
| Series 2024-C-1A, 5.69%, 03/15/30 | 2080 | 2125 |
| GreenSky Home Improvement Issuer Trust 2025-3 |  |  |
| Series 2025-A2-3A, 4.59%, 12/27/60 | 1945 | 1929 |
| GS Mortgage Securities Trust 2017-GS7 |  |  |
| Series 2017-A4-GS7, REMIC, 3.43%, 07/12/27 | 10500 | 10348 |
| GS Mortgage-Backed Securities Trust 2026-CES1 |  |  |
| Series 2026-A1-CES1, REMIC, 4.90%, 01/25/30 (c) | 534 | 529 |
| Hilton Grand Vacations Trust 2025-2 |  |  |
| Series 2025-A-2A, 4.54%, 05/25/44 | 2256 | 2257 |
| IRV Trust 2025-200P |  |  |
| Series 2025-A-200P, REMIC, 5.47%, 02/15/35 (g) | 3600 | 3602 |
| Lendmark Funding Trust 2021-1 |  |  |
| Series 2025-A-3A, 4.51%, 05/21/35 | 6420 | 6375 |
| M&T Bank RV Trust 2026-1 |  |  |
| Series 2026-A-1A, 4.35%, 01/15/46 | 2465 | 2452 |
| MASTR Adjustable Rate Mortgages Trust 2004-10 |  |  |
| Series 2004-3A2-1, REMIC, 3.54%, 02/25/34 (g) | 159 | 136 |
| Morgan Stanley Mortgage Loan Trust 2004-8AR |  |  |
| Series 2004-4A2-8AR, REMIC, 5.18%, 10/25/34 (g) | 26 | 25 |
| MVW 2025-2 LLC |  |  |
| Series 2025-A-2A, 4.48%, 10/20/44 | 5147 | 5122 |
| Nomura Credit & Capital, Inc. |  |  |
| Series 2004-A1-R1, REMIC, 6.50%, 03/25/34 | 878 | 747 |
| Onemain Direct Auto Receivables Trust 2025-2 |  |  |
| Series 2026-A-1A, 4.49%, 12/14/33 | 3620 | 3598 |
| Progress Residential 2022-SFR3 Trust |  |  |
| Series 2022-A-SFR3, REMIC, 3.20%, 04/19/27 (g) | 3871 | 3820 |
| Progress Residential 2024-SFR5 Trust |  |  |
| Series 2025-A-SFR2, 3.31%, 04/17/42 | 7950 | 7500 |
| PRPM 2025-RPL2, LLC |  |  |
| Series 2025-A1-RPL2, 3.75%, 04/25/55 (c) | 3154 | 3074 |
| RCKT Mortgage Trust 2025-CES10 |  |  |
| Series 2025-A1A-CES10, REMIC, 4.89%, 10/25/55 (c) | 4651 | 4612 |
| RCKT Mortgage Trust 2025-CES12 |  |  |
| Series 2025-A1A-CES12, REMIC, 5.03%, 11/25/29 (c) | 5831 | 5799 |
| RCKT Mortgage Trust 2026-CES2 |  |  |
| Series 2026-A1A-CES2, REMIC, 4.76%, 02/25/30 (c) | 3649 | 3603 |
| SCF Equipment Leasing 2025-2 LLC |  |  |
| Series 2025-A3-2A, 4.33%, 08/20/30 | 6605 | 6580 |
| Structured Asset Mortgage Investments II Trust 2006-AR7 |  |  |
| Series 2006-A1A-AR7, REMIC, 6.78%, (1 Month Term SOFR + 0.53%), 08/25/36 (c) (d) (g) | 193 | 158 |
| Tricon American Homes 2020-SFR1 Trust |  |  |
| Series 2020-A-SFR1, REMIC, 1.50%, 07/17/26 | 11566 | 11459 |
| U.S. Department of Veterans Affairs |  |  |
| Series 2001-Z-2, REMIC, 6.75%, 02/15/31 | 227 | 229 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $118,392) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $118,392) | 115503 |
| **CORPORATE BONDS AND NOTES 7.4%** | **CORPORATE BONDS AND NOTES 7.4%** | **CORPORATE BONDS AND NOTES 7.4%** |
| **Financials 4.2%** | **Financials 4.2%** | **Financials 4.2%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.88%, 01/23/28 | 3750 | 3713 |
| AIB Group Public Limited Company |  |  |
| 6.61%, 09/13/29 (i) | 4000 | 4183 |
| Avolon Holdings Funding Limited |  |  |
| 5.75%, 03/01/29 (i) | 3750 | 3836 |
| Bank of America Corporation |  |  |
| 5.29%, 04/25/34 | 4000 | 4049 |
| Citigroup Inc. |  |  |
| 4.50%, 09/11/31 | 3100 | 3067 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.37%, 10/21/31 | 3150 | 3090 |
| 4.52%, 01/21/32 | 3045 | 3003 |
| HSBC Holdings PLC |  |  |
| 4.62%, 11/06/31 | 3500 | 3457 |
| Morgan Stanley |  |  |
| 2.70%, 01/22/31 | 4300 | 3994 |
| 4.36%, 10/22/31 | 3150 | 3091 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.47%, 11/19/31 | 2955 | 2914 |
| Santander UK Group Holdings PLC |  |  |
| 5.69%, 04/15/31 | 3500 | 3596 |
| Wells Fargo & Company |  |  |
| 4.08%, 09/15/29 | 3100 | 3067 |
| 4.18%, 01/23/30 | 3195 | 3166 |
| 5.15%, 04/23/31 | 3050 | 3104 |
|  |  | 51330 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| Alphabet Inc. |  |  |
| 4.10%, 02/15/31 | 1460 | 1451 |
| 4.40%, 02/15/33 | 1465 | 1443 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AT&T Inc. |  |  |
| 4.70%, 08/15/30 | 3100 | 3126 |
| Meta Platforms, Inc. |  |  |
| 4.88%, 11/15/35 | 1732 | 1700 |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/30 | 10000 | 9747 |
| | | 17467 |
| **Utilities 0.7%** | **Utilities 0.7%** | **Utilities 0.7%** |
| PG&E Company |  |  |
| 6.10%, 01/15/29 | 3100 | 3208 |
| PG&E Recovery Funding LLC |  |  |
| 5.54%, 07/15/47 | 5115 | 5067 |
|  |  | 8275 |
| **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** |
| Amazon.com, Inc. |  |  |
| 4.65%, 11/20/35 | 1655 | 1623 |
| 4.88%, 03/13/36 | 2434 | 2411 |
|  |  | 4034 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Marvell Technology, Inc. |  |  |
| 5.75%, 02/15/29 | 3100 | 3201 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| Philip Morris International Inc. |  |  |
| 4.00%, 10/29/30 | 3100 | 3038 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| Columbia Pipelines Operating Company LLC |  |  |
| 5.93%, 08/15/30 (i) | 2000 | 2096 |
| Total Corporate Bonds And Notes (cost $90,946) | Total Corporate Bonds And Notes (cost $90,946) | 89441 |
| **SHORT TERM INVESTMENTS 3.2%** | **SHORT TERM INVESTMENTS 3.2%** | **SHORT TERM INVESTMENTS 3.2%** |
| **Investment Companies 3.2%** | **Investment Companies 3.2%** | **Investment Companies 3.2%** |
| JNL Government Money Market Fund - Class I, 3.53% (j) (k) | 39023 | 39023 |
| Total Short Term Investments (cost $39,023) | Total Short Term Investments (cost $39,023) | 39023 |
| **Total Investments 101.3% (cost $1,308,510)** | **Total Investments 101.3% (cost $1,308,510)** | **1227087** |
| **Total Purchased Options 0.0% (cost $315)** | **Total Purchased Options 0.0% (cost $315)** | **61** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (10) |
| **Other Assets and Liabilities, Net (1.3)%** | **Other Assets and Liabilities, Net (1.3)%** | **(16360)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1210778** |

---

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

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

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

(e) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $23,027.

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

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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) The security is a direct debt of the agency and not collateralized by mortgages.

(i) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $10,115 and 0.8% of the Fund.

(j) Investment in affiliate.

(k) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 8567 | 134877 | 104421 | 285 |  |  | 39023 | 3.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 3371 | 6783 | 10154 | 22 |  |  |  |  |
|  | 11938 | 141660 | 114575 | 307 |  |  | 39023 | 3.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Futures Contracts** | **JNL/JPMorgan U.S. Government & Quality 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 Ultra Bond | 133 | June 2026 | 15346 | 39 | (248) |
| United States 2 Year Note | 1 | July 2026 | 209 |  | (1) |
| United States 5 Year Note | 134 | July 2026 | 14499 | 19 | (3) |
|  |  |  |  | 58 | (252) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (30) | June 2026 | (3371) | (7) | 39 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** |
| United States Long Bond Future, Jun. 2026 | Call | 128.00 | 04/24/26 | 3925 | 502400 | 61 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Written Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Written Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Written Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Written Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Written Options** | **JNL/JPMorgan U.S. Government & Quality Bond Fund — Exchange Traded Written Options** | **JNL/JPMorgan U.S. Government & Quality 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 Long Bond Future, Jun. 2026 | Call | 131.00 | 04/24/26 | 3925 | 514175 | (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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 983120 |  | 983120 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 115503 |  | 115503 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 89441 |  | 89441 |
| &nbsp;&nbsp;Short Term Investments | 39023 |  |  | 39023 |
|  | 39023 | 1188064 |  | 1227087 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 39 |  |  | 39 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 61 |  |  | 61 |
|  | 100 |  |  | 100 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (252) |  |  | (252) |
| &nbsp;&nbsp;Exchange Traded Written Options | (61) |  |  | (61) |
|  | (313) |  |  | (313) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Financials 22.5%** | **Financials 22.5%** | **Financials 22.5%** |
| American Express Company | 61 | 18497 |
| AON Public Limited Company - Class A | 10 | 3348 |
| Ares Management Corporation - Class A | 41 | 4488 |
| Arthur J. Gallagher & Co. | 42 | 9177 |
| Bank of America Corporation | 539 | 26273 |
| Bank of New York Mellon Corporation, The | 150 | 17781 |
| Berkshire Hathaway Inc. - Class B (a) | 34 | 16512 |
| BlackRock, Inc. | 5 | 4859 |
| Blackstone Inc. - Class A | 45 | 5124 |
| Capital One Financial Corporation | 96 | 17581 |
| Charles Schwab Corporation, The | 254 | 23840 |
| Chubb Limited | 30 | 9738 |
| Citigroup Inc. | 182 | 20604 |
| First Citizens BancShares, Inc. - Class A | 5 | 10011 |
| Goldman Sachs Group, Inc., The | 19 | 15669 |
| Morgan Stanley | 139 | 22880 |
| Progressive Corporation, The | 43 | 8601 |
| Travelers Companies, Inc., The | 31 | 8981 |
| U.S. Bancorp | 206 | 10736 |
| Wells Fargo & Company | 477 | 37994 |
|  |  | 292694 |
| **Industrials 15.2%** | **Industrials 15.2%** | **Industrials 15.2%** |
| 3M Company | 116 | 16836 |
| Carrier Global Corporation | 425 | 23915 |
| CSX Corporation | 326 | 13389 |
| Deere & Company | 29 | 16562 |
| Dover Corporation | 93 | 19386 |
| Eaton Corporation Public Limited Company | 75 | 26805 |
| General Dynamics Corporation | 66 | 22512 |
| Parker-Hannifin Corporation | 5 | 4300 |
| Republic Services, Inc. | 36 | 7954 |
| RTX Corporation | 133 | 25616 |
| Union Pacific Corporation | 87 | 21008 |
|  |  | 198283 |
| **Health Care 13.9%** | **Health Care 13.9%** | **Health Care 13.9%** |
| AbbVie Inc. | 72 | 15618 |
| Becton, Dickinson and Company | 35 | 5438 |
| Boston Scientific Corporation (a) | 153 | 9586 |
| Bristol-Myers Squibb Company | 190 | 11515 |
| Cardinal Health, Inc. | 43 | 9108 |
| Cigna Group, The | 40 | 10716 |
| CVS Health Corporation | 169 | 12106 |
| Eli Lilly and Company | 7 | 6670 |
| Johnson & Johnson | 112 | 27270 |
| Medtronic, Inc. | 85 | 7403 |
| Merck & Co., Inc. | 160 | 19290 |
| Regeneron Pharmaceuticals, Inc. | 12 | 9609 |
| Thermo Fisher Scientific Inc. | 35 | 17013 |
| UnitedHealth Group Incorporated | 46 | 12457 |
| Vertex Pharmaceuticals Incorporated (a) | 16 | 7144 |
|  |  | 180943 |
| **Consumer Discretionary 9.8%** | **Consumer Discretionary 9.8%** | **Consumer Discretionary 9.8%** |
| Amazon.com, Inc. (a) | 141 | 29376 |
| AutoZone, Inc. (a) | 3 | 11285 |
| Booking Holdings Inc. | 2 | 6661 |
| Chipotle Mexican Grill, Inc. (a) | 140 | 4468 |
| Home Depot, Inc., The | 48 | 15906 |
| Lowe`s Companies, Inc. | 85 | 20042 |
| McDonald's Corporation | 54 | 16711 |
| O'Reilly Automotive, Inc. (a) | 78 | 7236 |
| TJX Companies, Inc., The | 105 | 16809 |
|  |  | 128494 |
| **Information Technology 9.6%** | **Information Technology 9.6%** | **Information Technology 9.6%** |
| Advanced Micro Devices, Inc. (a) | 23 | 4572 |
| Analog Devices, Inc. | 83 | 26482 |
| International Business Machines Corporation | 47 | 11411 |
| Intuit Inc. | 16 | 6919 |
| Micron Technology, Inc. | 32 | 10928 |
| Microsoft Corporation | 48 | 17706 |
| NXP Semiconductors N.V. | 72 | 14187 |
| Texas Instruments Incorporated | 91 | 17695 |
| Western Digital Corporation | 57 | 15350 |
|  |  | 125250 |
| **Energy 6.6%** | **Energy 6.6%** | **Energy 6.6%** |
| Chevron Corporation | 153 | 31624 |
| ConocoPhillips | 231 | 30480 |
| EOG Resources, Inc. | 165 | 23859 |
|  |  | 85963 |
| **Communication Services 5.6%** | **Communication Services 5.6%** | **Communication Services 5.6%** |
| Alphabet Inc. - Class C | 112 | 32264 |
| Comcast Corporation - Class A | 358 | 10272 |
| Meta Platforms, Inc. - Class A | 24 | 13731 |
| Walt Disney Company, The | 169 | 16325 |
|  |  | 72592 |
| **Consumer Staples 5.3%** | **Consumer Staples 5.3%** | **Consumer Staples 5.3%** |
| Mondelez International, Inc. - Class A | 193 | 11138 |
| PepsiCo, Inc. | 32 | 5030 |
| Philip Morris International Inc. | 161 | 26540 |
| Procter & Gamble Company, The | 81 | 11690 |
| Walmart Inc. | 119 | 14767 |
|  |  | 69165 |
| **Utilities 4.5%** | **Utilities 4.5%** | **Utilities 4.5%** |
| CMS Energy Corporation | 165 | 12788 |
| Entergy Corporation | 102 | 11431 |
| NextEra Energy, Inc. | 180 | 16673 |
| Public Service Enterprise Group Incorporated | 50 | 4071 |
| XCEL Energy Inc. | 167 | 13279 |
|  |  | 58242 |
| **Materials 3.8%** | **Materials 3.8%** | **Materials 3.8%** |
| Air Products and Chemicals, Inc. | 73 | 21077 |
| Ball Corporation | 197 | 11625 |
| Vulcan Materials Company | 61 | 16528 |
|  |  | 49230 |
| **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** |
| American Tower Corporation | 39 | 6764 |
| AvalonBay Communities, Inc. | 5 | 831 |
| Host Hotels & Resorts, Inc. | 444 | 8499 |
| ProLogis Inc. | 49 | 6515 |
| Ventas, Inc. | 155 | 12707 |
|  |  | 35316 |
| Total Common Stocks (cost $1,030,640) | Total Common Stocks (cost $1,030,640) | 1296172 |
| **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 0.4%** | **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, 3.53% (e) (f) | 4792 | 4792 |
| Total Short Term Investments (cost $4,792) | Total Short Term Investments (cost $4,792) | 4792 |
| **Total Investments 99.9% (cost $1,035,432)** | **Total Investments 99.9% (cost $1,035,432)** | **1300964** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **1792** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1302756** |

---

(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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 9903 | 36062 | 41173 | 62 |  |  | 4792 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1296172 |  |  | 1296172 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 4792 |  |  | 4792 |
|  | 1300964 |  |  | 1300964 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 96.6%** | **COMMON STOCKS 96.6%** | **COMMON STOCKS 96.6%** |
| **United Kingdom 18.1%** | **United Kingdom 18.1%** | **United Kingdom 18.1%** |
| Diageo PLC | 246 | 4569 |
| Diploma PLC | 82 | 6517 |
| Experian PLC | 228 | 7905 |
| Halma Public Limited Company | 168 | 8506 |
| InterContinental Hotels Group PLC | 57 | 7507 |
| London Stock Exchange Group PLC | 88 | 10383 |
| Relx PLC | 270 | 8971 |
| Unilever PLC | 156 | 8767 |
|  |  | 63125 |
| **Japan 9.7%** | **Japan 9.7%** | **Japan 9.7%** |
| HOYA Corporation | 39 | 6794 |
| Keyence Corporation | 19 | 6653 |
| M3, Inc. (a) | 605 | 6216 |
| Recruit Holdings Co., Ltd. | 150 | 6355 |
| SMS Co., Ltd. (a) | 379 | 3980 |
| Toei Animation Co., Ltd. | 230 | 3768 |
|  |  | 33766 |
| **United States of America 6.3%** | **United States of America 6.3%** | **United States of America 6.3%** |
| Accenture Public Limited Company - Class A | 36 | 7110 |
| AON Public Limited Company - Class A | 31 | 9888 |
| Universal Music Group N.V. | 254 | 4932 |
|  |  | 21930 |
| **Germany 6.1%** | **Germany 6.1%** | **Germany 6.1%** |
| RATIONAL Aktiengesellschaft | 10 | 7292 |
| SAP SE | 50 | 8587 |
| Scout24 SE (b) | 69 | 5344 |
|  |  | 21223 |
| **Taiwan 6.1%** | **Taiwan 6.1%** | **Taiwan 6.1%** |
| Lotes Co., Ltd. | 119 | 7922 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 39 | 13228 |
|  |  | 21150 |
| **Netherlands 5.6%** | **Netherlands 5.6%** | **Netherlands 5.6%** |
| ASML Holding N.V. | 8 | 10510 |
| IMCD N.V. (a) | 41 | 4340 |
| Wolters Kluwer N.V. - Class C | 61 | 4592 |
|  |  | 19442 |
| **France 5.1%** | **France 5.1%** | **France 5.1%** |
| EssilorLuxottica | 31 | 7105 |
| LVMH Moet Hennessy Louis Vuitton | 14 | 7596 |
| Pernod Ricard | 42 | 3120 |
|  |  | 17821 |
| **Sweden 5.0%** | **Sweden 5.0%** | **Sweden 5.0%** |
| ASSA ABLOY AB - Class B | 295 | 10624 |
| Hexagon Aktiebolag - Class B | 700 | 6835 |
|  |  | 17459 |
| **Denmark 4.5%** | **Denmark 4.5%** | **Denmark 4.5%** |
| Coloplast A/S - Class B | 68 | 4608 |
| Novo Nordisk A/S - Class B | 303 | 11180 |
|  |  | 15788 |
| **Hong Kong 4.5%** | **Hong Kong 4.5%** | **Hong Kong 4.5%** |
| AIA Group Limited | 753 | 8298 |
| Hong Kong Exchanges and Clearing Limited | 146 | 7359 |
|  |  | 15657 |
| **Switzerland 4.2%** | **Switzerland 4.2%** | **Switzerland 4.2%** |
| Galderma Group AG | 28 | 5545 |
| Partners Group Holding AG | 8 | 9138 |
|  |  | 14683 |
| **Canada 4.1%** | **Canada 4.1%** | **Canada 4.1%** |
| Dollarama Inc. | 42 | 5172 |
| Toromont Industries Ltd. | 66 | 9213 |
|  |  | 14385 |
| **China 3.4%** | **China 3.4%** | **China 3.4%** |
| Tencent Holdings Limited | 188 | 11833 |
| **India 2.3%** | **India 2.3%** | **India 2.3%** |
| HDFC Bank Limited - ADR | 313 | 7798 |
| **Israel 2.2%** | **Israel 2.2%** | **Israel 2.2%** |
| Check Point Software Technologies Ltd. (c) | 53 | 7574 |
| **South Africa 2.1%** | **South Africa 2.1%** | **South Africa 2.1%** |
| Clicks Group | 416 | 7145 |
| **Brazil 1.9%** | **Brazil 1.9%** | **Brazil 1.9%** |
| Totvs S.A. | 992 | 6712 |
| **Norway 1.9%** | **Norway 1.9%** | **Norway 1.9%** |
| Gjensidige Forsikring ASA | 249 | 6493 |
| **Australia 1.8%** | **Australia 1.8%** | **Australia 1.8%** |
| Computershare Limited | 319 | 6305 |
| **Belgium 1.7%** | **Belgium 1.7%** | **Belgium 1.7%** |
| Argenx SE (c) | 8 | 6012 |
| Total Common Stocks (cost $364,717) | Total Common Stocks (cost $364,717) | 336301 |
| **PREFERRED STOCKS 1.3%** | **PREFERRED STOCKS 1.3%** | **PREFERRED STOCKS 1.3%** |
| **Germany 1.3%** | **Germany 1.3%** | **Germany 1.3%** |
| Sartorius Aktiengesellschaft | 19 | 4702 |
| Total Preferred Stocks (cost $5,295) | Total Preferred Stocks (cost $5,295) | 4702 |
| **SHORT TERM INVESTMENTS 2.9%** | **SHORT TERM INVESTMENTS 2.9%** | **SHORT TERM INVESTMENTS 2.9%** |
| **Investment Companies 1.8%** | **Investment Companies 1.8%** | **Investment Companies 1.8%** |
| JNL Government Money Market Fund - Class I, 3.53% (d) (e) | 6184 | 6184 |
| **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** | **Securities Lending Collateral 1.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (d) (e) | 3801 | 3801 |
| Total Short Term Investments (cost $9,985) | Total Short Term Investments (cost $9,985) | 9985 |
| **Total Investments 100.8% (cost $379,997)** | **Total Investments 100.8% (cost $379,997)** | **350988** |
| **Other Assets and Liabilities, Net (0.8)%** | **Other Assets and Liabilities, Net (0.8)%** | **(2889)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **348099** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(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) Non-income producing security.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 7250 | 10888 | 11954 | 47 |  |  | 6184 | 1.8 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 4867 | 1066 | 3 |  |  | 3801 | 1.1 |
|  | 7250 | 15755 | 13020 | 50 |  |  | 9985 | 2.9 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 10/23/24 | 6058 | 5344 | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 66695 | 269606 |  | 336301 |
| &nbsp;&nbsp;Preferred Stocks |  | 4702 |  | 4702 |
| &nbsp;&nbsp;Short Term Investments | 9985 |  |  | 9985 |
|  | 76680 | 274308 |  | 350988 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **United States of America 59.3%** | **United States of America 59.3%** | **United States of America 59.3%** |
| Alnylam Pharmaceuticals, Inc. (a) | 67 | 22299 |
| Alphabet Inc. - Class A | 218 | 62610 |
| Amazon.com, Inc. (a) | 230 | 47904 |
| Autodesk, Inc. (a) | 24 | 5680 |
| Block, Inc. - Class A (a) | 92 | 5556 |
| Boeing Company, The (a) | 144 | 28762 |
| Deere & Company | 19 | 10646 |
| Doximity, Inc. - Class A (a) | 195 | 4551 |
| Expeditors International of Washington, Inc. - Class A | 35 | 4981 |
| Meta Platforms, Inc. - Class A | 98 | 56338 |
| Microsoft Corporation | 64 | 23878 |
| Netflix, Inc. (a) | 432 | 41498 |
| Nike, Inc. - Class B | 77 | 4048 |
| Oracle Corporation | 192 | 28192 |
| Qualcomm Incorporated | 34 | 4348 |
| Salesforce, Inc. | 55 | 10176 |
| SEI Investments Company | 74 | 5812 |
| Tesla Inc. (a) | 130 | 48217 |
| Vertex Pharmaceuticals Incorporated (a) | 38 | 16860 |
| Visa Inc. - Class A | 87 | 26166 |
| Yum! Brands, Inc. | 29 | 4560 |
|  |  | 463082 |
| **Switzerland 7.6%** | **Switzerland 7.6%** | **Switzerland 7.6%** |
| CRISPR Therapeutics AG (a) (b) | 183 | 8712 |
| Nestle S.A. - Class N | 53 | 5214 |
| Novartis AG - Class N | 211 | 32009 |
| Roche Holding AG | 34 | 13512 |
|  |  | 59447 |
| **China 7.4%** | **China 7.4%** | **China 7.4%** |
| Alibaba Group Holding Limited - ADR | 36 | 4485 |
| Baidu, Inc. - Class A - ADR (a) (b) | 79 | 8801 |
| Tencent Holdings Limited | 369 | 23270 |
| Trip.com Group Limited - ADR | 266 | 13250 |
| Yum China Holdings, Inc. | 161 | 7841 |
|  |  | 57647 |
| **Argentina 5.5%** | **Argentina 5.5%** | **Argentina 5.5%** |
| MercadoLibre, Inc. (a) | 25 | 43334 |
| **Canada 4.9%** | **Canada 4.9%** | **Canada 4.9%** |
| Shopify Inc. - Class A (a) | 321 | 38102 |
| **United Kingdom 4.3%** | **United Kingdom 4.3%** | **United Kingdom 4.3%** |
| Arm Holdings PLC - ADR (a) (b) | 101 | 15279 |
| Experian PLC | 338 | 11726 |
| Reckitt Benckiser Group PLC | 34 | 2292 |
| Unilever PLC | 79 | 4440 |
|  |  | 33737 |
| **Netherlands 3.3%** | **Netherlands 3.3%** | **Netherlands 3.3%** |
| Adyen N.V. (a) (c) | 16 | 16280 |
| NXP Semiconductors N.V. | 49 | 9620 |
|  |  | 25900 |
| **Brazil 1.9%** | **Brazil 1.9%** | **Brazil 1.9%** |
| American Beverage Co Ambev - ADR (b) | 5097 | 14882 |
| **Japan 1.6%** | **Japan 1.6%** | **Japan 1.6%** |
| FANUC Corporation | 347 | 12304 |
| **Denmark 1.4%** | **Denmark 1.4%** | **Denmark 1.4%** |
| Novo Nordisk A/S - Class B | 288 | 10614 |
| **France 1.4%** | **France 1.4%** | **France 1.4%** |
| LVMH Moet Hennessy Louis Vuitton | 15 | 8098 |
| Societe d'exploitation Hoteliere (b) | 48 | 2456 |
|  |  | 10554 |
| **Italy 0.8%** | **Italy 0.8%** | **Italy 0.8%** |
| Ferrari N.V. | 19 | 6349 |
| **Hong Kong 0.1%** | **Hong Kong 0.1%** | **Hong Kong 0.1%** |
| Budweiser Brewing Company APAC Limited (b) (c) | 886 | 818 |
| Total Common Stocks (cost $587,711) | Total Common Stocks (cost $587,711) | 776770 |
| **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, 3.53% (d) (e) | 2162 | 2162 |
| Total Short Term Investments (cost $2,162) | Total Short Term Investments (cost $2,162) | 2162 |
| **Total Investments 99.8% (cost $589,873)** | **Total Investments 99.8% (cost $589,873)** | **778932** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **1576** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **780508** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 2895 | 31902 | 32635 | 20 |  |  | 2162 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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. | 10/26/20 | 23306 | 16280 | 2.1 |
| Budweiser Brewing Company APAC Limited | 04/21/20 | 2087 | 818 | 0.1 |
|  |  | 25393 | 17098 | 2.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see 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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 633737 | 143033 |  | 776770 |
| &nbsp;&nbsp;Short Term Investments | 2162 |  |  | 2162 |
|  | 635899 | 143033 |  | 778932 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 63.1%** | **CORPORATE BONDS AND NOTES 63.1%** | **CORPORATE BONDS AND NOTES 63.1%** |
| **Financials 20.4%** | **Financials 20.4%** | **Financials 20.4%** |
| AEGON Funding Company LLC |  |  |
| 5.50%, 04/16/27 (a) | 388 | 391 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.45%, 04/15/27 | 289 | 294 |
| AIB Group Public Limited Company |  |  |
| 5.32%, 05/15/31 (a) | 200 | 204 |
| AIG Global Funding |  |  |
| 5.20%, 01/12/29 (a) | 418 | 425 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 10/15/27 (a) | 2893 | 2888 |
| Aon Corporation |  |  |
| 8.21%, 01/01/27 | 617 | 633 |
| Apollo Commercial Real Estate Finance, Inc. |  |  |
| 4.63%, 06/15/29 (a) | 1000 | 995 |
| Atlas Warehouse Lending Company, L.P. |  |  |
| 6.05%, 01/15/28 (a) | 429 | 435 |
| 4.63%, 11/15/28 (a) | 2134 | 2101 |
| 4.95%, 11/15/30 (a) | 1135 | 1115 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 09/20/26 (a) | 2216 | 2189 |
| 3.50%, 11/01/27 (a) | 609 | 598 |
| 6.25%, 04/15/28 (a) | 533 | 549 |
| 4.25%, 04/30/29 (a) | 226 | 223 |
| 5.38%, 07/15/29 (a) | 345 | 350 |
| Avilease Capital Limited |  |  |
| 4.75%, 11/12/30 (a) | 813 | 793 |
| Avolon Holdings Funding Limited |  |  |
| 3.25%, 02/15/27 (a) | 378 | 374 |
| 2.53%, 11/18/27 (a) | 166 | 160 |
| 4.95%, 01/15/28 (a) | 520 | 522 |
| 2.75%, 02/21/28 (a) | 478 | 461 |
| 6.38%, 05/04/28 (a) | 849 | 874 |
| 5.75%, 03/01/29 - 11/15/29 (a) | 1438 | 1474 |
| 4.20%, 04/15/29 (a) | 316 | 310 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (a) | 1000 | 1031 |
| Banco de Bogota |  |  |
| 6.25%, 05/12/26 (b) | 340 | 339 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 4.80%, 07/15/31 (a) | 406 | 401 |
| Bank Hapoalim B.M. |  |  |
| 4.72%, 07/14/29 (a) | 740 | 730 |
| Bank of Ireland Group Public Limited Company |  |  |
| 5.60%, 03/20/30 (a) | 548 | 562 |
| Bank of Montreal |  |  |
| 4.34%, 03/19/30 (c) | 864 | 861 |
| Barclays PLC |  |  |
| 6.50%, 09/13/27 | 725 | 731 |
| 2.28%, 11/24/27 | 351 | 346 |
| 4.22%, 05/24/30 | 307 | 302 |
| 5.37%, 02/25/31 | 445 | 453 |
| Blackstone Private Credit Fund |  |  |
| 2.63%, 12/15/26 | 1028 | 1006 |
| Blackstone Secured Lending Fund |  |  |
| 2.13%, 02/15/27 | 366 | 355 |
| Block, Inc. |  |  |
| 0.00%, 05/01/26 (d) (e) | 684 | 682 |
| 2.75%, 06/01/26 | 1024 | 1019 |
| Blue Owl Credit Income Corp. |  |  |
| 3.13%, 09/23/26 | 67 | 66 |
| BNP Paribas |  |  |
| 2.59%, 01/20/28 (a) | 1805 | 1777 |
| 5.28%, 11/19/30 (a) | 255 | 259 |
| Brighthouse Financial, Inc. |  |  |
| 5.55%, 04/09/27 (a) | 935 | 941 |
| 5.65%, 06/10/29 (a) | 1053 | 1062 |
| Canadian Imperial Bank of Commerce |  |  |
| 4.28%, 01/29/30 | 496 | 493 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.50%, 06/18/30 (a) | 1430 | 1455 |
| Citigroup Inc. |  |  |
| 3.07%, 02/24/28 | 781 | 772 |
| 4.79%, 03/04/29 | 140 | 141 |
| 5.17%, 02/13/30 | 2055 | 2087 |
| 4.50%, 09/11/31 | 1803 | 1784 |
| Citizens Bank, National Association |  |  |
| 4.58%, 08/09/28 (b) | 759 | 760 |
| Citizens Financial Group, Inc. |  |  |
| 5.84%, 01/23/30 | 1104 | 1137 |
| 5.25%, 03/05/31 | 1410 | 1428 |
| CNO Global Funding |  |  |
| 4.88%, 12/10/27 (a) | 505 | 507 |
| 4.38%, 09/08/28 (a) | 395 | 392 |
| 4.95%, 09/09/29 (a) | 262 | 264 |
| 4.70%, 12/11/30 (a) | 1185 | 1169 |
| Danske Bank A/S |  |  |
| 4.61%, 10/02/30 (a) | 510 | 508 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 5.00%, 09/11/30 | 252 | 253 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (a) | 3334 | 3347 |
| Equitable Financial Life Global Funding |  |  |
| 5.45%, 03/03/28 (a) | 885 | 899 |
| 4.65%, 06/09/28 (a) | 388 | 388 |
| F&G Annuities & Life, Inc. |  |  |
| 7.40%, 01/13/28 (f) | 736 | 749 |
| F&G Global Funding |  |  |
| 5.88%, 06/10/27 (a) | 304 | 307 |
| 4.65%, 09/08/28 (a) | 420 | 416 |
| Fidelity National Information Services, Inc. |  |  |
| 3.75%, 05/21/29 | 526 | 511 |
| First Citizens BancShares, Inc. |  |  |
| 5.23%, 03/12/31 | 1335 | 1325 |
| First Horizon Corporation |  |  |
| 5.51%, 03/07/31 | 526 | 533 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/28 | 394 | 400 |
| 4.55%, 02/15/31 | 116 | 114 |
| 5.35%, 03/15/31 | 173 | 175 |
| Ford Motor Credit Company LLC |  |  |
| 2.70%, 08/10/26 | 1131 | 1123 |
| 5.13%, 11/05/26 | 2526 | 2532 |
| 4.27%, 01/09/27 | 1420 | 1412 |
| 5.85%, 05/17/27 | 621 | 626 |
| 7.35%, 11/04/27 | 591 | 610 |
| 5.80%, 03/08/29 | 1112 | 1124 |
| 4.97%, 04/06/29 | 306 | 302 |
| 5.30%, 09/06/29 | 1046 | 1040 |
| Freedom Mortgage Corporation |  |  |
| 6.63%, 01/15/27 (a) | 1050 | 1048 |
| GA Global Funding Trust |  |  |
| 5.50%, 01/08/29 (a) | 393 | 398 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 - 05/08/27 | 442 | 443 |
| 5.00%, 07/15/27 | 379 | 381 |
| 5.65%, 01/17/29 | 1048 | 1072 |
| 5.55%, 07/15/29 | 756 | 773 |
| 4.96%, (SOFR + 1.29%), 01/07/30 (g) | 377 | 373 |
| GGAM Finance Ltd. |  |  |
| 8.00%, 02/15/27 - 06/15/28 (a) | 1091 | 1112 |
| Global Payments Inc. |  |  |
| 4.50%, 11/15/28 | 776 | 769 |
| 4.88%, 11/15/30 | 673 | 662 |
| Goldman Sachs Group, Inc., The |  |  |
| 2.64%, 02/24/28 | 754 | 742 |
| 3.62%, 03/15/28 | 129 | 128 |
| 3.81%, 04/23/29 | 208 | 205 |
| 4.22%, 05/01/29 | 3501 | 3480 |
| 5.73%, 04/25/30 | 863 | 890 |
| 5.22%, 04/23/31 | 674 | 686 |
| 4.37%, 10/21/31 | 419 | 411 |
| 4.52%, 01/21/32 | 947 | 934 |
| HSBC Holdings PLC |  |  |
| 5.60%, 05/17/28 | 869 | 879 |
| 4.90%, 03/03/29 | 681 | 685 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Intesa Sanpaolo SPA |  |  |
| 4.20%, 06/01/32 (a) | 730 | 683 |
| Jane Street Group, LLC |  |  |
| 4.50%, 11/15/29 (a) | 1006 | 975 |
| Jefferson Capital Holdings LLC |  |  |
| 6.00%, 08/15/26 (a) | 957 | 958 |
| JPMorgan Chase & Co. |  |  |
| 3.78%, 02/01/28 | 361 | 359 |
| 2.95%, 02/24/28 | 258 | 255 |
| 4.32%, 04/26/28 | 245 | 245 |
| 3.54%, 05/01/28 | 1010 | 1001 |
| 4.85%, 07/25/28 | 235 | 236 |
| 5.01%, 01/23/30 | 2777 | 2815 |
| 5.58%, 04/22/30 | 175 | 180 |
| 3.70%, 05/06/30 | 187 | 183 |
| 5.14%, 01/24/31 | 269 | 274 |
| 2.96%, 05/13/31 | 489 | 456 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/27 | 251 | 253 |
| 4.63%, 11/15/27 (a) | 2619 | 2599 |
| 4.90%, 04/03/28 | 314 | 315 |
| 6.75%, 11/17/28 | 492 | 516 |
| 5.20%, 03/15/30 | 199 | 201 |
| 5.15%, 06/15/30 | 471 | 474 |
| M&T Bank Corporation |  |  |
| 4.55%, 08/16/28 | 637 | 637 |
| Macquarie AirFinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (a) | 568 | 589 |
| 5.15%, 03/17/30 (a) | 176 | 175 |
| 6.50%, 03/26/31 (a) | 288 | 302 |
| Macquarie Bank Limited |  |  |
| 3.62%, 06/03/30 (a) (d) | 392 | 372 |
| MGIC Investment Corporation |  |  |
| 5.25%, 08/15/28 | 829 | 828 |
| Midcap Financial Issuer Trust |  |  |
| 6.50%, 05/01/28 (a) | 680 | 660 |
| Morgan Stanley |  |  |
| 4.21%, 04/20/28 | 231 | 230 |
| 5.45%, 07/20/29 | 720 | 733 |
| 4.24%, 01/09/30 | 806 | 798 |
| 5.17%, 01/16/30 | 2263 | 2295 |
| 4.43%, 01/23/30 | 1841 | 1832 |
| 5.66%, 04/18/30 | 657 | 676 |
| 5.04%, 07/19/30 | 383 | 387 |
| 4.36%, 10/22/31 | 1088 | 1068 |
| 4.49%, 01/16/32 | 962 | 948 |
| 4.71%, 03/12/32 | 941 | 936 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.73%, 07/18/31 | 252 | 251 |
| MSCI Inc. |  |  |
| 4.00%, 11/15/29 (a) | 820 | 796 |
| 3.63%, 09/01/30 (a) | 333 | 315 |
| Mutual Of Omaha Cps Global Funding |  |  |
| 5.45%, 12/12/28 (a) | 620 | 632 |
| 5.00%, 04/01/30 (a) | 390 | 393 |
| 4.55%, 01/13/31 (a) | 630 | 623 |
| NatWest Markets PLC |  |  |
| 4.65%, 03/27/29 (a) | 943 | 946 |
| Navient Corporation |  |  |
| 6.75%, 06/15/26 | 1121 | 1121 |
| 5.00%, 03/15/27 | 558 | 545 |
| NMI Holdings, Inc. |  |  |
| 6.00%, 08/15/29 | 189 | 194 |
| OneMain Finance Corporation |  |  |
| 6.63%, 01/15/28 | 676 | 679 |
| Popular, Inc. |  |  |
| 7.25%, 03/13/28 | 671 | 691 |
| Protective Life Corporation |  |  |
| 4.70%, 01/15/31 (a) | 708 | 702 |
| Protective Life Global Funding |  |  |
| 5.76%, 07/05/30 (a) | 172 | 179 |
| Rocket Companies, Inc. |  |  |
| 6.50%, 08/01/29 (a) | 1349 | 1364 |
| 6.13%, 08/01/30 (a) | 705 | 711 |
| Rocket Mortgage, LLC |  |  |
| 2.88%, 10/15/26 (a) | 1438 | 1420 |
| Sammons Financial Group, Inc. |  |  |
| 5.10%, 12/10/29 (a) | 442 | 446 |
| Santander UK Group Holdings PLC |  |  |
| 6.53%, 01/10/29 | 2601 | 2683 |
| 4.32%, 09/22/29 | 400 | 396 |
| SLM Corporation |  |  |
| 3.13%, 11/02/26 | 925 | 915 |
| Societe Generale |  |  |
| 5.25%, 02/19/27 (a) | 1126 | 1134 |
| Standard Chartered PLC |  |  |
| 6.75%, 02/08/28 (a) | 393 | 400 |
| 5.69%, 05/14/28 (a) | 457 | 462 |
| 4.30%, 01/13/30 (a) | 494 | 489 |
| Starwood Property Trust, Inc. |  |  |
| 3.63%, 07/15/26 (a) | 350 | 347 |
| Stellantis Financial Services US Corp. |  |  |
| 4.95%, 09/15/28 (a) | 557 | 554 |
| Synchrony Bank |  |  |
| 5.63%, 08/23/27 (b) | 1688 | 1707 |
| Synchrony Financial |  |  |
| 3.70%, 08/04/26 | 265 | 264 |
| 3.95%, 12/01/27 | 223 | 220 |
| 5.02%, 07/29/29 | 387 | 387 |
| Takeoff Merger Sub Inc. |  |  |
| 4.50%, 03/24/29 (a) | 496 | 493 |
| 4.85%, 03/24/31 (a) | 621 | 614 |
| Toronto-Dominion Bank, The |  |  |
| 3.63%, 09/15/31 (d) | 1466 | 1453 |
| Truist Financial Corporation |  |  |
| 5.44%, 01/24/30 | 409 | 419 |
| U.S. Bancorp |  |  |
| 5.10%, 07/23/30 | 646 | 657 |
| 5.05%, 02/12/31 | 1687 | 1711 |
| UBS AG |  |  |
| 4.30%, 03/16/29 | 355 | 355 |
| UBS Group AG |  |  |
| 1.49%, 08/10/27 (a) | 313 | 310 |
| 3.87%, 01/12/29 (a) | 523 | 517 |
| 5.43%, 02/08/30 (a) | 279 | 285 |
| United Wholesale Mortgage, LLC |  |  |
| 5.75%, 06/15/27 (a) | 1036 | 1019 |
| Wells Fargo & Company |  |  |
| 4.97%, 04/23/29 | 546 | 551 |
| 5.57%, 07/25/29 | 1270 | 1299 |
| 5.20%, 01/23/30 | 2816 | 2866 |
| Western-Southern Global Funding |  |  |
| 4.50%, 07/16/28 (a) | 220 | 220 |
| 4.90%, 05/01/30 (a) | 422 | 425 |
| Westpac Banking Corporation |  |  |
| 4.32%, 11/23/31 (d) | 243 | 242 |
| | | 140281 |
| **Energy 10.5%** | **Energy 10.5%** | **Energy 10.5%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (a) | 2115 | 2210 |
| Antero Midstream Partners LP |  |  |
| 5.75%, 01/15/28 (a) | 691 | 690 |
| 5.38%, 06/15/29 (a) | 350 | 349 |
| Antero Resources Corporation |  |  |
| 5.38%, 03/01/30 (a) | 337 | 339 |
| Apa Corp. |  |  |
| 4.38%, 10/15/28 | 2186 | 2186 |
| Archrock Partners, L.P. |  |  |
| 6.25%, 04/01/28 (a) | 790 | 790 |
| Baker Hughes Holdings LLC |  |  |
| 4.05%, 03/11/29 | 427 | 424 |
| 4.35%, 06/15/31 | 732 | 723 |
| Buckeye Partners, L.P. |  |  |
| 3.95%, 12/01/26 | 1138 | 1125 |
| 6.88%, 07/01/29 (a) | 330 | 338 |
| California Resources Corporation |  |  |
| 8.25%, 06/15/29 (a) | 593 | 621 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cheniere Energy Partners, L.P. |  |  |
| 4.00%, 03/01/31 | 284 | 273 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 353 | 352 |
| Chord Energy Corporation |  |  |
| 6.00%, 10/01/30 (a) | 651 | 658 |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (a) | 2000 | 2065 |
| Civitas Resources, Inc. |  |  |
| 5.00%, 10/15/26 (a) | 2117 | 2114 |
| 8.38%, 07/01/28 (a) | 1312 | 1347 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (a) | 727 | 728 |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.06%, 08/15/26 (a) | 1523 | 1530 |
| 6.04%, 08/15/28 (a) | 538 | 555 |
| Continental Resources, Inc. |  |  |
| 2.27%, 11/15/26 (a) | 2038 | 2003 |
| 4.38%, 01/15/28 | 868 | 862 |
| 5.75%, 01/15/31 (a) | 1714 | 1748 |
| Coterra Energy Inc. |  |  |
| 3.90%, 05/15/27 | 2053 | 2040 |
| 4.38%, 03/15/29 | 1237 | 1233 |
| Crescent Energy Finance LLC |  |  |
| 7.75%, 07/31/29 (a) | 363 | 365 |
| 9.75%, 10/15/30 (a) | 685 | 734 |
| Crestwood Midstream Partners LP |  |  |
| 6.00%, 02/01/29 (a) | 1982 | 1996 |
| 7.38%, 02/01/31 (a) | 799 | 828 |
| Delek Logistics Partners, LP |  |  |
| 7.13%, 06/01/28 (a) | 380 | 380 |
| 8.63%, 03/15/29 (a) | 1404 | 1452 |
| Devon Energy Corporation |  |  |
| 5.25%, 10/15/27 | 1045 | 1045 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/29 (a) | 2179 | 2132 |
| 4.38%, 06/15/31 (a) | 517 | 498 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (a) | 1628 | 1630 |
| Ecopetrol S.A. |  |  |
| 8.63%, 01/19/29 | 1971 | 2080 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 (a) | 1787 | 1783 |
| 4.50%, 01/15/29 | 275 | 274 |
| 7.50%, 06/01/30 | 304 | 331 |
| Expand Energy Corporation |  |  |
| 5.88%, 02/01/29 (a) | 1016 | 1016 |
| Genesis Energy, L.P. |  |  |
| 8.25%, 01/15/29 | 1320 | 1359 |
| Gulfport Energy Corporation |  |  |
| 6.75%, 09/01/29 (a) | 1009 | 1033 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (a) | 300 | 303 |
| Helmerich & Payne, Inc. |  |  |
| 4.65%, 12/01/27 | 525 | 526 |
| 4.85%, 12/01/29 (c) | 196 | 196 |
| Hess Infrastructure Partners LP |  |  |
| 5.88%, 03/01/28 (a) | 240 | 241 |
| Hess Midstream Operations LP |  |  |
| 5.13%, 06/15/28 (a) | 824 | 821 |
| HF Sinclair Corporation |  |  |
| 5.00%, 02/01/28 | 1168 | 1168 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 (a) | 1130 | 1146 |
| Medco Laurel Tree Pte. Ltd. |  |  |
| 6.95%, 11/12/28 (b) | 200 | 199 |
| Murphy Oil USA, Inc. |  |  |
| 5.63%, 05/01/27 | 565 | 563 |
| NGPL PipeCo LLC |  |  |
| 4.88%, 08/15/27 (a) | 946 | 948 |
| Occidental Petroleum Corporation |  |  |
| 8.88%, 07/15/30 | 1109 | 1263 |
| 6.63%, 09/01/30 | 277 | 297 |
| 7.50%, 05/01/31 | 182 | 203 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 1249 | 1224 |
| Petroleos Mexicanos |  |  |
| 8.75%, 06/02/29 | 350 | 368 |
| Repsol E&P Capital Markets US LLC |  |  |
| 4.81%, 09/16/28 (a) | 200 | 201 |
| Rockcliff Energy II LLC |  |  |
| 5.50%, 10/15/29 (a) | 1050 | 1024 |
| SM Energy Company |  |  |
| 6.75%, 09/15/26 | 1693 | 1692 |
| 6.50%, 07/15/28 | 682 | 683 |
| Solaris Water Midstream, LLC |  |  |
| 7.25%, 04/01/30 (a) | 1640 | 1727 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | 967 | 971 |
| 5.03%, 10/01/29 | 777 | 782 |
| Southwestern Energy Company |  |  |
| 5.38%, 02/01/29 - 03/15/30 | 1338 | 1342 |
| Sunoco LP |  |  |
| 5.88%, 07/15/27 (a) | 340 | 340 |
| 7.00%, 09/15/28 - 05/01/29 (a) | 815 | 833 |
| Tallgrass Energy Partners, LP |  |  |
| 7.38%, 02/15/29 (a) | 350 | 359 |
| Tengizchevroil Finance Company S.a.r.l. |  |  |
| 4.00%, 08/15/26 (b) | 1831 | 1824 |
| 3.25%, 08/15/30 (a) | 400 | 370 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (a) | 1409 | 1412 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | 802 | 804 |
| Western Midstream Operating, LP |  |  |
| 4.75%, 08/15/28 | 385 | 387 |
| 6.35%, 01/15/29 | 1179 | 1228 |
| 4.80%, 03/01/31 | 332 | 329 |
| Whistler Pipeline LLC |  |  |
| 5.40%, 09/30/29 (a) | 571 | 585 |
| | | 72598 |
| **Consumer Discretionary 5.7%** | **Consumer Discretionary 5.7%** | **Consumer Discretionary 5.7%** |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/31 (a) | 573 | 496 |
| Allison Transmission, Inc. |  |  |
| 5.88%, 06/01/29 (a) | 249 | 251 |
| Amazon.com, Inc. |  |  |
| 4.00%, 03/13/29 | 187 | 186 |
| 4.25%, 03/13/31 | 1858 | 1846 |
| American Axle & Manufacturing, Inc. |  |  |
| 6.88%, 07/01/28 | 166 | 166 |
| AS Mileage Plan IP Ltd. |  |  |
| 5.02%, 10/20/29 (a) | 808 | 799 |
| Beazer Homes USA, Inc. |  |  |
| 5.88%, 10/15/27 | 85 | 85 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (a) | 3172 | 3098 |
| 7.00%, 08/15/29 (a) | 686 | 711 |
| Dick's Sporting Goods, Inc. |  |  |
| 4.00%, 10/01/29 (a) | 501 | 487 |
| Discovery Communications, LLC |  |  |
| 3.95%, 03/20/28 | 1793 | 1757 |
| Dream Finders Homes, Inc. |  |  |
| 8.25%, 08/15/28 (a) | 775 | 787 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (a) | 800 | 855 |
| Empire Resorts, Inc. |  |  |
| 7.75%, 11/01/26 (a) | 200 | 195 |
| Flutter Treasury Designated Activity Company |  |  |
| 6.38%, 04/29/29 (a) | 1200 | 1222 |
| 5.88%, 06/04/31 (a) | 600 | 594 |
| Hasbro, Inc. |  |  |
| 3.90%, 11/19/29 (f) | 2431 | 2371 |
| 4.65%, 03/12/31 | 148 | 146 |
| Hyundai Capital America |  |  |
| 4.30%, 09/24/27 (a) | 700 | 697 |
| 2.00%, 06/15/28 (a) | 654 | 619 |
| 4.90%, 06/23/28 (a) | 649 | 653 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.10%, 09/21/28 (a) | 745 | 770 |
| 5.30%, 01/08/29 (a) | 409 | 415 |
| 6.50%, 01/16/29 (a) | 157 | 164 |
| Las Vegas Sands Corp. |  |  |
| 3.50%, 08/18/26 | 1153 | 1148 |
| 5.90%, 06/01/27 | 64 | 65 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (a) | 980 | 1002 |
| Mattel, Inc. |  |  |
| 5.88%, 12/15/27 (a) | 1815 | 1814 |
| 5.00%, 11/17/30 | 1188 | 1183 |
| MCE Finance Limited |  |  |
| 5.75%, 07/21/28 (a) | 200 | 196 |
| Nissan Motor Acceptance Company LLC |  |  |
| 6.95%, 09/15/26 (a) | 1486 | 1495 |
| 1.85%, 09/16/26 (a) | 371 | 364 |
| PENN Entertainment, Inc. |  |  |
| 5.63%, 01/15/27 (a) | 580 | 578 |
| Prosus N.V. |  |  |
| 3.26%, 01/19/27 (a) | 1075 | 1062 |
| Rakuten Group, Inc. |  |  |
| 11.25%, 02/15/27 (a) | 1791 | 1854 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/27 (a) | 764 | 767 |
| 3.70%, 03/15/28 | 1493 | 1468 |
| 5.50%, 04/01/28 (a) | 212 | 214 |
| 5.63%, 09/30/31 (a) | 960 | 971 |
| Sotheby's, Inc. |  |  |
| 7.38%, 10/15/27 (a) | 975 | 970 |
| Studio City Company Limited |  |  |
| 7.00%, 02/15/27 (b) | 1040 | 1038 |
| Travel + Leisure Co. |  |  |
| 6.63%, 07/31/26 (a) | 700 | 701 |
| Volkswagen Group of America Finance, LLC |  |  |
| 4.45%, 09/11/27 (a) | 990 | 987 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 377 | 372 |
| 4.05%, 03/15/29 | 555 | 537 |
| WMG Acquisition Corp. |  |  |
| 3.75%, 12/01/29 (a) | 39 | 37 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 (a) | 989 | 1001 |
| | | 39194 |
| **Industrials 5.6%** | **Industrials 5.6%** | **Industrials 5.6%** |
| Air Canada |  |  |
| 3.88%, 08/15/26 (a) | 925 | 920 |
| Air Lease Corporation |  |  |
| 5.10%, 03/01/29 | 676 | 682 |
| Aircastle Limited |  |  |
| 5.25%, 03/15/30 (a) | 170 | 172 |
| 5.00%, 09/15/30 (a) | 316 | 316 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (a) | 188 | 188 |
| ATI Inc. |  |  |
| 7.25%, 08/15/30 | 568 | 588 |
| Boeing Company, The |  |  |
| 2.25%, 06/15/26 | 413 | 411 |
| 5.04%, 05/01/27 (f) | 229 | 230 |
| 6.30%, 05/01/29 (f) | 981 | 1030 |
| 5.15%, 05/01/30 (f) | 1590 | 1616 |
| Bombardier Inc. |  |  |
| 7.50%, 02/01/29 (a) | 320 | 332 |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 (a) | 1205 | 1252 |
| CNH Industrial Capital LLC |  |  |
| 4.75%, 03/21/28 | 177 | 178 |
| Czechoslovak Group a.s. |  |  |
| 6.50%, 01/10/31 (a) | 692 | 708 |
| Eaton Corporation |  |  |
| 3.95%, 03/06/29 | 329 | 326 |
| 4.20%, 03/06/31 | 251 | 248 |
| Equipmentshare.Com Inc |  |  |
| 9.00%, 05/15/28 (a) | 644 | 664 |
| Fedex Freight Holding Company, Inc. |  |  |
| 4.65%, 03/15/31 (a) | 130 | 128 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.50%, 05/01/28 (a) | 1450 | 1449 |
| GEO Group, Inc., The |  |  |
| 8.63%, 04/15/29 | 875 | 909 |
| Griffon Corporation |  |  |
| 5.75%, 03/01/28 | 333 | 331 |
| GXO Logistics Inc. |  |  |
| 1.65%, 07/15/26 | 1040 | 1031 |
| 6.25%, 05/06/29 | 1158 | 1201 |
| Hillenbrand, Inc. |  |  |
| 6.25%, 02/15/29 | 1253 | 1159 |
| Honeywell Aerospace Inc. |  |  |
| 4.30%, 03/16/31 (a) | 640 | 634 |
| Jacobs Engineering Group Inc. |  |  |
| 6.35%, 08/18/28 | 1347 | 1397 |
| Jacobs Solutions Inc. |  |  |
| 4.75%, 03/03/31 | 458 | 452 |
| MasTec, Inc. |  |  |
| 4.50%, 08/15/28 (a) | 1602 | 1580 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/27 (a) | 260 | 250 |
| Molex Electronic Technologies, LLC |  |  |
| 4.75%, 04/30/28 (a) | 669 | 672 |
| Penske Truck Leasing Co., L.P. |  |  |
| 4.20%, 04/01/27 (a) | 1403 | 1399 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 04/15/28 (f) | 2464 | 2527 |
| 6.30%, 02/15/30 (f) | 1736 | 1820 |
| Spirit AeroSystems, Inc. |  |  |
| 3.85%, 06/15/26 | 1273 | 1270 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (a) | 320 | 319 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (a) | 1350 | 1363 |
| Trinity Industries, Inc. |  |  |
| 7.75%, 07/15/28 (a) | 1081 | 1107 |
| Triton Container International Limited |  |  |
| 2.05%, 04/15/26 (a) | 778 | 777 |
| 3.15%, 06/15/31 (a) | 210 | 190 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (a) | 3703 | 3670 |
| United Airlines Holdings, Inc. |  |  |
| 4.88%, 03/01/29 | 270 | 265 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 (a) | 658 | 647 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (a) | 2239 | 2269 |
|  |  | 38677 |
| **Utilities 5.1%** | **Utilities 5.1%** | **Utilities 5.1%** |
| AES Corporation, The |  |  |
| 5.45%, 06/01/28 | 711 | 718 |
| Alexander Funding Trust II |  |  |
| 7.47%, 07/31/28 (a) | 722 | 760 |
| Algonquin Power & Utilities Corp. |  |  |
| 5.37%, 06/15/26 (h) | 1068 | 1069 |
| Alliant Energy Finance, LLC |  |  |
| 5.40%, 06/06/27 (a) | 244 | 246 |
| 5.95%, 03/30/29 (a) | 1349 | 1398 |
| Black Hills Corporation |  |  |
| 5.95%, 03/15/28 | 724 | 743 |
| Capital Power (US Holdings) Inc. |  |  |
| 5.26%, 06/01/28 (a) | 1279 | 1288 |
| Cleco Corporate Holdings LLC |  |  |
| 3.74%, 05/01/26 | 436 | 435 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 5.70%, 01/24/30 (b) | 900 | 897 |
| Constellation Energy Generation, LLC |  |  |
| 4.63%, 02/01/29 (a) | 922 | 910 |
| 4.40%, 01/15/31 | 264 | 261 |
| 5.00%, 02/01/31 (a) | 1186 | 1190 |
| DTE Energy Company |  |  |
| 5.10%, 03/01/29 | 560 | 569 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Electricite de France |  |  |
| 5.70%, 05/23/28 (a) | 872 | 893 |
| Emera US Finance LP |  |  |
| 4.50%, 04/01/29 | 314 | 314 |
| Enel Finance International N.V. |  |  |
| 4.13%, 09/30/28 (a) | 299 | 296 |
| 5.13%, 06/26/29 (a) | 675 | 685 |
| 4.38%, 09/30/30 (a) | 391 | 384 |
| Engie |  |  |
| 5.25%, 04/10/29 (a) | 330 | 338 |
| Eversource Energy |  |  |
| 5.95%, 02/01/29 | 550 | 570 |
| FirstEnergy Pennsylvania Electric Company |  |  |
| 4.15%, 03/15/28 (a) | 187 | 186 |
| ITC Holdings Corp. |  |  |
| 4.95%, 09/22/27 (a) | 551 | 554 |
| 4.88%, 04/15/31 (a) | 1230 | 1231 |
| Liberty Utilities Co. |  |  |
| 5.58%, 01/31/29 (a) | 688 | 701 |
| National Fuel Gas Company |  |  |
| 5.50%, 03/15/30 (f) | 1541 | 1579 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (a) | 455 | 454 |
| NOVA Securitisation S.a r.l. |  |  |
| 5.75%, 02/03/31 (a) | 920 | 887 |
| NRG Energy, Inc. |  |  |
| 4.73%, 10/15/30 (a) | 1442 | 1430 |
| OGE Energy Corp. |  |  |
| 5.45%, 05/15/29 | 254 | 260 |
| Ohio Edison Company |  |  |
| 4.95%, 12/15/29 (a) | 133 | 135 |
| Oncor Electric Delivery Company LLC |  |  |
| 4.50%, 03/15/31 (a) | 496 | 494 |
| PG&E Company |  |  |
| 5.00%, 06/04/28 | 565 | 570 |
| 6.10%, 01/15/29 | 222 | 230 |
| 5.55%, 05/15/29 | 525 | 537 |
| 4.55%, 07/01/30 | 648 | 640 |
| PG&E Corporation |  |  |
| 5.25%, 07/01/30 | 490 | 483 |
| PSEG Power LLC |  |  |
| 5.20%, 05/15/30 (a) | 389 | 395 |
| Snam S.p.A. |  |  |
| 5.00%, 05/28/30 (a) | 388 | 392 |
| Southwest Gas Corporation |  |  |
| 5.45%, 03/23/28 | 564 | 575 |
| System Energy Resources, Inc. |  |  |
| 6.00%, 04/15/28 | 1500 | 1541 |
| Talen Energy Supply, LLC |  |  |
| 8.63%, 06/01/30 (a) | 122 | 128 |
| Vistra Operations Company LLC |  |  |
| 5.05%, 12/30/26 (a) | 175 | 176 |
| 3.70%, 01/30/27 (a) | 242 | 240 |
| 5.63%, 02/15/27 (a) | 2509 | 2510 |
| 4.30%, 10/15/28 (a) | 2011 | 1988 |
| 4.38%, 05/01/29 (a) | 985 | 961 |
| 4.70%, 01/31/31 (a) | 686 | 675 |
| 7.75%, 10/15/31 (a) | 1212 | 1269 |
| | | 35185 |
| **Health Care 4.9%** | **Health Care 4.9%** | **Health Care 4.9%** |
| 180 Medical, Inc. |  |  |
| 3.88%, 10/15/29 (a) | 1046 | 1015 |
| Adventist Health System/West |  |  |
| 4.74%, 12/01/30 | 1777 | 1765 |
| Augusta SpinCo Corporation |  |  |
| 4.40%, 03/23/29 | 499 | 498 |
| 4.66%, 03/23/31 | 501 | 499 |
| Baxter International Inc. |  |  |
| 2.27%, 12/01/28 | 394 | 367 |
| 4.45%, 02/15/29 | 188 | 186 |
| 4.90%, 12/15/30 | 1319 | 1303 |
| Bayer US Finance II LLC |  |  |
| 4.38%, 12/15/28 (a) | 470 | 464 |
| Bayer US Finance LLC |  |  |
| 6.25%, 01/21/29 (a) | 597 | 620 |
| 6.38%, 11/21/30 (a) | 1522 | 1602 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 2175 | 2138 |
| 2.45%, 07/15/28 | 944 | 879 |
| 3.00%, 10/15/30 | 738 | 646 |
| CommonSpirit Health |  |  |
| 4.35%, 09/01/30 | 255 | 251 |
| Fresenius Medical Care US Finance III, Inc. |  |  |
| 1.88%, 12/01/26 (a) | 160 | 157 |
| 3.75%, 06/15/29 (a) | 992 | 963 |
| 2.38%, 02/16/31 (a) | 408 | 362 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.20%, 06/15/29 (a) | 313 | 318 |
| Herbalife International, Inc. |  |  |
| 12.25%, 04/15/29 (a) | 1052 | 1121 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 566 | 569 |
| 5.85%, 05/08/29 | 2431 | 2473 |
| Illumina, Inc. |  |  |
| 5.75%, 12/13/27 | 721 | 735 |
| 4.75%, 12/12/30 | 899 | 895 |
| IQVIA Inc. |  |  |
| 5.00%, 05/15/27 (a) | 821 | 819 |
| 5.70%, 05/15/28 | 200 | 204 |
| 6.25%, 02/01/29 | 785 | 816 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (a) | 1494 | 1524 |
| Molina Healthcare, Inc. |  |  |
| 4.38%, 06/15/28 (a) | 464 | 448 |
| Organon & Co. |  |  |
| 4.13%, 04/30/28 (a) | 1510 | 1463 |
| Rede D'Or Finance |  |  |
| 4.95%, 01/17/28 (b) | 727 | 718 |
| Royalty Pharma PLC |  |  |
| 5.15%, 09/02/29 | 525 | 534 |
| 2.20%, 09/02/30 | 176 | 159 |
| 4.45%, 03/25/31 | 1998 | 1974 |
| Solventum Corporation |  |  |
| 5.40%, 03/01/29 | 964 | 986 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 10/01/28 | 1032 | 1034 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 3.15%, 10/01/26 | 1404 | 1390 |
| Universal Health Services, Inc. |  |  |
| 4.63%, 10/15/29 | 1357 | 1341 |
| 2.65%, 10/15/30 | 215 | 193 |
|  |  | 33429 |
| **Information Technology 2.4%** | **Information Technology 2.4%** | **Information Technology 2.4%** |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28 (a) | 766 | 745 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (a) | 1444 | 1427 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (a) | 2993 | 3101 |
| 5.50%, 01/25/31 (a) | 507 | 518 |
| Gartner, Inc. |  |  |
| 4.50%, 07/01/28 (a) | 1001 | 984 |
| Intel Corporation |  |  |
| 2.45%, 11/15/29 | 330 | 306 |
| Microchip Technology Incorporated |  |  |
| 5.05%, 03/15/29 - 02/15/30 | 994 | 1006 |
| Oracle Corporation |  |  |
| 4.55%, 02/04/29 | 1072 | 1058 |
| 6.15%, 11/09/29 | 1051 | 1084 |
| 4.45%, 09/26/30 | 3303 | 3184 |
| 4.95%, 02/04/31 | 1240 | 1214 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 09/30/27 (a) | 1013 | 1013 |
| TD SYNNEX Corporation |  |  |
| 4.30%, 01/17/29 | 467 | 461 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vontier Corporation |  |  |
| 2.95%, 04/01/31 | 332 | 302 |
| | | 16403 |
| **Real Estate 2.3%** | **Real Estate 2.3%** | **Real Estate 2.3%** |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 239 | 236 |
| 5.00%, 01/11/28 | 596 | 601 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 - 11/15/30 | 1535 | 1512 |
| 4.50%, 06/01/27 | 914 | 910 |
| 3.75%, 08/15/29 | 293 | 281 |
| Equinix Europe 2 Financing Corporation LLC |  |  |
| 4.60%, 11/15/30 | 517 | 513 |
| HAT Holdings I LLC |  |  |
| 3.38%, 06/15/26 (a) | 299 | 298 |
| Iron Mountain Incorporated |  |  |
| 4.88%, 09/15/27 (a) | 823 | 821 |
| 5.25%, 03/15/28 (a) | 600 | 596 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 4.25%, 02/01/27 (a) | 1108 | 1095 |
| 4.75%, 06/15/29 (a) | 1368 | 1328 |
| 7.00%, 07/15/31 (a) | 403 | 417 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (a) | 700 | 695 |
| Prologis Targeted U.S. Logistics Fund, L.P. |  |  |
| 4.25%, 01/15/31 (a) | 802 | 786 |
| VICI Properties Inc. |  |  |
| 4.50%, 09/01/26 (a) | 956 | 955 |
| 4.25%, 12/01/26 (a) | 709 | 707 |
| 5.75%, 02/01/27 (a) | 707 | 711 |
| 3.75%, 02/15/27 (a) | 441 | 438 |
| 3.88%, 02/15/29 (a) | 864 | 840 |
| 4.63%, 12/01/29 (a) | 759 | 746 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 845 | 843 |
| WEA Finance LLC |  |  |
| 2.88%, 01/15/27 (a) | 550 | 543 |
| 3.50%, 06/15/29 (a) | 285 | 275 |
|  |  | 16147 |
| **Consumer Staples 2.3%** | **Consumer Staples 2.3%** | **Consumer Staples 2.3%** |
| Albertsons Companies, Inc. |  |  |
| 6.50%, 02/15/28 (a) | 1422 | 1440 |
| Ashtead Capital, Inc. |  |  |
| 4.38%, 08/15/27 (a) | 1209 | 1202 |
| Avis Budget Car Rental, LLC |  |  |
| 5.75%, 07/15/27 (a) | 880 | 878 |
| Bacardi Limited |  |  |
| 4.70%, 05/15/28 (a) | 626 | 625 |
| 5.25%, 01/15/29 (a) | 653 | 659 |
| Bacardi-Martini B.V. |  |  |
| 5.55%, 02/01/30 (a) | 845 | 864 |
| Central American Bottling Corporation |  |  |
| 5.25%, 04/27/29 (a) | 850 | 829 |
| Conagra Brands, Inc. |  |  |
| 7.00%, 10/01/28 | 154 | 162 |
| 4.85%, 11/01/28 | 1618 | 1620 |
| Imperial Brands Finance PLC |  |  |
| 5.50%, 02/01/30 (a) | 2461 | 2525 |
| Japan Tobacco Inc. |  |  |
| 5.25%, 06/15/30 (a) | 1754 | 1798 |
| JBS USA Food Company |  |  |
| 3.00%, 02/02/29 | 545 | 523 |
| Keurig Dr Pepper Inc. |  |  |
| 4.35%, 05/15/28 | 503 | 501 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (a) | 1245 | 1239 |
| Rentokil Terminix Funding, LLC |  |  |
| 5.00%, 04/28/30 (a) | 897 | 901 |
|  |  | 15766 |
| **Communication Services 2.1%** | **Communication Services 2.1%** | **Communication Services 2.1%** |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (a) | 426 | 425 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (a) | 67 | 67 |
| 7.50%, 06/01/29 (a) | 1062 | 1065 |
| Deutsche Telekom International Finance B.V. |  |  |
| 8.75%, 06/15/30 (f) (h) | 832 | 956 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (a) | 1001 | 1001 |
| Fox Corporation |  |  |
| 4.71%, 01/25/29 | 1096 | 1100 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 1995 | 2007 |
| 6.00%, 01/15/30 (a) | 1140 | 1147 |
| 8.75%, 05/15/30 (a) | 323 | 332 |
| Frontier Communications Parent, Inc. |  |  |
| 5.00%, 05/01/28 (a) | 1138 | 1137 |
| 6.75%, 05/01/29 (a) | 827 | 828 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (a) | 707 | 706 |
| Paramount Global |  |  |
| 2.90%, 01/15/27 | 463 | 455 |
| 3.38%, 02/15/28 | 786 | 762 |
| 3.70%, 06/01/28 | 217 | 210 |
| 4.20%, 06/01/29 | 240 | 229 |
| 7.88%, 07/30/30 | 986 | 1030 |
| Roblox Corporation |  |  |
| 3.88%, 05/01/30 (a) | 681 | 640 |
| Telefonica Europe B.V. |  |  |
| 8.25%, 09/15/30 | 466 | 528 |
|  |  | 14625 |
| **Materials 1.8%** | **Materials 1.8%** | **Materials 1.8%** |
| Anglo American Capital PLC |  |  |
| 4.75%, 04/10/27 (a) | 333 | 334 |
| 4.50%, 03/15/28 (a) | 1337 | 1336 |
| 3.88%, 03/16/29 (a) | 200 | 196 |
| 4.63%, 03/19/31 (a) | 559 | 553 |
| Celanese US Holdings LLC |  |  |
| 1.40%, 08/05/26 | 122 | 120 |
| EQUATE Petrochemical |  |  |
| 4.25%, 11/03/26 (b) | 201 | 199 |
| First Quantum Minerals Ltd. |  |  |
| 8.63%, 06/01/31 (a) | 1375 | 1418 |
| Glencore Funding LLC |  |  |
| 5.40%, 05/08/28 (a) | 229 | 233 |
| 6.13%, 10/06/28 (a) | 513 | 530 |
| 5.37%, 04/04/29 (a) | 1961 | 2001 |
| 5.19%, 04/01/30 (a) | 914 | 927 |
| 6.38%, 10/06/30 (a) | 772 | 819 |
| Methanex Corporation |  |  |
| 5.13%, 10/15/27 | 340 | 337 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (b) | 1400 | 1397 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (a) | 393 | 395 |
| Snf Group |  |  |
| 5.63%, 03/31/31 (a) | 510 | 516 |
| Stillwater Mining Company |  |  |
| 4.00%, 11/16/26 (b) | 1240 | 1230 |
|  |  | 12541 |
| Total Corporate Bonds And Notes (cost $433,915) | Total Corporate Bonds And Notes (cost $433,915) | 434846 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 27.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 27.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 27.1%** |
| Affirm Master Trust |  |  |
| Series 2026-A-2A, 4.67%, 04/16/29 | 675 | 675 |
| Series 2025-A-1A, 4.99%, 02/15/33 | 370 | 372 |
| Series 2026-A-1A, REMIC, 4.37%, 02/15/28 | 1050 | 1048 |
| Affirm Master Trust Series 2025-3 |  |  |
| Series 2025-A-3A, 4.45%, 10/16/34 | 1085 | 1081 |
| AGL CLO 1 Ltd. |  |  |
| Series 2019-ARR-1A, 4.87%, (3 Month Term SOFR + 1.20%), 10/20/34 (g) | 3100 | 3096 |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, REMIC, 5.42%, (1 Month Term SOFR + 1.74%), 06/15/27 (g) | 480 | 481 |
| Allegany Park CLO, Ltd. |  |  |
| Series 2019-ARR-1A, 4.77%, (3 Month Term SOFR + 1.10%), 01/22/35 (g) | 560 | 559 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Apex Credit CLO 2021 Ltd. |  |  |
| Series 2021-ANR-1A, 4.89%, (3 Month Term SOFR + 1.22%), 07/18/34 (g) | 3600 | 3601 |
| Arbor Realty Commercial Real Estate Notes 2022-Fl1, Ltd. |  |  |
| Series 2022-A-FL1, 5.12%, (SOFR 30-Day Average + 1.45%), 01/15/37 (g) | 248 | 248 |
| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC |  |  |
| Series 2025-A-FL1, 5.08%, (1 Month Term SOFR + 1.40%), 02/20/29 (g) | 810 | 808 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 5.42%, (1 Month Term SOFR + 1.75%), 06/15/27 (g) | 220 | 219 |
| ARES Commercial Mortgage Trust 2026-AZURE |  |  |
| Series 2026-A-AZURE, REMIC, 5.00%, (1 Month Term SOFR + 1.35%), 03/15/38 (g) | 590 | 590 |
| Bain Capital Credit CLO 2021-3 Ltd. |  |  |
| Series 2021-AR-3A, 4.73%, (3 Month Term SOFR + 1.06%), 07/24/34 (g) | 610 | 608 |
| Bank5 2024-5Yr11 |  |  |
| Series 2024-A3-5YR11, REMIC, 5.89%, 11/19/29 | 730 | 757 |
| Bank5 2024-5YR8 |  |  |
| Series 2024-A3-5YR8, REMIC, 5.88%, 07/17/29 | 750 | 774 |
| Bank5 2025-5YR14 |  |  |
| Series 2025-A3-5YR14, REMIC, 5.65%, 04/15/30 | 3460 | 3568 |
| BAR 2026-FL1 Issuer LLC |  |  |
| Series 2026-A-FL1, 5.30%, (1 Month Term SOFR + 1.60%), 08/20/43 (g) (h) | 820 | 819 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 4.76%, (SOFR 30-Day Average + 1.10%), 12/26/31 (g) | 329 | 330 |
| BBAM US CLO III Ltd. |  |  |
| Series 2023-A1R-3A, 4.84%, (3 Month Term SOFR + 1.17%), 10/15/38 (g) | 1000 | 997 |
| BBCMS Mortgage Trust 2024-5C29 |  |  |
| Series 2024-A2-5C29, REMIC, 4.74%, 08/17/29 | 994 | 996 |
| BBCMS Mortgage Trust 2025-5C33 |  |  |
| Series 2025-A4-5C33, REMIC, 5.84%, 02/15/30 | 530 | 549 |
| BBCMS Mortgage Trust 2025-5C34 |  |  |
| Series 2025-A3-5C34, REMIC, 5.66%, 04/15/30 | 940 | 972 |
| BDS 2025-FL15 LLC |  |  |
| Series 2025-A-FL15, 5.08%, (1 Month Term SOFR + 1.40%), 08/19/30 (g) (h) | 970 | 970 |
| BDS 2025-FL16 LLC |  |  |
| Series 2025-A-FL16, 5.08%, (1 Month Term SOFR + 1.40%), 06/22/43 (g) (h) | 690 | 690 |
| Benchmark 2018-B2 Mortgage Trust |  |  |
| Series 2018-A5-B2, REMIC, 3.88%, 01/18/28 (g) | 330 | 325 |
| Benchmark 2019-B11 Mortgage Trust |  |  |
| Series 2019-A5-B11, REMIC, 3.54%, 05/17/28 | 510 | 492 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-A3-V11, REMIC, 5.91%, 10/17/29 (g) | 1710 | 1773 |
| Benchmark 2024-V12 Mortgage Trust |  |  |
| Series 2024-A3-V12, REMIC, 5.74%, 12/15/29 | 750 | 776 |
| Benchmark 2024-V7 Mortgage Trust |  |  |
| Series 2024-A3-V7, REMIC, 6.23%, 05/17/29 (g) | 930 | 968 |
| Benchmark 2024-V9 Mortgage Trust |  |  |
| Series 2024-A3-V9, REMIC, 5.60%, 08/17/29 | 1670 | 1712 |
| Benchmark 2025-V14 Mortgage Trust |  |  |
| Series 2025-A4-V14, REMIC, 5.66%, 03/15/30 | 1200 | 1241 |
| Benchmark 2025-V16 Mortgage Trust |  |  |
| Series 2025-A3-V16, REMIC, 5.44%, 07/15/30 | 790 | 809 |
| Benchmark 2025-V18 Mortgage Trust |  |  |
| Series 2025-A3-V18, REMIC, 5.18%, 10/18/30 | 1770 | 1796 |
| Benchmark 2026-V21 Mortgage Trust |  |  |
| Series 2026-A3-V21, REMIC, 5.13%, 03/17/31 | 2030 | 2052 |
| Black Diamond CLO 2021-1 Ltd. |  |  |
| Series 2021-A1AR-1A, 4.92%, (3 Month Term SOFR + 1.25%), 11/22/34 (g) | 920 | 916 |
| BMO 2023-5C2 Mortgage Trust |  |  |
| Series 2023-A3-5C2, REMIC, 7.30%, 10/17/28 (g) | 620 | 653 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-A3-5C8, REMIC, 5.63%, 12/17/29 (g) | 1140 | 1171 |
| BMO 2025-5C12 Mortgage Trust |  |  |
| Series 2025-A3-5C12, REMIC, 5.18%, 10/15/58 | 860 | 871 |
| BMO 2026-5C14 Mortgage Trust |  |  |
| Series 2026-A3-5C14, REMIC, 5.21%, 02/18/31 | 1070 | 1085 |
| BSPDF 2026-FL3 Issuer, LLC |  |  |
| Series 2026-A-FL3, 5.13%, (1 Month Term SOFR + 1.45%), 09/18/43 (g) | 430 | 430 |
| BSPRT 2025-FL12 Issuer, LLC |  |  |
| Series 2025-A-FL12, 5.06%, (1 Month Term SOFR + 1.38%), 04/17/43 (g) | 620 | 619 |
| Buckhorn Park CLO, Ltd. |  |  |
| Series 2019-ARR-1A, 4.74%, (3 Month Term SOFR + 1.07%), 07/18/34 (g) | 2030 | 2027 |
| BX Commercial Mortgage Trust 2024-XL4 |  |  |
| Series 2024-A-XL4, REMIC, 5.11%, (1 Month Term SOFR + 1.44%), 02/15/39 (g) | 479 | 480 |
| BX Commercial Mortgage Trust 2025-BCAT |  |  |
| Series 2025-A-BCAT, REMIC, 5.05%, (1 Month Term SOFR + 1.38%), 08/16/27 (g) | 652 | 652 |
| BX Trust |  |  |
| Series 2025-A-ARIA, REMIC, 5.03%, 12/13/30 (g) | 810 | 812 |
| BX Trust 2024-CNYN |  |  |
| Series 2024-A-CNYN, REMIC, 5.11%, (1 Month Term SOFR + 1.44%), 04/15/29 (g) | 891 | 891 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-A-ROIC, REMIC, 4.82%, (1 Month Term SOFR + 1.14%), 03/15/27 (g) | 459 | 456 |
| BX Trust 2025-TAIL |  |  |
| Series 2025-A-TAIL, 5.07%, (1 Month Term SOFR + 1.40%), 06/15/27 (g) | 510 | 509 |
| BX Trust 2025-VOLT |  |  |
| Series 2025-A-VOLT, REMIC, 5.37%, (1 Month Term SOFR + 1.70%), 12/16/30 (g) | 1900 | 1894 |
| Canyon CLO 2020-2 Ltd. |  |  |
| Series 2020-AR2-2A, 4.70%, (3 Month Term SOFR + 1.03%), 10/15/34 (g) | 2000 | 1991 |
| CarMax Auto Owner Trust 2023-1 |  |  |
| Series 2023-B-1, 4.98%, 01/16/29 | 1960 | 1974 |
| CarMax Auto Owner Trust 2023-2 |  |  |
| Series 2023-B-2, 5.18%, 03/15/27 | 1150 | 1162 |
| CarMax Auto Owner Trust 2023-4 |  |  |
| Series 2023-B-4, 6.39%, 09/15/27 | 1975 | 2031 |
| CarMax Auto Owner Trust 2024-2 |  |  |
| Series 2024-A3-2, 5.50%, 01/16/29 | 604 | 610 |
| Series 2024-A4-2, 5.51%, 11/15/29 | 385 | 393 |
| CarMax Select Receivables Trust 2025-B |  |  |
| Series 2025-A3-B, 4.12%, 06/15/28 | 1630 | 1625 |
| Carmax Select Receivables Trust 2026-A |  |  |
| Series 2026-A3-A, 3.99%, 11/16/28 | 335 | 332 |
| Carvana Auto Receivables Trust 2021-N1 |  |  |
| Series 2021-A-N1, 0.70%, 01/10/28 | 11 | 11 |
| Carvana Auto Receivables Trust 2022-P2 |  |  |
| Series 2022-A4-P2, 4.68%, 09/10/26 | 583 | 584 |
| Cathedral Lake VI, Ltd. |  |  |
| Series 2021-ANR-6A, 4.87%, (3 Month Term SOFR + 1.20%), 04/25/34 (g) | 930 | 928 |
| Cedar Funding XI CLO Ltd. |  |  |
| Series 2019-A1R2-11A, 4.73%, (3 Month Term SOFR + 1.06%), 06/01/32 (g) | 877 | 879 |
| Chase Auto Owner Trust 2024-3 |  |  |
| Series 2024-A3-3A, 5.22%, 07/25/29 | 740 | 746 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Series 2016-A5-GC36, REMIC, 3.62%, 02/12/49 | 44 | 44 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Citizens Auto Receivables Trust 2023-1 |  |  |
| Series 2023-A3-1, 5.84%, 06/15/26 | 500 | 502 |
| Series 2023-A4-1, 5.78%, 12/15/26 | 1505 | 1523 |
| Citizens Auto Receivables Trust 2023-2 |  |  |
| Series 2023-A4-2, 5.74%, 01/15/27 | 980 | 994 |
| Clover CLO 2021-3 LLC |  |  |
| Series 2021-AR-3A, 4.74%, (3 Month Term SOFR + 1.07%), 01/25/35 (g) | 430 | 429 |
| Columbia Cent CLO 32 Limited |  |  |
| Series 2022-A1R2-32A, 4.79%, (3 Month Term SOFR + 1.12%), 07/24/34 (g) | 1010 | 1009 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-A-DFW1, REMIC, 5.31%, (1 Month Term SOFR + 1.64%), 08/15/41 (g) | 500 | 496 |
| Continental Finance Credit Card ABS Master Trust |  |  |
| Series 2025-A-A, 5.40%, 12/15/35 | 500 | 500 |
| CPS Auto Receivables Trust 2023-C |  |  |
| Series 2023-D-C, 6.77%, 06/15/27 | 1155 | 1183 |
| CPS Auto Receivables Trust 2024-A |  |  |
| Series 2024-D-A, 6.13%, 04/15/30 | 1050 | 1062 |
| DBC 2025-DBC Mortgage Trust |  |  |
| Series 2025-A-DBC, REMIC, 5.02%, (1 Month Term SOFR + 1.35%), 11/15/27 (g) | 620 | 619 |
| DBGS 2018-C1 Mortgage Trust |  |  |
| Series 2018-A4-C1, REMIC, 4.47%, 10/17/28 (g) | 2030 | 2013 |
| Dryden 104 CLO Ltd. |  |  |
| Series 2022-A1R-104A, 4.95%, (3 Month Term SOFR + 1.29%), 08/20/34 (g) | 2830 | 2825 |
| Dryden 37 Senior Loan Fund |  |  |
| Series 2021-AR-95A, 4.70%, (3 Month Term SOFR + 1.04%), 08/21/34 (g) | 1400 | 1399 |
| Dryden 43 Senior Loan Fund LLC |  |  |
| Series 2016-AR3-43A, 4.74%, (3 Month Term SOFR + 1.07%), 04/20/34 (g) | 1880 | 1879 |
| Exeter Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-D-3A, 5.98%, 09/16/30 | 565 | 575 |
| Exeter Automobile Receivables Trust 2025-4 |  |  |
| Series 2025-A3-4A, 4.39%, 08/16/27 | 2915 | 2919 |
| Ford Credit Auto Lease Trust 2024-A |  |  |
| Series 2024-B-A, 5.29%, 07/15/26 | 1835 | 1840 |
| Ford Credit Auto Owner Trust 2023-REV2 |  |  |
| Series 2023-A-2, 5.28%, 08/15/28 | 245 | 251 |
| Ford Credit Auto Owner Trust 2026-REV1 |  |  |
| Series 2026-A-1, 4.32%, 02/15/31 (h) | 678 | 675 |
| FS Rialto 2025-FL10 Issuer, LLC |  |  |
| Series 2025-A-FL10, 5.06%, (1 Month Term SOFR + 1.39%), 08/19/42 (g) | 300 | 300 |
| GLS Auto Receivables Issuer Trust 2026-1 |  |  |
| Series 2026-A3-1A, 3.97%, 12/15/27 | 335 | 334 |
| GM Financial Revolving Receivables Trust 2023-2 |  |  |
| Series 2023-A-2, 5.77%, 11/13/28 | 350 | 363 |
| Greywolf CLO VII, Ltd. |  |  |
| Series 2018-A1-7A, 5.11%, (3 Month Term SOFR + 1.44%), 10/20/31 (a) (g) |  |  |
| GS Mortgage Securities Corporation II |  |  |
| Series 2025-A-SNIP, REMIC, 5.17%, (1 Month Term SOFR + 1.50%), 09/15/27 (g) | 840 | 840 |
| GS Mortgage Securities Trust 2019-GSA1 |  |  |
| Series 2019-A4-GSA1, REMIC, 3.05%, 10/15/29 | 280 | 265 |
| Hudson Yards 2025-SPRL Mortgage Trust |  |  |
| Series 2025-A-SPRL, REMIC, 5.65%, 01/15/30 (g) | 730 | 747 |
| Huntington Auto Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.23%, 09/15/27 | 849 | 855 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (a) | 430 | 437 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 431 | 436 |
| J.P. Morgan Mortgage Trust 2025-NQM1 |  |  |
| Series 2025-A1-NQM4, REMIC, 4.95%, 10/25/29 (g) (h) | 770 | 765 |
| J.P. Morgan Mortgage Trust 2025-NQM5 |  |  |
| Series 2025-A1FC-NQM5, REMIC, 4.79%, 10/25/29 (h) | 1083 | 1079 |
| J.P. Morgan Mortgage Trust 2025-VIS3 |  |  |
| Series 2025-A1-VIS3, REMIC, 5.06%, 09/25/29 (g) (h) | 623 | 620 |
| J.P. Morgan Mortgage Trust 2026-NQM1 |  |  |
| Series 2026-A1FC-NQM1, REMIC, 4.60%, 01/25/30 (h) | 814 | 807 |
| JPMDB Commercial Mortgage Securities Trust 2017-C7 |  |  |
| Series 2017-A4-C7, REMIC, 3.15%, 07/16/27 | 1834 | 1804 |
| KIND Commercial Mortgage Trust 2024-1 |  |  |
| Series 2024-A-1, REMIC, 5.56%, (1 Month Term SOFR + 1.95%), 08/17/26 (g) | 550 | 550 |
| Kinetic Advantage Master Owner Trust |  |  |
| Series 2025-A-1A, 5.88%, (1 Month Term SOFR + 2.20%), 10/15/27 (g) | 505 | 507 |
| KKR CLO 15 Ltd. |  |  |
| Series BR2-15, 4.96%, (3 Month Term SOFR + 1.55%), 01/18/32 (g) | 1340 | 1339 |
| KKR CLO 23 Ltd. |  |  |
| Series BR-23, 5.22%, (3 Month Term SOFR + 1.55%), 10/20/31 (g) | 2050 | 2049 |
| KKR CLO 24 Ltd. |  |  |
| Series A1R-24, 5.01%, (3 Month Term SOFR + 1.34%), 04/20/32 (g) | 643 | 644 |
| KKR CLO 40 Ltd. |  |  |
| Series AR-40A, 4.97%, (3 Month Term SOFR + 1.30%), 10/20/34 (g) | 280 | 280 |
| LAD Auto Receivables Trust 2023-3 |  |  |
| Series 2023-C-3A, 6.43%, 12/15/26 | 1880 | 1909 |
| LAD Auto Receivables Trust 2024-2 |  |  |
| Series 2024-A3-2A, 5.61%, 12/15/26 | 596 | 598 |
| LBA Trust 2024-7IND |  |  |
| Series 2024-A-7IND, REMIC, 5.12%, (1 Month Term SOFR + 1.44%), 10/15/26 (g) | 355 | 355 |
| LCM 33 Ltd. |  |  |
| Series AR-33A, 4.85%, (3 Month Term SOFR + 1.18%), 07/20/34 (g) | 1070 | 1069 |
| LCM 35 Ltd. |  |  |
| Series A1R-35A, 4.75%, (3 Month Term SOFR + 1.08%), 10/15/34 (g) | 1500 | 1497 |
| Lendmark Funding Trust 2021-2 |  |  |
| Series 2021-A-2A, 2.00%, 04/20/32 | 1710 | 1656 |
| Lendmark Funding Trust 2021-B |  |  |
| Series 2021-A-1A, 1.90%, 05/20/26 | 1870 | 1831 |
| LoanCore 2021-CRE7 Issuer Ltd. |  |  |
| Series 2022-A-CRE7, 5.22%, (SOFR 30-Day Average + 1.55%), 01/21/37 (g) | 277 | 277 |
| LoanCore 2025-CRE8 Issuer LLC |  |  |
| Series 2025-A-CRE8, 5.06%, (1 Month Term SOFR + 1.39%), 11/01/29 (g) (h) | 770 | 769 |
| M&T Bank RV Trust 2026-1 |  |  |
| Series 2026-A-1A, 4.35%, 01/15/46 | 507 | 505 |
| Madison Park Euro Funding XVII Designated Activity Company |  |  |
| Series 2022-A1R-57A, 4.95%, (3 Month Term SOFR + 1.28%), 07/27/34 (g) | 1210 | 1208 |
| Mariner Finance Issuance Trust 2021-A |  |  |
| Series 2021-A-AA, 1.86%, 03/20/36 | 1582 | 1569 |
| Mariner Finance Issuance Trust 2021-B |  |  |
| Series 2021-A-BA, 2.10%, 10/20/27 | 2585 | 2518 |
| Merchants Fleet Funding LLC |  |  |
| Series 2024-A-1A, 5.82%, 08/20/27 | 943 | 946 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 4.87%, (1 Month Term SOFR + 1.19%), 10/21/36 (g) | 26 | 26 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 |  |  |
| Series 2016-A4-C29, REMIC, 3.33%, 05/17/49 | 75 | 74 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 |  |  |
| Series 2025-A3-5C1, REMIC, 5.64%, 03/15/30 | 1080 | 1112 |
| Morgan Stanley Capital I Trust 2024-NSTB |  |  |
| Series 2024-A-NSTB, REMIC, 3.90%, 07/25/32 (g) (h) | 1244 | 1230 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Morgan Stanley Residential Mortgage Loan Trust 2025-DSC3 |  |  |
| Series 2025-A1-DSC3, REMIC, 4.91%, 09/25/70 (g) (h) | 650 | 644 |
| Morgan Stanley Residential Mortgage Loan Trust 2026-DSC1 |  |  |
| Series 2026-A1FC-DSC1, REMIC, 4.62%, 01/25/71 (h) | 634 | 627 |
| Navesink CLO 3, Limited |  |  |
| Series 2025-A1-3A, 5.15%, (3 Month Term SOFR + 1.48%), 07/15/37 (g) | 1780 | 1775 |
| Navient Private Education Refi Loan Trust 2021-C |  |  |
| Series 2021-A-CA, 1.06%, 10/15/69 | 578 | 526 |
| Navient Private Education Refi Loan Trust 2022-A |  |  |
| Series 2022-A-A, 2.23%, 07/15/70 | 552 | 504 |
| Navient Refinance Loan Trust 2026-A |  |  |
| Series 2026-A-A, 4.50%, 04/16/35 | 295 | 292 |
| Nelnet Student Loan Trust 2021-A |  |  |
| Series 2021-APT1-A, 1.36%, 04/20/62 | 225 | 214 |
| Nissan Auto Lease Trust 2026-A |  |  |
| Series 2026-A3-A, 3.87%, 03/15/29 | 460 | 457 |
| NYMT Loan Trust 2026-INV1 |  |  |
| Series 2026-A1FC-INV1, REMIC, 4.61%, 02/25/61 (h) | 279 | 276 |
| OBX 2025-NQM16 Trust |  |  |
| Series 2025-A1-NQM16, REMIC, 4.91%, 08/25/65 (h) | 545 | 542 |
| OBX 2025-NQM17 Trust |  |  |
| Series 2025-A1FC-NQM17, REMIC, 4.85%, 08/25/65 (h) | 738 | 734 |
| OBX 2025-NQM20 Trust |  |  |
| Series 2025-A1-NQM20, REMIC, 5.02%, 10/25/65 (g) (h) | 490 | 488 |
| OBX 2025-NQM21 Trust |  |  |
| Series 2025-A1FC-NQM21, REMIC, 4.92%, 10/25/65 (h) | 606 | 603 |
| Ocean Trails CLO XI |  |  |
| Series 2021-AR-11A, 4.70%, (3 Month Term SOFR + 1.03%), 07/20/34 (g) | 2240 | 2236 |
| Octagon Investment Partners 41 Ltd. |  |  |
| Series 2019-A1R2-2A, 4.76%, (3 Month Term SOFR + 1.09%), 10/17/33 (g) | 390 | 389 |
| Octagon Investment Partners 51 Ltd. |  |  |
| Series 2021-AR-1A, 4.66%, (3 Month Term SOFR + 0.99%), 07/20/34 (g) | 1210 | 1207 |
| Octane Receivables Trust 2024-2 |  |  |
| Series 2024-A2-2A, 5.80%, 07/20/32 | 222 | 224 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 1226 | 1231 |
| OneMain Financial Issuance Trust 2021-1 |  |  |
| Series 2021-A1-1A, 1.55%, 09/14/27 | 1160 | 1134 |
| OneMain Financial Issuance Trust 2022-3 |  |  |
| Series 2022-A-3A, 5.94%, 04/14/26 | 481 | 482 |
| OneMain Financial Issuance Trust 2023-1 |  |  |
| Series 2023-A-1A, 5.50%, 09/14/29 | 2240 | 2289 |
| PFP 2025-12, Ltd. |  |  |
| Series 2025-A-12, 5.17%, (1 Month Term SOFR + 1.49%), 06/18/30 (g) (h) | 1300 | 1300 |
| PFP 2026-13 Ltd. |  |  |
| Series 2026-A-13, 5.18%, (1 Month Term SOFR + 1.50%), 08/18/43 (g) (h) | 590 | 590 |
| RR 20 Ltd. |  |  |
| Series 2022-A1R-20A, 4.66%, (3 Month Term SOFR + 0.99%), 07/15/37 (g) | 310 | 309 |
| Santander Drive Auto Receivables Trust 2007-2 |  |  |
| Series 2025-A3-4, 4.17%, 04/17/28 | 865 | 864 |
| Santander Drive Auto Receivables Trust 2022-5 |  |  |
| Series 2022-C-5, REMIC, 4.74%, 10/16/28 | 34 | 34 |
| Santander Drive Auto Receivables Trust 2022-7 |  |  |
| Series 2022-C-7, 6.69%, 09/15/27 | 2996 | 3047 |
| Santander Drive Auto Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.09%, 05/15/30 | 970 | 976 |
| Santander Drive Auto Receivables Trust 2023-3 |  |  |
| Series 2023-C-3, 5.77%, 05/15/28 | 940 | 954 |
| Santander Drive Auto Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.45%, 07/15/27 | 1010 | 1020 |
| Santander Drive Auto Receivables Trust 2024-2 |  |  |
| Series 2024-C-2, 5.84%, 07/17/28 | 1145 | 1165 |
| Santander Drive Auto Receivables Trust 2024-3 |  |  |
| Series 2024-B-3, 5.55%, 06/15/27 | 580 | 585 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A2-1, 4.87%, 07/15/26 | 165 | 165 |
| Series 2025-B-1, 4.88%, 05/15/28 | 540 | 543 |
| Santander Drive Auto Receivables Trust 2026-1 |  |  |
| Series 2026-A3-1, 3.93%, 07/17/28 | 715 | 710 |
| SCCU Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A4-1A, 4.68%, 07/16/29 | 1190 | 1196 |
| SCF Equipment Leasing 2024-1 LLC |  |  |
| Series 2024-A3-1A, 5.52%, 10/20/28 | 255 | 258 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 599 | 610 |
| SCF Equipment Leasing 2025-2 LLC |  |  |
| Series 2025-A3-2A, 4.33%, 08/20/30 | 990 | 986 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-A3-1A, 4.95%, 05/21/29 | 356 | 358 |
| SFS Auto Receivables Securitization Trust 2024-2 |  |  |
| Series 2024-A3-2A, 5.33%, 11/20/29 | 1064 | 1074 |
| SFS Auto Receivables Securitization Trust 2024-3 |  |  |
| Series 2024-A3-3A, 4.55%, 04/20/28 | 605 | 607 |
| SWCH Commercial Mortgage Trust 2025-DATA |  |  |
| Series 2025-A-DATA, 5.12%, (1 Month Term SOFR + 1.44%), 03/15/27 (g) | 860 | 849 |
| Symphony CLO 30 Ltd. |  |  |
| Series 2023-A1R-30A, 5.21%, (3 Month Term SOFR + 1.54%), 10/20/37 (g) | 620 | 620 |
| Trinitas CLO XII Ltd. |  |  |
| Series 2020-A1R2-12A, 4.72%, (3 Month Term SOFR + 1.05%), 04/25/33 (g) | 612 | 612 |
| U.S. Bank National Association |  |  |
| Series 2025-B-SUP1, 5.58%, 02/25/32 | 376 | 378 |
| Series 2026-B1-RVM1, 4.96%, 12/25/46 | 1435 | 1441 |
| UBS Commercial Mortgage Trust 2018-C9 |  |  |
| Series 2018-A4-C9, REMIC, 4.12%, 03/17/28 (g) | 1100 | 1084 |
| UBS Commercial Mortgage Trust 2019-C18 |  |  |
| Series 2019-A4-C18, REMIC, 3.04%, 12/17/29 | 70 | 66 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 415 | 421 |
| Verdant Receivables 2025-1 LLC |  |  |
| Series 2025-A3-1A, 4.96%, 06/12/29 | 1755 | 1773 |
| Verizon Master Trust |  |  |
| Series 2024-A-7, 4.35%, 08/20/32 (h) | 400 | 399 |
| Verus Securitization Trust 2025-10 |  |  |
| Series 2025-A1FC-10, REMIC, 5.02%, 07/25/70 (h) | 415 | 414 |
| Verus Securitization Trust 2025-8 |  |  |
| Series 2025-A1-8, REMIC, 4.87%, 09/25/70 (h) | 467 | 463 |
| Verus Securitization Trust 2025-9 |  |  |
| Series 2025-A1-9, REMIC, 4.93%, 10/25/70 (g) (h) | 901 | 896 |
| Verus Securitization Trust 2025-R2 |  |  |
| Series 2025-A1FC-12, REMIC, 4.86%, 12/25/70 (h) | 274 | 272 |
| Verus Securitization Trust 2026-1 |  |  |
| Series 2026-A1FC-1, REMIC, 4.74%, 01/25/71 (h) | 379 | 376 |
| Verus Securitization Trust 2026-2 |  |  |
| Series 2026-A1FC-2, REMIC, 4.51%, 02/25/71 (h) | 585 | 579 |
| Wells Fargo Commercial Mortgage Trust 2017-C40 |  |  |
| Series 2017-A3-C40, REMIC, 3.32%, 08/17/27 | 3790 | 3744 |
| 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 | 908 |
| Wells Fargo Commercial Mortgage Trust 2025-5C3 |  |  |
| Series 2025-A3-5C3, REMIC, 6.10%, 01/15/58 | 1620 | 1692 |
| Wells Fargo Commercial Mortgage Trust 2025-5C4 |  |  |
| Series 2025-A3-5C4, REMIC, 5.67%, 05/15/30 | 1710 | 1762 |
| Western Funding Auto Loan Trust 2025-1 |  |  |
| Series 2025-A-1, 4.75%, 04/17/28 | 1710 | 1712 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Westlake Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-D-1A, 6.79%, 11/15/28 | 925 | 940 |
| Westlake Automobile Receivables Trust 2023-3 |  |  |
| Series 2023-C-3A, 6.02%, 09/15/28 | 1105 | 1112 |
| Westlake Automobile Receivables Trust 2024-1 |  |  |
| Series 2024-B-1A, 5.55%, 11/15/27 | 1059 | 1061 |
| Series 2024-C-1A, 5.65%, 02/15/29 | 1335 | 1347 |
| Series 2024-D-1A, 6.02%, 10/15/29 | 820 | 835 |
| Westlake Automobile Receivables Trust 2024-2 |  |  |
| Series 2024-D-2A, 5.91%, 04/15/30 | 765 | 783 |
| Westlake Automobile Receivables Trust 2024-3 |  |  |
| Series 2024-A3-3A, 4.71%, 08/15/26 | 500 | 501 |
| Westlake Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-B-2A, 4.63%, 01/15/31 | 2485 | 2498 |
| Wind River 2022-1 CLO Ltd. |  |  |
| Series 2022-AR-1A, 5.02%, (3 Month Term SOFR + 1.35%), 07/20/35 (g) | 1530 | 1528 |
| Zais CLO 16 Ltd. |  |  |
| Series 2020-A1R2-16A, 4.80%, (3 Month Term SOFR + 1.13%), 10/20/34 (g) | 1020 | 1016 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $186,716) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $186,716) | 186824 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 6.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 6.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 6.1%** |
| **Sovereign 2.3%** | **Sovereign 2.3%** | **Sovereign 2.3%** |
| Aktsionernoye Obshchestvo Bank Razvitiya Kazakhstana |  |  |
| 5.25%, 10/23/29 (a) | 222 | 224 |
| 5.63%, 04/07/30 (a) | 673 | 686 |
| Bermuda, Government of |  |  |
| 3.72%, 01/25/27 (b) | 1500 | 1487 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 5.38%, 01/21/29 | 1952 | 1937 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.88%, 02/13/28 (b) | 700 | 695 |
| Government of the Republic of Panama |  |  |
| 8.88%, 09/30/27 | 325 | 345 |
| 3.88%, 03/17/28 | 374 | 367 |
| Ministerul Finantelor Publice |  |  |
| 5.88%, 01/30/29 (a) | 926 | 931 |
| 5.75%, 09/16/30 (a) | 874 | 870 |
| Natsionalny Upravlyayushchi Kholding Baiterek, Ao |  |  |
| 5.45%, 05/08/28 (a) (i) | 520 | 521 |
| 4.65%, 10/01/30 (a) (i) | 352 | 343 |
| Presidencia de la Republica Dominicana |  |  |
| 5.95%, 01/25/27 (b) | 973 | 978 |
| 8.63%, 04/20/27 (b) | 281 | 285 |
| 5.50%, 02/22/29 (b) | 630 | 626 |
| Romania, Government of |  |  |
| 5.25%, 11/25/27 (b) | 1886 | 1882 |
| 6.63%, 02/17/28 (b) | 1184 | 1208 |
| Sandor-Palota |  |  |
| 5.25%, 06/16/29 (b) | 1125 | 1126 |
| 5.38%, 09/26/30 (a) | 1425 | 1430 |
|  |  | 15941 |
| **U.S. Treasury Note 2.2%** | **U.S. Treasury Note 2.2%** | **U.S. Treasury Note 2.2%** |
| Treasury, United States Department of |  |  |
| 3.38%, 12/31/27 - 02/29/28 | 4762 | 4725 |
| 3.50%, 12/15/28 | 10254 | 10170 |
|  |  | 14895 |
| **Mortgage-Backed Securities 0.9%** | **Mortgage-Backed Securities 0.9%** | **Mortgage-Backed Securities 0.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 5.99%, (SOFR 30-Day Average + 2.32%), 08/01/54 (g) | 289 | 296 |
| 5.86%, (SOFR 30-Day Average + 2.12%), 05/01/55 (g) | 570 | 583 |
| 5.51%, (SOFR 30-Day Average + 2.29%), 07/01/55 (g) | 807 | 820 |
| 5.36%, (SOFR 30-Day Average + 2.18%), 08/01/55 (g) | 294 | 296 |
| 5.63%, (SOFR 30-Day Average + 2.13%), 08/01/55 (g) | 453 | 462 |
| 5.42%, (SOFR 30-Day Average + 2.08%), 10/01/55 (g) | 463 | 468 |
| Federal National Mortgage Association, Inc. |  |  |
| 5.52%, (SOFR 30-Day Average + 2.11%), 10/01/53 (g) | 105 | 107 |
| 5.88%, (SOFR 30-Day Average + 2.13%), 02/01/54 (g) | 172 | 176 |
| 5.72%, (SOFR 30-Day Average + 2.20%), 08/01/55 (g) | 672 | 686 |
| 5.98%, (SOFR 30-Day Average + 2.16%), 09/01/55 (g) | 2317 | 2385 |
| 5.47%, (SOFR 30-Day Average + 2.03%), 10/01/55 (g) | 172 | 175 |
|  |  | 6454 |
| **Collateralized Mortgage Obligations 0.7%** | **Collateralized Mortgage Obligations 0.7%** | **Collateralized Mortgage Obligations 0.7%** |
| Connecticut Avenue Securities Trust 2024-R06 |  |  |
| Series 2024-1A1-R06, REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 09/25/28 (g) | 435 | 435 |
| Connecticut Avenue Securities Trust 2025-R01 |  |  |
| Series 2025-1A1-R01, REMIC, 4.61%, (SOFR 30-Day Average + 0.95%), 01/25/45 (g) | 451 | 450 |
| Series 2025-1M1-R01, REMIC, 4.76%, (SOFR 30-Day Average + 1.10%), 01/25/45 (g) | 453 | 453 |
| Connecticut Avenue Securities Trust 2025-R02 |  |  |
| Series 2025-1A1-R02, REMIC, 4.66%, (SOFR 30-Day Average + 1.00%), 02/27/45 (g) | 362 | 362 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2022-M2-HQA1, REMIC, 8.91%, (SOFR 30-Day Average + 5.25%), 03/25/42 (g) | 550 | 570 |
| Series 2024-A1-HQA1, REMIC, 4.91%, (SOFR 30-Day Average + 1.25%), 03/25/44 (g) | 1220 | 1221 |
| Series 2024-M1-HQA1, REMIC, 4.91%, (SOFR 30-Day Average + 1.25%), 03/25/44 (g) | 153 | 153 |
| Series 2024-A1-DNA2, REMIC, 4.91%, (SOFR 30-Day Average + 1.25%), 05/25/44 (g) | 1004 | 1004 |
| Series 2024-A1-DNA3, REMIC, 4.71%, (SOFR 30-Day Average + 1.05%), 10/25/44 (g) | 322 | 322 |
|  |  | 4970 |
| Total Government And Agency Obligations (cost $42,444) | Total Government And Agency Obligations (cost $42,444) | 42260 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.7%** | **SENIOR FLOATING RATE INSTRUMENTS 2.7%** | **SENIOR FLOATING RATE INSTRUMENTS 2.7%** |
| **Industrials 1.2%** | **Industrials 1.2%** | **Industrials 1.2%** |
| American Airlines, Inc. |  |  |
| 2017 1st Lien Term Loan, 5.52%, (3 Month Term SOFR + 1.75%), 01/29/27 (g) | 2677 | 2657 |
| 2025 Term Loan, 5.92%, (3 Month Term SOFR + 2.25%), 04/20/28 (g) | 498 | 492 |
| Corpay Technologies Operating Company LLC |  |  |
| Term Loan B5, 5.42%, (1 Month Term SOFR + 1.75%), 04/28/28 (g) | 1978 | 1976 |
| CPM Holdings, Inc. |  |  |
| 2023 Term Loan, 0.00%, (1 Month Term SOFR + 4.50%), 09/18/28 (g) (j) | 1100 | 1100 |
| Hilcorp Energy I L.P. |  |  |
| Term Loan B, 5.43%, (1 Month Term SOFR + 2.00%), 02/05/30 (g) | 1386 | 1384 |
| TransDigm, Inc. |  |  |
| 2025 Term Loan K, 0.00%, (1 Month Term SOFR + 2.25%), 03/22/30 (g) (j) | 250 | 250 |
|  |  | 7859 |
| **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** |
| Aramark Services, Inc. |  |  |
| 2025 Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 06/22/30 (g) | 1109 | 1109 |
| KFC Holding Co. |  |  |
| 2021 Term Loan B, 5.54%, (1 Month Term SOFR + 1.75%), 03/10/28 (g) | 1723 | 1726 |
| Peloton Interactive, Inc. |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 5.50%), 05/30/29 (g) (j) | 215 | 215 |
| 2024 Term Loan B, 9.17%, (1 Month Term SOFR + 5.50%), 05/30/29 (g) | 1360 | 1361 |
|  |  | 4411 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| Press Ganey Holdings, Inc. |  |  |
| 2025 Repriced Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 05/30/31 (g) | 2095 | 2091 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Clearwater Analytics, LLC |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 02/10/32 (g) | 566 | 565 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 6.93%, (3 Month Term SOFR + 3.00%), 02/18/28 (g) | 970 | 928 |
|  |  | 1493 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| Kodiak Building Partners Inc. |  |  |
| 2024 Term Loan B, 0.00%, (1 Month Term SOFR + 3.75%), 11/26/31 (g) (j) | 298 | 298 |
| 2024 Term Loan B, 7.42%, (1 Month Term SOFR + 3.75%), 11/26/31 (g) | 1092 | 1091 |
|  |  | 1389 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Medline Borrower, LP |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 1.75%), 10/23/28 (g) (j) |  |  |
| 2025 Term Loan B, 5.42%, (1 Month Term SOFR + 1.75%), 10/23/28 (g) | 311 | 312 |
| 2025 Incremental Term Loan B, 0.00%, (1 Month Term SOFR + 1.75%), 10/23/30 (g) (j) | 390 | 390 |
|  |  | 702 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Charter Communications Operating, LLC |  |  |
| 2023 Term Loan B4, 0.00%, (3 Month Term SOFR + 2.00%), 12/02/30 (g) (j) | 324 | 323 |
| 2023 Term Loan B4, 5.66%, (3 Month Term SOFR + 2.00%), 12/02/30 (g) | 339 | 339 |
|  |  | 662 |
| Total Senior Floating Rate Instruments (cost $18,715) | Total Senior Floating Rate Instruments (cost $18,715) | 18607 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Commercial Paper 0.2%** | **Commercial Paper 0.2%** | **Commercial Paper 0.2%** |
| Ovintiv Inc. |  |  |
| 4.25%, 04/10/26 (k) | 1519 | 1517 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.53% (l) (m) | 1502 | 1502 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (l) (m) | 877 | 877 |
| Total Short Term Investments (cost $3,896) | Total Short Term Investments (cost $3,896) | 3896 |
| **Total Investments 99.6% (cost $685,686)** | **Total Investments 99.6% (cost $685,686)** | **686433** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (15) |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **3000** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **689418** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $237,704 and 34.5% of the Fund.

(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 March 31, 2026.

(d) Convertible security.

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

(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 March 31, 2026.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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 March 31, 2026.

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

(j) This senior floating rate interest will settle after March 31, 2026. If a reference rate and spread is presented, it will go into effect upon settlement.

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

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 5319 | 62451 | 66268 | 37 |  |  | 1502 | 0.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 241 | 3923 | 3287 | 8 |  |  | 877 | 0.1 |
|  | 5560 | 66374 | 69555 | 45 |  |  | 2379 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Banco de Bogota, 6.25%, 05/12/26 | 02/11/26 | 340 | 339 | 0.1 |
| Bermuda, Government of, 3.72%, 01/25/27 | 04/22/25 | 1487 | 1487 | 0.2 |
| Citizens Bank, National Association, 4.58%, 08/09/28 | 11/08/22 | 741 | 760 | 0.1 |
| Comision Federal De Electricidad, E.P.E., 5.70%, 01/24/30 | 06/03/25 | 907 | 897 | 0.1 |
| EQUATE Petrochemical, 4.25%, 11/03/26 | 09/24/25 | 201 | 199 |  |
| Gobierno de la Republica de Guatemala, 4.88%, 02/13/28 | 01/15/26 | 702 | 695 | 0.1 |
| Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 | 02/25/26 | 201 | 199 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities (continued)** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities (continued)** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities (continued)** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities (continued)** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 12/11/25 | 981 | 978 | 0.1 |
| Presidencia de la Republica Dominicana, 8.63%, 04/20/27 | 03/05/25 | 285 | 285 |  |
| Presidencia de la Republica Dominicana, 5.50%, 02/22/29 | 11/13/25 | 637 | 626 | 0.1 |
| PT Freeport Indonesia, 4.76%, 04/14/27 | 09/24/25 | 1401 | 1397 | 0.2 |
| Rede D'Or Finance, 4.95%, 01/17/28 | 10/03/25 | 726 | 718 | 0.1 |
| Romania, Government of, 5.25%, 11/25/27 | 11/26/24 | 1880 | 1882 | 0.3 |
| Romania, Government of, 6.63%, 02/17/28 | 10/08/25 | 1221 | 1208 | 0.2 |
| Sandor-Palota, 5.25%, 06/16/29 | 11/03/25 | 1146 | 1126 | 0.2 |
| Stillwater Mining Company, 4.00%, 11/16/26 | 09/19/25 | 1232 | 1230 | 0.2 |
| Studio City Company Limited, 7.00%, 02/15/27 | 09/22/25 | 1045 | 1038 | 0.2 |
| Synchrony Bank, 5.63%, 08/23/27 | 02/07/25 | 1697 | 1707 | 0.2 |
| Tengizchevroil Finance Company S.a.r.l., 4.00%, 08/15/26 | 04/18/24 | 1822 | 1824 | 0.3 |
|  |  | 18652 | 18595 | 2.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 1341 | July 2026 | 280218 | 105 | (2033) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 5 Year Note | (703) | July 2026 | (77013) | (120) | 962 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 434846 |  | 434846 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 186824 |  | 186824 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 42260 |  | 42260 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 18607 |  | 18607 |
| &nbsp;&nbsp;Short Term Investments | 2379 | 1517 |  | 3896 |
|  | 2379 | 684054 |  | 686433 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 962 |  |  | 962 |
|  | 962 |  |  | 962 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (2033) |  |  | (2033) |
|  | (2033) |  |  | (2033) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Communication Services 97.7%** | **Communication Services 97.7%** | **Communication Services 97.7%** |
| Alphabet Inc. - Class A | 810 | 233014 |
| Alphabet Inc. - Class C | 703 | 201723 |
| AT&T Inc. | 1046 | 30309 |
| Comcast Corporation - Class A | 543 | 15584 |
| Digital World Acquisition Corp. (a) (b) | 17 | 159 |
| EchoStar Corporation - Class A (a) | 20 | 2336 |
| Electronic Arts Inc. | 34 | 6939 |
| Former Charter Communications Parent, Inc. - Class A (a) | 14 | 2908 |
| Fox Corporation - Class A | 30 | 1761 |
| Fox Corporation - Class B | 20 | 1056 |
| Globalstar, Inc. (a) | 7 | 455 |
| Liberty Broadband Corporation - Series A (a) | 2 | 115 |
| Liberty Broadband Corporation - Series C (a) | 15 | 746 |
| Liberty Global Ltd. - Class A (a) | 24 | 288 |
| Liberty Global Ltd. - Class C (a) | 18 | 212 |
| Liberty Media Corporation - Series A (a) | 3 | 247 |
| Liberty Media Corporation - Series C (a) | 32 | 2694 |
| Live Nation Entertainment, Inc. (a) | 21 | 3266 |
| Lumen Technologies, Inc. (a) | 132 | 916 |
| Match Group, Inc. | 37 | 1129 |
| Meta Platforms, Inc. - Class A | 301 | 172315 |
| Netflix, Inc. (a) | 631 | 60629 |
| News Corporation - Class A | 57 | 1424 |
| News Corporation - Class B | 14 | 410 |
| Nexstar Media Group, Inc. - Class A | 4 | 732 |
| Omnicom Group Inc. | 46 | 3485 |
| Paramount Skydance Corporation - Class B (b) | 132 | 1192 |
| Pinterest, Inc. - Class A (a) | 89 | 1635 |
| Reddit, Inc. - Class A (a) | 19 | 2539 |
| Roblox Corporation - Class A (a) | 94 | 5299 |
| Roku, Inc. - Class A (a) | 19 | 1820 |
| Sirius XM Holdings Inc. (b) | 28 | 635 |
| Snap Inc. - Class A (a) | 151 | 694 |
| Sphere Entertainment Co. - Class A (a) | 2 | 766 |
| Take-Two Interactive Software, Inc. (a) | 25 | 5011 |
| Telephone and Data Systems, Inc. | 13 | 557 |
| The New York Times Company - Class A | 23 | 1939 |
| TKO Group Holdings Inc. - Class A | 10 | 1987 |
| T-Mobile US, Inc. | 71 | 14895 |
| Trade Desk, Inc., The - Class A (a) | 67 | 1511 |
| Verizon Communications Inc. | 630 | 31611 |
| Walt Disney Company, The | 265 | 25499 |
| Warner Bros. Discovery, Inc. - Series A (a) | 338 | 9293 |
| Warner Music Group Corp. - Class A | 20 | 508 |
|  |  | 852243 |
| **Information Technology 1.4%** | **Information Technology 1.4%** | **Information Technology 1.4%** |
| AppLovin Corporation - Class A (a) | 32 | 12656 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| Zillow Group, Inc. - Class A (a) | 7 | 305 |
| Zillow Group, Inc. - Class C (a) | 24 | 1011 |
|  |  | 1316 |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| Liberty Live Holdings, Inc. - Series A (a) | 3 | 263 |
| Liberty Live Holdings, Inc. - Series C (a) | 7 | 617 |
|  |  | 880 |
| Total Common Stocks (cost $729,134) | Total Common Stocks (cost $729,134) | 867095 |
| **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, 3.53% (c) (d) | 4322 | 4322 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 1185 | 1185 |
| Total Short Term Investments (cost $5,507) | Total Short Term Investments (cost $5,507) | 5507 |
| **Total Investments 100.0% (cost $734,641)** | **Total Investments 100.0% (cost $734,641)** | **872602** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **145** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **1** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **872748** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 4248 | 80942 | 80868 | 24 |  |  | 4322 | 0.5 |
| JNL Government Money Market Fund, 3.63% - Class SL | 732 | 16868 | 16415 | 15 |  |  | 1185 | 0.1 |
|  | 4980 | 97810 | 97283 | 39 |  |  | 5507 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | June 2026 | 6459 | 145 | 112 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 867095 |  |  | 867095 |
| &nbsp;&nbsp;Short Term Investments | 5507 |  |  | 5507 |
|  | 872602 |  |  | 872602 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 112 |  |  | 112 |
|  | 112 |  |  | 112 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Consumer Discretionary 96.3%** | **Consumer Discretionary 96.3%** | **Consumer Discretionary 96.3%** |
| Abercrombie & Fitch Co. - Class A (a) | 9 | 783 |
| Acushnet Holdings Corp. | 5 | 489 |
| Airbnb, Inc. - Class A (a) | 76 | 9631 |
| Amazon.com, Inc. (a) | 1790 | 372801 |
| Aptiv PLC (a) | 38 | 2623 |
| Asbury Automotive Group, Inc. (a) | 3 | 664 |
| Autoliv, Inc. | 12 | 1295 |
| AutoNation, Inc. (a) | 5 | 927 |
| AutoZone, Inc. (a) | 3 | 10194 |
| Bath & Body Works, Inc. | 37 | 692 |
| Best Buy Co., Inc. | 36 | 2302 |
| Booking Holdings Inc. | 6 | 24449 |
| Boot Barn Holdings, Inc. (a) | 5 | 770 |
| BorgWarner Inc. | 38 | 2062 |
| Boyd Gaming Corporation | 10 | 828 |
| Bright Horizons Family Solutions, Inc. (a) | 10 | 827 |
| Brinker International, Inc. (a) | 8 | 1139 |
| Brunswick Corporation | 11 | 817 |
| Burlington Stores, Inc. (a) | 11 | 3730 |
| Caesars Entertainment, Inc. (a) | 37 | 976 |
| CarMax, Inc. (a) | 26 | 1064 |
| Carnival Corporation | 209 | 5402 |
| Carvana Co. - Class A (a) | 25 | 7919 |
| CAVA Group, Inc. (a) | 18 | 1435 |
| Cavco Industries, Inc. (a) | 1 | 662 |
| Chewy, Inc. - Class A (a) | 43 | 1155 |
| Chipotle Mexican Grill, Inc. (a) | 240 | 7667 |
| Choice Hotels International, Inc. (b) | 5 | 530 |
| Churchill Downs Incorporated | 13 | 1140 |
| Coupang, Inc. - Class A (a) | 245 | 4628 |
| Crocs, Inc. (a) | 9 | 748 |
| D.R. Horton, Inc. | 48 | 6522 |
| Darden Restaurants, Inc. | 21 | 4206 |
| Deckers Outdoor Corporation (a) | 26 | 2584 |
| Dick's Sporting Goods, Inc. | 12 | 2368 |
| Dillard's, Inc. - Class A (b) | 1 | 398 |
| DK Crown Holdings Inc. - Class A (a) | 88 | 1910 |
| Domino's Pizza, Inc. | 6 | 2069 |
| DoorDash, Inc. - Class A (a) | 68 | 10195 |
| Dorman Products, Inc. (a) | 5 | 498 |
| Dutch Bros Inc. - Class A (a) | 21 | 1052 |
| eBay Inc. | 82 | 7492 |
| ETSY, Inc. (a) | 18 | 881 |
| Expedia Group, Inc. | 21 | 4924 |
| Five Below, Inc. (a) | 10 | 2244 |
| Floor & Decor Holdings, Inc. - Class A (a) | 19 | 980 |
| Flutter Entertainment Public Limited Company (a) | 30 | 3088 |
| Ford Motor Company | 717 | 8270 |
| Frontdoor, Inc. (a) | 13 | 683 |
| GameStop Corp. - Class A (a) (b) | 75 | 1729 |
| Gap, Inc., The | 42 | 1027 |
| General Motors Company | 165 | 12274 |
| Gentex Corporation | 39 | 841 |
| Genuine Parts Company | 25 | 2665 |
| Global Business Travel Group, Inc. - Class A (a) (b) | 30 | 167 |
| Group 1 Automotive, Inc. | 2 | 697 |
| H & R Block, Inc. | 23 | 722 |
| Hasbro, Inc. | 24 | 2232 |
| Hilton Worldwide Holdings Inc. | 40 | 12093 |
| Home Depot, Inc., The | 181 | 59637 |
| Hyatt Hotels Corporation - Class A (b) | 7 | 1045 |
| Installed Building Products, Inc. (b) | 4 | 1110 |
| KB Home | 11 | 564 |
| Kontoor Brands, Inc. | 10 | 714 |
| Las Vegas Sands Corp. | 57 | 3066 |
| Lear Corporation | 10 | 1170 |
| Lennar Corporation - Class A | 38 | 3318 |
| Lennar Corporation - Class B | 2 | 148 |
| Life Time Group Holdings, Inc. (a) | 22 | 592 |
| Lithia Motors, Inc. - Class A | 4 | 1028 |
| LKQ Corporation | 47 | 1372 |
| Lowe`s Companies, Inc. | 102 | 24139 |
| Lucid Group, Inc. (a) (b) | 26 | 244 |
| Lululemon Athletica Inc. (a) | 19 | 2855 |
| Macy's, Inc. | 48 | 875 |
| Marriott International, Inc. - Class A | 40 | 13178 |
| Mattel, Inc. (a) | 58 | 843 |
| McDonald's Corporation | 130 | 40279 |
| MercadoLibre, Inc. (a) | 9 | 14832 |
| Meritage Homes Corporation | 12 | 749 |
| MGM Resorts International (a) | 34 | 1259 |
| Mohawk Industries, Inc. (a) | 9 | 901 |
| Murphy USA Inc. | 3 | 1624 |
| Nike, Inc. - Class B | 206 | 10881 |
| Norwegian Cruise Line Holdings Ltd. (a) (b) | 80 | 1500 |
| NVR, Inc. (a) |  | 3170 |
| O'Reilly Automotive, Inc. (a) | 153 | 14167 |
| Penske Automotive Group, Inc. | 4 | 537 |
| Planet Fitness, Inc. - Class A (a) | 15 | 1088 |
| PulteGroup, Inc. | 35 | 4161 |
| PVH Corp. | 9 | 607 |
| Quantumscape Battery, Inc. - Class A (a) (b) | 85 | 542 |
| Ralph Lauren Corporation - Class A | 7 | 2414 |
| Rivian Automotive, Inc. - Class A (a) | 137 | 2068 |
| Ross Stores, Inc. | 58 | 12596 |
| Royal Caribbean Cruises Ltd. | 46 | 12682 |
| Service Corporation International | 26 | 2129 |
| Shake Shack, Inc. - Class A (a) | 7 | 621 |
| Skyline Champion Corporation (a) | 10 | 737 |
| Somnigroup International Inc. | 34 | 2533 |
| Starbucks Corporation | 207 | 18560 |
| Tapestry, Inc. | 38 | 5308 |
| Taylor Morrison Home II Corporation - Class A (a) | 18 | 1058 |
| Tesla Inc. (a) | 514 | 191121 |
| Texas Roadhouse, Inc. - Class A | 12 | 2012 |
| Thor Industries, Inc. | 9 | 755 |
| TJX Companies, Inc., The | 202 | 32321 |
| Toll Brothers, Inc. | 17 | 2358 |
| Tractor Supply Company | 93 | 4201 |
| Travel + Leisure Co. | 12 | 821 |
| Ulta Beauty, Inc. (a) | 8 | 4221 |
| Urban Outfitters, Inc. (a) | 11 | 691 |
| V.F. Corporation | 59 | 1006 |
| Vail Resorts, Inc. (b) | 6 | 829 |
| Valvoline, Inc. (a) (b) | 24 | 794 |
| Wayfair Inc. - Class A (a) | 18 | 1375 |
| Whirlpool Corporation (b) | 12 | 626 |
| Williams-Sonoma, Inc. | 22 | 3962 |
| Wingstop Inc. | 5 | 796 |
| Wyndham Hotels & Resorts, Inc. | 14 | 1096 |
| Wynn Resorts, Limited | 15 | 1542 |
| Yum! Brands, Inc. | 51 | 7946 |
|  |  | 1096534 |
| **Materials 2.1%** | **Materials 2.1%** | **Materials 2.1%** |
| Amcor Pty Ltd. | 83 | 3294 |
| Avery Dennison Corporation | 14 | 2492 |
| Ball Corporation | 46 | 2700 |
| Crown Holdings, Inc. | 21 | 2136 |
| Graphic Packaging Holding Company | 52 | 513 |
| International Paper Company | 95 | 3389 |
| Packaging Corporation of America | 16 | 3455 |
| Sealed Air Corporation | 26 | 1092 |
| Silgan Holdings Inc. (b) | 16 | 631 |
| Smurfit Westrock Public Limited Company | 94 | 3756 |
| Sonoco Products Company | 18 | 947 |
|  |  | 24405 |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| Alliance Laundry Holdings Inc. (a) (b) | 8 | 164 |
| Allison Systems, Inc. | 16 | 1813 |
| Modine Manufacturing Company (a) | 9 | 1954 |
| Rollins, Inc. | 54 | 2883 |
| Rush Enterprises, Inc. - Class A | 12 | 774 |
| Rush Enterprises, Inc. - Class B | 1 | 91 |
|  |  | 7679 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Consumer Staples 0.6%** | **Consumer Staples 0.6%** | **Consumer Staples 0.6%** |
| Casey's General Stores, Inc. | 7 | 4837 |
| Maplebear Inc. (a) | 34 | 1272 |
| Reynolds Consumer Products Inc. | 9 | 200 |
|  |  | 6309 |
| Total Common Stocks (cost $932,358) | Total Common Stocks (cost $932,358) | 1134927 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 4410 | 4410 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 2599 | 2599 |
| Total Short Term Investments (cost $7,009) | Total Short Term Investments (cost $7,009) | 7009 |
| **Total Investments 100.3% (cost $939,367)** | **Total Investments 100.3% (cost $939,367)** | **1141936** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **172** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(3269)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1138839** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 2683 | 61122 | 59395 | 33 |  |  | 4410 | 0.4 |
| JNL Government Money Market Fund, 3.63% - Class SL | 1102 | 12577 | 11080 | 28 |  |  | 2599 | 0.2 |
|  | 3785 | 73699 | 70475 | 61 |  |  | 7009 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 25 | June 2026 | 5560 | 172 | (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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1134927 |  |  | 1134927 |
| &nbsp;&nbsp;Short Term Investments | 7009 |  |  | 7009 |
|  | 1141936 |  |  | 1141936 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (13) |  |  | (13) |
|  | (13) |  |  | (13) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **Consumer Staples 98.3%** | **Consumer Staples 98.3%** | **Consumer Staples 98.3%** |
| Albertsons Companies, Inc. - Class A | 54 | 924 |
| Altria Group, Inc. | 253 | 16711 |
| Archer-Daniels-Midland Company | 68 | 4967 |
| Bellring Intermediate Holdings, Inc. (a) | 18 | 287 |
| BJ's Wholesale Club Holdings, Inc. (a) | 18 | 1721 |
| Brown-Forman Corporation - Class A (b) | 7 | 184 |
| Brown-Forman Corporation - Class B | 44 | 1165 |
| Bunge Global S.A. | 20 | 2585 |
| Cal-Maine Foods, Inc. | 7 | 512 |
| Campbell's Company, The (b) | 30 | 663 |
| Celsius Holdings, Inc. (a) | 25 | 874 |
| Church & Dwight Co., Inc. | 36 | 3378 |
| Clorox Company, The | 19 | 1936 |
| Coca-Cola Company, The | 589 | 44795 |
| Coca-Cola Consolidated, Inc. | 8 | 1509 |
| Colgate-Palmolive Company | 122 | 10413 |
| Conagra Brands, Inc. | 72 | 1130 |
| Constellation Brands, Inc. - Class A | 22 | 3348 |
| Costco Wholesale Corporation | 67 | 66678 |
| Coty Inc. - Class A (a) | 53 | 107 |
| Darling Ingredients Inc. (a) | 22 | 1367 |
| Dollar General Corporation | 33 | 3924 |
| Dollar Tree, Inc. (a) | 28 | 3106 |
| e.l.f. Beauty, Inc. (a) | 8 | 459 |
| Estee Lauder Companies Inc., The - Class A | 37 | 2628 |
| General Mills, Inc. | 80 | 2990 |
| Hershey Company, The | 22 | 4622 |
| Hormel Foods Corporation | 44 | 989 |
| Ingredion Incorporated | 9 | 1047 |
| J. M. Smucker Company, The | 16 | 1524 |
| Kenvue Inc. | 261 | 4504 |
| Keurig Dr Pepper Inc. | 183 | 4822 |
| Kimberly-Clark Corporation | 50 | 4840 |
| Kraft Heinz Company, The | 131 | 2950 |
| Kroger Co., The | 89 | 6413 |
| Lamb Weston Holdings, Inc. | 20 | 836 |
| McCormick & Company, Incorporated | 38 | 1911 |
| Molson Coors Beverage Company - Class B (b) | 25 | 1094 |
| Mondelez International, Inc. - Class A | 195 | 11257 |
| Monster Beverage 1990 Corporation (a) | 103 | 7479 |
| PepsiCo, Inc. | 206 | 32050 |
| Performance Food Group Company (a) | 23 | 2003 |
| Philip Morris International Inc. | 235 | 38759 |
| Pilgrim's Pride Corporation | 6 | 242 |
| Post Holdings, Inc. (a) | 6 | 612 |
| Primo Brands Corporation - Class A | 31 | 579 |
| Procter & Gamble Company, The | 350 | 50603 |
| Sprouts Farmers Market, Inc. (a) | 15 | 1139 |
| Sysco Corporation | 72 | 5135 |
| Target Corporation | 69 | 8293 |
| The Marzetti Company | 3 | 420 |
| Tyson Foods, Inc. - Class A | 41 | 2625 |
| US Foods Holding Corp. (a) | 33 | 3044 |
| Walmart Inc. | 648 | 80484 |
|  |  | 458637 |
| **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** |
| Covista Inc. (a) | 5 | 582 |
| Grand Canyon Education, Inc. (a) | 4 | 713 |
| Laureate Education, Inc. - Class A (a) | 19 | 647 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 9 | 855 |
|  |  | 2797 |
| Total Common Stocks (cost $426,405) | Total Common Stocks (cost $426,405) | 461434 |
| **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 856 | 856 |
| Total Short Term Investments (cost $856) | Total Short Term Investments (cost $856) | 856 |
| **Total Investments 99.1% (cost $427,261)** | **Total Investments 99.1% (cost $427,261)** | **462290** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **5** |
| **Other Assets and Liabilities, Net 0.9%** | **Other Assets and Liabilities, Net 0.9%** | **4230** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **466525** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 1894 | 91026 | 92920 | 32 |  |  |  |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 626 | 3459 | 3229 | 4 |  |  | 856 | 0.2 |
|  | 2520 | 94485 | 96149 | 36 |  |  | 856 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 54 | June 2026 | 4516 | 5 | (23) |

---

**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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 461434 |  |  | 461434 |
| &nbsp;&nbsp;Short Term Investments | 856 |  |  | 856 |
|  | 462290 |  |  | 462290 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (23) |  |  | (23) |
|  | (23) |  |  | (23) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Financials 26.9%** | **Financials 26.9%** | **Financials 26.9%** |
| American Express Company | 161 | 48866 |
| Goldman Sachs Group, Inc., The | 162 | 136670 |
| JPMorgan Chase & Co. | 161 | 47522 |
| Travelers Companies, Inc., The | 162 | 47121 |
| Visa Inc. - Class A | 162 | 48827 |
|  |  | 329006 |
| **Information Technology 17.2%** | **Information Technology 17.2%** | **Information Technology 17.2%** |
| Apple Inc. | 162 | 41000 |
| Cisco Systems, Inc. | 162 | 12535 |
| International Business Machines Corporation | 161 | 39158 |
| Microsoft Corporation | 161 | 59801 |
| NVIDIA Corporation | 162 | 28174 |
| Salesforce, Inc. | 161 | 30156 |
|  |  | 210824 |
| **Industrials 16.9%** | **Industrials 16.9%** | **Industrials 16.9%** |
| 3M Company | 162 | 23462 |
| Boeing Company, The (a) | 161 | 32153 |
| Caterpillar Inc. | 161 | 114452 |
| Honeywell International Inc. | 161 | 36515 |
|  |  | 206582 |
| **Health Care 13.0%** | **Health Care 13.0%** | **Health Care 13.0%** |
| Amgen Inc. | 161 | 56841 |
| Johnson & Johnson | 162 | 39489 |
| Merck & Co., Inc. | 161 | 19433 |
| UnitedHealth Group Incorporated | 162 | 43714 |
|  |  | 159477 |
| **Consumer Discretionary 11.9%** | **Consumer Discretionary 11.9%** | **Consumer Discretionary 11.9%** |
| Amazon.com, Inc. (a) | 162 | 33646 |
| Home Depot, Inc., The | 161 | 53132 |
| McDonald's Corporation | 162 | 50208 |
| Nike, Inc. - Class B | 162 | 8533 |
|  |  | 145519 |
| **Consumer Staples 4.6%** | **Consumer Staples 4.6%** | **Consumer Staples 4.6%** |
| Coca-Cola Company, The | 162 | 12286 |
| Procter & Gamble Company, The | 162 | 23334 |
| Walmart Inc. | 161 | 20077 |
|  |  | 55697 |
| **Materials 4.2%** | **Materials 4.2%** | **Materials 4.2%** |
| Sherwin-Williams Company, The | 161 | 51785 |
| **Energy 2.7%** | **Energy 2.7%** | **Energy 2.7%** |
| Chevron Corporation | 162 | 33425 |
| **Communication Services 2.0%** | **Communication Services 2.0%** | **Communication Services 2.0%** |
| Verizon Communications Inc. | 162 | 8110 |
| Walt Disney Company, The | 162 | 15570 |
|  |  | 23680 |
| Total Common Stocks (cost $668,007) | Total Common Stocks (cost $668,007) | 1215995 |
| **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, 3.53% (b) (c) | 6960 | 6960 |
| Total Short Term Investments (cost $6,960) | Total Short Term Investments (cost $6,960) | 6960 |
| **Total Investments 100.0% (cost $674,967)** | **Total Investments 100.0% (cost $674,967)** | **1222955** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **192** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **252** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1223399** |

---

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 6085 | 37401 | 36526 | 52 |  |  | 6960 | 0.6 |
| JNL Government Money Market Fund, 3.63% - Class SL |  |  |  | 5 |  |  |  |  |
|  | 6085 | 37401 | 36526 | 57 |  |  | 6960 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 34 | June 2026 | 7982 | 192 | (63) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1215995 |  |  | 1215995 |
| &nbsp;&nbsp;Short Term Investments | 6960 |  |  | 6960 |
|  | 1222955 |  |  | 1222955 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (63) |  |  | (63) |
|  | (63) |  |  | (63) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Energy 99.1%** | **Energy 99.1%** | **Energy 99.1%** |
| Antero Midstream Corporation | 290 | 6605 |
| Antero Resources Corporation (a) | 242 | 10284 |
| Apa Corp. | 330 | 13994 |
| Archrock, Inc. | 156 | 5445 |
| Baker Hughes Company - Class A | 908 | 55409 |
| California Resources Corporation | 59 | 4082 |
| Centrus Energy Corp. - Class A (a) (b) | 16 | 2773 |
| Cheniere Energy, Inc. | 197 | 55906 |
| Chevron Corporation | 1694 | 350453 |
| Chord Energy Corporation | 55 | 7810 |
| CNX Resources Corporation (a) | 114 | 4391 |
| Comstock Resources, Inc. (a) | 64 | 1354 |
| ConocoPhillips | 1132 | 149460 |
| Core Natural Resources, Inc. | 46 | 4864 |
| Coterra Energy Inc. | 695 | 24405 |
| Devon Energy Corporation | 541 | 27225 |
| Diamondback Energy, Inc. | 169 | 33456 |
| DT Midstream, Inc. | 90 | 12097 |
| EOG Resources, Inc. | 500 | 72227 |
| EQT Corporation | 568 | 36135 |
| Expand Energy Corporation | 209 | 22908 |
| Exxon Mobil Corporation | 3818 | 647752 |
| Halliburton Company | 767 | 29922 |
| HF Sinclair Corporation | 140 | 8733 |
| Kinder Morgan, Inc. | 1802 | 60429 |
| Magnolia Oil & Gas Corporation - Class A | 161 | 5093 |
| Marathon Petroleum Corporation | 265 | 64698 |
| Matador Resources Company | 102 | 6450 |
| Murphy Oil Corporation | 122 | 5041 |
| Noble Corporation PLC | 115 | 5646 |
| NOV Inc. | 332 | 6245 |
| Occidental Petroleum Corporation | 601 | 39037 |
| ONEOK, Inc. | 569 | 51465 |
| Ovintiv Canada ULC | 264 | 15662 |
| Permian Resources Corporation - Class A | 612 | 13037 |
| Phillips 66 | 369 | 67192 |
| Range Resources Corporation | 220 | 9929 |
| SLB Limited | 1360 | 69914 |
| Targa Resources Corp. | 195 | 48971 |
| TechnipFMC PLC | 350 | 24187 |
| Texas Pacific Land Corporation | 52 | 24805 |
| Valero Energy Corporation | 279 | 68915 |
| Venture Global, Inc. - Class A | 105 | 1653 |
| Viper Energy, Inc. - Class A | 169 | 7958 |
| Weatherford International Public Limited Company | 67 | 6340 |
| Williams Companies, Inc., The | 1114 | 81077 |
|  |  | 2271434 |
| **Utilities 0.3%** | **Utilities 0.3%** | **Utilities 0.3%** |
| National Fuel Gas Company | 83 | 7793 |
| Total Common Stocks (cost $1,592,934) | Total Common Stocks (cost $1,592,934) | 2279227 |
| **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** |
| **Investment Companies 1.8%** | **Investment Companies 1.8%** | **Investment Companies 1.8%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 42174 | 42174 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 1076 | 1076 |
| Total Short Term Investments (cost $43,250) | Total Short Term Investments (cost $43,250) | 43250 |
| **Total Investments 101.3% (cost $1,636,184)** | **Total Investments 101.3% (cost $1,636,184)** | **2322477** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (149) |
| **Other Assets and Liabilities, Net (1.3)%** | **Other Assets and Liabilities, Net (1.3)%** | **(30456)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2291872** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 5509 | 236148 | 199483 | 95 |  |  | 42174 | 1.8 |
| JNL Government Money Market Fund, 3.63% - Class SL | 571 | 11303 | 10798 | 11 |  |  | 1076 | 0.1 |
|  | 6080 | 247451 | 210281 | 106 |  |  | 43250 | 1.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 98 | June 2026 | 12395 | (149) | 279 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 2279227 |  |  | 2279227 |
| &nbsp;&nbsp;Short Term Investments | 43250 |  |  | 43250 |
|  | 2322477 |  |  | 2322477 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 279 |  |  | 279 |
|  | 279 |  |  | 279 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Financials 99.1%** | **Financials 99.1%** | **Financials 99.1%** |
| Affiliated Managers Group, Inc. | 5 | 1402 |
| AFLAC Incorporated | 84 | 9197 |
| Allstate Corporation, The | 46 | 9566 |
| Ally Financial Inc. | 49 | 1927 |
| American Express Company | 96 | 28984 |
| American Financial Group, Inc. | 13 | 1629 |
| American International Group, Inc. | 95 | 7172 |
| Ameriprise Financial, Inc. | 17 | 7360 |
| Ameris Bancorp | 11 | 870 |
| AON Public Limited Company - Class A | 38 | 12352 |
| Apollo Global Management, Inc. | 74 | 8202 |
| Arch Capital Group Ltd. (a) | 64 | 6139 |
| Ares Management Corporation - Class A | 36 | 3948 |
| Arthur J. Gallagher & Co. | 45 | 9804 |
| Associated Banc-Corp | 30 | 765 |
| Assurant, Inc. | 9 | 1926 |
| Assured Guaranty Ltd. | 8 | 641 |
| Atlantic Union Bank | 23 | 837 |
| AXIS Capital Holdings Limited | 13 | 1368 |
| Axos Financial, Inc. (a) | 9 | 751 |
| BancFirst Corporation | 4 | 389 |
| Bank of America Corporation | 1175 | 57267 |
| Bank of New York Mellon Corporation, The (b) | 122 | 14490 |
| Bank OZK | 18 | 819 |
| Berkshire Hathaway Inc. - Class B (a) | 327 | 156908 |
| BlackRock, Inc. | 25 | 23787 |
| Blackstone Inc. - Class A | 133 | 15309 |
| Blue Owl Capital Inc. - Class A (c) | 108 | 989 |
| BOK Financial Corporation | 4 | 456 |
| Brown & Brown, Inc. | 50 | 3231 |
| Capital One Financial Corporation | 110 | 20164 |
| Carlyle Group Inc., The | 38 | 1858 |
| Charles Schwab Corporation, The | 297 | 27913 |
| Chubb Limited | 65 | 21234 |
| Cincinnati Financial Corporation | 27 | 4327 |
| Citigroup Inc. | 311 | 35279 |
| Citizens Financial Group, Inc. | 76 | 4556 |
| CME Group Inc. - Class A | 64 | 18907 |
| CNO Financial Group, Inc. | 18 | 728 |
| Cohen & Steers, Inc. | 5 | 297 |
| Coinbase Global, Inc. - Class A (a) | 40 | 7006 |
| Columbia Banking System, Inc. | 51 | 1387 |
| Commerce Bancshares, Inc. | 24 | 1193 |
| Corebridge Financial, Inc. | 45 | 1073 |
| Credit Acceptance Corporation (a) | 1 | 426 |
| Cullen/Frost Bankers, Inc. | 11 | 1474 |
| East West Bancorp, Inc. | 25 | 2643 |
| Enact Holdings, Inc. | 5 | 222 |
| Equitable Holdings, Inc. | 51 | 1906 |
| Erie Indemnity Company - Class A | 4 | 1118 |
| Essent Group Ltd. | 16 | 950 |
| Evercore Inc. - Class A | 7 | 1986 |
| Everest Group, Ltd. | 8 | 2481 |
| F&G Annuities & Life, Inc. | 7 | 167 |
| F.N.B. Corporation | 58 | 963 |
| FactSet Research Systems Inc. | 7 | 1473 |
| Federated Hermes, Inc. - Class B | 14 | 818 |
| Fidelity National Financial, Inc. - Class A | 46 | 2129 |
| Fifth Third Bancorp | 160 | 7449 |
| Figure Technology Solutions, Inc. - Class A (a) | 6 | 191 |
| First American Financial Corporation | 17 | 1051 |
| First Citizens BancShares, Inc. - Class A | 1 | 2784 |
| First Financial Bankshares, Inc. | 21 | 625 |
| First Horizon Corporation | 86 | 1956 |
| FirstCash, Inc. | 7 | 1326 |
| Flagstar Bank, National Association | 54 | 705 |
| Franklin Resources, Inc. (c) | 51 | 1194 |
| Freedom Holding Corp. (a) (c) | 3 | 456 |
| Galaxy Digital Inc. - Class A (a) (c) | 33 | 615 |
| Glacier Bancorp, Inc. | 22 | 974 |
| Globe Life Inc. | 14 | 1969 |
| Goldman Sachs Group, Inc., The | 53 | 45166 |
| Hamilton Lane Incorporated - Class A | 7 | 665 |
| Hancock Whitney Corporation | 15 | 927 |
| Hanover Insurance Group Inc, The | 6 | 1064 |
| Hartford Insurance Group, Inc., The | 49 | 6625 |
| Home BancShares, Inc. | 33 | 888 |
| Houlihan Lokey, Inc. - Class A | 10 | 1374 |
| Huntington Bancshares Incorporated | 353 | 5524 |
| Independence Holdings, LLC | 21 | 1130 |
| Interactive Brokers Group, Inc. - Class A | 79 | 5273 |
| Intercontinental Exchange, Inc. | 102 | 16008 |
| International Bancshares Corporation | 9 | 637 |
| Invesco Ltd. | 60 | 1466 |
| Jackson Financial Inc. - Class A (b) | 12 | 1236 |
| Janus Henderson Group PLC | 22 | 1117 |
| Jefferies Financial Group Inc. | 28 | 1175 |
| JPMorgan Chase & Co. | 480 | 141079 |
| KeyCorp | 168 | 3366 |
| Kinsale Capital Group, Inc. | 4 | 1347 |
| KKR & Co. Inc. - Class A | 118 | 10953 |
| Lazard, Inc. | 17 | 727 |
| Lemonade, Inc. (a) | 10 | 601 |
| Lincoln National Corporation | 30 | 1068 |
| Loews Corporation | 31 | 3327 |
| LPL Financial Holdings Inc. | 14 | 4288 |
| M&T Bank Corporation | 27 | 5659 |
| Markel Group Inc. (a) | 2 | 4060 |
| MarketAxess Holdings Inc. | 7 | 1097 |
| Marsh & Mclennan Companies, Inc. | 86 | 14970 |
| MasterCard Incorporated - Class A | 145 | 72239 |
| Mercury General Corporation | 4 | 384 |
| MetLife, Inc. | 98 | 6951 |
| MGIC Investment Corporation | 38 | 987 |
| Moelis & Company - Class A | 13 | 758 |
| Moody's Corporation | 28 | 12048 |
| Morgan Stanley | 215 | 35398 |
| Morningstar, Inc. | 5 | 770 |
| MSCI Inc. - Class A | 13 | 6809 |
| Nasdaq, Inc. | 66 | 5635 |
| Northern Trust Corporation | 34 | 4711 |
| Old National Bancorp | 61 | 1352 |
| Old Republic International Corporation | 41 | 1635 |
| PayPal Holdings, Inc. | 166 | 7519 |
| PennyMac Financial Services, Inc. | 5 | 446 |
| Pinnacle Financial Partners, Inc. | 26 | 2262 |
| Piper Sandler Companies | 11 | 833 |
| PJT Partners Inc. - Class A | 4 | 551 |
| Popular, Inc. | 11 | 1538 |
| Primerica, Inc. | 6 | 1463 |
| Principal Financial Group, Inc. | 40 | 3596 |
| Progressive Corporation, The | 104 | 20623 |
| Prosperity Bancshares, Inc. | 16 | 1082 |
| Prudential Financial, Inc. | 62 | 6089 |
| Radian Group Inc. | 25 | 819 |
| Raymond James Financial, Inc. | 30 | 4395 |
| Regions Financial Corporation | 155 | 4038 |
| Reinsurance Group of America, Incorporated | 12 | 2394 |
| RenaissanceRe Holdings Ltd. | 8 | 2304 |
| RLI Corp. | 15 | 852 |
| Robinhood Markets, Inc. - Class A (a) | 133 | 9240 |
| Rocket Companies, Inc. - Class A | 157 | 2238 |
| Ryan Specialty Group Holdings, Inc. - Class A | 19 | 641 |
| S&P Global Inc. | 53 | 22623 |
| SEI Investments Company | 17 | 1353 |
| Selective Insurance Group, Inc. | 11 | 804 |
| ServisFirst Bancshares, Inc. | 10 | 706 |
| SLM Corporation | 35 | 751 |
| SoFi Technologies, Inc. (a) | 221 | 3512 |
| Southstate Bank Corporation | 17 | 1604 |
| State Street Corporation | 50 | 6271 |
| StepStone Group Inc. - Class A | 13 | 610 |
| Stifel Financial Corp. | 27 | 2000 |
| StoneX Group Inc. (a) | 12 | 965 |
| Synchrony Financial | 62 | 4211 |
| T. Rowe Price Group, Inc. | 39 | 3483 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Texas Capital Bancshares, Inc. (a) | 8 | 719 |
| TFS Financial Corporation | 9 | 123 |
| The PNC Financial Services Group, Inc. | 72 | 14946 |
| TPG Inc. - Class A | 23 | 925 |
| Tradeweb Markets Inc. - Class A | 21 | 2432 |
| Travelers Companies, Inc., The | 39 | 11270 |
| Truist Financial Corporation | 224 | 10318 |
| U.S. Bancorp | 277 | 14386 |
| UMB Financial Corporation | 13 | 1433 |
| United Bankshares, Inc. | 25 | 1045 |
| United Community Banks, Inc. | 20 | 644 |
| Unum Group | 27 | 1962 |
| Upstart Holdings, Inc. (a) (c) | 15 | 377 |
| Valley National Bancorp | 80 | 980 |
| Victory Capital Holdings, Inc. - Class A | 8 | 543 |
| Visa Inc. - Class A | 299 | 90442 |
| Voya Financial, Inc. | 17 | 1160 |
| W. R. Berkley Corporation | 51 | 3392 |
| Webster Financial Corporation | 29 | 2004 |
| Wells Fargo & Company | 550 | 43825 |
| Western Alliance Bancorporation | 19 | 1383 |
| White Mountains Insurance Group Ltd. |  | 940 |
| Willis Towers Watson Public Limited Company | 16 | 4740 |
| Wintrust Financial Corporation | 11 | 1562 |
| Zions Bancorporation, National Association | 25 | 1442 |
| | | 1341761 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Bitmine Immersion Technologies, Inc. (c) | 81 | 1596 |
| Cipher Mining Inc. (a) (c) | 58 | 742 |
| Circle Internet Group, Inc. - Class A (a) | 8 | 754 |
| Cleanspark Inc. (a) (c) | 43 | 365 |
| Hut 8 Corp. (a) | 17 | 788 |
| Mara Holdings, Inc. (a) (c) | 67 | 543 |
| TeraWulf Inc. (a) (c) | 53 | 765 |
|  |  | 5553 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| TransUnion | 34 | 2387 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| CorVel Corporation (a) | 5 | 299 |
| Total Common Stocks (cost $1,038,313) | Total Common Stocks (cost $1,038,313) | 1350000 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.53% (b) (d) | 5914 | 5914 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (b) (d) | 559 | 559 |
| Total Short Term Investments (cost $6,473) | Total Short Term Investments (cost $6,473) | 6473 |
| **Total Investments 100.2% (cost $1,044,786)** | **Total Investments 100.2% (cost $1,044,786)** | **1356473** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **151** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(3377)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1353247** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of March 31, 2026.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 14145 | 807 | 791 | 65 | 531 | (202) | 14490 | 1.1 |
| Jackson Financial Inc. - Class A | 1363 |  | 115 | 11 | 74 | (86) | 1236 | 0.1 |
| JNL Government Money Market Fund, 3.63% - Class SL | 1911 | 12173 | 13525 | 30 |  |  | 559 |  |
| JNL Government Money Market Fund, 3.53% - Class I | 7869 | 96054 | 98009 | 47 |  |  | 5914 | 0.4 |
|  | 25288 | 109034 | 112440 | 153 | 605 | (288) | 22199 | 1.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 48 | June 2026 | 7338 | 151 | 18 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1350000 |  |  | 1350000 |
| &nbsp;&nbsp;Short Term Investments | 6473 |  |  | 6473 |
|  | 1356473 |  |  | 1356473 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 18 |  |  | 18 |
|  | 18 |  |  | 18 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 | 745 | 76504 |
| AbbVie Inc. | 757 | 164561 |
| ADMA Biologics, Inc. (a) | 99 | 895 |
| Agilent Technologies, Inc. | 122 | 13906 |
| Align Technology, Inc. (a) | 31 | 5239 |
| Alignment Healthcare, Inc. (a) | 48 | 840 |
| Alkermes Public Limited Company (a) | 67 | 2361 |
| Alnylam Pharmaceuticals, Inc. (a) | 54 | 18021 |
| Amgen Inc. | 230 | 81054 |
| Arcellx Inc. (a) | 16 | 1857 |
| Arrowhead Pharmaceuticals Inc (a) | 51 | 3214 |
| Avantor, Inc. (a) | 293 | 2295 |
| Axsome Therapeutics, Inc. (a) | 17 | 2825 |
| Baxter International Inc. | 218 | 3664 |
| Becton, Dickinson and Company | 123 | 19323 |
| Biogen Inc. (a) | 61 | 11132 |
| BioMarin Pharmaceutical Inc. (a) | 82 | 4606 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 8 | 2344 |
| Bio-Techne Corporation | 68 | 3568 |
| Boston Scientific Corporation (a) | 633 | 39746 |
| Bridgebio Pharma, Inc. (a) | 60 | 4440 |
| Brightspring Health Services, Inc. (a) | 29 | 1216 |
| Bristol-Myers Squibb Company | 872 | 52888 |
| Bruker Corporation | 44 | 1576 |
| Canticle Pharmaceuticals, Inc. (a) | 8 | 4142 |
| Cardinal Health, Inc. | 102 | 21593 |
| Cencora, Inc. | 78 | 24645 |
| Centene Corporation (a) | 202 | 6600 |
| Charles River Laboratories International, Inc. (a) | 19 | 3350 |
| Chemed Corporation | 6 | 2371 |
| Cigna Group, The | 112 | 29998 |
| Cooper Companies, Inc., The (a) | 84 | 6035 |
| Corcept Therapeutics Incorporated (a) | 41 | 1662 |
| Crinetics Pharmaceuticals, Inc. (a) | 43 | 1575 |
| CRISPR Therapeutics AG (a) (b) | 40 | 1911 |
| CVS Health Corporation | 542 | 38897 |
| Cytokinetics, Incorporated (a) | 50 | 3294 |
| Danaher Corporation | 276 | 52344 |
| Davita Inc. (a) | 15 | 2331 |
| DexCom, Inc. (a) | 168 | 10522 |
| Doximity, Inc. - Class A (a) | 57 | 1320 |
| Edwards Lifesciences Corporation (a) | 247 | 19756 |
| Elanco Animal Health Incorporated (a) | 203 | 4859 |
| Elevance Health, Inc. | 95 | 27827 |
| Eli Lilly and Company | 341 | 313782 |
| Encompass Health Corporation | 41 | 3961 |
| Ensign Group, Inc., The | 25 | 4964 |
| Exelixis, Inc. (a) | 108 | 4616 |
| GE HealthCare Technologies Inc. | 195 | 13859 |
| Gilead Sciences, Inc. | 532 | 74104 |
| Glaukos Corporation (a) | 22 | 2421 |
| Globus Medical, Inc. - Class A (a) | 50 | 4278 |
| Guardant Health, Inc. (a) | 54 | 4969 |
| Halozyme Therapeutics, Inc. (a) | 53 | 3438 |
| HCA Healthcare, Inc. | 69 | 32859 |
| HealthEquity, Inc. (a) | 36 | 3039 |
| Henry Schein, Inc. (a) | 45 | 3332 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 88 | 1831 |
| Hologic, Inc. (a) | 96 | 7262 |
| Humana Inc. | 52 | 8936 |
| IDEXX Laboratories, Inc. (a) | 33 | 18459 |
| Illumina, Inc. (a) | 65 | 8055 |
| Incyte Corporation (a) | 69 | 6489 |
| Insmed Incorporated (a) | 89 | 14631 |
| Insulet Corporation (a) | 30 | 6290 |
| Intuitive Surgical, Inc. (a) | 151 | 69685 |
| Ionis Pharmaceuticals, Inc. (a) | 63 | 4748 |
| IQVIA Holdings Inc (a) | 72 | 12346 |
| Irhythm Holdings, Inc. (a) | 13 | 1581 |
| Jazz Pharmaceuticals Public Limited Company (a) | 25 | 4811 |
| Johnson & Johnson | 1032 | 252179 |
| Krystal Biotech, Inc. (a) | 11 | 2828 |
| Kymera Therapeutics, Inc. (a) | 23 | 1925 |
| Labcorp Holdings Inc. | 36 | 9585 |
| Lantheus Holdings, Inc. (a) | 29 | 2228 |
| Masimo Corporation (a) | 20 | 3573 |
| McKesson Corporation | 53 | 45774 |
| Medline Inc. - Class A (a) | 186 | 8277 |
| Medpace Holdings, Inc. (a) | 10 | 4671 |
| Medtronic, Inc. | 550 | 47625 |
| Merck & Co., Inc. | 1064 | 127952 |
| Merit Medical Systems, Inc. (a) | 25 | 1756 |
| Mettler-Toledo International Inc. (a) | 9 | 10965 |
| Moderna, Inc. (a) | 148 | 7518 |
| Molina Healthcare, Inc. (a) | 22 | 2904 |
| Natera, Inc. (a) | 58 | 11560 |
| Neurocrine Biosciences, Inc. (a) | 42 | 5594 |
| Nuvalent, Inc. - Class A (a) | 19 | 1943 |
| Option Care Health, Inc. (a) | 70 | 1873 |
| Penumbra, Inc. (a) | 16 | 5262 |
| Pfizer Inc. | 2429 | 68196 |
| Praxis Precision Medicines, Inc. (a) | 10 | 3076 |
| Protagonist Therapeutics, Inc. (a) | 22 | 2359 |
| PTC Therapeutics, Inc. (a) | 30 | 2041 |
| Quest Diagnostics Incorporated | 48 | 9331 |
| RadNet, Inc. (a) | 28 | 1575 |
| Regeneron Pharmaceuticals, Inc. | 43 | 33344 |
| Repligen Corporation (a) | 23 | 2703 |
| ResMed Inc. | 63 | 14161 |
| Revolution Medicines, Inc. (a) | 75 | 7301 |
| Revvity, Inc. | 48 | 4246 |
| Rhythm Pharmaceuticals, Inc. (a) | 23 | 1968 |
| Roivant Sciences Ltd. (a) | 167 | 4616 |
| Royalty Pharma PLC - Class A | 150 | 7194 |
| Soleno Therapeutics, Inc. (a) | 19 | 636 |
| Solventum Corporation (a) | 59 | 3854 |
| Sotera Health LLC (a) | 63 | 909 |
| Steris Public Limited Company | 41 | 8995 |
| Stryker Corporation | 155 | 50886 |
| Summit Therapeutics Inc. (a) (b) | 47 | 890 |
| Teleflex Incorporated | 20 | 2389 |
| Tempus AI, Inc. - Class A (a) (b) | 37 | 1651 |
| Tenet Healthcare Corporation (a) | 38 | 7085 |
| TG Therapeutics, Inc. (a) | 63 | 2082 |
| Thermo Fisher Scientific Inc. | 161 | 79143 |
| TransMedics Group, Inc. (a) | 13 | 1322 |
| uniQure N.V. (a) | 23 | 379 |
| United Therapeutics Corporation (a) | 17 | 10091 |
| UnitedHealth Group Incorporated | 388 | 105090 |
| Universal Health Services, Inc. - Class B | 23 | 4077 |
| Vaxcyte, Inc. (a) | 55 | 3178 |
| Veeva Systems Inc. - Class A (a) | 64 | 11298 |
| Vertex Pharmaceuticals Incorporated (a) | 109 | 48505 |
| Viatris Inc. | 493 | 6661 |
| Viking Therapeutics, Inc. (a) | 45 | 1467 |
| Waters Corporation (a) | 42 | 12494 |
| Waystar Holding Corp. (a) | 33 | 798 |
| West Pharmaceutical Services, Inc. | 31 | 7741 |
| Zimmer Biomet Holdings, Inc. | 85 | 7705 |
| Zoetis Inc. - Class A | 182 | 21527 |
|  |  | 2536809 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| AptarGroup, Inc. | 28 | 3536 |
| Total Common Stocks (cost $1,533,028) | Total Common Stocks (cost $1,533,028) | 2540345 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Akero Therapeutics Inc. (a) (c) | 29 | 19 |
| Total Rights (cost $0) | Total Rights (cost $0) | 19 |
| **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, 3.53% (d) (e) | 11281 | 11281 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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, 3.63% (d) (e) | 937 | 937 |
| Total Short Term Investments (cost $12,218) | Total Short Term Investments (cost $12,218) | 12218 |
| **Total Investments 100.0% (cost $1,545,246)** | **Total Investments 100.0% (cost $1,545,246)** | **2552582** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **213** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1193)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2551602** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 8125 | 93413 | 90257 | 76 |  |  | 11281 | 0.5 |
| JNL Government Money Market Fund, 3.63% - Class SL | 1631 | 10333 | 11027 | 17 |  |  | 937 |  |
|  | 9756 | 103746 | 101284 | 93 |  |  | 12218 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 95 | June 2026 | 14110 | 213 | 49 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 2540345 |  |  | 2540345 |
| &nbsp;&nbsp;Rights |  |  | 19 | 19 |
| &nbsp;&nbsp;Short Term Investments | 12218 |  |  | 12218 |
|  | 2552563 |  | 19 | 2552582 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 49 |  |  | 49 |
|  | 49 |  |  | 49 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.1%** | **Industrials 98.1%** | **Industrials 98.1%** |
| 3M Company | 52 | 7566 |
| A. O. Smith Corporation | 11 | 739 |
| AAON, Inc. | 7 | 539 |
| Acuity Brands, Inc. | 3 | 826 |
| Advanced Drainage Systems, Inc. | 7 | 930 |
| AECOM | 13 | 1067 |
| AeroVironment, Inc. (a) | 4 | 671 |
| AGCO Corporation | 6 | 678 |
| Air Lease Corporation - Class A | 9 | 603 |
| Alaska Air Group, Inc. (a) | 11 | 388 |
| Allegion Public Limited Company | 8 | 1228 |
| Amentum Holdings, Inc. (a) | 13 | 331 |
| American Airlines Group Inc. (a) | 64 | 683 |
| AMETEK, Inc. | 23 | 4830 |
| API Group Corporation (a) | 37 | 1507 |
| Applied Industrial Technologies, Inc. | 4 | 991 |
| Archer Aviation Inc. - Class A (a) (b) | 49 | 254 |
| Arcosa, Inc. | 4 | 472 |
| Argan, Inc. | 1 | 694 |
| Armstrong World Industries, Inc. | 4 | 702 |
| ATI Inc. (a) | 13 | 1903 |
| Avis Budget Group, Inc. (a) (b) | 2 | 257 |
| Axon Enterprise, Inc. (a) | 7 | 3141 |
| Bloom Energy Corporation - Class A (a) | 26 | 3474 |
| Boeing Company, The (a) | 77 | 15254 |
| Booz Allen Hamilton Holding Corporation - Class A | 12 | 919 |
| Brink's Company, The | 4 | 414 |
| Builders FirstSource, Inc. (a) | 11 | 917 |
| BWXT Government Group, Inc. | 9 | 1821 |
| C.H. Robinson Worldwide, Inc. | 11 | 1906 |
| Carlisle Companies Incorporated | 4 | 1345 |
| Carpenter Technology Corporation | 5 | 1823 |
| Carrier Global Corporation | 77 | 4333 |
| Casella Waste Systems, Inc. - Class A (a) | 6 | 478 |
| Caterpillar Inc. | 45 | 32244 |
| Chart Industries, Inc. (a) | 4 | 896 |
| Cintas Corporation | 34 | 5681 |
| Clean Harbors, Inc. (a) | 5 | 1420 |
| CNH Industrial N.V. | 87 | 952 |
| Comfort Systems USA, Inc. | 3 | 4749 |
| Construction Partners, Inc. - Class A (a) | 4 | 502 |
| Copart, Inc. (a) | 82 | 2726 |
| Core & Main, Inc. - Class A (a) | 16 | 816 |
| Crane Company | 5 | 828 |
| CSW Industrials, Inc. | 2 | 415 |
| CSX Corporation | 182 | 7486 |
| Cummins Inc. | 13 | 7235 |
| Curtiss-Wright Corporation | 4 | 2447 |
| Deere & Company | 24 | 13743 |
| Delta Air Lines, Inc. | 64 | 4233 |
| Donaldson Company, Inc. | 11 | 945 |
| Dover Corporation | 13 | 2797 |
| Dycom Industries, Inc. (a) | 3 | 923 |
| Eaton Corporation Public Limited Company | 38 | 13589 |
| EMCOR Group, Inc. | 4 | 3212 |
| Emerson Electric Co. | 55 | 7220 |
| EnerSys | 4 | 621 |
| Enpro Inc. | 2 | 487 |
| Eos Energy Enterprises, Inc. - Class A (a) (b) | 31 | 154 |
| Equifax Inc. | 12 | 2163 |
| ESAB Corporation | 5 | 528 |
| Everus Construction Group, Inc. (a) | 5 | 589 |
| Expeditors International of Washington, Inc. - Class A | 13 | 1862 |
| Exponent, Inc. | 5 | 321 |
| Fastenal Company | 112 | 5183 |
| Federal Signal Corporation | 6 | 647 |
| FedEx Corporation | 22 | 7685 |
| Ferguson Enterprises Inc. | 20 | 4574 |
| Flowserve Corporation | 13 | 948 |
| Fluor Corporation (a) | 15 | 724 |
| Fortune Brands Innovations, Inc. | 11 | 437 |
| Franklin Electric Co., Inc. | 4 | 354 |
| FTI Consulting, Inc. (a) | 3 | 555 |
| Gates Industrial Corporation PLC (a) | 24 | 534 |
| GATX Corporation | 3 | 581 |
| GE Vernova Inc. | 26 | 23013 |
| Generac Holdings Inc. (a) | 6 | 1144 |
| General Dynamics Corporation | 24 | 8150 |
| General Electric Company | 102 | 29054 |
| Graco Inc. | 16 | 1386 |
| Granite Construction Incorporated (b) | 4 | 479 |
| Griffon Corporation | 4 | 283 |
| GXO Logistics Inc. (a) | 11 | 595 |
| HEICO Corporation | 4 | 1142 |
| HEICO Corporation - Class A | 8 | 1598 |
| Herc Holdings Inc. | 3 | 302 |
| Hexcel Corporation | 7 | 602 |
| Honeywell International Inc. | 62 | 14037 |
| Howmet Aerospace Inc. | 38 | 8747 |
| Hubbell Incorporated | 5 | 2563 |
| Huntington Ingalls Industries, Inc. | 4 | 1446 |
| IDEX Corporation | 7 | 1338 |
| IES Holdings, Inc. (a) | 1 | 386 |
| Illinois Tool Works Inc. | 28 | 7364 |
| Ingersoll Rand Inc. | 39 | 3090 |
| ITT Inc. | 8 | 1623 |
| J.B. Hunt Transport Services, Inc. | 8 | 1599 |
| Jacobs Solutions Inc. | 11 | 1452 |
| JBT Marel Corporation | 5 | 648 |
| Joby Aviation, Inc. - Class A (a) | 61 | 503 |
| Johnson Controls International Public Limited Company | 60 | 7828 |
| Karman Holdings Inc. (a) (b) | 3 | 274 |
| KBR, Inc. | 13 | 471 |
| Kirby Corporation (a) | 5 | 712 |
| Knight-Swift Transportation Holdings Inc. - Class A | 15 | 888 |
| Korn Ferry | 5 | 302 |
| Kratos Defense & Security Solutions, Inc. (a) | 18 | 1256 |
| L3Harris Technologies, Inc. | 18 | 6292 |
| Landstar System, Inc. | 3 | 543 |
| Lennox International Inc. | 3 | 1473 |
| Leonardo DRS, Inc. | 7 | 325 |
| Lincoln Electric Holdings, Inc. | 5 | 1354 |
| Loar Holdings Inc. (a) (b) | 2 | 131 |
| Lockheed Martin Corporation | 19 | 11575 |
| Masco Corporation | 21 | 1251 |
| MasTec, Inc. (a) | 6 | 1918 |
| Maximus, Inc. | 6 | 355 |
| Mercury Systems, Inc. (a) | 5 | 378 |
| Middleby Corporation, The (a) | 5 | 655 |
| Mine Safety Appliances Company, LLC | 4 | 598 |
| MOOG Inc. - Class A | 3 | 810 |
| MSC Industrial Direct Co., Inc. - Class A | 4 | 361 |
| Mueller Industries, Inc. | 11 | 1205 |
| Mueller Water Products, Inc. - Class A | 15 | 416 |
| Nordson Corporation | 5 | 1342 |
| Norfolk Southern Corporation | 22 | 6348 |
| Northrop Grumman Corporation | 14 | 9452 |
| NuScale Power, LLC - Class A (a) | 27 | 296 |
| Nvent Electric Public Limited Company | 16 | 1850 |
| Old Dominion Freight Line, Inc. | 18 | 3493 |
| Oshkosh Corporation | 6 | 868 |
| Otis Worldwide Corporation | 38 | 2930 |
| Owens Corning | 8 | 909 |
| PACCAR Inc | 50 | 5809 |
| Parker-Hannifin Corporation | 12 | 10608 |
| Pentair Public Limited Company | 16 | 1398 |
| Powell Industries, Inc. | 1 | 484 |
| Primoris Services Corporation | 5 | 749 |
| Quanta Services, Inc. | 14 | 7912 |
| Qxo, Inc. (a) (b) | 66 | 1281 |
| RBC Bearings Incorporated (a) | 3 | 1651 |
| Regal Rexnord Corporation | 6 | 1219 |
| Republic Services, Inc. | 20 | 4296 |
| Rocket Lab USA, Inc. (a) | 48 | 3065 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rockwell Automation, Inc. | 11 | 3969 |
| RTX Corporation | 131 | 25257 |
| Ryder System, Inc. | 4 | 817 |
| Saia, Inc. (a) | 3 | 915 |
| SiteOne Landscape Supply, Inc. (a) | 4 | 582 |
| SkyWest, Inc. (a) | 4 | 346 |
| Snap-on Incorporated | 5 | 1801 |
| Southwest Airlines Co. | 45 | 1694 |
| SPX Technologies, Inc. (a) | 5 | 951 |
| StandardAero, Inc. (a) | 11 | 282 |
| Stanley Black & Decker, Inc. | 15 | 1051 |
| Sterling Infrastructure, Inc. (a) | 3 | 1218 |
| Tetra Tech, Inc. | 25 | 742 |
| Textron Inc. | 18 | 1553 |
| Timken Company, The | 6 | 634 |
| Toro Company, The | 10 | 916 |
| Trane Technologies Public Limited Company | 22 | 9013 |
| TransDigm Group Incorporated | 6 | 6396 |
| Trex Company, Inc. (a) | 10 | 377 |
| U-Haul Holding Company (a) (b) | 1 | 38 |
| U-Haul Holding Company - Series N | 9 | 419 |
| UL Solutions Inc. - Class A | 7 | 625 |
| Union Pacific Corporation | 58 | 14060 |
| United Airlines Holdings, Inc. (a) | 32 | 2940 |
| United Parcel Service, Inc. - Class B | 72 | 7111 |
| United Rentals, Inc. | 6 | 4525 |
| Valmont Industries, Inc. | 2 | 788 |
| Veralto Corporation | 23 | 2039 |
| Verisk Analytics, Inc. | 14 | 2601 |
| Vertiv Holdings Co - Class A | 37 | 9182 |
| VSE Corporation | 3 | 473 |
| W.W. Grainger, Inc. | 4 | 4764 |
| Waste Management, Inc. | 36 | 8257 |
| Watsco, Inc. | 3 | 1243 |
| Watts Water Technologies, Inc. - Class A | 3 | 779 |
| WESCO International, Inc. | 5 | 1288 |
| Westinghouse Air Brake Technologies Corporation | 17 | 4177 |
| Willscot Holdings Corporation - Class A | 18 | 307 |
| Woodward, Inc. | 6 | 2057 |
| XPO, Inc. (a) | 11 | 2234 |
| Xylem Inc. | 24 | 2813 |
| Zurn Elkay Water Solutions Corporation | 15 | 667 |
| | | 559466 |
| **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** |
| ADT, Inc. | 33 | 217 |
| Aramark | 25 | 1027 |
| Pool Corporation | 4 | 732 |
| TopBuild Corp. (a) | 3 | 963 |
|  |  | 2939 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Advanced Energy Industries, Inc. | 4 | 1197 |
| Dolby Laboratories, Inc. - Class A | 6 | 356 |
| Mirion Technologies (US), Inc. - Class A (a) | 22 | 415 |
|  |  | 1968 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| Global Payments Inc. | 23 | 1555 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Louisiana-Pacific Corporation (W VA) | 6 | 465 |
| Total Common Stocks (cost $491,335) | Total Common Stocks (cost $491,335) | 566393 |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 1545 | 1545 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 662 | 662 |
| Total Short Term Investments (cost $2,207) | Total Short Term Investments (cost $2,207) | 2207 |
| **Total Investments 99.7% (cost $493,542)** | **Total Investments 99.7% (cost $493,542)** | **568600** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **83** |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **1441** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **570124** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 1550 | 142284 | 143172 | 51 |  |  | 662 | 0.1 |
| JNL Government Money Market Fund, 3.63% - Class SL | 353 | 5817 | 4625 | 8 |  |  | 1545 | 0.3 |
|  | 1903 | 148101 | 147797 | 59 |  |  | 2207 | 0.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 24 | June 2026 | 3942 | 83 | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 566393 |  |  | 566393 |
| &nbsp;&nbsp;Short Term Investments | 2207 |  |  | 2207 |
|  | 568600 |  |  | 568600 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Information Technology 96.4%** | **Information Technology 96.4%** | **Information Technology 96.4%** |
| Accenture Public Limited Company - Class A | 205 | 40649 |
| ACI Worldwide, Inc. (a) | 35 | 1439 |
| Adobe Inc. (a) | 137 | 33290 |
| Advanced Micro Devices, Inc. (a) | 542 | 110282 |
| Akamai Technologies, Inc. (a) | 46 | 5279 |
| Allegro Microsystems Inc. (a) | 40 | 1268 |
| Amkor Technology, Inc. | 35 | 1565 |
| Amphenol Corporation - Class A | 407 | 51386 |
| Analog Devices, Inc. | 163 | 51837 |
| AppFolio, Inc. - Class A (a) | 7 | 1150 |
| Apple Inc. | 4889 | 1240756 |
| Applied Digital Corporation (a) (b) | 84 | 1987 |
| Applied Materials, Inc. | 265 | 90438 |
| Arista Networks, Inc. (a) | 342 | 42026 |
| Arrow Electronics, Inc. (a) | 16 | 2251 |
| Astera Labs, Inc. (a) | 46 | 5067 |
| Atlassian Corporation - Class A (a) | 55 | 3751 |
| Aurora Innovations Inc. - Class A (a) (b) | 396 | 1633 |
| Autodesk, Inc. (a) | 71 | 17032 |
| Avnet, Inc. | 26 | 1628 |
| Badger Meter, Inc. | 9 | 1422 |
| Belden Inc. | 12 | 1435 |
| Bentley Systems, Incorporated - Class B (b) | 45 | 1581 |
| Bill Holdings, Inc. (a) (b) | 30 | 1157 |
| Box, Inc. - Class A (a) | 52 | 1237 |
| Broadcom Inc. | 1550 | 479872 |
| Cadence Design Systems, Inc. (a) | 91 | 25155 |
| Calix, Inc. (a) | 19 | 931 |
| CCC Intelligent Solutions Holdings Inc. (a) | 169 | 1015 |
| CDW Corp. | 45 | 5397 |
| Ciena Corporation (a) | 47 | 18376 |
| Cirrus Logic, Inc. (a) | 18 | 2608 |
| Cisco Systems, Inc. | 1316 | 102076 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 89 | 2102 |
| Cloudflare, Inc. - Class A (a) | 104 | 21399 |
| Cognex Corporation | 53 | 2593 |
| Cognizant Technology Solutions Corporation - Class A | 162 | 9929 |
| Coherent Corp. (a) | 59 | 13946 |
| CommVault Systems, Inc. (a) | 15 | 1134 |
| Coreweave, Inc. - Class A (a) | 83 | 6427 |
| Corning Incorporated | 252 | 34241 |
| Credo Technology Group Holding Ltd. (a) | 54 | 5093 |
| CrowdStrike Holdings, Inc. - Class A (a) | 81 | 31670 |
| Datadog, Inc. - Class A (a) | 101 | 11975 |
| Dell Technologies Inc. - Class C | 100 | 16436 |
| DocuSign, Inc. (a) | 66 | 3133 |
| Dropbox, Inc. - Class A (a) | 59 | 1341 |
| D-Wave Quantum Inc. (a) (b) | 123 | 1779 |
| Dynatrace, Inc. (a) | 97 | 3605 |
| Elastic N.V. (a) | 29 | 1440 |
| Enphase Energy, Inc. (a) | 44 | 1675 |
| Entegris, Inc. | 50 | 5909 |
| EPAM Systems, Inc. (a) | 19 | 2578 |
| F5, Inc. (a) | 19 | 5496 |
| Fabrinet (a) | 12 | 6262 |
| Fair Isaac Corporation (a) | 8 | 8187 |
| First Solar, Inc. (a) | 33 | 6569 |
| Flex Ltd. (a) | 118 | 7722 |
| Fortinet, Inc. (a) | 210 | 17179 |
| Gartner, Inc. (a) | 23 | 3709 |
| Gen Digital Inc. | 189 | 3550 |
| GitLab Inc. - Class A (a) | 48 | 1028 |
| GoDaddy Inc. - Class A (a) | 45 | 3755 |
| Guidewire Software, Inc. (a) | 28 | 4234 |
| Hewlett Packard Enterprise Company | 437 | 10408 |
| HP, Inc. | 311 | 5972 |
| HubSpot, Inc. (a) | 16 | 4030 |
| Intel Corporation (a) | 1450 | 64006 |
| InterDigital, Inc. | 8 | 2497 |
| International Business Machines Corporation | 312 | 75617 |
| Intuit Inc. | 91 | 39265 |
| ionQ, Inc. (a) (b) | 115 | 3315 |
| Itron, Inc. (a) | 14 | 1280 |
| Jabil Inc. | 33 | 8789 |
| JFROG Ltd. (a) | 32 | 1484 |
| Keysight Technologies, Inc. (a) | 58 | 16244 |
| KLA Corporation | 44 | 64414 |
| Kyndryl Holdings, Inc. (a) | 84 | 1101 |
| Lam Research Corporation | 418 | 89283 |
| Lattice Semiconductor Corporation (a) | 45 | 4183 |
| Life360, Inc. (a) (b) | 27 | 1099 |
| Littelfuse, Inc. | 8 | 2826 |
| Lumentum Holdings Inc. (a) | 24 | 16582 |
| MACOM Technology Solutions Holdings, Inc. (a) | 21 | 4635 |
| Manhattan Associates, Inc. (a) | 21 | 2757 |
| Marvell Technology, Inc. | 290 | 28723 |
| Microchip Technology Incorporated | 182 | 11730 |
| Micron Technology, Inc. | 375 | 126597 |
| Microsoft Corporation | 2475 | 916265 |
| MKS Inc. | 18 | 4133 |
| MongoDB, Inc. - Class A (a) | 26 | 6342 |
| Monolithic Power Systems, Inc. | 15 | 16664 |
| Motorola Solutions, Inc. | 56 | 24141 |
| NetApp, Inc. | 64 | 6513 |
| Novanta Inc. (a) | 11 | 1310 |
| Nutanix, Inc. - Class A (a) | 84 | 3208 |
| NVIDIA Corporation | 7810 | 1362090 |
| NXP Semiconductors N.V. | 80 | 15799 |
| Okta, Inc. - Class A (a) | 55 | 4323 |
| ON Semiconductor Corporation (a) | 135 | 8376 |
| Onto Innovation Inc. (a) | 17 | 3423 |
| Oracle Corporation | 566 | 83196 |
| OSI Systems, Inc. (a) | 5 | 1361 |
| Palantir Technologies Inc. - Class A (a) | 736 | 107626 |
| Palo Alto Networks, Inc. (a) | 267 | 42874 |
| Pegasystems Inc. | 29 | 1229 |
| Plexus Corp. (a) | 8 | 1617 |
| Procore Technologies, Inc. (a) | 40 | 2273 |
| PTC Inc. (a) | 40 | 5670 |
| Pure Storage, Inc. - Class A (a) | 101 | 5986 |
| Q2 Holdings, Inc. (a) | 22 | 1029 |
| Qnity Electronics, Inc. | 70 | 8083 |
| Qorvo, Inc. (a) | 28 | 2171 |
| Qualcomm Incorporated | 356 | 45905 |
| Qualys, Inc. (a) | 11 | 994 |
| Ralliant Corporation | 38 | 1582 |
| Rambus Inc. (a) | 36 | 3060 |
| Rigetti Computing, Inc. (a) | 93 | 1303 |
| Roper Technologies, Inc. | 35 | 12514 |
| Rubrik, Inc. - Class A (a) | 50 | 2429 |
| SailPoint, Inc. (a) (b) | 24 | 315 |
| Salesforce, Inc. | 303 | 56508 |
| Samsara Inc. - Class A (a) | 104 | 3309 |
| SanDisk LLC (a) | 46 | 29537 |
| Sanmina Corporation (a) | 17 | 2181 |
| Seagate Technology Holdings Public Limited Company | 74 | 29181 |
| SentinelOne, Inc. - Class A (a) | 99 | 1272 |
| ServiceNow, Inc. (a) | 349 | 36461 |
| ServiceTitan, Inc. - Class A (a) | 18 | 1156 |
| Silicon Laboratories Inc. (a) | 10 | 2170 |
| Sitime Corporation (a) | 7 | 2479 |
| Skyworks Solutions, Inc. | 49 | 2621 |
| Snowflake Inc. - Class A (a) | 112 | 16858 |
| Soundhound AI, Inc. - Class A (a) (b) | 131 | 899 |
| Strategy Inc - Class A (a) (b) | 105 | 13062 |
| Super Micro Computer, Inc. (a) | 180 | 4099 |
| Synopsys, Inc. (a) | 64 | 25194 |
| TD SYNNEX Corporation | 26 | 4323 |
| TE Connectivity Public Limited Company | 98 | 20449 |
| Teledyne Technologies Incorporated (a) | 16 | 9406 |
| Tenable Holdings, Inc. (a) | 44 | 744 |
| Teradyne, Inc. | 52 | 15478 |
| Texas Instruments Incorporated | 302 | 58653 |
| Trimble Inc. (a) | 79 | 5143 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TTM Technologies, Inc. (a) | 32 | 3105 |
| Twilio Inc. - Class A (a) | 48 | 6062 |
| Tyler Technologies, Inc. (a) | 14 | 4858 |
| Uipath, Inc. - Class A (a) (b) | 136 | 1515 |
| Unity Software Inc. (a) | 111 | 2443 |
| Universal Display Corporation | 15 | 1417 |
| Varonis Systems, Inc. (a) | 41 | 870 |
| VeriSign, Inc. | 26 | 6535 |
| ViaSat, Inc. (a) | 33 | 1507 |
| Vontier Corporation | 48 | 1718 |
| Western Digital Corporation | 113 | 30473 |
| Workday, Inc. - Class A (a) | 71 | 9252 |
| Workiva Inc. - Class A (a) | 19 | 1137 |
| Zebra Technologies Corporation - Class A (a) | 17 | 3491 |
| Zoom Communications, Inc. - Class A (a) | 79 | 6355 |
| Zscaler, Inc. (a) | 34 | 4743 |
| | | 6310377 |
| **Industrials 2.1%** | **Industrials 2.1%** | **Industrials 2.1%** |
| Automatic Data Processing, Inc. | 134 | 27276 |
| Broadridge Financial Solutions, Inc. | 39 | 6326 |
| CACI International Inc. - Class A (a) | 7 | 3938 |
| ESCO Technologies Inc. | 8 | 2226 |
| ExlService Holdings, Inc. (a) | 54 | 1634 |
| Fortive Corporation | 106 | 5868 |
| Genpact Limited | 50 | 1846 |
| Leidos Holdings, Inc. | 41 | 6331 |
| Lyft, Inc. - Class A (a) | 130 | 1736 |
| NextPower LLC - Class A (a) | 49 | 5877 |
| Parsons Corporation (a) | 20 | 1059 |
| Paychex, Inc. | 108 | 9985 |
| Paycom Software, Inc. | 17 | 2054 |
| Paylocity Holding Corporation (a) | 15 | 1573 |
| Science Applications International Corporation | 15 | 1417 |
| Sensata Technologies Holding PLC | 46 | 1633 |
| SS&C Technologies Holdings, Inc. | 71 | 4780 |
| Sunrun Inc. (a) | 76 | 1030 |
| Uber Technologies, Inc. (a) | 689 | 49593 |
| Verra Mobility Corporation - Class A (a) | 59 | 844 |
|  |  | 137026 |
| **Financials 0.8%** | **Financials 0.8%** | **Financials 0.8%** |
| Affirm Holdings, Inc. - Class A (a) | 89 | 4067 |
| Block, Inc. - Class A (a) | 184 | 11056 |
| Corpay Inc (a) | 23 | 6566 |
| Fidelity National Information Services, Inc. | 176 | 8267 |
| Fiserv, Inc. (a) | 181 | 10086 |
| Jack Henry & Associates, Inc. | 24 | 3785 |
| Shift4 Payments, LLC - Class A (a) (b) | 24 | 1045 |
| Toast, Inc. - Class A (a) | 168 | 4456 |
| Wex, Inc. (a) | 10 | 1555 |
|  |  | 50883 |
| **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** |
| Duolingo, Inc. - Class A (a) | 14 | 1394 |
| Garmin Ltd. | 54 | 12513 |
|  |  | 13907 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| AST Spacemobile, Inc. - Class A (a) (b) | 81 | 6693 |
| Total Common Stocks (cost $3,991,171) | Total Common Stocks (cost $3,991,171) | 6518886 |
| **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, 3.53% (c) (d) | 20939 | 20939 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 10114 | 10114 |
| Total Short Term Investments (cost $31,053) | Total Short Term Investments (cost $31,053) | 31053 |
| **Total Investments 100.1% (cost $4,022,224)** | **Total Investments 100.1% (cost $4,022,224)** | **6549939** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **1146** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(9955)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **6541130** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 20654 | 252844 | 252559 | 158 |  |  | 20939 | 0.3 |
| JNL Government Money Market Fund, 3.63% - Class SL | 11712 | 51238 | 52836 | 114 |  |  | 10114 | 0.2 |
|  | 32366 | 304082 | 305395 | 272 |  |  | 31053 | 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 | 99 | June 2026 | 27525 | 1146 | (797) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 6518886 |  |  | 6518886 |
| &nbsp;&nbsp;Short Term Investments | 31053 |  |  | 31053 |
|  | 6549939 |  |  | 6549939 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/Mellon Information Technology Sector Fund (continued)** | **JNL/Mellon Information Technology Sector Fund (continued)** | **JNL/Mellon Information Technology Sector Fund (continued)** | **JNL/Mellon Information Technology Sector Fund (continued)** | **JNL/Mellon Information Technology Sector Fund (continued)** |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (797) |  |  | (797) |
|  | (797) |  |  | (797) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** |
| **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **Materials 98.2%** | **Materials 98.2%** | **Materials 98.2%** |
| Air Products and Chemicals, Inc. | 62 | 17908 |
| Albemarle Corporation | 32 | 5833 |
| Alcoa Corporation | 72 | 4799 |
| Axalta Coating Systems Ltd. (a) | 57 | 1583 |
| Balchem Corporation | 9 | 1529 |
| Cabot Corporation | 14 | 1063 |
| Celanese Corporation - Class A | 29 | 1878 |
| CF Industries Holdings, Inc. | 43 | 5640 |
| Cleveland-Cliffs Inc. (a) | 152 | 1282 |
| Coeur Mining, Inc. (a) | 278 | 5222 |
| Commercial Metals Company | 29 | 1804 |
| Corteva, Inc. | 186 | 15595 |
| CRH Public Limited Company | 185 | 19490 |
| Dow Inc. | 194 | 8097 |
| DuPont de Nemours, Inc. | 116 | 5307 |
| Eagle Materials Inc. | 9 | 1647 |
| Eastman Chemical Company | 32 | 2440 |
| Ecolab Inc. | 70 | 18542 |
| Element Solutions Inc. | 61 | 2070 |
| Freeport-McMoRan Inc. | 398 | 23416 |
| Hecla Mining Company | 169 | 3145 |
| International Flavors & Fragrances Inc. | 71 | 5138 |
| KRC Materials, Inc. (a) | 14 | 1156 |
| Linde Public Limited Company | 129 | 64095 |
| LyondellBasell Industries N.V. - Class A | 72 | 5778 |
| Martin Marietta Materials, Inc. | 17 | 9888 |
| Mosaic Company, The | 85 | 2168 |
| MP Materials Corp. - Class A (a) (b) | 35 | 1671 |
| NewMarket Corporation | 2 | 1279 |
| Newmont Corporation | 302 | 32672 |
| Nucor Corporation | 63 | 10704 |
| PPG Industries, Inc. | 63 | 6730 |
| Reliance, Inc. | 15 | 4430 |
| Royal Gold, Inc. | 22 | 5684 |
| RPM International Inc. | 36 | 3549 |
| Sensient Technologies Corporation | 12 | 1015 |
| Sherwin-Williams Company, The | 63 | 20338 |
| Solstice Advanced Materials US, Inc. | 44 | 3354 |
| Southern Copper Corporation | 25 | 4377 |
| Steel Dynamics, Inc. | 38 | 6811 |
| Vulcan Materials Company | 37 | 10028 |
| Westlake Corporation | 9 | 1105 |
|  |  | 350260 |
| **Industrials 1.0%** | **Industrials 1.0%** | **Industrials 1.0%** |
| Simpson Manufacturing Co., Inc. | 12 | 1996 |
| UFP Industries, Inc. | 17 | 1548 |
|  |  | 3544 |
| Total Common Stocks (cost $328,088) | Total Common Stocks (cost $328,088) | 353804 |
| **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, 3.53% (c) (d) | 424 | 424 |
| Total Short Term Investments (cost $424) | Total Short Term Investments (cost $424) | 424 |
| **Total Investments 99.3% (cost $328,512)** | **Total Investments 99.3% (cost $328,512)** | **354228** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **26** |
| **Other Assets and Liabilities, Net 0.7%** | **Other Assets and Liabilities, Net 0.7%** | **2471** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **356725** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 827 | 114582 | 114985 | 32 |  |  | 424 | 0.1 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 5682 | 5682 | 4 |  |  |  |  |
|  | 827 | 120264 | 120667 | 36 |  |  | 424 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 21 | June 2026 | 2215 | 26 | 28 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 353804 |  |  | 353804 |
| &nbsp;&nbsp;Short Term Investments | 424 |  |  | 424 |
|  | 354228 |  |  | 354228 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 28 |  |  | 28 |
|  | 28 |  |  | 28 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Information Technology 50.2%** | **Information Technology 50.2%** | **Information Technology 50.2%** |
| Adobe Inc. (a) | 202 | 49097 |
| Advanced Micro Devices, Inc. (a) | 808 | 164307 |
| Analog Devices, Inc. | 242 | 77005 |
| Apple Inc. | 2633 | 668240 |
| Applied Materials, Inc. | 393 | 134260 |
| AppLovin Corporation - Class A (a) | 152 | 60468 |
| Arm Holdings PLC - ADR (a) (b) | 69 | 10496 |
| ASML Holding N.V. - ADR | 43 | 57489 |
| Atlassian Corporation - Class A (a) | 83 | 5673 |
| Autodesk, Inc. (a) | 105 | 25173 |
| Broadcom Inc. | 850 | 263189 |
| Cadence Design Systems, Inc. (a) | 137 | 38008 |
| Cisco Systems, Inc. | 1956 | 151742 |
| Cognizant Technology Solutions Corporation - Class A | 236 | 14470 |
| CrowdStrike Holdings, Inc. - Class A (a) | 125 | 48808 |
| Datadog, Inc. - Class A (a) | 163 | 19252 |
| Fortinet, Inc. (a) | 366 | 29882 |
| Intel Corporation (a) | 2471 | 109043 |
| Intuit Inc. | 137 | 59285 |
| KLA Corporation | 65 | 95707 |
| Lam Research Corporation | 618 | 132086 |
| Marvell Technology, Inc. | 432 | 42791 |
| Microchip Technology Incorporated | 267 | 17223 |
| Micron Technology, Inc. | 557 | 188268 |
| Microsoft Corporation | 1332 | 492984 |
| Monolithic Power Systems, Inc. | 24 | 26630 |
| NVIDIA Corporation | 4358 | 760066 |
| NXP Semiconductors N.V. | 124 | 24488 |
| Palantir Technologies Inc. - Class A (a) | 1134 | 165946 |
| Palo Alto Networks, Inc. (a) | 403 | 64615 |
| Qualcomm Incorporated | 529 | 68139 |
| Roper Technologies, Inc. | 51 | 18021 |
| Seagate Technology Holdings Public Limited Company | 108 | 42364 |
| Shopify Inc. - Class A (a) | 607 | 71948 |
| Strategy Inc - Class A (a) (b) | 156 | 19439 |
| Synopsys, Inc. (a) | 95 | 37648 |
| Texas Instruments Incorporated | 449 | 87237 |
| Western Digital Corporation | 167 | 45249 |
| Workday, Inc. - Class A (a) | 106 | 13743 |
| Zscaler, Inc. (a) | 79 | 11034 |
|  |  | 4411513 |
| **Communication Services 15.3%** | **Communication Services 15.3%** | **Communication Services 15.3%** |
| Alphabet Inc. - Class A | 1044 | 300261 |
| Alphabet Inc. - Class C | 975 | 279774 |
| Comcast Corporation - Class A | 1778 | 51044 |
| Electronic Arts Inc. | 125 | 25389 |
| Former Charter Communications Parent, Inc. - Class A (a) | 63 | 13559 |
| Meta Platforms, Inc. - Class A | 529 | 302637 |
| Netflix, Inc. (a) | 2090 | 201002 |
| Take-Two Interactive Software, Inc. (a) | 91 | 18010 |
| T-Mobile US, Inc. | 545 | 114467 |
| Warner Bros. Discovery, Inc. - Series A (a) | 1225 | 33641 |
|  |  | 1339784 |
| **Consumer Discretionary 12.5%** | **Consumer Discretionary 12.5%** | **Consumer Discretionary 12.5%** |
| Airbnb, Inc. - Class A (a) | 209 | 26381 |
| Amazon.com, Inc. (a) | 1925 | 400981 |
| Booking Holdings Inc. | 16 | 66102 |
| DoorDash, Inc. - Class A (a) | 203 | 30500 |
| Marriott International, Inc. - Class A | 131 | 42965 |
| MercadoLibre, Inc. (a) | 25 | 43487 |
| O'Reilly Automotive, Inc. (a) | 415 | 38307 |
| PDD Holdings Inc. - ADR (a) | 330 | 33685 |
| Ross Stores, Inc. | 160 | 34711 |
| Starbucks Corporation | 564 | 50540 |
| Tesla Inc. (a) | 895 | 332770 |
|  |  | 1100429 |
| **Consumer Staples 8.5%** | **Consumer Staples 8.5%** | **Consumer Staples 8.5%** |
| Coca-Cola Europacific Partners PLC | 227 | 20628 |
| Costco Wholesale Corporation | 220 | 218986 |
| Keurig Dr Pepper Inc. | 670 | 17639 |
| Kraft Heinz Company, The | 586 | 13187 |
| Mondelez International, Inc. - Class A | 634 | 36544 |
| Monster Beverage 1990 Corporation (a) | 484 | 35053 |
| PepsiCo, Inc. | 677 | 105079 |
| Walmart Inc. | 2420 | 300732 |
|  |  | 747848 |
| **Health Care 5.1%** | **Health Care 5.1%** | **Health Care 5.1%** |
| Alnylam Pharmaceuticals, Inc. (a) | 65 | 21673 |
| Amgen Inc. | 267 | 93995 |
| DexCom, Inc. (a) | 189 | 11856 |
| GE HealthCare Technologies Inc. | 227 | 16190 |
| Gilead Sciences, Inc. | 614 | 85518 |
| IDEXX Laboratories, Inc. (a) | 40 | 22224 |
| Insmed Incorporated (a) | 106 | 17334 |
| Intuitive Surgical, Inc. (a) | 176 | 81073 |
| Regeneron Pharmaceuticals, Inc. | 52 | 39868 |
| Vertex Pharmaceuticals Incorporated (a) | 126 | 56207 |
|  |  | 445938 |
| **Industrials 4.2%** | **Industrials 4.2%** | **Industrials 4.2%** |
| Automatic Data Processing, Inc. | 199 | 40387 |
| Axon Enterprise, Inc. (a) | 40 | 16929 |
| Cintas Corporation | 198 | 33462 |
| Copart, Inc. (a) | 483 | 16038 |
| CSX Corporation | 922 | 37843 |
| Fastenal Company | 570 | 26427 |
| Ferrovial SE | 357 | 23244 |
| Honeywell International Inc. | 315 | 71193 |
| Old Dominion Freight Line, Inc. | 103 | 20121 |
| PACCAR Inc | 261 | 30184 |
| Paychex, Inc. | 177 | 16274 |
| Thomson Reuters Corporation (b) | 219 | 19702 |
| Verisk Analytics, Inc. | 69 | 13054 |
|  |  | 364858 |
| **Utilities 1.5%** | **Utilities 1.5%** | **Utilities 1.5%** |
| American Electric Power Company, Inc. | 268 | 35100 |
| Constellation Energy Group, Inc. | 179 | 49963 |
| Exelon Corporation | 505 | 24772 |
| XCEL Energy Inc. | 308 | 24484 |
|  |  | 134319 |
| **Materials 1.3%** | **Materials 1.3%** | **Materials 1.3%** |
| Linde Public Limited Company | 230 | 113875 |
| **Energy 0.7%** | **Energy 0.7%** | **Energy 0.7%** |
| Baker Hughes Company - Class A | 489 | 29831 |
| Diamondback Energy, Inc. | 140 | 27740 |
|  |  | 57571 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| PayPal Holdings, Inc. | 456 | 20648 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| CoStar Group, Inc. (a) | 210 | 8463 |
| Total Common Stocks (cost $5,470,507) | Total Common Stocks (cost $5,470,507) | 8745246 |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 39432 | 39432 |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 33347 | 33347 |
| Total Short Term Investments (cost $72,779) | Total Short Term Investments (cost $72,779) | 72779 |
| **Total Investments 100.4% (cost $5,543,286)** | **Total Investments 100.4% (cost $5,543,286)** | **8818025** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **1318** |
| **Other Assets and Liabilities, Net (0.4)%** | **Other Assets and Liabilities, Net (0.4)%** | **(35390)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **8783953** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 43631 | 337702 | 347986 | 335 |  |  | 33347 | 0.4 |
| JNL Government Money Market Fund, 3.63% - Class SL | 25075 | 138626 | 124269 | 94 |  |  | 39432 | 0.4 |
|  | 68706 | 476328 | 472255 | 429 |  |  | 72779 | 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 | 86 | June 2026 | 42681 | 1318 | (1548) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 8745246 |  |  | 8745246 |
| &nbsp;&nbsp;Short Term Investments | 72779 |  |  | 72779 |
|  | 8818025 |  |  | 8818025 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1548) |  |  | (1548) |
|  | (1548) |  |  | (1548) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Real Estate 96.8%** | **Real Estate 96.8%** | **Real Estate 96.8%** |
| Agree Realty Corporation (a) | 15 | 1150 |
| Alexandria Real Estate Equities, Inc. | 21 | 973 |
| American Healthcare REIT, Inc. | 23 | 1080 |
| American Homes 4 Rent - Class A | 43 | 1209 |
| American Tower Corporation | 66 | 11349 |
| Americold Realty Trust, Inc. (a) | 35 | 405 |
| AvalonBay Communities, Inc. | 19 | 3151 |
| Brixmor Property Group Inc. | 43 | 1241 |
| BXP, Inc. | 20 | 1056 |
| Camden Property Trust | 15 | 1494 |
| Caretrust REIT, Inc. | 30 | 1096 |
| CBRE Group, Inc. - Class A (b) | 42 | 5680 |
| Compass, Inc. - Class A (b) | 85 | 619 |
| CoStar Group, Inc. (b) | 56 | 2266 |
| Cousins Properties Incorporated | 22 | 501 |
| Crown Castle Inc. | 58 | 4736 |
| Cubesmart, L.P. | 32 | 1179 |
| Digital Realty Trust, Inc. | 45 | 8166 |
| EastGroup Properties, Inc. | 7 | 1367 |
| EPR Properties | 11 | 533 |
| Equinix, Inc. | 14 | 13526 |
| Equity Lifestyle Properties, Inc. | 27 | 1683 |
| Equity Residential | 48 | 2864 |
| Essential Properties Realty Trust, Inc. | 30 | 898 |
| Essex Property Trust, Inc. | 9 | 2093 |
| Extra Space Storage Inc. | 29 | 3783 |
| Federal Realty Investment Trust | 12 | 1285 |
| First Industrial Realty Trust, Inc. | 17 | 986 |
| Gaming and Leisure Properties, Inc. | 37 | 1650 |
| Healthcare Realty Trust Incorporated - Class A | 48 | 818 |
| Healthpeak OP, LLC | 98 | 1616 |
| Host Hotels & Resorts, Inc. | 99 | 1890 |
| Howard Hughes Holdings Inc. (b) | 4 | 279 |
| Independence Realty Trust, Inc. (a) | 31 | 466 |
| Invitation Homes Inc. | 79 | 1954 |
| Iron Mountain Incorporated | 42 | 4250 |
| Jones Lang LaSalle Incorporated (b) | 7 | 2034 |
| Kilroy Realty Corporation (a) | 15 | 430 |
| Kimco Realty OP, LLC | 96 | 2153 |
| Kite Realty Naperville, LLC | 31 | 759 |
| Lamar Advertising Company - Class A | 12 | 1554 |
| Lineage, Inc. (a) | 8 | 273 |
| Macerich Company, The | 36 | 673 |
| Mid-America Apartment Communities, Inc. | 17 | 2006 |
| Millrose Properties, Inc. - Class A | 17 | 476 |
| National Health Investors, Inc. | 6 | 511 |
| NNN REIT, Inc. | 27 | 1114 |
| Omega Healthcare Investors, Inc. | 40 | 1771 |
| Open Doors Technology Inc. - Class A (b) | 130 | 609 |
| Phillips Edison & Company, Inc. | 17 | 629 |
| ProLogis Inc. | 131 | 17326 |
| Public Storage Operating Company | 22 | 6047 |
| Rayonier Inc. | 39 | 795 |
| Realty Income Corporation | 126 | 7685 |
| Regency Centers Corporation | 23 | 1752 |
| Rexford Industrial Realty, Inc. | 33 | 1091 |
| Ryman Hospitality Properties, Inc. | 9 | 800 |
| Sabra Health Care REIT, Inc. | 31 | 587 |
| SBA Communications Corporation - Class A | 15 | 2617 |
| Simon Property Group, Inc. | 46 | 8542 |
| SL Green Realty Corp. (a) | 10 | 370 |
| STAG Industrial, Inc. | 26 | 949 |
| Sun Communities, Inc. | 16 | 1961 |
| Tanger Inc. | 16 | 535 |
| Terreno Realty Corporation | 14 | 875 |
| UDR, Inc. | 42 | 1426 |
| Ventas, Inc. | 63 | 5159 |
| VICI Properties Inc. | 149 | 4063 |
| Vornado Realty Trust | 23 | 595 |
| W.P. Carey Inc. | 31 | 2082 |
| Welltower Inc. | 98 | 19426 |
| Weyerhaeuser Company | 98 | 2385 |
|  |  | 191352 |
| **Financials 2.6%** | **Financials 2.6%** | **Financials 2.6%** |
| AGNC Investment Corp. (a) | 156 | 1561 |
| Annaly Capital Management, Inc. | 101 | 2139 |
| RITHM Capital Corp. | 75 | 709 |
| Starwood Property Trust, Inc. (a) | 49 | 838 |
|  |  | 5247 |
| Total Common Stocks (cost $208,205) | Total Common Stocks (cost $208,205) | 196599 |
| **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** |
| **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 4071 | 4071 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 85 | 85 |
| Total Short Term Investments (cost $4,156) | Total Short Term Investments (cost $4,156) | 4156 |
| **Total Investments 101.5% (cost $212,361)** | **Total Investments 101.5% (cost $212,361)** | **200755** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **15** |
| **Other Assets and Liabilities, Net (1.5)%** | **Other Assets and Liabilities, Net (1.5)%** | **(3013)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **197757** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 1330 | 9279 | 10524 | 9 |  |  | 85 |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 2006 | 7912 | 5847 | 6 |  |  | 4071 | 2.1 |
|  | 3336 | 17191 | 16371 | 15 |  |  | 4156 | 2.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 25 | June 2026 | 1265 | 15 | (9) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 196599 |  |  | 196599 |
| &nbsp;&nbsp;Short Term Investments | 4156 |  |  | 4156 |
|  | 200755 |  |  | 200755 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (9) |  |  | (9) |
|  | (9) |  |  | (9) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Information Technology 32.8%** | **Information Technology 32.8%** | **Information Technology 32.8%** |
| Accenture Public Limited Company - Class A | 174 | 34598 |
| Adobe Inc. (a) | 117 | 28341 |
| Advanced Micro Devices, Inc. (a) | 465 | 94613 |
| Akamai Technologies, Inc. (a) (b) | 40 | 4592 |
| Amphenol Corporation - Class A | 351 | 44304 |
| Analog Devices, Inc. | 141 | 44894 |
| Apple Inc. | 4180 | 1060971 |
| Applied Materials, Inc. (b) | 227 | 77513 |
| AppLovin Corporation - Class A (a) | 77 | 30738 |
| Arista Networks, Inc. (a) | 295 | 36246 |
| Autodesk, Inc. (a) | 60 | 14271 |
| Broadcom Inc. | 1350 | 417713 |
| Cadence Design Systems, Inc. (a) | 78 | 21726 |
| CDW Corp. | 36 | 4368 |
| Ciena Corporation (a) | 40 | 15544 |
| Cisco Systems, Inc. | 1122 | 87020 |
| Cognizant Technology Solutions Corporation - Class A (b) | 137 | 8433 |
| Coherent Corp. (a) (b) | 53 | 12636 |
| Corning Incorporated | 221 | 29991 |
| CrowdStrike Holdings, Inc. - Class A (a) | 72 | 28099 |
| Datadog, Inc. - Class A (a) | 94 | 11039 |
| Dell Technologies Inc. - Class C | 83 | 13671 |
| EPAM Systems, Inc. (a) (b) | 16 | 2226 |
| F5, Inc. (a) | 17 | 4790 |
| Fair Isaac Corporation (a) (b) | 7 | 7130 |
| First Solar, Inc. (a) | 30 | 5992 |
| Fortinet, Inc. (a) | 179 | 14624 |
| Gartner, Inc. (a) (b) | 21 | 3366 |
| Gen Digital Inc. | 165 | 3107 |
| GoDaddy Inc. - Class A (a) | 39 | 3232 |
| Hewlett Packard Enterprise Company | 373 | 8891 |
| HP, Inc. (b) | 259 | 4985 |
| Intel Corporation (a) | 1336 | 58950 |
| International Business Machines Corporation (b) | 266 | 64367 |
| Intuit Inc. | 79 | 34369 |
| Jabil Inc. | 31 | 8147 |
| Keysight Technologies, Inc. (a) (b) | 50 | 13996 |
| KLA Corporation | 37 | 54858 |
| Lam Research Corporation (b) | 355 | 75920 |
| Lumentum Holdings Inc. (a) (b) | 20 | 14257 |
| Microchip Technology Incorporated (b) | 155 | 10011 |
| Micron Technology, Inc. | 320 | 108269 |
| Microsoft Corporation | 2114 | 782530 |
| Monolithic Power Systems, Inc. | 14 | 15246 |
| Motorola Solutions, Inc. | 47 | 20467 |
| NetApp, Inc. (b) | 55 | 5654 |
| NVIDIA Corporation | 6917 | 1206332 |
| NXP Semiconductors N.V. | 70 | 13830 |
| ON Semiconductor Corporation (a) (b) | 111 | 6883 |
| Oracle Corporation | 481 | 70756 |
| Palantir Technologies Inc. - Class A (a) | 650 | 95127 |
| Palo Alto Networks, Inc. (a) (b) | 230 | 36817 |
| PTC Inc. (a) | 35 | 4984 |
| Qnity Electronics, Inc. | 60 | 6912 |
| Qualcomm Incorporated | 304 | 39148 |
| Roper Technologies, Inc. (b) | 30 | 10699 |
| Salesforce, Inc. (b) | 266 | 49749 |
| SanDisk LLC (a) | 42 | 26754 |
| Seagate Technology Holdings Public Limited Company | 61 | 24047 |
| ServiceNow, Inc. (a) (b) | 298 | 31128 |
| Skyworks Solutions, Inc. (b) | 39 | 2095 |
| Super Micro Computer, Inc. (a) | 144 | 3288 |
| Synopsys, Inc. (a) | 54 | 21558 |
| TE Connectivity Public Limited Company | 84 | 17496 |
| Teledyne Technologies Incorporated (a) | 14 | 8246 |
| Teradyne, Inc. | 45 | 13444 |
| Texas Instruments Incorporated | 257 | 49978 |
| Trimble Inc. (a) | 70 | 4535 |
| Tyler Technologies, Inc. (a) (b) | 13 | 4406 |
| VeriSign, Inc. | 24 | 5993 |
| Western Digital Corporation (b) | 97 | 26312 |
| Workday, Inc. - Class A (a) (b) | 60 | 7831 |
| Zebra Technologies Corporation - Class A (a) | 14 | 2872 |
|  |  | 5237925 |
| **Financials 12.6%** | **Financials 12.6%** | **Financials 12.6%** |
| AFLAC Incorporated | 135 | 14771 |
| Allstate Corporation, The | 74 | 15262 |
| American Express Company | 154 | 46439 |
| American International Group, Inc. | 152 | 11446 |
| Ameriprise Financial, Inc. (b) | 26 | 11685 |
| AON Public Limited Company - Class A | 61 | 19780 |
| Apollo Global Management, Inc. (b) | 133 | 14854 |
| Arch Capital Group Ltd. (a) | 102 | 9746 |
| Ares Management Corporation - Class A | 60 | 6539 |
| Arthur J. Gallagher & Co. | 73 | 15790 |
| Assurant, Inc. | 15 | 3291 |
| Bank of America Corporation | 1892 | 92216 |
| Bank of New York Mellon Corporation, The (c) | 197 | 23404 |
| Berkshire Hathaway Inc. - Class B (a) | 522 | 250174 |
| BlackRock, Inc. | 41 | 39375 |
| Blackstone Inc. - Class A | 214 | 24561 |
| Block, Inc. - Class A (a) | 160 | 9612 |
| Brown & Brown, Inc. (b) | 86 | 5599 |
| Capital One Financial Corporation | 178 | 32503 |
| CBOE Global Markets, Inc. (b) | 29 | 8185 |
| Charles Schwab Corporation, The | 476 | 44714 |
| Chubb Limited | 104 | 34043 |
| Cincinnati Financial Corporation | 44 | 6908 |
| Citigroup Inc. | 499 | 56560 |
| Citizens Financial Group, Inc. | 120 | 7212 |
| CME Group Inc. - Class A (b) | 102 | 30116 |
| Coinbase Global, Inc. - Class A (a) (b) | 64 | 11192 |
| Corpay Inc (a) (b) | 20 | 5795 |
| Erie Indemnity Company - Class A (b) | 6 | 1517 |
| Everest Group, Ltd. | 13 | 4105 |
| FactSet Research Systems Inc. (b) | 11 | 2422 |
| Fidelity National Information Services, Inc. | 148 | 6955 |
| Fifth Third Bancorp (b) | 252 | 11690 |
| Fiserv, Inc. (a) | 153 | 8547 |
| Franklin Resources, Inc. (b) | 77 | 1830 |
| Global Payments Inc. | 69 | 4659 |
| Globe Life Inc. | 23 | 3174 |
| Goldman Sachs Group, Inc., The | 85 | 72019 |
| Hartford Insurance Group, Inc., The (b) | 78 | 10586 |
| Huntington Bancshares Incorporated (b) | 559 | 8748 |
| Interactive Brokers Group, Inc. - Class A | 131 | 8768 |
| Intercontinental Exchange, Inc. | 162 | 25485 |
| Invesco Ltd. (b) | 129 | 3126 |
| Jack Henry & Associates, Inc. (b) | 20 | 3166 |
| JPMorgan Chase & Co. | 768 | 225935 |
| KeyCorp | 269 | 5399 |
| KKR & Co. Inc. - Class A | 195 | 18017 |
| Loews Corporation (b) | 48 | 5107 |
| M&T Bank Corporation (b) | 44 | 9026 |
| Marsh & Mclennan Companies, Inc. | 137 | 23741 |
| MasterCard Incorporated - Class A | 232 | 115776 |
| MetLife, Inc. | 155 | 10978 |
| Moody's Corporation | 43 | 18841 |
| Morgan Stanley | 342 | 56361 |
| MSCI Inc. - Class A (b) | 21 | 11243 |
| Nasdaq, Inc. (b) | 128 | 10833 |
| Northern Trust Corporation | 51 | 7176 |
| PayPal Holdings, Inc. | 261 | 11797 |
| Principal Financial Group, Inc. (b) | 59 | 5326 |
| Progressive Corporation, The | 166 | 32883 |
| Prudential Financial, Inc. (b) | 97 | 9497 |
| Raymond James Financial, Inc. (b) | 51 | 7338 |
| Regions Financial Corporation (b) | 256 | 6696 |
| Robinhood Markets, Inc. - Class A (a) | 224 | 15540 |
| S&P Global Inc. | 87 | 37045 |
| State Street Corporation | 79 | 9942 |
| Synchrony Financial | 100 | 6784 |
| T. Rowe Price Group, Inc. (b) | 61 | 5541 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The PNC Financial Services Group, Inc. | 114 | 23756 |
| Travelers Companies, Inc., The | 62 | 17988 |
| Truist Financial Corporation | 360 | 16532 |
| U.S. Bancorp | 443 | 23065 |
| Visa Inc. - Class A (b) | 478 | 144565 |
| W. R. Berkley Corporation (b) | 87 | 5757 |
| Wells Fargo & Company | 882 | 70185 |
| Willis Towers Watson Public Limited Company (b) | 27 | 7881 |
| | | 2005120 |
| **Communication Services 10.3%** | **Communication Services 10.3%** | **Communication Services 10.3%** |
| Alphabet Inc. - Class A | 1659 | 477103 |
| Alphabet Inc. - Class C | 1330 | 381443 |
| AT&T Inc. | 1994 | 57793 |
| Comcast Corporation - Class A | 1020 | 29294 |
| EchoStar Corporation - Class A (a) (b) | 38 | 4457 |
| Electronic Arts Inc. (b) | 65 | 13286 |
| Former Charter Communications Parent, Inc. - Class A (a) (b) | 26 | 5573 |
| Fox Corporation - Class A (b) | 66 | 3849 |
| Fox Corporation - Class B | 36 | 1889 |
| Live Nation Entertainment, Inc. (a) (b) | 44 | 6704 |
| Meta Platforms, Inc. - Class A | 623 | 356216 |
| Netflix, Inc. (a) | 1202 | 115561 |
| News Corporation - Class A | 103 | 2572 |
| News Corporation - Class B (b) | 38 | 1074 |
| Omnicom Group Inc. (b) | 89 | 6721 |
| Paramount Skydance Corporation - Class B (b) | 93 | 842 |
| Take-Two Interactive Software, Inc. (a) | 49 | 9660 |
| TKO Group Holdings Inc. - Class A (b) | 18 | 3656 |
| T-Mobile US, Inc. | 135 | 28283 |
| Trade Desk, Inc., The - Class A (a) | 118 | 2686 |
| Verizon Communications Inc. | 1200 | 60248 |
| Walt Disney Company, The | 505 | 48628 |
| Warner Bros. Discovery, Inc. - Series A (a) | 701 | 19254 |
|  |  | 1636792 |
| **Consumer Discretionary 9.8%** | **Consumer Discretionary 9.8%** | **Consumer Discretionary 9.8%** |
| Airbnb, Inc. - Class A (a) | 120 | 15215 |
| Amazon.com, Inc. (a) | 2781 | 579164 |
| Aptiv PLC (a) | 60 | 4171 |
| AutoZone, Inc. (a) | 5 | 15845 |
| Best Buy Co., Inc. | 56 | 3595 |
| Booking Holdings Inc. | 9 | 38609 |
| Carnival Corporation | 325 | 8421 |
| Carvana Co. - Class A (a) (b) | 40 | 12596 |
| Chipotle Mexican Grill, Inc. (a) | 379 | 12137 |
| D.R. Horton, Inc. | 78 | 10733 |
| Darden Restaurants, Inc. (b) | 33 | 6476 |
| Deckers Outdoor Corporation (a) | 39 | 3876 |
| Domino's Pizza, Inc. (b) | 9 | 3113 |
| DoorDash, Inc. - Class A (a) | 106 | 15944 |
| eBay Inc. | 130 | 11838 |
| Expedia Group, Inc. (b) | 33 | 7735 |
| Ford Motor Company | 1099 | 12682 |
| Garmin Ltd. | 47 | 10964 |
| General Motors Company | 259 | 19277 |
| Genuine Parts Company | 39 | 4074 |
| Hasbro, Inc. (b) | 39 | 3625 |
| Hilton Worldwide Holdings Inc. (b) | 66 | 19940 |
| Home Depot, Inc., The | 283 | 93215 |
| Las Vegas Sands Corp. | 83 | 4486 |
| Lennar Corporation - Class A (b) | 63 | 5512 |
| Lowe`s Companies, Inc. (b) | 160 | 37848 |
| Lululemon Athletica Inc. (a) | 30 | 4640 |
| Marriott International, Inc. - Class A | 62 | 20443 |
| McDonald's Corporation | 202 | 62928 |
| MGM Resorts International (a) | 52 | 1932 |
| Nike, Inc. - Class B (b) | 334 | 17655 |
| Norwegian Cruise Line Holdings Ltd. (a) (b) | 123 | 2301 |
| NVR, Inc. (a) | 1 | 5199 |
| O'Reilly Automotive, Inc. (a) | 239 | 22107 |
| Pool Corporation (b) | 10 | 1964 |
| PulteGroup, Inc. (b) | 52 | 6143 |
| Ralph Lauren Corporation - Class A | 11 | 3707 |
| Ross Stores, Inc. (b) | 92 | 19973 |
| Royal Caribbean Cruises Ltd. (b) | 72 | 19705 |
| Starbucks Corporation (b) | 322 | 28891 |
| Tapestry, Inc. (b) | 56 | 7907 |
| Tesla Inc. (a) | 800 | 297587 |
| TJX Companies, Inc., The | 316 | 50474 |
| Tractor Supply Company (b) | 152 | 6899 |
| Ulta Beauty, Inc. (a) | 12 | 6526 |
| Williams-Sonoma, Inc. | 34 | 6276 |
| Wynn Resorts, Limited (b) | 26 | 2625 |
| Yum! Brands, Inc. | 79 | 12292 |
|  |  | 1569265 |
| **Health Care 9.4%** | **Health Care 9.4%** | **Health Care 9.4%** |
| Abbott Laboratories | 496 | 50893 |
| AbbVie Inc. | 504 | 109607 |
| Agilent Technologies, Inc. (b) | 81 | 9255 |
| Align Technology, Inc. (a) (b) | 20 | 3399 |
| Amgen Inc. | 153 | 53764 |
| Baxter International Inc. (b) | 140 | 2353 |
| Becton, Dickinson and Company | 80 | 12570 |
| Biogen Inc. (a) | 41 | 7502 |
| Bio-Techne Corporation (b) | 46 | 2398 |
| Boston Scientific Corporation (a) | 421 | 26425 |
| Bristol-Myers Squibb Company (b) | 583 | 35352 |
| Cardinal Health, Inc. | 67 | 14161 |
| Cencora, Inc. (b) | 55 | 17385 |
| Centene Corporation (a) | 137 | 4501 |
| Charles River Laboratories International, Inc. (a) (b) | 14 | 2418 |
| Cigna Group, The (b) | 74 | 19763 |
| Cooper Companies, Inc., The (a) | 58 | 4151 |
| CVS Health Corporation | 361 | 25921 |
| Danaher Corporation | 179 | 33905 |
| Davita Inc. (a) (b) | 11 | 1731 |
| DexCom, Inc. (a) | 111 | 6967 |
| Edwards Lifesciences Corporation (a) | 165 | 13243 |
| Elevance Health, Inc. | 63 | 18342 |
| Eli Lilly and Company | 226 | 208294 |
| GE HealthCare Technologies Inc. | 132 | 9366 |
| Gilead Sciences, Inc. | 353 | 49184 |
| HCA Healthcare, Inc. | 44 | 20994 |
| Henry Schein, Inc. (a) (b) | 28 | 2074 |
| Hologic, Inc. (a) | 61 | 4646 |
| Humana Inc. | 36 | 6208 |
| IDEXX Laboratories, Inc. (a) | 23 | 12745 |
| Incyte Corporation (a) (b) | 49 | 4588 |
| Insulet Corporation (a) | 19 | 4061 |
| Intuitive Surgical, Inc. (a) | 101 | 46626 |
| IQVIA Holdings Inc (a) | 47 | 7993 |
| Johnson & Johnson | 686 | 167640 |
| Labcorp Holdings Inc. | 24 | 6327 |
| McKesson Corporation | 35 | 30083 |
| Medtronic, Inc. | 364 | 31511 |
| Merck & Co., Inc. | 706 | 84917 |
| Mettler-Toledo International Inc. (a) | 6 | 7130 |
| Moderna, Inc. (a) (b) | 102 | 5203 |
| Pfizer Inc. | 1614 | 45321 |
| Quest Diagnostics Incorporated | 32 | 6232 |
| Regeneron Pharmaceuticals, Inc. | 29 | 22183 |
| ResMed Inc. (b) | 41 | 9242 |
| Revvity, Inc. (b) | 29 | 2546 |
| Solventum Corporation (a) (b) | 44 | 2866 |
| Steris Public Limited Company | 28 | 6203 |
| Stryker Corporation (b) | 98 | 32084 |
| Thermo Fisher Scientific Inc. | 107 | 52480 |
| UnitedHealth Group Incorporated | 258 | 69764 |
| Universal Health Services, Inc. - Class B | 15 | 2679 |
| Vertex Pharmaceuticals Incorporated (a) | 72 | 32169 |
| Viatris Inc. | 336 | 4541 |
| Waters Corporation (a) | 28 | 8317 |
| West Pharmaceutical Services, Inc. | 21 | 5165 |
| Zimmer Biomet Holdings, Inc. (b) | 59 | 5307 |
| Zoetis Inc. - Class A | 120 | 14131 |
|  |  | 1506826 |
| **Industrials 9.0%** | **Industrials 9.0%** | **Industrials 9.0%** |
| 3M Company | 148 | 21531 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| A. O. Smith Corporation (b) | 32 | 2116 |
| Allegion Public Limited Company (b) | 25 | 3618 |
| AMETEK, Inc. | 65 | 14020 |
| Automatic Data Processing, Inc. | 114 | 23196 |
| Axon Enterprise, Inc. (a) (b) | 22 | 9519 |
| Boeing Company, The (a) | 222 | 44287 |
| Broadridge Financial Solutions, Inc. | 33 | 5329 |
| Builders FirstSource, Inc. (a) (b) | 30 | 2497 |
| C.H. Robinson Worldwide, Inc. (b) | 33 | 5465 |
| Carrier Global Corporation | 224 | 12593 |
| Caterpillar Inc. | 133 | 93927 |
| Cintas Corporation | 97 | 16330 |
| Comfort Systems USA, Inc. | 10 | 13644 |
| Copart, Inc. (a) | 255 | 8457 |
| CSX Corporation | 525 | 21537 |
| Cummins Inc. | 40 | 21380 |
| Deere & Company (b) | 72 | 40515 |
| Delta Air Lines, Inc. | 183 | 12193 |
| Dover Corporation | 39 | 8089 |
| Eaton Corporation Public Limited Company | 110 | 39377 |
| EMCOR Group, Inc. | 13 | 9426 |
| Emerson Electric Co. (b) | 161 | 21141 |
| Equifax Inc. | 34 | 6147 |
| Expeditors International of Washington, Inc. - Class A | 37 | 5248 |
| Fastenal Company (b) | 325 | 15083 |
| FedEx Corporation | 61 | 21813 |
| Fortive Corporation (b) | 87 | 4800 |
| GE Vernova Inc. | 77 | 67011 |
| Generac Holdings Inc. (a) | 16 | 3187 |
| General Dynamics Corporation | 72 | 24741 |
| General Electric Company | 299 | 84761 |
| Honeywell International Inc. | 181 | 40835 |
| Howmet Aerospace Inc. | 114 | 26250 |
| Hubbell Incorporated | 15 | 7279 |
| Huntington Ingalls Industries, Inc. (b) | 12 | 4399 |
| IDEX Corporation | 20 | 3833 |
| Illinois Tool Works Inc. (b) | 75 | 19453 |
| Ingersoll Rand Inc. (b) | 101 | 8095 |
| J.B. Hunt Transport Services, Inc. | 21 | 4403 |
| Jacobs Solutions Inc. | 33 | 4254 |
| Johnson Controls International Public Limited Company | 174 | 22838 |
| L3Harris Technologies, Inc. | 53 | 18364 |
| Leidos Holdings, Inc. | 36 | 5576 |
| Lennox International Inc. (b) | 9 | 4173 |
| Lockheed Martin Corporation | 58 | 34966 |
| Masco Corporation (b) | 61 | 3669 |
| Nordson Corporation | 15 | 3933 |
| Norfolk Southern Corporation | 64 | 18455 |
| Northrop Grumman Corporation | 38 | 25825 |
| Old Dominion Freight Line, Inc. (b) | 53 | 10263 |
| Otis Worldwide Corporation | 112 | 8652 |
| PACCAR Inc | 152 | 17532 |
| Parker-Hannifin Corporation | 36 | 31946 |
| Paychex, Inc. (b) | 92 | 8509 |
| Pentair Public Limited Company | 48 | 4203 |
| Quanta Services, Inc. | 42 | 23335 |
| Republic Services, Inc. | 57 | 12594 |
| Rockwell Automation, Inc. | 32 | 11474 |
| Rollins, Inc. (b) | 81 | 4302 |
| RTX Corporation | 381 | 73559 |
| Snap-on Incorporated (b) | 14 | 5260 |
| Southwest Airlines Co. (b) | 139 | 5210 |
| Stanley Black & Decker, Inc. (b) | 45 | 3192 |
| Textron Inc. (b) | 49 | 4287 |
| Trane Technologies Public Limited Company | 63 | 26230 |
| TransDigm Group Incorporated | 16 | 18693 |
| Uber Technologies, Inc. (a) | 586 | 42132 |
| Union Pacific Corporation (b) | 170 | 41166 |
| United Airlines Holdings, Inc. (a) (b) | 94 | 8619 |
| United Parcel Service, Inc. - Class B | 210 | 20701 |
| United Rentals, Inc. | 18 | 13086 |
| Veralto Corporation | 73 | 6466 |
| Verisk Analytics, Inc. (b) | 40 | 7608 |
| Vertiv Holdings Co - Class A (b) | 109 | 27194 |
| W.W. Grainger, Inc. (b) | 12 | 13473 |
| Waste Management, Inc. | 105 | 24066 |
| Westinghouse Air Brake Technologies Corporation | 50 | 12426 |
| Xylem Inc. | 71 | 8431 |
| | | 1434187 |
| **Consumer Staples 5.2%** | **Consumer Staples 5.2%** | **Consumer Staples 5.2%** |
| Altria Group, Inc. | 480 | 31648 |
| Archer-Daniels-Midland Company | 136 | 9876 |
| Brown-Forman Corporation - Class B (b) | 54 | 1424 |
| Bunge Global S.A. | 38 | 4840 |
| Campbell's Company, The (b) | 64 | 1427 |
| Church & Dwight Co., Inc. | 67 | 6279 |
| Clorox Company, The | 34 | 3500 |
| Coca-Cola Company, The | 1104 | 83934 |
| Colgate-Palmolive Company | 230 | 19626 |
| Conagra Brands, Inc. | 121 | 1896 |
| Constellation Brands, Inc. - Class A (b) | 41 | 6091 |
| Costco Wholesale Corporation | 126 | 125932 |
| Dollar General Corporation | 62 | 7308 |
| Dollar Tree, Inc. (a) (b) | 51 | 5634 |
| Estee Lauder Companies Inc., The - Class A | 71 | 5069 |
| General Mills, Inc. (b) | 147 | 5472 |
| Hershey Company, The | 42 | 8775 |
| Hormel Foods Corporation (b) | 80 | 1804 |
| J. M. Smucker Company, The | 31 | 2959 |
| Kenvue Inc. | 546 | 9418 |
| Keurig Dr Pepper Inc. (b) | 385 | 10126 |
| Kimberly-Clark Corporation (b) | 94 | 9039 |
| Kraft Heinz Company, The (b) | 246 | 5536 |
| Kroger Co., The | 175 | 12670 |
| McCormick & Company, Incorporated | 73 | 3686 |
| Molson Coors Beverage Company - Class B (b) | 48 | 2048 |
| Mondelez International, Inc. - Class A (b) | 368 | 21205 |
| Monster Beverage 1990 Corporation (a) | 204 | 14757 |
| PepsiCo, Inc. | 390 | 60597 |
| Philip Morris International Inc. | 443 | 73200 |
| Procter & Gamble Company, The | 661 | 95530 |
| Sysco Corporation | 135 | 9604 |
| Target Corporation | 130 | 15716 |
| Tyson Foods, Inc. - Class A | 80 | 5103 |
| Walmart Inc. | 1246 | 154901 |
|  |  | 836630 |
| **Energy 4.0%** | **Energy 4.0%** | **Energy 4.0%** |
| Apa Corp. (b) | 101 | 4269 |
| Baker Hughes Company - Class A | 278 | 16954 |
| Chevron Corporation | 535 | 110766 |
| ConocoPhillips | 349 | 46131 |
| Coterra Energy Inc. | 223 | 7852 |
| Devon Energy Corporation (b) | 176 | 8846 |
| Diamondback Energy, Inc. | 53 | 10430 |
| EOG Resources, Inc. (b) | 154 | 22231 |
| EQT Corporation | 174 | 11046 |
| Expand Energy Corporation | 67 | 7374 |
| Exxon Mobil Corporation | 1192 | 202236 |
| Halliburton Company | 242 | 9428 |
| Kinder Morgan, Inc. | 557 | 18692 |
| Marathon Petroleum Corporation | 84 | 20585 |
| Occidental Petroleum Corporation | 201 | 13089 |
| ONEOK, Inc. (b) | 180 | 16271 |
| Phillips 66 (b) | 114 | 20764 |
| SLB Limited | 427 | 21940 |
| Targa Resources Corp. | 60 | 15008 |
| Texas Pacific Land Corporation (b) | 16 | 7763 |
| Valero Energy Corporation | 86 | 21306 |
| Williams Companies, Inc., The | 351 | 25560 |
|  |  | 638541 |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| AES Corporation, The (b) | 216 | 3040 |
| Alliant Energy Corporation (b) | 75 | 5363 |
| Ameren Corporation (b) | 79 | 8677 |
| American Electric Power Company, Inc. | 152 | 19898 |
| American Water Works Company, Inc. (b) | 54 | 7350 |
| Atmos Energy Corporation | 44 | 8185 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CenterPoint Energy, Inc. (b) | 183 | 7899 |
| CMS Energy Corporation (b) | 88 | 6832 |
| Consolidated Edison, Inc. | 103 | 11662 |
| Constellation Energy Group, Inc. | 89 | 24815 |
| Dominion Energy, Inc. (b) | 242 | 14956 |
| DTE Energy Company (b) | 58 | 8503 |
| Duke Energy Corporation | 222 | 29058 |
| Edison International (b) | 110 | 8084 |
| Entergy Corporation (b) | 130 | 14563 |
| Evergy, Inc. | 67 | 5505 |
| Eversource Energy | 104 | 7219 |
| Exelon Corporation (b) | 292 | 14304 |
| FirstEnergy Corp. (b) | 149 | 7528 |
| NextEra Energy, Inc. | 592 | 55006 |
| NiSource Inc. (b) | 137 | 6411 |
| NRG Energy, Inc. | 62 | 9009 |
| PG&E Corporation | 615 | 10798 |
| Pinnacle West Capital Corporation (b) | 35 | 3528 |
| PPL Corporation (b) | 213 | 8133 |
| Public Service Enterprise Group Incorporated | 141 | 11389 |
| Sempra | 184 | 17898 |
| The Southern Company | 315 | 30444 |
| Vistra Corp. | 89 | 13416 |
| WEC Energy Group Inc. (b) | 94 | 10903 |
| XCEL Energy Inc. (b) | 172 | 13641 |
| | | 404017 |
| **Materials 2.1%** | **Materials 2.1%** | **Materials 2.1%** |
| Air Products and Chemicals, Inc. | 63 | 18342 |
| Albemarle Corporation | 35 | 6206 |
| Amcor Pty Ltd. (b) | 135 | 5359 |
| Avery Dennison Corporation | 23 | 4028 |
| Ball Corporation (b) | 76 | 4488 |
| CF Industries Holdings, Inc. | 44 | 5727 |
| Corteva, Inc. (b) | 191 | 16001 |
| CRH Public Limited Company (b) | 190 | 20021 |
| Dow Inc. | 209 | 8696 |
| DuPont de Nemours, Inc. | 118 | 5403 |
| Ecolab Inc. | 72 | 19241 |
| Freeport-McMoRan Inc. | 405 | 23814 |
| International Flavors & Fragrances Inc. (b) | 72 | 5250 |
| International Paper Company (b) | 150 | 5338 |
| Linde Public Limited Company | 133 | 65696 |
| LyondellBasell Industries N.V. - Class A (b) | 73 | 5844 |
| Martin Marietta Materials, Inc. (b) | 17 | 10010 |
| Mosaic Company, The | 92 | 2342 |
| Newmont Corporation (b) | 311 | 33639 |
| Nucor Corporation (b) | 66 | 11230 |
| Packaging Corporation of America | 26 | 5426 |
| PPG Industries, Inc. (b) | 66 | 7078 |
| Sherwin-Williams Company, The | 65 | 20985 |
| Smurfit Westrock Public Limited Company (b) | 151 | 6004 |
| Steel Dynamics, Inc. (b) | 38 | 6795 |
| Vulcan Materials Company | 38 | 10224 |
|  |  | 333187 |
| **Real Estate 1.9%** | **Real Estate 1.9%** | **Real Estate 1.9%** |
| Alexandria Real Estate Equities, Inc. (b) | 45 | 2083 |
| American Tower Corporation | 135 | 23262 |
| AvalonBay Communities, Inc. (b) | 41 | 6691 |
| BXP, Inc. (b) | 40 | 2077 |
| Camden Property Trust (b) | 30 | 2920 |
| CBRE Group, Inc. - Class A (a) | 81 | 11037 |
| CoStar Group, Inc. (a) (b) | 118 | 4777 |
| Crown Castle Inc. (b) | 126 | 10242 |
| Digital Realty Trust, Inc. | 92 | 16651 |
| Equinix, Inc. | 28 | 27568 |
| Equity Residential (b) | 95 | 5624 |
| Essex Property Trust, Inc. (b) | 18 | 4333 |
| Extra Space Storage Inc. (b) | 62 | 8186 |
| Federal Realty Investment Trust | 21 | 2255 |
| Healthpeak OP, LLC (b) | 207 | 3400 |
| Host Hotels & Resorts, Inc. | 178 | 3415 |
| Invitation Homes Inc. | 155 | 3841 |
| Iron Mountain Incorporated | 83 | 8527 |
| Kimco Realty OP, LLC | 200 | 4486 |
| Mid-America Apartment Communities, Inc. | 33 | 3992 |
| ProLogis Inc. | 263 | 34789 |
| Public Storage Operating Company (b) | 45 | 12199 |
| Realty Income Corporation (b) | 259 | 15860 |
| Regency Centers Corporation (b) | 47 | 3531 |
| SBA Communications Corporation - Class A | 31 | 5270 |
| Simon Property Group, Inc. | 91 | 17039 |
| UDR, Inc. (b) | 92 | 3096 |
| Ventas, Inc. (b) | 135 | 11067 |
| VICI Properties Inc. | 299 | 8162 |
| Welltower Inc. | 199 | 39255 |
| Weyerhaeuser Company | 202 | 4943 |
|  |  | 310578 |
| Total Common Stocks (cost $6,240,135) | Total Common Stocks (cost $6,240,135) | 15913068 |
| **SHORT TERM INVESTMENTS 5.5%** | **SHORT TERM INVESTMENTS 5.5%** | **SHORT TERM INVESTMENTS 5.5%** |
| **Securities Lending Collateral 5.1%** | **Securities Lending Collateral 5.1%** | **Securities Lending Collateral 5.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 119183 | 119183 |
| Repurchase Agreement with BNS, 3.99% (Collateralized by various publicly traded equities and U.S. Treasury securities with a value of $444,731) acquired on 3/31/2026, due 7/6/2026 at $404,300 | 400000 | 400000 |
| Repurchase Agreement with CIT, 4.05% (Collateralized by various publicly traded equities and U.S. Treasury securities with a value of $306,003) acquired on 3/31/2026, due 7/1/2026 at $303,105 | 300000 | 300000 |
|  |  | 819183 |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 53356 | 53356 |
| Total Short Term Investments (cost $872,539) | Total Short Term Investments (cost $872,539) | 872539 |
| **Total Investments 105.1% (cost $7,112,674)** | **Total Investments 105.1% (cost $7,112,674)** | **16785607** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **2120** |
| **Other Assets and Liabilities, Net (5.1)%** | **Other Assets and Liabilities, Net (5.1)%** | **(813829)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **15973898** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 23749 |  | 875 | 106 | 619 | (89) | 23404 | 0.2 |
| JNL Government Money Market Fund, 3.53% - Class I | 73368 | 338885 | 358897 | 655 |  |  | 53356 | 0.3 |
| JNL Government Money Market Fund, 3.63% - Class SL | 139193 | 1432006 | 1452016 | 734 |  |  | 119183 | 0.7 |
|  | 236310 | 1770891 | 1811788 | 1495 | 619 | (89) | 195943 | 1.2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 221 | June 2026 | 74270 | 2120 | (1663) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 15913068 |  |  | 15913068 |
| &nbsp;&nbsp;Short Term Investments | 172539 | 700000 |  | 872539 |
|  | 16085607 | 700000 |  | 16785607 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1663) |  |  | (1663) |
|  | (1663) |  |  | (1663) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Information Technology 31.1%** | **Information Technology 31.1%** | **Information Technology 31.1%** |
| Accenture Public Limited Company - Class A | 45 | 8896 |
| ACI Worldwide, Inc. (a) | 9 | 355 |
| Adobe Inc. (a) | 30 | 7272 |
| Advanced Energy Industries, Inc. | 3 | 926 |
| Advanced Micro Devices, Inc. (a) | 119 | 24129 |
| Akamai Technologies, Inc. (a) | 10 | 1172 |
| Allegro Microsystems Inc. (a) | 10 | 311 |
| Amkor Technology, Inc. | 8 | 369 |
| Amphenol Corporation - Class A | 89 | 11226 |
| Analog Devices, Inc. | 36 | 11350 |
| AppFolio, Inc. - Class A (a) | 2 | 237 |
| Apple Inc. | 1069 | 271334 |
| Applied Digital Corporation (a) (b) | 19 | 449 |
| Applied Materials, Inc. | 58 | 19753 |
| AppLovin Corporation - Class A (a) | 15 | 6150 |
| Arista Networks, Inc. (a) | 75 | 9192 |
| Arrow Electronics, Inc. (a) | 3 | 486 |
| Astera Labs, Inc. (a) | 10 | 1145 |
| Atlassian Corporation - Class A (a) | 12 | 846 |
| Aurora Innovations Inc. - Class A (a) (b) | 73 | 302 |
| Autodesk, Inc. (a) | 15 | 3698 |
| Avnet, Inc. | 6 | 367 |
| Badger Meter, Inc. | 2 | 351 |
| Belden Inc. | 3 | 306 |
| Bentley Systems, Incorporated - Class B | 11 | 379 |
| Bill Holdings, Inc. (a) (b) | 5 | 207 |
| Bitmine Immersion Technologies, Inc. (b) | 33 | 647 |
| Box, Inc. - Class A (a) | 11 | 271 |
| Broadcom Inc. | 339 | 104941 |
| Cadence Design Systems, Inc. (a) | 20 | 5539 |
| Calix, Inc. (a) | 4 | 179 |
| CCC Intelligent Solutions Holdings Inc. (a) (b) | 36 | 214 |
| CDW Corp. | 9 | 1123 |
| Ciena Corporation (a) | 10 | 4014 |
| Cipher Mining Inc. (a) | 24 | 313 |
| Circle Internet Group, Inc. - Class A (a) | 3 | 306 |
| Cirrus Logic, Inc. (a) | 4 | 572 |
| Cisco Systems, Inc. | 288 | 22336 |
| Cleanspark Inc. (a) (b) | 20 | 168 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 19 | 454 |
| Cloudflare, Inc. - Class A (a) | 23 | 4669 |
| Cognex Corporation | 11 | 555 |
| Cognizant Technology Solutions Corporation - Class A | 36 | 2203 |
| Coherent Corp. (a) | 13 | 3079 |
| CommVault Systems, Inc. (a) | 3 | 238 |
| Coreweave, Inc. - Class A (a) | 18 | 1391 |
| Corning Incorporated | 55 | 7457 |
| Credo Technology Group Holding Ltd. (a) | 12 | 1081 |
| CrowdStrike Holdings, Inc. - Class A (a) | 18 | 6906 |
| Datadog, Inc. - Class A (a) | 23 | 2674 |
| Dell Technologies Inc. - Class C | 22 | 3601 |
| DocuSign, Inc. (a) | 15 | 733 |
| Dolby Laboratories, Inc. - Class A | 5 | 278 |
| Dropbox, Inc. - Class A (a) | 14 | 311 |
| D-Wave Quantum Inc. (a) (b) | 25 | 363 |
| Dynatrace, Inc. (a) | 22 | 816 |
| Elastic N.V. (a) | 6 | 298 |
| Enphase Energy, Inc. (a) | 10 | 372 |
| Entegris, Inc. | 11 | 1277 |
| EPAM Systems, Inc. (a) | 4 | 560 |
| F5, Inc. (a) | 4 | 1171 |
| Fabrinet (a) | 3 | 1362 |
| Fair Isaac Corporation (a) | 2 | 1816 |
| First Solar, Inc. (a) | 7 | 1458 |
| Flex Ltd. (a) | 25 | 1662 |
| Fortinet, Inc. (a) | 45 | 3692 |
| Gartner, Inc. (a) | 5 | 748 |
| Gen Digital Inc. | 38 | 708 |
| GitLab Inc. - Class A (a) | 11 | 229 |
| GoDaddy Inc. - Class A (a) | 10 | 795 |
| Guidewire Software, Inc. (a) | 6 | 874 |
| Hewlett Packard Enterprise Company | 95 | 2256 |
| HP, Inc. | 69 | 1324 |
| HubSpot, Inc. (a) | 4 | 896 |
| Hut 8 Corp. (a) | 7 | 327 |
| Intel Corporation (a) | 316 | 13942 |
| InterDigital, Inc. | 2 | 557 |
| International Business Machines Corporation | 68 | 16499 |
| Intuit Inc. | 20 | 8588 |
| ionQ, Inc. (a) (b) | 27 | 771 |
| Itron, Inc. (a) | 3 | 270 |
| Jabil Inc. | 7 | 1906 |
| JFROG Ltd. (a) | 7 | 311 |
| Keysight Technologies, Inc. (a) | 13 | 3555 |
| KLA Corporation | 10 | 14047 |
| Kyndryl Holdings, Inc. (a) | 16 | 208 |
| Lam Research Corporation | 91 | 19526 |
| Lattice Semiconductor Corporation (a) | 10 | 963 |
| Life360, Inc. (a) (b) | 5 | 224 |
| Littelfuse, Inc. | 2 | 552 |
| Lumentum Holdings Inc. (a) (b) | 5 | 3673 |
| MACOM Technology Solutions Holdings, Inc. (a) | 5 | 1043 |
| Manhattan Associates, Inc. (a) | 5 | 616 |
| Mara Holdings, Inc. (a) (b) | 27 | 221 |
| Marvell Technology, Inc. | 63 | 6288 |
| Microchip Technology Incorporated | 39 | 2546 |
| Micron Technology, Inc. | 82 | 27690 |
| Microsoft Corporation | 541 | 200373 |
| Mirion Technologies (US), Inc. - Class A (a) | 18 | 333 |
| MKS Inc. | 4 | 867 |
| MongoDB, Inc. - Class A (a) | 6 | 1397 |
| Monolithic Power Systems, Inc. | 3 | 3576 |
| Motorola Solutions, Inc. | 12 | 5315 |
| NetApp, Inc. | 14 | 1458 |
| Novanta Inc. (a) | 2 | 287 |
| Nutanix, Inc. - Class A (a) | 20 | 746 |
| NVIDIA Corporation | 1708 | 297868 |
| NXP Semiconductors N.V. | 18 | 3450 |
| Okta, Inc. - Class A (a) | 12 | 928 |
| ON Semiconductor Corporation (a) | 29 | 1802 |
| Onto Innovation Inc. (a) | 4 | 750 |
| Oracle Corporation | 124 | 18204 |
| OSI Systems, Inc. (a) | 1 | 308 |
| Palantir Technologies Inc. - Class A (a) | 161 | 23550 |
| Palo Alto Networks, Inc. (a) | 58 | 9359 |
| Pegasystems Inc. | 7 | 304 |
| Plexus Corp. (a) | 1 | 303 |
| Procore Technologies, Inc. (a) | 8 | 458 |
| PTC Inc. (a) | 9 | 1283 |
| Pure Storage, Inc. - Class A (a) | 23 | 1360 |
| Q2 Holdings, Inc. (a) | 4 | 212 |
| Qnity Electronics, Inc. | 15 | 1779 |
| Qorvo, Inc. (a) | 7 | 513 |
| Qualcomm Incorporated | 78 | 10063 |
| Qualys, Inc. (a) | 3 | 255 |
| Ralliant Corporation | 7 | 285 |
| Rambus Inc. (a) | 8 | 667 |
| Rigetti Computing, Inc. (a) | 22 | 308 |
| Roper Technologies, Inc. | 8 | 2706 |
| Rubrik, Inc. - Class A (a) | 10 | 502 |
| SailPoint, Inc. (a) (b) | 6 | 81 |
| Salesforce, Inc. | 66 | 12371 |
| Samsara Inc. - Class A (a) | 23 | 735 |
| SanDisk LLC (a) | 10 | 6495 |
| Sanmina Corporation (a) | 3 | 412 |
| Seagate Technology Holdings Public Limited Company | 16 | 6409 |
| SentinelOne, Inc. - Class A (a) | 25 | 319 |
| ServiceNow, Inc. (a) | 77 | 7999 |
| ServiceTitan, Inc. - Class A (a) | 4 | 241 |
| Silicon Laboratories Inc. (a) | 2 | 495 |
| Sitime Corporation (a) | 2 | 554 |
| Skyworks Solutions, Inc. | 10 | 543 |
| Snowflake Inc. - Class A (a) | 24 | 3625 |
| Soundhound AI, Inc. - Class A (a) (b) | 30 | 203 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Strategy Inc - Class A (a) (b) | 23 | 2846 |
| Super Micro Computer, Inc. (a) | 38 | 865 |
| Synopsys, Inc. (a) | 14 | 5535 |
| TD SYNNEX Corporation | 5 | 871 |
| TE Connectivity Public Limited Company | 21 | 4439 |
| Teledyne Technologies Incorporated (a) | 3 | 2068 |
| Tenable Holdings, Inc. (a) | 11 | 185 |
| Teradyne, Inc. | 12 | 3425 |
| TeraWulf Inc. (a) (b) | 23 | 331 |
| Texas Instruments Incorporated | 66 | 12851 |
| Trimble Inc. (a) | 18 | 1171 |
| TTM Technologies, Inc. (a) | 7 | 646 |
| Twilio Inc. - Class A (a) | 11 | 1362 |
| Tyler Technologies, Inc. (a) | 3 | 1090 |
| Uipath, Inc. - Class A (a) | 25 | 274 |
| Unity Software Inc. (a) | 25 | 549 |
| Universal Display Corporation | 4 | 347 |
| Varonis Systems, Inc. (a) | 11 | 228 |
| VeriSign, Inc. | 6 | 1469 |
| Via Transportation, Inc. - Class A (a) | 3 | 48 |
| ViaSat, Inc. (a) | 7 | 341 |
| Vontier Corporation | 10 | 367 |
| Western Digital Corporation | 25 | 6694 |
| Workday, Inc. - Class A (a) | 15 | 1964 |
| Workiva Inc. - Class A (a) | 4 | 244 |
| Zebra Technologies Corporation - Class A (a) | 4 | 798 |
| Zoom Communications, Inc. - Class A (a) | 18 | 1415 |
| Zscaler, Inc. (a) | 7 | 974 |
| | | 1389909 |
| **Financials 12.6%** | **Financials 12.6%** | **Financials 12.6%** |
| Affiliated Managers Group, Inc. | 2 | 593 |
| Affirm Holdings, Inc. - Class A (a) | 20 | 912 |
| AFLAC Incorporated | 34 | 3774 |
| AGNC Investment Corp. (b) | 82 | 822 |
| Allstate Corporation, The | 19 | 3961 |
| Ally Financial Inc. | 20 | 800 |
| American Express Company | 39 | 11851 |
| American Financial Group, Inc. | 5 | 655 |
| American International Group, Inc. | 39 | 2938 |
| Ameriprise Financial, Inc. | 7 | 2985 |
| Ameris Bancorp | 4 | 307 |
| Annaly Capital Management, Inc. | 49 | 1039 |
| AON Public Limited Company - Class A | 16 | 5058 |
| Apollo Global Management, Inc. | 30 | 3365 |
| Arch Capital Group Ltd. (a) | 25 | 2439 |
| Ares Management Corporation - Class A | 15 | 1592 |
| Arthur J. Gallagher & Co. | 19 | 4016 |
| Associated Banc-Corp | 10 | 266 |
| Assurant, Inc. | 4 | 798 |
| Assured Guaranty Ltd. | 3 | 247 |
| Atlantic Union Bank | 8 | 297 |
| AXIS Capital Holdings Limited | 6 | 563 |
| Axos Financial, Inc. (a) | 4 | 320 |
| BancFirst Corporation | 1 | 137 |
| Bank of America Corporation | 481 | 23452 |
| Bank of New York Mellon Corporation, The (c) | 50 | 5894 |
| Bank OZK | 8 | 348 |
| Berkshire Hathaway Inc. - Class B (a) | 134 | 64257 |
| BlackRock, Inc. | 10 | 9717 |
| Blackstone Inc. - Class A | 54 | 6243 |
| Block, Inc. - Class A (a) | 40 | 2423 |
| Blue Owl Capital Inc. - Class A (b) | 48 | 440 |
| BOK Financial Corporation | 1 | 171 |
| Brown & Brown, Inc. | 20 | 1298 |
| Capital One Financial Corporation | 45 | 8297 |
| Carlyle Group Inc., The | 16 | 772 |
| Charles Schwab Corporation, The | 121 | 11395 |
| Chubb Limited | 27 | 8696 |
| Cincinnati Financial Corporation | 11 | 1803 |
| Citigroup Inc. | 127 | 14447 |
| Citizens Financial Group, Inc. | 32 | 1896 |
| CME Group Inc. - Class A | 26 | 7737 |
| CNO Financial Group, Inc. | 8 | 333 |
| Cohen & Steers, Inc. | 1 | 57 |
| Coinbase Global, Inc. - Class A (a) | 16 | 2854 |
| Columbia Banking System, Inc. | 19 | 523 |
| Commerce Bancshares, Inc. | 10 | 479 |
| Corebridge Financial, Inc. | 17 | 406 |
| Corpay Inc (a) | 5 | 1467 |
| Credit Acceptance Corporation (a) (b) |  | 111 |
| Cullen/Frost Bankers, Inc. | 4 | 554 |
| East West Bancorp, Inc. | 10 | 1043 |
| Equitable Holdings, Inc. | 20 | 749 |
| Erie Indemnity Company - Class A | 2 | 449 |
| Essent Group Ltd. | 7 | 393 |
| Evercore Inc. - Class A | 3 | 776 |
| Everest Group, Ltd. | 3 | 948 |
| F&G Annuities & Life, Inc. | 1 | 30 |
| F.N.B. Corporation | 24 | 396 |
| FactSet Research Systems Inc. | 3 | 593 |
| Federated Hermes, Inc. - Class B | 7 | 389 |
| Fidelity National Financial, Inc. - Class A | 20 | 918 |
| Fidelity National Information Services, Inc. | 38 | 1787 |
| Fifth Third Bancorp | 64 | 2990 |
| Figure Technology Solutions, Inc. - Class A (a) | 3 | 85 |
| First American Financial Corporation | 7 | 428 |
| First Citizens BancShares, Inc. - Class A | 1 | 1180 |
| First Financial Bankshares, Inc. | 6 | 191 |
| First Horizon Corporation | 37 | 835 |
| FirstCash, Inc. | 3 | 506 |
| Fiserv, Inc. (a) | 40 | 2211 |
| Flagstar Bank, National Association | 23 | 306 |
| Franklin Resources, Inc. (b) | 20 | 468 |
| Freedom Holding Corp. (a) (b) | 1 | 147 |
| Galaxy Digital Inc. - Class A (a) | 13 | 245 |
| Glacier Bancorp, Inc. | 10 | 434 |
| Global Payments Inc. | 18 | 1187 |
| Globe Life Inc. | 6 | 857 |
| Goldman Sachs Group, Inc., The | 22 | 18545 |
| Hamilton Lane Incorporated - Class A | 3 | 277 |
| Hancock Whitney Corporation | 6 | 366 |
| Hanover Insurance Group Inc, The | 2 | 377 |
| Hartford Insurance Group, Inc., The | 20 | 2683 |
| Home BancShares, Inc. | 15 | 408 |
| Houlihan Lokey, Inc. - Class A | 4 | 624 |
| Huntington Bancshares Incorporated | 147 | 2308 |
| Independence Holdings, LLC | 10 | 529 |
| Interactive Brokers Group, Inc. - Class A | 31 | 2099 |
| Intercontinental Exchange, Inc. | 42 | 6612 |
| International Bancshares Corporation | 5 | 313 |
| Invesco Ltd. | 25 | 617 |
| Jack Henry & Associates, Inc. | 5 | 829 |
| Jackson Financial Inc. - Class A (c) | 5 | 539 |
| Janus Henderson Group PLC | 8 | 391 |
| Jefferies Financial Group Inc. | 11 | 454 |
| JPMorgan Chase & Co. | 196 | 57775 |
| KeyCorp | 69 | 1392 |
| Kinsale Capital Group, Inc. | 2 | 592 |
| KKR & Co. Inc. - Class A | 49 | 4505 |
| Lazard, Inc. | 7 | 307 |
| Lemonade, Inc. (a) | 4 | 247 |
| Lincoln National Corporation | 14 | 484 |
| Loews Corporation | 13 | 1400 |
| LPL Financial Holdings Inc. | 6 | 1750 |
| M&T Bank Corporation | 11 | 2355 |
| Markel Group Inc. (a) | 1 | 1600 |
| MarketAxess Holdings Inc. | 3 | 432 |
| Marsh & Mclennan Companies, Inc. | 35 | 6130 |
| MasterCard Incorporated - Class A | 59 | 29584 |
| Mercury General Corporation | 2 | 136 |
| MetLife, Inc. | 40 | 2861 |
| MGIC Investment Corporation | 14 | 362 |
| Moelis & Company - Class A | 5 | 265 |
| Moody's Corporation | 11 | 4950 |
| Morgan Stanley | 88 | 14482 |
| Morningstar, Inc. | 2 | 295 |
| MSCI Inc. - Class A | 5 | 2788 |
| Nasdaq, Inc. | 28 | 2367 |
| Northern Trust Corporation | 14 | 1918 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Old National Bancorp | 22 | 496 |
| Old Republic International Corporation | 17 | 679 |
| PayPal Holdings, Inc. | 68 | 3065 |
| PennyMac Financial Services, Inc. | 3 | 232 |
| Pinnacle Financial Partners, Inc. | 11 | 914 |
| Piper Sandler Companies | 5 | 379 |
| PJT Partners Inc. - Class A | 1 | 188 |
| Popular, Inc. | 5 | 607 |
| Primerica, Inc. | 2 | 610 |
| Principal Financial Group, Inc. | 17 | 1495 |
| Progressive Corporation, The | 43 | 8445 |
| Prosperity Bancshares, Inc. | 7 | 443 |
| Prudential Financial, Inc. | 26 | 2556 |
| Radian Group Inc. | 8 | 277 |
| Raymond James Financial, Inc. | 13 | 1831 |
| Regions Financial Corporation | 65 | 1686 |
| Reinsurance Group of America, Incorporated | 5 | 1000 |
| RenaissanceRe Holdings Ltd. | 3 | 952 |
| RITHM Capital Corp. | 43 | 403 |
| RLI Corp. | 7 | 384 |
| Robinhood Markets, Inc. - Class A (a) | 55 | 3801 |
| Rocket Companies, Inc. - Class A | 66 | 941 |
| Ryan Specialty Group Holdings, Inc. - Class A | 7 | 240 |
| S&P Global Inc. | 22 | 9313 |
| SEI Investments Company | 8 | 595 |
| Selective Insurance Group, Inc. | 5 | 361 |
| ServisFirst Bancshares, Inc. | 4 | 281 |
| Shift4 Payments, LLC - Class A (a) (b) | 5 | 234 |
| SLM Corporation | 13 | 271 |
| SoFi Technologies, Inc. (a) | 93 | 1479 |
| Southstate Bank Corporation | 7 | 610 |
| Starwood Property Trust, Inc. (b) | 27 | 468 |
| State Street Corporation | 21 | 2619 |
| StepStone Group Inc. - Class A | 6 | 264 |
| Stifel Financial Corp. | 12 | 852 |
| StoneX Group Inc. (a) | 4 | 353 |
| Synchrony Financial | 25 | 1707 |
| T. Rowe Price Group, Inc. | 16 | 1406 |
| Texas Capital Bancshares, Inc. (a) | 3 | 275 |
| TFS Financial Corporation | 8 | 110 |
| The PNC Financial Services Group, Inc. | 30 | 6163 |
| Toast, Inc. - Class A (a) | 37 | 983 |
| TPG Inc. - Class A | 8 | 326 |
| Tradeweb Markets Inc. - Class A | 8 | 999 |
| Travelers Companies, Inc., The | 16 | 4608 |
| Truist Financial Corporation | 93 | 4270 |
| U.S. Bancorp | 113 | 5868 |
| UMB Financial Corporation | 5 | 611 |
| United Bankshares, Inc. | 11 | 467 |
| United Community Banks, Inc. | 8 | 247 |
| Unum Group | 11 | 823 |
| Upstart Holdings, Inc. (a) (b) | 5 | 126 |
| Valley National Bancorp | 29 | 361 |
| Victory Capital Holdings, Inc. - Class A | 4 | 244 |
| Visa Inc. - Class A | 123 | 37038 |
| Voya Financial, Inc. | 7 | 465 |
| W. R. Berkley Corporation | 22 | 1447 |
| Webster Financial Corporation | 13 | 874 |
| Wells Fargo & Company | 225 | 17947 |
| Western Alliance Bancorporation | 9 | 626 |
| Wex, Inc. (a) | 2 | 362 |
| White Mountains Insurance Group Ltd. |  | 321 |
| Willis Towers Watson Public Limited Company | 7 | 1952 |
| Wintrust Financial Corporation | 5 | 642 |
| Zions Bancorporation, National Association | 9 | 516 |
| | | 564402 |
| **Industrials 10.1%** | **Industrials 10.1%** | **Industrials 10.1%** |
| 3M Company | 39 | 5610 |
| A. O. Smith Corporation | 8 | 507 |
| AAON, Inc. | 4 | 370 |
| Acuity Brands, Inc. | 2 | 624 |
| Advanced Drainage Systems, Inc. | 5 | 713 |
| AECOM | 9 | 779 |
| AeroVironment, Inc. (a) | 3 | 478 |
| AGCO Corporation | 5 | 552 |
| Air Lease Corporation - Class A | 6 | 388 |
| Alaska Air Group, Inc. (a) | 9 | 340 |
| Allegion Public Limited Company | 6 | 884 |
| Allison Systems, Inc. | 6 | 689 |
| Amentum Holdings, Inc. (a) | 10 | 262 |
| American Airlines Group Inc. (a) | 48 | 519 |
| AMETEK, Inc. | 17 | 3537 |
| API Group Corporation (a) | 27 | 1082 |
| Applied Industrial Technologies, Inc. | 3 | 746 |
| Archer Aviation Inc. - Class A (a) (b) | 38 | 197 |
| Arcosa, Inc. | 4 | 398 |
| Argan, Inc. | 1 | 496 |
| Armstrong World Industries, Inc. | 3 | 502 |
| ATI Inc. (a) | 10 | 1460 |
| Automatic Data Processing, Inc. | 29 | 5958 |
| Avis Budget Group, Inc. (a) (b) | 1 | 182 |
| Axon Enterprise, Inc. (a) | 6 | 2377 |
| Bloom Energy Corporation - Class A (a) | 19 | 2596 |
| Boeing Company, The (a) | 57 | 11385 |
| Booz Allen Hamilton Holding Corporation - Class A | 10 | 747 |
| Brink's Company, The | 3 | 290 |
| Broadridge Financial Solutions, Inc. | 8 | 1324 |
| Builders FirstSource, Inc. (a) | 9 | 700 |
| BWXT Government Group, Inc. | 7 | 1347 |
| C.H. Robinson Worldwide, Inc. | 9 | 1455 |
| CACI International Inc. - Class A (a) | 2 | 920 |
| Carlisle Companies Incorporated | 3 | 969 |
| Carpenter Technology Corporation | 3 | 1376 |
| Carrier Global Corporation | 57 | 3206 |
| Casella Waste Systems, Inc. - Class A (a) | 5 | 387 |
| Caterpillar Inc. | 34 | 24030 |
| Chart Industries, Inc. (a) | 3 | 668 |
| Cintas Corporation | 25 | 4233 |
| Clean Harbors, Inc. (a) | 4 | 1029 |
| CNH Industrial N.V. | 64 | 701 |
| Comfort Systems USA, Inc. | 3 | 3555 |
| Construction Partners, Inc. - Class A (a) | 4 | 404 |
| Copart, Inc. (a) | 61 | 2039 |
| Core & Main, Inc. - Class A (a) | 13 | 636 |
| Crane Company | 4 | 648 |
| CSW Industrials, Inc. | 1 | 249 |
| CSX Corporation | 137 | 5624 |
| Cummins Inc. | 10 | 5414 |
| Curtiss-Wright Corporation | 3 | 1872 |
| Deere & Company | 18 | 10236 |
| Delta Air Lines, Inc. | 46 | 3084 |
| Donaldson Company, Inc. | 9 | 759 |
| Dover Corporation | 10 | 2137 |
| Dycom Industries, Inc. (a) | 2 | 695 |
| Eaton Corporation Public Limited Company | 28 | 10095 |
| EMCOR Group, Inc. | 3 | 2434 |
| Emerson Electric Co. | 41 | 5426 |
| EnerSys | 3 | 443 |
| Enpro Inc. | 1 | 351 |
| Eos Energy Enterprises, Inc. - Class A (a) (b) | 19 | 93 |
| Equifax Inc. | 9 | 1658 |
| ESAB Corporation | 4 | 405 |
| ESCO Technologies Inc. | 2 | 467 |
| Everus Construction Group, Inc. (a) | 3 | 393 |
| ExlService Holdings, Inc. (a) | 13 | 402 |
| Expeditors International of Washington, Inc. - Class A | 10 | 1382 |
| Exponent, Inc. | 3 | 187 |
| Fastenal Company | 84 | 3887 |
| Federal Signal Corporation | 5 | 534 |
| FedEx Corporation | 16 | 5776 |
| Ferguson Enterprises Inc. | 15 | 3385 |
| Flowserve Corporation | 10 | 753 |
| Fluor Corporation (a) | 11 | 517 |
| Fortive Corporation | 23 | 1269 |
| Fortune Brands Innovations, Inc. | 8 | 299 |
| Franklin Electric Co., Inc. | 3 | 276 |
| FTI Consulting, Inc. (a) | 2 | 438 |
| Gates Industrial Corporation PLC (a) | 17 | 393 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GATX Corporation | 3 | 482 |
| GE Vernova Inc. | 20 | 17151 |
| Generac Holdings Inc. (a) | 4 | 834 |
| General Dynamics Corporation | 18 | 6115 |
| General Electric Company | 76 | 21652 |
| Genpact Limited | 11 | 408 |
| Graco Inc. | 12 | 1046 |
| Granite Construction Incorporated (b) | 3 | 416 |
| Griffon Corporation | 3 | 195 |
| GXO Logistics Inc. (a) | 8 | 435 |
| HEICO Corporation | 3 | 888 |
| HEICO Corporation - Class A | 6 | 1241 |
| Herc Holdings Inc. | 2 | 247 |
| Hexcel Corporation | 5 | 425 |
| Honeywell International Inc. | 46 | 10472 |
| Howmet Aerospace Inc. | 28 | 6517 |
| Hubbell Incorporated | 4 | 1904 |
| Huntington Ingalls Industries, Inc. | 3 | 1047 |
| IDEX Corporation | 5 | 923 |
| IES Holdings, Inc. (a) | 1 | 256 |
| Illinois Tool Works Inc. | 21 | 5451 |
| Ingersoll Rand Inc. | 28 | 2272 |
| ITT Inc. | 6 | 1131 |
| J.B. Hunt Transport Services, Inc. | 5 | 1156 |
| Jacobs Solutions Inc. | 8 | 1065 |
| JBT Marel Corporation | 4 | 501 |
| Joby Aviation, Inc. - Class A (a) | 37 | 305 |
| Johnson Controls International Public Limited Company | 44 | 5803 |
| Karman Holdings Inc. (a) (b) | 3 | 241 |
| KBR, Inc. | 9 | 335 |
| Kirby Corporation (a) | 4 | 470 |
| Knight-Swift Transportation Holdings Inc. - Class A | 12 | 705 |
| Korn Ferry | 4 | 253 |
| Kratos Defense & Security Solutions, Inc. (a) | 13 | 889 |
| L3Harris Technologies, Inc. | 14 | 4685 |
| Landstar System, Inc. | 2 | 391 |
| Leidos Holdings, Inc. | 9 | 1342 |
| Lennox International Inc. | 2 | 1139 |
| Leonardo DRS, Inc. | 5 | 220 |
| Lincoln Electric Holdings, Inc. | 4 | 1073 |
| Loar Holdings Inc. (a) (b) | 2 | 101 |
| Lockheed Martin Corporation | 14 | 8595 |
| Lyft, Inc. - Class A (a) | 28 | 371 |
| Masco Corporation | 15 | 888 |
| MasTec, Inc. (a) | 4 | 1438 |
| Maximus, Inc. | 4 | 273 |
| Mercury Systems, Inc. (a) | 4 | 262 |
| Middleby Corporation, The (a) | 4 | 516 |
| Mine Safety Appliances Company, LLC | 3 | 432 |
| Modine Manufacturing Company (a) | 3 | 732 |
| MOOG Inc. - Class A | 2 | 584 |
| MSC Industrial Direct Co., Inc. - Class A | 4 | 328 |
| Mueller Industries, Inc. | 8 | 863 |
| Mueller Water Products, Inc. - Class A | 11 | 310 |
| NextPower LLC - Class A (a) | 11 | 1300 |
| Nordson Corporation | 4 | 967 |
| Norfolk Southern Corporation | 17 | 4753 |
| Northrop Grumman Corporation | 10 | 7088 |
| NuScale Power, LLC - Class A (a) | 23 | 244 |
| Nvent Electric Public Limited Company | 11 | 1355 |
| Old Dominion Freight Line, Inc. | 13 | 2618 |
| Oshkosh Corporation | 4 | 623 |
| Otis Worldwide Corporation | 29 | 2231 |
| Owens Corning | 7 | 719 |
| PACCAR Inc | 38 | 4344 |
| Parker-Hannifin Corporation | 9 | 7901 |
| Parsons Corporation (a) | 4 | 210 |
| Paychex, Inc. | 24 | 2222 |
| Paycom Software, Inc. | 4 | 439 |
| Paylocity Holding Corporation (a) | 3 | 325 |
| Pentair Public Limited Company | 12 | 1029 |
| Powell Industries, Inc. | 1 | 328 |
| Primoris Services Corporation | 3 | 483 |
| Quanta Services, Inc. | 11 | 5938 |
| Qxo, Inc. (a) (b) | 49 | 944 |
| RBC Bearings Incorporated (a) | 2 | 1177 |
| Regal Rexnord Corporation | 5 | 921 |
| Republic Services, Inc. | 14 | 3168 |
| Rocket Lab USA, Inc. (a) | 36 | 2293 |
| Rockwell Automation, Inc. | 8 | 2931 |
| Rollins, Inc. | 21 | 1103 |
| RTX Corporation | 97 | 18803 |
| Rush Enterprises, Inc. - Class A | 4 | 289 |
| Ryder System, Inc. | 3 | 621 |
| Saia, Inc. (a) | 2 | 734 |
| Science Applications International Corporation | 4 | 368 |
| Sensata Technologies Holding PLC | 11 | 392 |
| Simpson Manufacturing Co., Inc. | 3 | 540 |
| SiteOne Landscape Supply, Inc. (a) | 3 | 461 |
| SkyWest, Inc. (a) | 3 | 304 |
| Snap-on Incorporated | 4 | 1322 |
| Southwest Airlines Co. | 34 | 1278 |
| SPX Technologies, Inc. (a) | 4 | 719 |
| SS&C Technologies Holdings, Inc. | 16 | 1094 |
| StandardAero, Inc. (a) | 6 | 145 |
| Stanley Black & Decker, Inc. | 11 | 802 |
| Sterling Infrastructure, Inc. (a) | 2 | 912 |
| Sunrun Inc. (a) | 15 | 206 |
| Tetra Tech, Inc. | 17 | 526 |
| Textron Inc. | 13 | 1124 |
| Timken Company, The | 5 | 468 |
| Toro Company, The | 7 | 695 |
| Trane Technologies Public Limited Company | 16 | 6710 |
| TransDigm Group Incorporated | 4 | 4747 |
| TransUnion | 14 | 963 |
| Trex Company, Inc. (a) | 9 | 327 |
| Uber Technologies, Inc. (a) | 151 | 10881 |
| UFP Industries, Inc. | 4 | 352 |
| U-Haul Holding Company (a) | 1 | 56 |
| U-Haul Holding Company - Series N | 7 | 308 |
| UL Solutions Inc. - Class A | 6 | 517 |
| Union Pacific Corporation | 43 | 10461 |
| United Airlines Holdings, Inc. (a) | 24 | 2167 |
| United Parcel Service, Inc. - Class B | 54 | 5277 |
| United Rentals, Inc. | 5 | 3397 |
| Valmont Industries, Inc. | 2 | 627 |
| Veralto Corporation | 17 | 1538 |
| Verisk Analytics, Inc. | 10 | 1881 |
| Verra Mobility Corporation - Class A (a) | 14 | 199 |
| Vertiv Holdings Co - Class A | 27 | 6819 |
| VSE Corporation | 1 | 264 |
| W.W. Grainger, Inc. | 3 | 3609 |
| Waste Management, Inc. | 27 | 6134 |
| Watsco, Inc. | 3 | 970 |
| Watts Water Technologies, Inc. - Class A | 2 | 577 |
| WESCO International, Inc. | 3 | 943 |
| Westinghouse Air Brake Technologies Corporation | 13 | 3161 |
| Willscot Holdings Corporation - Class A | 10 | 178 |
| Woodward, Inc. | 4 | 1534 |
| XPO, Inc. (a) | 9 | 1697 |
| Xylem Inc. | 17 | 2065 |
| Zurn Elkay Water Solutions Corporation | 12 | 550 |
| | | 451768 |
| **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** | **Consumer Discretionary 10.0%** |
| Abercrombie & Fitch Co. - Class A (a) | 4 | 367 |
| Acushnet Holdings Corp. | 2 | 208 |
| ADT, Inc. | 20 | 134 |
| Airbnb, Inc. - Class A (a) | 30 | 3849 |
| Amazon.com, Inc. (a) | 715 | 148962 |
| Aptiv PLC (a) | 15 | 1071 |
| Aramark | 18 | 722 |
| Asbury Automotive Group, Inc. (a) | 1 | 249 |
| Autoliv, Inc. | 5 | 566 |
| AutoNation, Inc. (a) | 2 | 400 |
| AutoZone, Inc. (a) | 1 | 4063 |
| Bath & Body Works, Inc. | 14 | 258 |
| Best Buy Co., Inc. | 15 | 944 |
| Booking Holdings Inc. | 2 | 9797 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Boot Barn Holdings, Inc. (a) | 2 | 344 |
| BorgWarner Inc. | 16 | 855 |
| Boyd Gaming Corporation | 5 | 391 |
| Bright Horizons Family Solutions, Inc. (a) | 4 | 315 |
| Brinker International, Inc. (a) | 3 | 410 |
| Brunswick Corporation | 5 | 375 |
| Burlington Stores, Inc. (a) | 4 | 1452 |
| Caesars Entertainment, Inc. (a) | 14 | 377 |
| CarMax, Inc. (a) | 10 | 412 |
| Carnival Corporation | 80 | 2082 |
| Carvana Co. - Class A (a) | 10 | 3160 |
| CAVA Group, Inc. (a) | 6 | 525 |
| Cavco Industries, Inc. (a) | 1 | 284 |
| Chewy, Inc. - Class A (a) | 16 | 420 |
| Chipotle Mexican Grill, Inc. (a) | 96 | 3059 |
| Choice Hotels International, Inc. (b) | 2 | 182 |
| Churchill Downs Incorporated | 5 | 458 |
| Coupang, Inc. - Class A (a) | 99 | 1878 |
| Covista Inc. (a) | 2 | 264 |
| Crocs, Inc. (a) | 3 | 251 |
| D.R. Horton, Inc. | 18 | 2523 |
| Darden Restaurants, Inc. | 8 | 1652 |
| Deckers Outdoor Corporation (a) | 11 | 1077 |
| Dick's Sporting Goods, Inc. | 5 | 960 |
| Dillard's, Inc. - Class A (b) |  | 164 |
| DK Crown Holdings Inc. - Class A (a) | 37 | 795 |
| Domino's Pizza, Inc. | 2 | 821 |
| DoorDash, Inc. - Class A (a) | 27 | 4060 |
| Dorman Products, Inc. (a) | 2 | 218 |
| Duolingo, Inc. - Class A (a) | 3 | 336 |
| Dutch Bros Inc. - Class A (a) | 7 | 374 |
| eBay Inc. | 33 | 2972 |
| ETSY, Inc. (a) | 8 | 407 |
| Expedia Group, Inc. | 9 | 1986 |
| Five Below, Inc. (a) | 4 | 848 |
| Floor & Decor Holdings, Inc. - Class A (a) | 7 | 352 |
| Flutter Entertainment Public Limited Company (a) | 13 | 1275 |
| Ford Motor Company | 288 | 3320 |
| Frontdoor, Inc. (a) | 6 | 294 |
| GameStop Corp. - Class A (a) (b) | 30 | 694 |
| Gap, Inc., The | 18 | 429 |
| Garmin Ltd. | 12 | 2743 |
| General Motors Company | 65 | 4857 |
| Gentex Corporation | 16 | 346 |
| Genuine Parts Company | 10 | 1083 |
| Global Business Travel Group, Inc. - Class A (a) | 6 | 34 |
| Grand Canyon Education, Inc. (a) | 2 | 269 |
| Group 1 Automotive, Inc. | 1 | 256 |
| H & R Block, Inc. | 10 | 311 |
| Hasbro, Inc. | 10 | 936 |
| Hilton Worldwide Holdings Inc. | 16 | 4863 |
| Home Depot, Inc., The | 72 | 23829 |
| Hyatt Hotels Corporation - Class A (b) | 3 | 414 |
| Installed Building Products, Inc. (b) | 2 | 419 |
| KB Home | 5 | 246 |
| Kontoor Brands, Inc. | 4 | 301 |
| Las Vegas Sands Corp. | 22 | 1189 |
| Laureate Education, Inc. - Class A (a) | 10 | 354 |
| Lear Corporation | 4 | 429 |
| Lennar Corporation - Class A | 14 | 1223 |
| Lennar Corporation - Class B | 1 | 98 |
| Liberty Live Holdings, Inc. - Series A (a) | 1 | 111 |
| Liberty Live Holdings, Inc. - Series C (a) | 3 | 252 |
| Life Time Group Holdings, Inc. (a) | 9 | 253 |
| Lithia Motors, Inc. - Class A | 2 | 411 |
| LKQ Corporation | 17 | 514 |
| Lowe`s Companies, Inc. | 41 | 9630 |
| Lucid Group, Inc. (a) (b) | 8 | 79 |
| Lululemon Athletica Inc. (a) | 7 | 1084 |
| Macy's, Inc. | 21 | 372 |
| Marriott International, Inc. - Class A | 16 | 5305 |
| Mattel, Inc. (a) | 24 | 344 |
| McDonald's Corporation | 52 | 16139 |
| MercadoLibre, Inc. (a) | 3 | 5873 |
| Meritage Homes Corporation | 5 | 310 |
| MGM Resorts International (a) | 15 | 550 |
| Mohawk Industries, Inc. (a) | 4 | 355 |
| Murphy USA Inc. | 1 | 687 |
| Nike, Inc. - Class B | 83 | 4363 |
| Norwegian Cruise Line Holdings Ltd. (a) (b) | 32 | 598 |
| NVR, Inc. (a) |  | 1292 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 5 | 424 |
| O'Reilly Automotive, Inc. (a) | 61 | 5639 |
| Penske Automotive Group, Inc. | 1 | 205 |
| Planet Fitness, Inc. - Class A (a) | 6 | 418 |
| Pool Corporation | 3 | 590 |
| PulteGroup, Inc. | 15 | 1711 |
| PVH Corp. | 3 | 232 |
| Quantumscape Battery, Inc. - Class A (a) (b) | 32 | 205 |
| Ralph Lauren Corporation - Class A | 3 | 1003 |
| Rivian Automotive, Inc. - Class A (a) | 53 | 796 |
| Ross Stores, Inc. | 23 | 5063 |
| Royal Caribbean Cruises Ltd. | 18 | 5089 |
| Service Corporation International | 11 | 868 |
| Shake Shack, Inc. - Class A (a) | 3 | 266 |
| Skyline Champion Corporation (a) | 4 | 328 |
| Somnigroup International Inc. | 13 | 971 |
| Starbucks Corporation | 83 | 7404 |
| Tapestry, Inc. | 15 | 2155 |
| Taylor Morrison Home II Corporation - Class A (a) | 6 | 378 |
| Tesla Inc. (a) | 205 | 76367 |
| Texas Roadhouse, Inc. - Class A | 5 | 848 |
| Thor Industries, Inc. | 4 | 329 |
| TJX Companies, Inc., The | 81 | 12881 |
| Toll Brothers, Inc. | 7 | 896 |
| TopBuild Corp. (a) | 2 | 683 |
| Tractor Supply Company | 37 | 1673 |
| Travel + Leisure Co. | 4 | 283 |
| Ulta Beauty, Inc. (a) | 3 | 1735 |
| Urban Outfitters, Inc. (a) | 5 | 304 |
| V.F. Corporation | 24 | 402 |
| Vail Resorts, Inc. (b) | 3 | 376 |
| Valvoline, Inc. (a) | 8 | 283 |
| Wayfair Inc. - Class A (a) | 8 | 577 |
| Whirlpool Corporation (b) | 5 | 250 |
| Williams-Sonoma, Inc. | 9 | 1639 |
| Wingstop Inc. | 2 | 299 |
| Wyndham Hotels & Resorts, Inc. | 5 | 434 |
| Wynn Resorts, Limited | 6 | 590 |
| Yum! Brands, Inc. | 21 | 3208 |
| | | 445165 |
| **Communication Services 9.8%** | **Communication Services 9.8%** | **Communication Services 9.8%** |
| Alphabet Inc. - Class A | 424 | 122041 |
| Alphabet Inc. - Class C | 369 | 105826 |
| AST Spacemobile, Inc. - Class A (a) (b) | 18 | 1453 |
| AT&T Inc. | 509 | 14763 |
| Comcast Corporation - Class A | 264 | 7588 |
| Digital World Acquisition Corp. (a) | 8 | 72 |
| EchoStar Corporation - Class A (a) (b) | 10 | 1133 |
| Electronic Arts Inc. | 17 | 3370 |
| Former Charter Communications Parent, Inc. - Class A (a) | 7 | 1435 |
| Fox Corporation - Class A | 16 | 911 |
| Fox Corporation - Class B | 11 | 571 |
| Globalstar, Inc. (a) | 4 | 248 |
| Liberty Broadband Corporation - Series A (a) | 1 | 46 |
| Liberty Broadband Corporation - Series C (a) | 7 | 340 |
| Liberty Global Ltd. - Class A (a) | 14 | 173 |
| Liberty Global Ltd. - Class C (a) | 3 | 37 |
| Liberty Media Corporation - Series A (a) | 2 | 160 |
| Liberty Media Corporation - Series C (a) | 15 | 1277 |
| Live Nation Entertainment, Inc. (a) | 10 | 1573 |
| Lumen Technologies, Inc. (a) | 61 | 426 |
| Match Group, Inc. | 16 | 498 |
| Meta Platforms, Inc. - Class A | 159 | 91219 |
| Netflix, Inc. (a) | 308 | 29593 |
| News Corporation - Class A | 28 | 704 |
| News Corporation - Class B | 8 | 232 |
| Nexstar Media Group, Inc. - Class A | 2 | 348 |
| Omnicom Group Inc. | 22 | 1681 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Paramount Skydance Corporation - Class B (b) | 64 | 580 |
| Pinterest, Inc. - Class A (a) | 45 | 827 |
| Reddit, Inc. - Class A (a) | 10 | 1296 |
| Roblox Corporation - Class A (a) | 47 | 2637 |
| Roku, Inc. - Class A (a) | 9 | 895 |
| Sirius XM Holdings Inc. (b) | 15 | 338 |
| Snap Inc. - Class A (a) | 87 | 400 |
| Sphere Entertainment Co. - Class A (a) | 1 | 353 |
| Take-Two Interactive Software, Inc. (a) | 12 | 2390 |
| Telephone and Data Systems, Inc. | 7 | 294 |
| The New York Times Company - Class A | 11 | 913 |
| TKO Group Holdings Inc. - Class A | 5 | 997 |
| T-Mobile US, Inc. | 35 | 7257 |
| Trade Desk, Inc., The - Class A (a) | 34 | 775 |
| Verizon Communications Inc. | 307 | 15429 |
| Walt Disney Company, The | 130 | 12498 |
| Warner Bros. Discovery, Inc. - Series A (a) | 164 | 4500 |
| Warner Music Group Corp. - Class A | 12 | 296 |
| | | 440393 |
| **Health Care 9.7%** | **Health Care 9.7%** | **Health Care 9.7%** |
| Abbott Laboratories | 127 | 13013 |
| AbbVie Inc. | 129 | 27991 |
| ADMA Biologics, Inc. (a) | 16 | 144 |
| Agilent Technologies, Inc. | 21 | 2397 |
| Align Technology, Inc. (a) | 5 | 842 |
| Alignment Healthcare, Inc. (a) | 10 | 174 |
| Alkermes Public Limited Company (a) | 11 | 398 |
| Alnylam Pharmaceuticals, Inc. (a) | 9 | 3105 |
| Amgen Inc. | 39 | 13787 |
| Arcellx Inc. (a) | 3 | 363 |
| Arrowhead Pharmaceuticals Inc (a) | 9 | 560 |
| Avantor, Inc. (a) | 54 | 422 |
| Axsome Therapeutics, Inc. (a) | 3 | 464 |
| Baxter International Inc. | 37 | 614 |
| Becton, Dickinson and Company | 21 | 3290 |
| Biogen Inc. (a) | 10 | 1911 |
| BioMarin Pharmaceutical Inc. (a) | 14 | 786 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 1 | 373 |
| Bio-Techne Corporation | 12 | 616 |
| Boston Scientific Corporation (a) | 107 | 6719 |
| Bridgebio Pharma, Inc. (a) | 10 | 734 |
| Brightspring Health Services, Inc. (a) | 4 | 179 |
| Bristol-Myers Squibb Company | 148 | 8954 |
| Bruker Corporation | 8 | 273 |
| Canticle Pharmaceuticals, Inc. (a) | 1 | 668 |
| Cardinal Health, Inc. | 17 | 3690 |
| Cencora, Inc. | 13 | 4207 |
| Centene Corporation (a) | 33 | 1087 |
| Charles River Laboratories International, Inc. (a) | 3 | 602 |
| Chemed Corporation | 1 | 386 |
| Cigna Group, The | 19 | 5071 |
| Cooper Companies, Inc., The (a) | 14 | 1034 |
| Corcept Therapeutics Incorporated (a) | 8 | 321 |
| CorVel Corporation (a) | 2 | 103 |
| Crinetics Pharmaceuticals, Inc. (a) | 7 | 254 |
| CRISPR Therapeutics AG (a) (b) | 8 | 364 |
| CVS Health Corporation | 92 | 6597 |
| Cytokinetics, Incorporated (a) | 8 | 511 |
| Danaher Corporation | 47 | 8902 |
| Davita Inc. (a) | 3 | 455 |
| DexCom, Inc. (a) | 29 | 1800 |
| Doximity, Inc. - Class A (a) | 10 | 227 |
| Edwards Lifesciences Corporation (a) | 42 | 3327 |
| Elanco Animal Health Incorporated (a) | 37 | 883 |
| Elevance Health, Inc. | 16 | 4756 |
| Eli Lilly and Company | 58 | 53373 |
| Encompass Health Corporation | 7 | 698 |
| Ensign Group, Inc., The | 4 | 816 |
| Exelixis, Inc. (a) | 19 | 806 |
| GE HealthCare Technologies Inc. | 33 | 2366 |
| Gilead Sciences, Inc. | 90 | 12571 |
| Glaukos Corporation (a) | 4 | 445 |
| Globus Medical, Inc. - Class A (a) | 8 | 681 |
| Guardant Health, Inc. (a) | 9 | 851 |
| Halozyme Therapeutics, Inc. (a) | 9 | 584 |
| HCA Healthcare, Inc. | 12 | 5560 |
| HealthEquity, Inc. (a) | 7 | 580 |
| Henry Schein, Inc. (a) | 8 | 621 |
| Hims & Hers Health, Inc. - Class A (a) (b) | 17 | 355 |
| Hologic, Inc. (a) | 17 | 1278 |
| Humana Inc. | 9 | 1505 |
| IDEXX Laboratories, Inc. (a) | 6 | 3124 |
| Illumina, Inc. (a) | 11 | 1394 |
| Incyte Corporation (a) | 12 | 1116 |
| Insmed Incorporated (a) | 15 | 2485 |
| Insulet Corporation (a) | 5 | 1058 |
| Intuitive Surgical, Inc. (a) | 26 | 11887 |
| Ionis Pharmaceuticals, Inc. (a) | 11 | 854 |
| IQVIA Holdings Inc (a) | 13 | 2131 |
| Irhythm Holdings, Inc. (a) | 2 | 255 |
| Jazz Pharmaceuticals Public Limited Company (a) | 4 | 815 |
| Johnson & Johnson | 175 | 42895 |
| Krystal Biotech, Inc. (a) | 2 | 455 |
| Kymera Therapeutics, Inc. (a) | 3 | 285 |
| Labcorp Holdings Inc. | 6 | 1626 |
| Lantheus Holdings, Inc. (a) | 4 | 331 |
| Masimo Corporation (a) | 3 | 591 |
| McKesson Corporation | 9 | 7779 |
| Medline Inc. - Class A (a) | 31 | 1370 |
| Medpace Holdings, Inc. (a) | 2 | 832 |
| Medtronic, Inc. | 93 | 8098 |
| Merck & Co., Inc. | 181 | 21761 |
| Merit Medical Systems, Inc. (a) | 4 | 252 |
| Mettler-Toledo International Inc. (a) | 1 | 1854 |
| Moderna, Inc. (a) | 25 | 1250 |
| Molina Healthcare, Inc. (a) | 4 | 511 |
| Natera, Inc. (a) | 10 | 2017 |
| Neurocrine Biosciences, Inc. (a) | 7 | 976 |
| Nuvalent, Inc. - Class A (a) | 4 | 377 |
| Option Care Health, Inc. (a) | 12 | 318 |
| Penumbra, Inc. (a) | 3 | 887 |
| Pfizer Inc. | 414 | 11624 |
| Praxis Precision Medicines, Inc. (a) | 1 | 476 |
| Protagonist Therapeutics, Inc. (a) | 4 | 400 |
| PTC Therapeutics, Inc. (a) | 6 | 399 |
| Quest Diagnostics Incorporated | 8 | 1576 |
| RadNet, Inc. (a) | 5 | 293 |
| Regeneron Pharmaceuticals, Inc. | 7 | 5646 |
| Repligen Corporation (a) | 4 | 448 |
| ResMed Inc. | 11 | 2447 |
| Revolution Medicines, Inc. (a) | 13 | 1260 |
| Revvity, Inc. | 8 | 712 |
| Rhythm Pharmaceuticals, Inc. (a) | 4 | 353 |
| Roivant Sciences Ltd. (a) | 30 | 835 |
| Royalty Pharma PLC - Class A | 25 | 1214 |
| Soleno Therapeutics, Inc. (a) | 5 | 151 |
| Solventum Corporation (a) | 11 | 708 |
| Sotera Health LLC (a) | 10 | 138 |
| Steris Public Limited Company | 7 | 1459 |
| Stryker Corporation | 26 | 8655 |
| Summit Therapeutics Inc. (a) (b) | 10 | 194 |
| Teleflex Incorporated | 3 | 364 |
| Tempus AI, Inc. - Class A (a) (b) | 7 | 332 |
| Tenet Healthcare Corporation (a) | 6 | 1192 |
| TG Therapeutics, Inc. (a) | 8 | 268 |
| Thermo Fisher Scientific Inc. | 27 | 13462 |
| TransMedics Group, Inc. (a) | 2 | 224 |
| uniQure N.V. (a) | 4 | 73 |
| United Therapeutics Corporation (a) | 3 | 1641 |
| UnitedHealth Group Incorporated | 66 | 17934 |
| Universal Health Services, Inc. - Class B | 4 | 641 |
| Vaxcyte, Inc. (a) | 8 | 463 |
| Veeva Systems Inc. - Class A (a) | 11 | 1923 |
| Vertex Pharmaceuticals Incorporated (a) | 18 | 8243 |
| Viatris Inc. | 82 | 1102 |
| Viking Therapeutics, Inc. (a) | 9 | 283 |
| Waters Corporation (a) | 7 | 2116 |
| Waystar Holding Corp. (a) | 6 | 135 |
| West Pharmaceutical Services, Inc. | 5 | 1308 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zimmer Biomet Holdings, Inc. | 14 | 1285 |
| Zoetis Inc. - Class A | 31 | 3631 |
| | | 431636 |
| **Consumer Staples 5.0%** | **Consumer Staples 5.0%** | **Consumer Staples 5.0%** |
| Albertsons Companies, Inc. - Class A | 29 | 487 |
| Altria Group, Inc. | 122 | 8081 |
| Archer-Daniels-Midland Company | 33 | 2371 |
| Bellring Intermediate Holdings, Inc. (a) | 10 | 166 |
| BJ's Wholesale Club Holdings, Inc. (a) | 8 | 765 |
| Brown-Forman Corporation - Class A | 3 | 93 |
| Brown-Forman Corporation - Class B | 21 | 562 |
| Bunge Global S.A. | 9 | 1197 |
| Cal-Maine Foods, Inc. | 4 | 283 |
| Campbell's Company, The (b) | 16 | 346 |
| Casey's General Stores, Inc. | 3 | 1914 |
| Celsius Holdings, Inc. (a) | 12 | 439 |
| Church & Dwight Co., Inc. | 18 | 1666 |
| Clorox Company, The | 9 | 903 |
| Coca-Cola Company, The | 285 | 21661 |
| Coca-Cola Consolidated, Inc. | 4 | 783 |
| Colgate-Palmolive Company | 59 | 5029 |
| Conagra Brands, Inc. | 34 | 540 |
| Constellation Brands, Inc. - Class A | 11 | 1582 |
| Costco Wholesale Corporation | 32 | 32243 |
| Coty Inc. - Class A (a) | 10 | 21 |
| Darling Ingredients Inc. (a) | 10 | 639 |
| Dollar General Corporation | 16 | 1908 |
| Dollar Tree, Inc. (a) | 13 | 1460 |
| e.l.f. Beauty, Inc. (a) | 4 | 236 |
| Estee Lauder Companies Inc., The - Class A | 18 | 1294 |
| General Mills, Inc. | 39 | 1462 |
| Hershey Company, The | 11 | 2204 |
| Hormel Foods Corporation | 22 | 509 |
| Ingredion Incorporated | 5 | 537 |
| J. M. Smucker Company, The | 7 | 696 |
| Kenvue Inc. | 126 | 2177 |
| Keurig Dr Pepper Inc. | 90 | 2375 |
| Kimberly-Clark Corporation | 24 | 2341 |
| Kraft Heinz Company, The | 64 | 1442 |
| Kroger Co., The | 43 | 3120 |
| Lamb Weston Holdings, Inc. | 9 | 376 |
| Maplebear Inc. (a) | 13 | 502 |
| McCormick & Company, Incorporated | 19 | 980 |
| Molson Coors Beverage Company - Class B (b) | 12 | 497 |
| Mondelez International, Inc. - Class A | 95 | 5455 |
| Monster Beverage 1990 Corporation (a) | 51 | 3667 |
| PepsiCo, Inc. | 100 | 15498 |
| Performance Food Group Company (a) | 12 | 988 |
| Philip Morris International Inc. | 113 | 18720 |
| Pilgrim's Pride Corporation | 2 | 63 |
| Post Holdings, Inc. (a) | 3 | 265 |
| Primo Brands Corporation - Class A | 14 | 269 |
| Procter & Gamble Company, The | 169 | 24470 |
| Reynolds Consumer Products Inc. | 4 | 82 |
| Sprouts Farmers Market, Inc. (a) | 8 | 604 |
| Sysco Corporation | 35 | 2484 |
| Target Corporation | 33 | 4010 |
| The Marzetti Company | 1 | 193 |
| Tyson Foods, Inc. - Class A | 20 | 1291 |
| US Foods Holding Corp. (a) | 16 | 1496 |
| Walmart Inc. | 313 | 38919 |
|  |  | 224361 |
| **Energy 4.0%** | **Energy 4.0%** | **Energy 4.0%** |
| Antero Midstream Corporation | 22 | 512 |
| Antero Resources Corporation (a) | 18 | 777 |
| Apa Corp. | 25 | 1061 |
| Archrock, Inc. | 14 | 485 |
| Baker Hughes Company - Class A | 73 | 4453 |
| California Resources Corporation | 4 | 267 |
| Centrus Energy Corp. - Class A (a) (b) | 1 | 202 |
| Cheniere Energy, Inc. | 16 | 4443 |
| Chevron Corporation | 135 | 27853 |
| Chord Energy Corporation | 5 | 715 |
| CNX Resources Corporation (a) | 9 | 357 |
| Comstock Resources, Inc. (a) | 7 | 153 |
| ConocoPhillips | 90 | 11900 |
| Core Natural Resources, Inc. | 3 | 344 |
| Coterra Energy Inc. | 56 | 1969 |
| Devon Energy Corporation | 43 | 2151 |
| Diamondback Energy, Inc. | 14 | 2714 |
| DT Midstream, Inc. | 7 | 917 |
| EOG Resources, Inc. | 39 | 5708 |
| EQT Corporation | 46 | 2902 |
| Expand Energy Corporation | 17 | 1844 |
| Exxon Mobil Corporation | 303 | 51481 |
| Halliburton Company | 60 | 2336 |
| HF Sinclair Corporation | 12 | 718 |
| Kinder Morgan, Inc. | 144 | 4829 |
| Magnolia Oil & Gas Corporation - Class A | 13 | 400 |
| Marathon Petroleum Corporation | 21 | 5124 |
| Matador Resources Company | 8 | 520 |
| Murphy Oil Corporation | 8 | 325 |
| Noble Corporation PLC (b) | 9 | 457 |
| NOV Inc. | 25 | 463 |
| Occidental Petroleum Corporation | 48 | 3127 |
| ONEOK, Inc. | 45 | 4069 |
| Ovintiv Canada ULC | 22 | 1295 |
| Permian Resources Corporation - Class A | 49 | 1054 |
| Phillips 66 | 29 | 5369 |
| Range Resources Corporation | 17 | 789 |
| SLB Limited | 109 | 5591 |
| Targa Resources Corp. | 15 | 3885 |
| TechnipFMC PLC | 27 | 1892 |
| Texas Pacific Land Corporation | 4 | 1976 |
| Valero Energy Corporation | 22 | 5477 |
| Venture Global, Inc. - Class A | 9 | 142 |
| Viper Energy, Inc. - Class A | 10 | 462 |
| Weatherford International Public Limited Company | 5 | 479 |
| Williams Companies, Inc., The | 89 | 6493 |
|  |  | 180480 |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| AES Corporation, The | 50 | 708 |
| Alliant Energy Corporation | 19 | 1339 |
| Ameren Corporation | 19 | 2126 |
| American Electric Power Company, Inc. | 38 | 4952 |
| American Water Works Company, Inc. | 14 | 1920 |
| Atmos Energy Corporation | 12 | 2141 |
| Black Hills Corporation | 6 | 402 |
| CenterPoint Energy, Inc. | 48 | 2063 |
| Clearway Energy, Inc. - Class A | 2 | 79 |
| Clearway Energy, Inc. - Class C | 6 | 251 |
| CMS Energy Corporation | 21 | 1622 |
| Consolidated Edison, Inc. | 27 | 3014 |
| Constellation Energy Group, Inc. | 25 | 6939 |
| Dominion Energy, Inc. | 62 | 3831 |
| DTE Energy Company | 15 | 2128 |
| Duke Energy Corporation | 56 | 7393 |
| Edison International | 28 | 2031 |
| Entergy Corporation | 33 | 3702 |
| Essential Utilities, Inc. | 18 | 721 |
| Evergy, Inc. | 17 | 1412 |
| Eversource Energy | 27 | 1896 |
| Exelon Corporation | 74 | 3624 |
| FirstEnergy Corp. | 39 | 1959 |
| IDACORP, Inc. | 4 | 534 |
| MDU Resources Group, Inc. | 11 | 227 |
| National Fuel Gas Company | 7 | 681 |
| New Jersey Resources Corporation | 6 | 318 |
| NextEra Energy, Inc. | 152 | 14098 |
| NiSource Inc. | 33 | 1539 |
| NorthWestern Corporation | 3 | 218 |
| NRG Energy, Inc. | 14 | 2038 |
| OGE Energy Corp. | 14 | 695 |
| Oklo Inc. - Class A (a) | 7 | 347 |
| One Gas, Inc. | 4 | 370 |
| Ormat Technologies, Inc. | 4 | 481 |
| PG&E Corporation | 160 | 2818 |
| Pinnacle West Capital Corporation (b) | 8 | 853 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Portland General Electric Company | 9 | 483 |
| PPL Corporation | 52 | 1986 |
| Public Service Enterprise Group Incorporated | 37 | 2981 |
| Sempra | 47 | 4615 |
| Southwest Gas Holdings, Inc. | 4 | 349 |
| Spire Inc. | 5 | 407 |
| Talen Energy Corporation (a) | 3 | 956 |
| The Southern Company | 80 | 7732 |
| TXNM Energy, Inc. | 8 | 454 |
| UGI Corporation | 17 | 615 |
| Vistra Corp. | 24 | 3662 |
| WEC Energy Group Inc. | 23 | 2640 |
| XCEL Energy Inc. | 43 | 3397 |
| | | 111747 |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| Air Products and Chemicals, Inc. | 16 | 4724 |
| Albemarle Corporation | 8 | 1478 |
| Alcoa Corporation | 20 | 1323 |
| Amcor Pty Ltd. | 33 | 1306 |
| AptarGroup, Inc. | 5 | 595 |
| Avery Dennison Corporation | 6 | 986 |
| Axalta Coating Systems Ltd. (a) | 16 | 438 |
| Balchem Corporation | 2 | 415 |
| Ball Corporation | 19 | 1137 |
| Cabot Corporation | 3 | 237 |
| Celanese Corporation - Class A | 8 | 497 |
| CF Industries Holdings, Inc. | 11 | 1457 |
| Cleveland-Cliffs Inc. (a) | 44 | 369 |
| Coeur Mining, Inc. (a) | 72 | 1354 |
| Commercial Metals Company | 8 | 517 |
| Corteva, Inc. | 49 | 4129 |
| CRH Public Limited Company | 49 | 5112 |
| Crown Holdings, Inc. | 9 | 866 |
| Dow Inc. | 51 | 2106 |
| DuPont de Nemours, Inc. | 30 | 1371 |
| Eagle Materials Inc. | 2 | 461 |
| Eastman Chemical Company | 7 | 571 |
| Ecolab Inc. | 18 | 4838 |
| Element Solutions Inc. | 17 | 588 |
| Freeport-McMoRan Inc. | 104 | 6116 |
| Graphic Packaging Holding Company | 18 | 179 |
| Hecla Mining Company | 47 | 866 |
| International Flavors & Fragrances Inc. | 19 | 1370 |
| International Paper Company | 38 | 1350 |
| KRC Materials, Inc. (a) | 3 | 284 |
| Linde Public Limited Company | 34 | 16841 |
| Louisiana-Pacific Corporation (W VA) | 5 | 386 |
| LyondellBasell Industries N.V. - Class A | 18 | 1473 |
| Martin Marietta Materials, Inc. | 5 | 2648 |
| Mosaic Company, The | 20 | 510 |
| MP Materials Corp. - Class A (a) (b) | 9 | 454 |
| NewMarket Corporation | 1 | 379 |
| Newmont Corporation | 79 | 8574 |
| Nucor Corporation | 16 | 2740 |
| Packaging Corporation of America | 6 | 1359 |
| PPG Industries, Inc. | 17 | 1769 |
| Reliance, Inc. | 4 | 1159 |
| Royal Gold, Inc. | 6 | 1502 |
| RPM International Inc. | 9 | 900 |
| Sealed Air Corporation | 9 | 393 |
| Sensient Technologies Corporation | 3 | 288 |
| Sherwin-Williams Company, The | 17 | 5331 |
| Silgan Holdings Inc. (b) | 7 | 267 |
| Smurfit Westrock Public Limited Company | 37 | 1494 |
| Solstice Advanced Materials US, Inc. | 11 | 873 |
| Sonoco Products Company | 8 | 438 |
| Southern Copper Corporation | 7 | 1166 |
| Steel Dynamics, Inc. | 10 | 1814 |
| Vulcan Materials Company | 10 | 2686 |
| Westlake Corporation | 2 | 285 |
|  |  | 102769 |
| **Real Estate 2.2%** | **Real Estate 2.2%** | **Real Estate 2.2%** |
| Agree Realty Corporation (b) | 8 | 634 |
| Alexandria Real Estate Equities, Inc. | 11 | 523 |
| American Healthcare REIT, Inc. | 12 | 588 |
| American Homes 4 Rent - Class A | 21 | 596 |
| American Tower Corporation | 34 | 5832 |
| Americold Realty Trust, Inc. (b) | 21 | 238 |
| AvalonBay Communities, Inc. | 10 | 1644 |
| Brixmor Property Group Inc. | 23 | 665 |
| BXP, Inc. | 11 | 566 |
| Camden Property Trust | 8 | 765 |
| Caretrust REIT, Inc. | 16 | 571 |
| CBRE Group, Inc. - Class A (a) | 21 | 2890 |
| Compass, Inc. - Class A (a) | 36 | 262 |
| CoStar Group, Inc. (a) | 29 | 1165 |
| Cousins Properties Incorporated | 9 | 197 |
| Crown Castle Inc. | 30 | 2469 |
| Cubesmart, L.P. | 18 | 661 |
| Digital Realty Trust, Inc. | 23 | 4192 |
| EastGroup Properties, Inc. | 4 | 721 |
| EPR Properties | 5 | 252 |
| Equinix, Inc. | 7 | 6944 |
| Equity Lifestyle Properties, Inc. | 14 | 876 |
| Equity Residential | 25 | 1469 |
| Essential Properties Realty Trust, Inc. | 16 | 495 |
| Essex Property Trust, Inc. | 5 | 1114 |
| Extra Space Storage Inc. | 15 | 1978 |
| Federal Realty Investment Trust | 6 | 685 |
| First Industrial Realty Trust, Inc. | 9 | 531 |
| Gaming and Leisure Properties, Inc. | 19 | 822 |
| Healthcare Realty Trust Incorporated - Class A | 23 | 395 |
| Healthpeak OP, LLC | 53 | 875 |
| Host Hotels & Resorts, Inc. | 51 | 971 |
| Howard Hughes Holdings Inc. (a) | 1 | 90 |
| Independence Realty Trust, Inc. | 12 | 174 |
| Invitation Homes Inc. | 41 | 1016 |
| Iron Mountain Incorporated | 22 | 2214 |
| Jones Lang LaSalle Incorporated (a) | 4 | 1083 |
| Kilroy Realty Corporation (b) | 8 | 221 |
| Kimco Realty OP, LLC | 48 | 1079 |
| Kite Realty Naperville, LLC | 18 | 435 |
| Lamar Advertising Company - Class A | 6 | 791 |
| Lineage, Inc. (b) | 5 | 172 |
| Macerich Company, The | 21 | 398 |
| Mid-America Apartment Communities, Inc. | 8 | 996 |
| Millrose Properties, Inc. - Class A | 10 | 272 |
| National Health Investors, Inc. | 4 | 283 |
| NNN REIT, Inc. | 13 | 540 |
| Omega Healthcare Investors, Inc. | 21 | 935 |
| Open Doors Technology Inc. - Class A (a) | 68 | 319 |
| Phillips Edison & Company, Inc. | 9 | 334 |
| ProLogis Inc. | 68 | 8997 |
| Public Storage Operating Company | 11 | 3091 |
| Rayonier Inc. | 18 | 363 |
| Realty Income Corporation | 65 | 3966 |
| Regency Centers Corporation | 12 | 877 |
| Rexford Industrial Realty, Inc. | 19 | 617 |
| Ryman Hospitality Properties, Inc. | 4 | 389 |
| Sabra Health Care REIT, Inc. | 15 | 284 |
| SBA Communications Corporation - Class A | 8 | 1404 |
| Simon Property Group, Inc. | 23 | 4365 |
| SL Green Realty Corp. (b) | 6 | 210 |
| STAG Industrial, Inc. | 12 | 428 |
| Sun Communities, Inc. | 8 | 1046 |
| Tanger Inc. | 9 | 317 |
| Terreno Realty Corporation | 7 | 457 |
| UDR, Inc. | 22 | 730 |
| Ventas, Inc. | 33 | 2679 |
| VICI Properties Inc. | 76 | 2065 |
| Vornado Realty Trust | 14 | 361 |
| W.P. Carey Inc. | 15 | 1034 |
| Welltower Inc. | 51 | 10034 |
| Weyerhaeuser Company | 49 | 1203 |
| Zillow Group, Inc. - Class A (a) | 4 | 166 |
| Zillow Group, Inc. - Class C (a) | 13 | 550 |
|  |  | 99571 |
| Total Common Stocks (cost $2,916,988) | Total Common Stocks (cost $2,916,988) | 4442201 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Akero Therapeutics Inc. (a) (d) | 5 | 3 |
| Total Rights (cost $0) | Total Rights (cost $0) | 3 |
| **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** | **SHORT TERM INVESTMENTS 0.9%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (e) | 27803 | 27803 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (e) | 13765 | 13765 |
| Total Short Term Investments (cost $41,568) | Total Short Term Investments (cost $41,568) | 41568 |
| **Total Investments 100.2% (cost $2,958,556)** | **Total Investments 100.2% (cost $2,958,556)** | **4483772** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **1006** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(12117)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4472661** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 5884 | 138 | 260 | 27 | 148 | (16) | 5894 | 0.2 |
| Jackson Financial Inc. - Class A | 631 |  | 92 | 4 | 56 | (56) | 539 |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 9066 | 25261 | 20562 | 100 |  |  | 13765 | 0.3 |
| JNL Government Money Market Fund, 3.53% - Class I | 7245 | 205471 | 184913 | 182 |  |  | 27803 | 0.6 |
|  | 22826 | 230870 | 205827 | 313 | 204 | (72) | 48001 | 1.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 28 | June 2026 | 3482 | 123 | 35 |
| S&P 500 Index | 94 | June 2026 | 30724 | 883 | 159 |
|  |  |  |  | 1006 | 194 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 4442201 |  |  | 4442201 |
| &nbsp;&nbsp;Rights |  |  | 3 | 3 |
| &nbsp;&nbsp;Short Term Investments | 41568 |  |  | 41568 |
|  | 4483769 |  | 3 | 4483772 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 194 |  |  | 194 |
|  | 194 |  |  | 194 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Utilities 99.5%** | **Utilities 99.5%** | **Utilities 99.5%** |
| AES Corporation, The | 397 | 5588 |
| Alliant Energy Corporation | 143 | 10230 |
| Ameren Corporation | 151 | 16573 |
| American Electric Power Company, Inc. | 288 | 37784 |
| American Water Works Company, Inc. | 109 | 14818 |
| Atmos Energy Corporation | 92 | 17056 |
| Black Hills Corporation | 40 | 2795 |
| CenterPoint Energy, Inc. | 365 | 15739 |
| Clearway Energy, Inc. - Class A | 19 | 732 |
| Clearway Energy, Inc. - Class C | 46 | 1808 |
| CMS Energy Corporation | 167 | 12930 |
| Consolidated Edison, Inc. | 201 | 22804 |
| Constellation Energy Group, Inc. | 190 | 53041 |
| Dominion Energy, Inc. | 477 | 29488 |
| DTE Energy Company | 115 | 16875 |
| Duke Energy Corporation | 435 | 56945 |
| Edison International | 214 | 15697 |
| Entergy Corporation | 249 | 27990 |
| Essential Utilities, Inc. | 140 | 5635 |
| Evergy, Inc. | 128 | 10513 |
| Eversource Energy | 210 | 14559 |
| Exelon Corporation | 565 | 27700 |
| FirstEnergy Corp. | 288 | 14614 |
| IDACORP, Inc. | 29 | 4107 |
| MDU Resources Group, Inc. | 109 | 2265 |
| New Jersey Resources Corporation | 54 | 2982 |
| NextEra Energy, Inc. | 1164 | 108123 |
| NiSource Inc. | 261 | 12168 |
| NorthWestern Corporation | 32 | 2121 |
| NRG Energy, Inc. | 106 | 15422 |
| OGE Energy Corp. | 112 | 5372 |
| Oklo Inc. - Class A (a) (b) | 52 | 2564 |
| One Gas, Inc. | 32 | 2751 |
| Ormat Technologies, Inc. | 32 | 3585 |
| PG&E Corporation | 1224 | 21510 |
| Pinnacle West Capital Corporation (b) | 67 | 6717 |
| Portland General Electric Company | 61 | 3229 |
| PPL Corporation | 395 | 15095 |
| Public Service Enterprise Group Incorporated | 279 | 22561 |
| Sempra | 365 | 35451 |
| Southwest Gas Holdings, Inc. | 33 | 2860 |
| Spire Inc. | 32 | 2931 |
| Talen Energy Corporation (a) | 23 | 7458 |
| The Southern Company | 616 | 59409 |
| TXNM Energy, Inc. | 53 | 3094 |
| UGI Corporation | 120 | 4375 |
| Vistra Corp. | 189 | 28412 |
| WEC Energy Group Inc. | 176 | 20349 |
| XCEL Energy Inc. | 331 | 26305 |
| Total Common Stocks (cost $727,945) | Total Common Stocks (cost $727,945) | 853130 |
| **SHORT TERM INVESTMENTS 4.1%** | **SHORT TERM INVESTMENTS 4.1%** | **SHORT TERM INVESTMENTS 4.1%** |
| **Investment Companies 3.4%** | **Investment Companies 3.4%** | **Investment Companies 3.4%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 29458 | 29458 |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 5819 | 5819 |
| Total Short Term Investments (cost $35,277) | Total Short Term Investments (cost $35,277) | 35277 |
| **Total Investments 103.6% (cost $763,222)** | **Total Investments 103.6% (cost $763,222)** | **888407** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (3) |
| **Other Assets and Liabilities, Net (3.6)%** | **Other Assets and Liabilities, Net (3.6)%** | **(30840)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **857564** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 1368 | 85137 | 57047 | 26 |  |  | 29458 | 3.4 |
| JNL Government Money Market Fund, 3.63% - Class SL | 6977 | 8873 | 10031 | 53 |  |  | 5819 | 0.7 |
|  | 8345 | 94010 | 67078 | 79 |  |  | 35277 | 4.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 49 | June 2026 | 4593 | (3) | (22) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 853130 |  |  | 853130 |
| &nbsp;&nbsp;Short Term Investments | 35277 |  |  | 35277 |
|  | 888407 |  |  | 888407 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (22) |  |  | (22) |
|  | (22) |  |  | (22) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** |
| **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **United States of America 70.2%** | **United States of America 70.2%** | **United States of America 70.2%** |
| 3M Company | 6 | 821 |
| Abbott Laboratories | 19 | 1912 |
| AbbVie Inc. | 19 | 4077 |
| Accenture Public Limited Company - Class A | 7 | 1310 |
| Adobe Inc. (a) | 4 | 1060 |
| Advanced Micro Devices, Inc. (a) | 17 | 3519 |
| AFLAC Incorporated | 5 | 549 |
| Agilent Technologies, Inc. | 3 | 348 |
| Air Products and Chemicals, Inc. | 2 | 695 |
| Airbnb, Inc. - Class A (a) | 4 | 560 |
| Allegion Public Limited Company | 1 | 127 |
| Alliant Energy Corporation | 3 | 195 |
| Allstate Corporation, The | 3 | 582 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 446 |
| Alphabet Inc. - Class A | 62 | 17806 |
| Alphabet Inc. - Class C | 54 | 15432 |
| Altria Group, Inc. | 18 | 1177 |
| Amazon.com, Inc. (a) | 104 | 21731 |
| Ameren Corporation | 3 | 317 |
| American Electric Power Company, Inc. | 5 | 717 |
| American Express Company | 6 | 1734 |
| American International Group, Inc. | 6 | 431 |
| American Tower Corporation | 5 | 854 |
| American Water Works Company, Inc. | 2 | 288 |
| Ameriprise Financial, Inc. | 1 | 438 |
| AMETEK, Inc. | 2 | 523 |
| Amgen Inc. | 6 | 2008 |
| Amphenol Corporation - Class A | 13 | 1636 |
| Analog Devices, Inc. | 5 | 1649 |
| Annaly Capital Management, Inc. | 8 | 166 |
| AON Public Limited Company - Class A | 2 | 737 |
| Apollo Global Management, Inc. | 4 | 490 |
| Apple Inc. | 156 | 39581 |
| Applied Materials, Inc. | 8 | 2880 |
| AppLovin Corporation - Class A (a) | 2 | 900 |
| Arch Capital Group Ltd. (a) | 4 | 362 |
| Archer-Daniels-Midland Company | 5 | 350 |
| Ares Management Corporation - Class A | 2 | 232 |
| Arista Networks, Inc. (a) | 11 | 1339 |
| Arthur J. Gallagher & Co. | 3 | 588 |
| Astera Labs, Inc. (a) | 2 | 171 |
| AT&T Inc. | 74 | 2159 |
| Atmos Energy Corporation | 2 | 328 |
| Autodesk, Inc. (a) | 2 | 542 |
| Automatic Data Processing, Inc. | 4 | 857 |
| AutoZone, Inc. (a) |  | 598 |
| AvalonBay Communities, Inc. | 2 | 247 |
| Avery Dennison Corporation | 1 | 154 |
| Axon Enterprise, Inc. (a) | 1 | 349 |
| Baker Hughes Company - Class A | 11 | 644 |
| Bank of America Corporation | 70 | 3420 |
| Bank of New York Mellon Corporation, The (b) | 7 | 865 |
| Becton, Dickinson and Company | 3 | 479 |
| Bentley Systems, Incorporated - Class B (c) | 1 | 49 |
| Berkshire Hathaway Inc. - Class B (a) | 20 | 9359 |
| Best Buy Co., Inc. | 2 | 141 |
| Biogen Inc. (a) | 1 | 275 |
| BlackRock, Inc. | 1 | 1423 |
| Blackstone Inc. - Class A | 8 | 923 |
| Block, Inc. - Class A (a) | 6 | 351 |
| Bloom Energy Corporation - Class A (a) | 2 | 321 |
| Boeing Company, The (a) | 8 | 1666 |
| Booking Holdings Inc. |  | 1423 |
| Boston Scientific Corporation (a) | 16 | 987 |
| Bristol-Myers Squibb Company | 22 | 1310 |
| Broadcom Inc. | 49 | 15307 |
| Broadridge Financial Solutions, Inc. | 1 | 204 |
| Brookfield Asset Management Ltd. - Class A | 4 | 188 |
| Brown & Brown, Inc. | 3 | 194 |
| Burlington Stores, Inc. (a) | 1 | 226 |
| Cadence Design Systems, Inc. (a) | 3 | 802 |
| Capital One Financial Corporation | 7 | 1202 |
| Cardinal Health, Inc. | 3 | 535 |
| Carlyle Group Inc., The | 2 | 117 |
| Carnival Corporation | 12 | 315 |
| Carrier Global Corporation | 8 | 472 |
| Carvana Co. - Class A (a) | 1 | 464 |
| Caterpillar Inc. | 5 | 3504 |
| CBRE Group, Inc. - Class A (a) | 3 | 433 |
| CDW Corp. | 1 | 169 |
| Cencora, Inc. | 2 | 611 |
| Centene Corporation (a) | 5 | 159 |
| CenterPoint Energy, Inc. | 7 | 294 |
| Charles Schwab Corporation, The | 18 | 1664 |
| Cheniere Energy, Inc. | 2 | 648 |
| Chevron Corporation | 20 | 4061 |
| Chipotle Mexican Grill, Inc. (a) | 14 | 447 |
| Chubb Limited | 4 | 1267 |
| Church & Dwight Co., Inc. | 2 | 231 |
| Cigna Group, The | 3 | 747 |
| Cincinnati Financial Corporation | 2 | 251 |
| Cintas Corporation | 4 | 611 |
| Circle Internet Group, Inc. - Class A (a) |  | 45 |
| Cisco Systems, Inc. | 42 | 3262 |
| Citigroup Inc. | 19 | 2105 |
| Citizens Financial Group, Inc. | 5 | 276 |
| Clorox Company, The | 1 | 148 |
| Cloudflare, Inc. - Class A (a) | 3 | 678 |
| CME Group Inc. - Class A | 4 | 1128 |
| CMS Energy Corporation | 3 | 248 |
| Coca-Cola Company, The | 41 | 3155 |
| Cognizant Technology Solutions Corporation - Class A | 5 | 319 |
| Coinbase Global, Inc. - Class A (a) | 2 | 418 |
| Colgate-Palmolive Company | 9 | 738 |
| Comcast Corporation - Class A | 39 | 1108 |
| Comfort Systems USA, Inc. |  | 516 |
| ConocoPhillips | 13 | 1730 |
| Consolidated Edison, Inc. | 4 | 430 |
| Constellation Brands, Inc. - Class A | 2 | 252 |
| Constellation Energy Group, Inc. | 4 | 1007 |
| Cooper Companies, Inc., The (a) | 2 | 147 |
| Copart, Inc. (a) | 9 | 296 |
| Corebridge Financial, Inc. | 3 | 65 |
| Coreweave, Inc. - Class A (a) | 3 | 195 |
| Corning Incorporated | 8 | 1088 |
| Corpay Inc (a) | 1 | 216 |
| Corteva, Inc. | 7 | 608 |
| CoStar Group, Inc. (a) | 4 | 175 |
| Costco Wholesale Corporation | 5 | 4696 |
| Coterra Energy Inc. | 8 | 280 |
| Credo Technology Group Holding Ltd. (a) | 2 | 165 |
| CrowdStrike Holdings, Inc. - Class A (a) | 3 | 1013 |
| Crown Castle Inc. | 4 | 359 |
| CSX Corporation | 20 | 818 |
| Cummins Inc. | 1 | 786 |
| CVS Health Corporation | 13 | 964 |
| D.R. Horton, Inc. | 3 | 383 |
| Danaher Corporation | 7 | 1300 |
| Darden Restaurants, Inc. | 1 | 250 |
| Datadog, Inc. - Class A (a) | 3 | 387 |
| Deere & Company | 3 | 1492 |
| Dell Technologies Inc. - Class C | 3 | 520 |
| Delta Air Lines, Inc. | 7 | 460 |
| Devon Energy Corporation | 7 | 332 |
| DexCom, Inc. (a) | 4 | 263 |
| Diamondback Energy, Inc. | 2 | 380 |
| Digital Realty Trust, Inc. | 3 | 609 |
| DocuSign, Inc. (a) | 2 | 106 |
| Dollar General Corporation | 2 | 271 |
| Dollar Tree, Inc. (a) | 2 | 219 |
| Dominion Energy, Inc. | 9 | 563 |
| Domino's Pizza, Inc. |  | 122 |
| DoorDash, Inc. - Class A (a) | 4 | 594 |
| Dover Corporation | 2 | 316 |
| Dow Inc. | 7 | 298 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DTE Energy Company | 2 | 320 |
| Duke Energy Corporation | 8 | 1086 |
| DuPont de Nemours, Inc. | 5 | 213 |
| Dynatrace, Inc. (a) | 3 | 117 |
| East West Bancorp, Inc. | 1 | 148 |
| Eaton Corporation Public Limited Company | 4 | 1486 |
| eBay Inc. | 5 | 437 |
| Ecolab Inc. | 3 | 701 |
| Edison International | 4 | 300 |
| Edwards Lifesciences Corporation (a) | 6 | 501 |
| Electronic Arts Inc. | 2 | 496 |
| Elevance Health, Inc. | 2 | 689 |
| Eli Lilly and Company | 8 | 7785 |
| EMCOR Group, Inc. |  | 354 |
| Emerson Electric Co. | 6 | 784 |
| Entegris, Inc. | 2 | 181 |
| Entergy Corporation | 5 | 533 |
| EOG Resources, Inc. | 6 | 842 |
| EQT Corporation | 7 | 423 |
| Equifax Inc. | 1 | 235 |
| Equinix, Inc. | 1 | 1018 |
| Equitable Holdings, Inc. | 3 | 109 |
| Equity Residential | 4 | 220 |
| Essex Property Trust, Inc. | 1 | 160 |
| Estee Lauder Companies Inc., The - Class A | 2 | 178 |
| Evergy, Inc. | 2 | 204 |
| Eversource Energy | 4 | 284 |
| Exelon Corporation | 11 | 525 |
| Expand Energy Corporation | 2 | 265 |
| Expedia Group, Inc. | 1 | 286 |
| Expeditors International of Washington, Inc. - Class A | 1 | 195 |
| Extra Space Storage Inc. | 2 | 272 |
| Exxon Mobil Corporation | 44 | 7509 |
| F5, Inc. (a) | 1 | 177 |
| Fair Isaac Corporation (a) |  | 279 |
| Fastenal Company | 12 | 577 |
| FedEx Corporation | 2 | 821 |
| Ferguson Enterprises Inc. | 2 | 502 |
| Fidelity National Financial, Inc. - Class A | 3 | 132 |
| Fidelity National Information Services, Inc. | 6 | 260 |
| Fifth Third Bancorp | 9 | 416 |
| First Citizens BancShares, Inc. - Class A |  | 166 |
| First Solar, Inc. (a) | 1 | 227 |
| FirstEnergy Corp. | 5 | 277 |
| Fiserv, Inc. (a) | 6 | 320 |
| Flex Ltd. (a) | 4 | 236 |
| Flutter Entertainment Public Limited Company (a) | 2 | 181 |
| Ford Motor Company | 42 | 483 |
| Former Charter Communications Parent, Inc. - Class A (a) | 1 | 208 |
| Fortinet, Inc. (a) | 7 | 549 |
| Fortive Corporation | 3 | 186 |
| Fox Corporation - Class A | 3 | 146 |
| Fox Corporation - Class B | 1 | 67 |
| Freeport-McMoRan Inc. | 15 | 896 |
| Garmin Ltd. | 2 | 406 |
| Gartner, Inc. (a) | 1 | 116 |
| GE HealthCare Technologies Inc. | 5 | 344 |
| GE Vernova Inc. | 3 | 2501 |
| Gen Digital Inc. | 6 | 108 |
| General Dynamics Corporation | 3 | 890 |
| General Electric Company | 11 | 3157 |
| General Mills, Inc. | 6 | 212 |
| General Motors Company | 10 | 716 |
| Genuine Parts Company | 1 | 150 |
| Gilead Sciences, Inc. | 13 | 1844 |
| Global Payments Inc. | 2 | 160 |
| GoDaddy Inc. - Class A (a) | 1 | 115 |
| Goldman Sachs Group, Inc., The | 3 | 2694 |
| Halliburton Company | 9 | 338 |
| Hartford Insurance Group, Inc., The | 3 | 402 |
| HCA Healthcare, Inc. | 2 | 812 |
| HEICO Corporation |  | 120 |
| HEICO Corporation - Class A | 1 | 173 |
| Hershey Company, The | 2 | 330 |
| Hewlett Packard Enterprise Company | 14 | 332 |
| Hilton Worldwide Holdings Inc. | 2 | 704 |
| Hologic, Inc. (a) | 2 | 173 |
| Home Depot, Inc., The | 11 | 3471 |
| Honeywell International Inc. | 7 | 1540 |
| Howmet Aerospace Inc. | 4 | 951 |
| HP, Inc. | 10 | 192 |
| Hubbell Incorporated | 1 | 272 |
| HubSpot, Inc. (a) | 1 | 132 |
| Humana Inc. | 1 | 212 |
| Huntington Bancshares Incorporated | 21 | 323 |
| IDEXX Laboratories, Inc. (a) | 1 | 457 |
| Illinois Tool Works Inc. | 3 | 804 |
| Illumina, Inc. (a) | 2 | 211 |
| Incyte Corporation (a) | 2 | 162 |
| Ingersoll Rand Inc. | 4 | 347 |
| Insmed Incorporated (a) | 2 | 363 |
| Insulet Corporation (a) | 1 | 158 |
| Intel Corporation (a) | 46 | 2043 |
| Interactive Brokers Group, Inc. - Class A | 5 | 321 |
| Intercontinental Exchange, Inc. | 6 | 955 |
| International Business Machines Corporation | 10 | 2414 |
| International Flavors & Fragrances Inc. | 3 | 198 |
| International Paper Company | 5 | 184 |
| Intuit Inc. | 3 | 1251 |
| Intuitive Surgical, Inc. (a) | 4 | 1726 |
| Invitation Homes Inc. | 6 | 144 |
| IQVIA Holdings Inc (a) | 2 | 290 |
| Iron Mountain Incorporated | 3 | 320 |
| J.B. Hunt Transport Services, Inc. | 1 | 185 |
| Jacobs Solutions Inc. | 1 | 161 |
| James Hardie Industries Public Limited Company - CHESS | 6 | 122 |
| Johnson & Johnson | 26 | 6265 |
| Johnson Controls International Public Limited Company | 7 | 856 |
| JPMorgan Chase & Co. | 29 | 8427 |
| Kenvue Inc. | 18 | 317 |
| Keurig Dr Pepper Inc. | 13 | 340 |
| KeyCorp | 10 | 197 |
| Keysight Technologies, Inc. (a) | 2 | 512 |
| Kimberly-Clark Corporation | 4 | 341 |
| Kimco Realty OP, LLC | 7 | 161 |
| Kinder Morgan, Inc. | 21 | 700 |
| KKR & Co. Inc. - Class A | 7 | 653 |
| KLA Corporation | 1 | 2067 |
| Kraft Heinz Company, The | 9 | 206 |
| Kroger Co., The | 6 | 452 |
| L3Harris Technologies, Inc. | 2 | 683 |
| Labcorp Holdings Inc. | 1 | 228 |
| Lam Research Corporation | 13 | 2847 |
| Las Vegas Sands Corp. | 4 | 189 |
| Leidos Holdings, Inc. | 1 | 192 |
| Lennar Corporation - Class A | 2 | 184 |
| Lennar Corporation - Class B |  | 17 |
| Lennox International Inc. |  | 157 |
| Liberty Media Corporation - Series A (a) |  | 9 |
| Liberty Media Corporation - Series C (a) | 2 | 189 |
| Linde Public Limited Company | 5 | 2476 |
| Live Nation Entertainment, Inc. (a) (c) | 2 | 232 |
| Lockheed Martin Corporation | 2 | 1257 |
| Loews Corporation | 2 | 200 |
| Lowe`s Companies, Inc. | 6 | 1405 |
| LPL Financial Holdings Inc. | 1 | 243 |
| LyondellBasell Industries N.V. - Class A | 3 | 221 |
| M&T Bank Corporation | 2 | 335 |
| Marathon Petroleum Corporation | 3 | 736 |
| Markel Group Inc. (a) |  | 235 |
| Marriott International, Inc. - Class A | 2 | 770 |
| Marsh & Mclennan Companies, Inc. | 5 | 908 |
| Martin Marietta Materials, Inc. | 1 | 379 |
| Marvell Technology, Inc. | 9 | 926 |
| Masco Corporation | 2 | 135 |
| MasterCard Incorporated - Class A | 9 | 4315 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| McCormick & Company, Incorporated | 3 | 136 |
| McDonald's Corporation | 8 | 2347 |
| McKesson Corporation | 1 | 1134 |
| Medline Inc. - Class A (a) | 5 | 203 |
| Medtronic, Inc. | 14 | 1180 |
| Merck & Co., Inc. | 26 | 3152 |
| Meta Platforms, Inc. - Class A | 23 | 13305 |
| MetLife, Inc. | 6 | 413 |
| Mettler-Toledo International Inc. (a) |  | 279 |
| Microchip Technology Incorporated | 6 | 371 |
| Micron Technology, Inc. | 12 | 4039 |
| Microsoft Corporation | 79 | 29221 |
| Mid-America Apartment Communities, Inc. | 1 | 162 |
| Mondelez International, Inc. - Class A | 14 | 793 |
| MongoDB, Inc. - Class A (a) | 1 | 209 |
| Monolithic Power Systems, Inc. |  | 530 |
| Monster Beverage 1990 Corporation (a) | 7 | 530 |
| Moody's Corporation | 2 | 718 |
| Morgan Stanley | 13 | 2108 |
| Motorola Solutions, Inc. | 2 | 772 |
| MSCI Inc. - Class A | 1 | 399 |
| Nasdaq, Inc. | 4 | 338 |
| NetApp, Inc. | 2 | 201 |
| Netflix, Inc. (a) | 45 | 4317 |
| Newmont Corporation | 11 | 1245 |
| News Corporation - Class A | 4 | 106 |
| News Corporation - Class B | 1 | 18 |
| NextEra Energy, Inc. | 22 | 2069 |
| Nike, Inc. - Class B | 12 | 632 |
| NiSource Inc. | 5 | 225 |
| Norfolk Southern Corporation | 2 | 689 |
| Northern Trust Corporation | 2 | 282 |
| Northrop Grumman Corporation | 2 | 1025 |
| NRG Energy, Inc. | 2 | 297 |
| Nucor Corporation | 2 | 413 |
| NVIDIA Corporation | 249 | 43449 |
| NVR, Inc. (a) |  | 185 |
| Occidental Petroleum Corporation | 7 | 451 |
| Okta, Inc. - Class A (a) | 2 | 146 |
| Old Dominion Freight Line, Inc. | 2 | 367 |
| Omnicom Group Inc. | 3 | 248 |
| ON Semiconductor Corporation (a) | 4 | 264 |
| ONEOK, Inc. | 7 | 599 |
| Oracle Corporation | 18 | 2657 |
| O'Reilly Automotive, Inc. (a) | 9 | 824 |
| Otis Worldwide Corporation | 4 | 318 |
| PACCAR Inc | 5 | 631 |
| Packaging Corporation of America | 1 | 187 |
| Palantir Technologies Inc. - Class A (a) | 23 | 3435 |
| Palo Alto Networks, Inc. (a) | 9 | 1364 |
| Parker-Hannifin Corporation | 1 | 1151 |
| Paychex, Inc. | 3 | 317 |
| PayPal Holdings, Inc. | 10 | 437 |
| Pentair Public Limited Company | 2 | 164 |
| PepsiCo, Inc. | 15 | 2257 |
| Pfizer Inc. | 60 | 1690 |
| PG&E Corporation | 24 | 414 |
| Philip Morris International Inc. | 17 | 2730 |
| Phillips 66 | 4 | 783 |
| Pinterest, Inc. - Class A (a) | 7 | 121 |
| PPG Industries, Inc. | 3 | 267 |
| PPL Corporation | 7 | 286 |
| Principal Financial Group, Inc. | 2 | 219 |
| Procter & Gamble Company, The | 25 | 3562 |
| Progressive Corporation, The | 6 | 1230 |
| ProLogis Inc. | 10 | 1305 |
| Prudential Financial, Inc. | 4 | 363 |
| PTC Inc. (a) | 1 | 185 |
| Public Service Enterprise Group Incorporated | 5 | 427 |
| Public Storage Operating Company | 2 | 458 |
| PulteGroup, Inc. | 2 | 249 |
| Pure Storage, Inc. - Class A (a) | 3 | 197 |
| Qualcomm Incorporated | 11 | 1461 |
| Quanta Services, Inc. | 2 | 859 |
| Quest Diagnostics Incorporated | 1 | 232 |
| Raymond James Financial, Inc. | 2 | 264 |
| Realty Income Corporation | 9 | 578 |
| Regeneron Pharmaceuticals, Inc. | 1 | 822 |
| Regions Financial Corporation | 10 | 248 |
| Republic Services, Inc. | 2 | 474 |
| ResMed Inc. | 2 | 350 |
| Robinhood Markets, Inc. - Class A (a) | 8 | 550 |
| Roblox Corporation - Class A (a) | 7 | 381 |
| Rocket Lab USA, Inc. (a) | 5 | 333 |
| Rockwell Automation, Inc. | 1 | 431 |
| Rollins, Inc. | 3 | 167 |
| Roper Technologies, Inc. | 1 | 398 |
| Ross Stores, Inc. | 3 | 729 |
| Royal Caribbean Cruises Ltd. | 3 | 741 |
| Royalty Pharma PLC - Class A | 4 | 185 |
| RTX Corporation | 14 | 2758 |
| S&P Global Inc. | 3 | 1350 |
| Salesforce, Inc. | 10 | 1800 |
| SBA Communications Corporation - Class A | 1 | 201 |
| Seagate Technology Holdings Public Limited Company | 2 | 930 |
| Sempra | 7 | 673 |
| ServiceNow, Inc. (a) | 11 | 1167 |
| Sherwin-Williams Company, The | 2 | 783 |
| Simon Property Group, Inc. | 3 | 643 |
| SLB Limited | 16 | 809 |
| Snap-on Incorporated | 1 | 199 |
| Snowflake Inc. - Class A (a) | 4 | 543 |
| SoFi Technologies, Inc. (a) | 14 | 219 |
| Southwest Airlines Co. | 5 | 183 |
| SS&C Technologies Holdings, Inc. | 2 | 154 |
| Starbucks Corporation | 12 | 1080 |
| State Street Corporation | 3 | 375 |
| Steel Dynamics, Inc. | 1 | 261 |
| Steris Public Limited Company | 1 | 225 |
| Strategy Inc - Class A (a) | 3 | 414 |
| Stryker Corporation | 4 | 1261 |
| Sun Communities, Inc. | 1 | 148 |
| Super Micro Computer, Inc. (a) | 5 | 121 |
| Synchrony Financial | 4 | 244 |
| Synopsys, Inc. (a) | 2 | 804 |
| Sysco Corporation | 5 | 371 |
| T. Rowe Price Group, Inc. | 2 | 206 |
| Take-Two Interactive Software, Inc. (a) | 2 | 363 |
| Targa Resources Corp. | 2 | 562 |
| Target Corporation | 5 | 571 |
| TE Connectivity Public Limited Company | 3 | 657 |
| Teledyne Technologies Incorporated (a) | 1 | 304 |
| Teradyne, Inc. | 2 | 492 |
| Tesla Inc. (a) | 30 | 11139 |
| Texas Instruments Incorporated | 10 | 1872 |
| Texas Pacific Land Corporation | 1 | 287 |
| Textron Inc. | 2 | 171 |
| The PNC Financial Services Group, Inc. | 4 | 887 |
| The Southern Company | 12 | 1119 |
| Thermo Fisher Scientific Inc. | 4 | 1970 |
| TJX Companies, Inc., The | 12 | 1890 |
| T-Mobile US, Inc. | 5 | 1070 |
| Tractor Supply Company | 5 | 244 |
| Trade Desk, Inc., The - Class A (a) | 5 | 107 |
| Trane Technologies Public Limited Company | 2 | 986 |
| TransDigm Group Incorporated | 1 | 691 |
| TransUnion | 2 | 142 |
| Travelers Companies, Inc., The | 2 | 671 |
| Trimble Inc. (a) | 2 | 162 |
| Truist Financial Corporation | 13 | 611 |
| Twilio Inc. - Class A (a) | 2 | 194 |
| Tyler Technologies, Inc. (a) |  | 163 |
| Tyson Foods, Inc. - Class A | 3 | 196 |
| U.S. Bancorp | 16 | 858 |
| Uber Technologies, Inc. (a) | 22 | 1579 |
| Ulta Beauty, Inc. (a) |  | 233 |
| Union Pacific Corporation | 6 | 1526 |
| United Airlines Holdings, Inc. (a) | 3 | 319 |
| United Parcel Service, Inc. - Class B | 8 | 773 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| United Rentals, Inc. | 1 | 491 |
| UnitedHealth Group Incorporated | 10 | 2620 |
| Universal Music Group N.V. | 10 | 196 |
| Valero Energy Corporation | 3 | 816 |
| Veeva Systems Inc. - Class A (a) | 2 | 288 |
| Ventas, Inc. | 5 | 384 |
| Veralto Corporation | 2 | 220 |
| VeriSign, Inc. | 1 | 197 |
| Verisk Analytics, Inc. | 2 | 285 |
| Verizon Communications Inc. | 45 | 2247 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 1202 |
| Vertiv Holdings Co - Class A | 4 | 1001 |
| VICI Properties Inc. | 11 | 306 |
| Visa Inc. - Class A | 18 | 5451 |
| Vistra Corp. | 4 | 539 |
| Vulcan Materials Company | 1 | 386 |
| W. R. Berkley Corporation | 3 | 200 |
| W.P. Carey Inc. | 2 | 153 |
| W.W. Grainger, Inc. |  | 515 |
| Walmart Inc. | 46 | 5676 |
| Walt Disney Company, The | 19 | 1815 |
| Warner Bros. Discovery, Inc. - Series A (a) | 24 | 662 |
| Waste Connections, Inc. | 3 | 447 |
| Waste Management, Inc. | 4 | 898 |
| Waters Corporation (a) | 1 | 313 |
| Watsco, Inc. (c) |  | 147 |
| WEC Energy Group Inc. | 3 | 375 |
| Wells Fargo & Company | 33 | 2616 |
| Welltower Inc. | 7 | 1461 |
| West Pharmaceutical Services, Inc. | 1 | 177 |
| Western Digital Corporation | 4 | 971 |
| Westinghouse Air Brake Technologies Corporation | 2 | 457 |
| Weyerhaeuser Company | 7 | 177 |
| Williams Companies, Inc., The | 13 | 939 |
| Willis Towers Watson Public Limited Company | 1 | 295 |
| Workday, Inc. - Class A (a) | 2 | 296 |
| XCEL Energy Inc. | 6 | 500 |
| Xylem Inc. | 3 | 306 |
| Yum! Brands, Inc. | 3 | 477 |
| Zebra Technologies Corporation - Class A (a) | 1 | 110 |
| Zillow Group, Inc. - Class A (a) |  | 18 |
| Zillow Group, Inc. - Class C (a) | 2 | 79 |
| Zimmer Biomet Holdings, Inc. | 2 | 196 |
| Zoetis Inc. - Class A | 5 | 532 |
| Zoom Communications, Inc. - Class A (a) | 2 | 201 |
| Zscaler, Inc. (a) | 1 | 148 |
| | | 592175 |
| **Japan 6.1%** | **Japan 6.1%** | **Japan 6.1%** |
| Advantest Corporation | 8 | 1037 |
| AEON Co., Ltd. | 29 | 341 |
| AGC Inc. | 2 | 81 |
| Aisin Corporation | 6 | 83 |
| Ajinomoto Co., Inc. | 10 | 289 |
| ANA Holdings Inc. | 2 | 34 |
| Asahi Group Holdings, Ltd. | 16 | 159 |
| Asahi Kasei Corporation | 15 | 145 |
| ASICS Corporation | 8 | 214 |
| Astellas Pharma Inc. | 20 | 324 |
| Bandai Namco Holdings Inc. | 6 | 158 |
| Bridgestone Corporation | 12 | 256 |
| Canon Inc. | 10 | 274 |
| Capcom Co., Ltd. | 4 | 81 |
| Central Japan Railway Company | 10 | 256 |
| Chubu Electric Power Co., Ltd. | 8 | 137 |
| Chugai Pharmaceutical Co., Ltd. | 7 | 401 |
| Dai Nippon Printing Co., Ltd. | 4 | 76 |
| Daifuku Co., Ltd. | 4 | 134 |
| Dai-ichi Life Holdings, Inc. | 38 | 348 |
| Daiichi Sankyo Company, Limited | 19 | 343 |
| Daikin Industries, Ltd. | 3 | 361 |
| Daito Trust Construction Co., Ltd. | 3 | 75 |
| Daiwa House Industry Co., Ltd. | 7 | 206 |
| Daiwa Securities Group Inc. | 15 | 145 |
| DENSO Corporation (c) | 20 | 247 |
| DISCO Corporation | 1 | 410 |
| East Japan Railway Company | 11 | 256 |
| Eisai Co., Ltd. (c) | 4 | 113 |
| ENEOS Holdings, Inc. | 29 | 257 |
| FANUC Corporation | 10 | 351 |
| Fast Retailing Co., Ltd. | 2 | 791 |
| Fuji Electric Co., Ltd. | 1 | 98 |
| FUJIFILM Holdings Corporation | 13 | 246 |
| Fujikura Ltd. | 16 | 447 |
| Fujitsu Limited | 19 | 390 |
| Hankyu Hanshin Holdings, Inc. (c) | 3 | 86 |
| Hikari Tsushin,Inc. |  | 25 |
| Hitachi Construction Machinery Co., Ltd. | 1 | 31 |
| Hitachi, Ltd. | 48 | 1408 |
| Honda Motor Co., Ltd. | 40 | 324 |
| HOYA Corporation | 4 | 632 |
| Hulic Co., Ltd. | 7 | 76 |
| IBIDEN Co., Ltd. | 3 | 130 |
| Idemitsu Kosan Co., Ltd. | 9 | 93 |
| IHI Corporation | 11 | 231 |
| Inpex Corporation | 10 | 293 |
| Isuzu Motors Limited | 6 | 83 |
| ITOCHU Corporation | 74 | 951 |
| Japan Airlines Co., Ltd. | 1 | 13 |
| Japan Exchange Group, Inc. | 12 | 142 |
| Japan Post Bank Co., Ltd. | 18 | 294 |
| Japan Post Holdings Co., Ltd. | 19 | 215 |
| Japan Post Insurance Co., Ltd. | 7 | 70 |
| Japan Real Estate Investment Corporation |  | 54 |
| Japan Tobacco Inc. | 12 | 459 |
| JFE Holdings, Inc. | 7 | 81 |
| Kajima Corporation | 5 | 178 |
| Kao Corporation | 5 | 191 |
| Kawasaki Heavy Industries, Ltd. | 9 | 170 |
| Kawasaki Kisen Kaisha, Ltd. (c) | 4 | 66 |
| KDDI Corporation | 31 | 536 |
| Keyence Corporation | 2 | 708 |
| Kikkoman Corporation | 8 | 68 |
| Kioxia Holdings Corporation (a) | 2 | 202 |
| Kirin Holdings Company, Limited | 9 | 148 |
| Komatsu Ltd. (c) | 10 | 372 |
| Konami Group Corporation | 1 | 136 |
| Kubota Corporation | 12 | 195 |
| KYOCERA Corporation | 14 | 221 |
| Kyowa Kirin Co., Ltd. | 2 | 34 |
| Lasertec Co., Ltd. | 1 | 177 |
| LY Corporation | 27 | 65 |
| M3, Inc. | 7 | 72 |
| Makita Corporation | 3 | 88 |
| Marubeni Corporation | 18 | 639 |
| MatsukiyoCocokara & Co. (c) | 4 | 62 |
| Minebeamitsumi Inc. | 5 | 76 |
| Mitsubishi Chemical Group Corporation | 15 | 89 |
| Mitsubishi Corporation | 39 | 1336 |
| Mitsubishi Electric Corporation | 22 | 725 |
| Mitsubishi Estate Co., Ltd. | 12 | 347 |
| Mitsubishi HC Capital Inc. | 8 | 73 |
| Mitsubishi Heavy Industries, Ltd. | 35 | 966 |
| Mitsubishi UFJ Financial Group, Inc. | 120 | 2019 |
| Mitsui & Co., Ltd. | 27 | 1059 |
| Mitsui Fudosan Co., Ltd. | 29 | 312 |
| Mitsui O.S.K. Lines, Ltd. (c) | 4 | 152 |
| Mizuho Financial Group, Inc. | 27 | 1057 |
| MonotaRO Co., Ltd. | 1 | 14 |
| MS&AD Insurance Group Holdings, Inc. | 15 | 391 |
| Murata Manufacturing Co., Ltd. | 19 | 429 |
| Nec Corporation | 13 | 332 |
| NEXON Co., Ltd. | 5 | 96 |
| Nidec Corporation | 11 | 136 |
| Nintendo Co., Ltd. (c) | 12 | 685 |
| Nippon Building Fund Inc. |  | 87 |
| Nippon Paint Holdings Co., Ltd. | 12 | 74 |
| Nippon Sanso Holdings Corporation | 2 | 64 |
| Nippon Steel Corporation (c) | 55 | 205 |
| Nippon Telegraph and Telephone Corporation | 289 | 288 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nippon Yusen Kabushiki Kaisha | 5 | 169 |
| Nissan Motor Co., Ltd. (a) | 17 | 36 |
| Niterra Co., Ltd. | 2 | 98 |
| Nitori Holdings Co., Ltd. | 4 | 68 |
| Nitto Denko Corporation | 7 | 130 |
| Nomura Holdings, Inc. | 33 | 257 |
| Nomura Research Institute, Ltd. | 4 | 110 |
| Obayashi Corporation | 7 | 164 |
| OBIC Co., Ltd. | 3 | 71 |
| Olympus Corporation | 11 | 106 |
| Oracle Corporation Japan |  | 5 |
| Oriental Land Co., Ltd. | 12 | 210 |
| ORIX Corporation | 12 | 351 |
| Osaka Gas Co., Ltd. | 4 | 153 |
| Otsuka Corporation | 3 | 57 |
| Otsuka Holdings Co., Ltd. | 5 | 361 |
| Pan Pacific International Holdings Corporation | 28 | 174 |
| Panasonic Holdings Corporation | 24 | 398 |
| Rakuten Group, Inc. (a) | 19 | 87 |
| Recruit Holdings Co., Ltd. | 15 | 630 |
| Renesas Electronics Corporation | 16 | 229 |
| Resona Holdings, Inc. | 24 | 273 |
| SBI Holdings, Inc. | 6 | 108 |
| SCREEN Holdings Co., Ltd. | 2 | 118 |
| Secom Co., Ltd. | 5 | 176 |
| Sekisui Chemical Co., Ltd. | 4 | 73 |
| Sekisui House, Ltd. | 7 | 146 |
| Seven & I Holdings Co., Ltd. | 25 | 332 |
| Shimadzu Corporation | 3 | 78 |
| Shimano Inc. | 1 | 94 |
| Shimizu Corporation | 7 | 116 |
| Shin-Etsu Chemical Co., Ltd. | 19 | 788 |
| Shionogi & Co., Ltd. | 9 | 199 |
| Shiseido Company, Limited | 4 | 71 |
| SMC Corporation | 1 | 235 |
| SoftBank Corp. | 297 | 397 |
| SoftBank Group Corp. | 39 | 949 |
| Sompo Holdings, Inc. | 10 | 380 |
| Sony Group Corporation | 63 | 1300 |
| Square Enix Holdings Co., Ltd. | 2 | 38 |
| Subaru Corporation. | 5 | 87 |
| Sumitomo Corporation | 13 | 477 |
| Sumitomo Electric Industries, Ltd. | 8 | 460 |
| Sumitomo Metal Mining Co., Ltd. | 3 | 162 |
| Sumitomo Mitsui Financial Group, Inc. | 41 | 1313 |
| Sumitomo Mitsui Trust Group, Inc. | 7 | 234 |
| Sumitomo Realty & Development Co., Ltd. | 10 | 270 |
| Suntory Beverage & Food Limited | 1 | 40 |
| Suzuki Motor Corporation | 20 | 238 |
| Sysmex Corporation | 6 | 48 |
| T&D Holdings, Inc. | 5 | 133 |
| Taisei Corporation | 2 | 186 |
| Takeda Pharmaceutical Company Limited | 17 | 603 |
| TDK Corporation | 20 | 261 |
| Terumo Corporation | 16 | 211 |
| The Chiba Bank, Ltd. | 8 | 98 |
| The Kansai Electric Power Company, Incorporated | 12 | 192 |
| TIS Inc. | 3 | 58 |
| Toho Co., Ltd. | 7 | 76 |
| Tokio Marine Holdings, Inc. | 20 | 950 |
| Tokyo Electric Power Company Holdings, Inc. (a) | 13 | 53 |
| Tokyo Electron Limited | 5 | 1145 |
| Tokyo Gas Co., Ltd. | 4 | 174 |
| Tokyu Corporation | 6 | 73 |
| TOPPAN Holdings Inc. | 3 | 69 |
| Toray Industries, Inc. | 16 | 111 |
| Toyo Suisan Kaisha, Ltd. | 1 | 84 |
| Toyota Motor Corporation | 122 | 2488 |
| Toyota Tsusho Corporation | 8 | 291 |
| Trend Micro Incorporated | 1 | 30 |
| Unicharm Corporation | 12 | 67 |
| West Japan Railway Company | 5 | 99 |
| Yamaha Motor Co., Ltd. | 9 | 64 |
| Yaskawa Electric Corporation | 2 | 58 |
| Yokogawa Electric Corporation | 3 | 77 |
| Yokohama Financial Group, Inc. | 13 | 111 |
| Zensho Holdings Co., Ltd. | 1 | 47 |
| ZOZO, Inc. (c) | 3 | 23 |
| | | 51491 |
| **United Kingdom 3.6%** | **United Kingdom 3.6%** | **United Kingdom 3.6%** |
| 3i Group PLC | 10 | 338 |
| Admiral Group PLC | 2 | 104 |
| Anglo American PLC | 12 | 490 |
| Associated British Foods PLC | 3 | 74 |
| AstraZeneca PLC | 16 | 3193 |
| Autotrader Group PLC | 10 | 61 |
| Aviva PLC | 33 | 267 |
| BAE Systems PLC | 31 | 903 |
| Barclays PLC | 148 | 774 |
| Barratt Redrow PLC | 14 | 48 |
| BP P.L.C. | 163 | 1279 |
| British American Tobacco P.L.C. | 23 | 1334 |
| BT Group PLC | 61 | 170 |
| Bunzl Public Limited Company | 4 | 113 |
| Centrica PLC | 50 | 141 |
| Coca-Cola Europacific Partners PLC | 2 | 208 |
| Compass Group PLC | 18 | 500 |
| CVC Capital Partners PLC (c) | 8 | 110 |
| Diageo PLC | 23 | 436 |
| Entain PLC | 5 | 38 |
| Experian PLC | 10 | 340 |
| Fiat Chrysler Automobiles N.V. | 22 | 159 |
| GSK PLC | 42 | 1165 |
| Haleon PLC | 95 | 468 |
| Halma Public Limited Company | 4 | 200 |
| HSBC Holdings PLC | 183 | 2979 |
| ICG PLC | 3 | 59 |
| Imperial Brands PLC | 9 | 346 |
| Informa PLC | 13 | 130 |
| InterContinental Hotels Group PLC | 2 | 215 |
| International Consolidated Airlines Group S.A. | 37 | 171 |
| Intertek Group PLC | 2 | 87 |
| J Sainsbury PLC | 19 | 84 |
| Kingfisher PLC | 19 | 73 |
| Legal & General Group PLC | 60 | 196 |
| Lloyds Banking Group PLC | 627 | 775 |
| London Stock Exchange Group PLC | 5 | 582 |
| M&G PLC | 24 | 88 |
| Melrose Industries PLC | 14 | 92 |
| National Grid PLC | 53 | 888 |
| NatWest Group PLC | 82 | 605 |
| Next PLC | 1 | 215 |
| Pearson PLC | 6 | 81 |
| Prudential Public Limited Company | 27 | 375 |
| Reckitt Benckiser Group PLC | 7 | 461 |
| Relx PLC | 19 | 638 |
| Rentokil Initial PLC | 27 | 169 |
| Rightmove PLC | 8 | 45 |
| Rolls-Royce Holdings PLC | 88 | 1331 |
| Schroders PLC | 10 | 78 |
| SEGRO Public Limited Company | 11 | 92 |
| Severn Trent PLC | 3 | 117 |
| Shell PLC - Class A | 60 | 2810 |
| Smith & Nephew PLC | 10 | 155 |
| Smiths Group PLC | 3 | 91 |
| Spirax Group PLC | 1 | 63 |
| SSE PLC | 12 | 401 |
| Standard Chartered PLC | 20 | 407 |
| Standard Life PLC | 8 | 70 |
| Tesco PLC | 67 | 422 |
| The Sage Group PLC. | 11 | 125 |
| Unilever PLC | 23 | 1293 |
| United Utilities PLC | 7 | 126 |
| Vodafone Group Public Limited Company | 206 | 310 |
| Weir Group PLC(The) | 3 | 102 |
| Wise PLC - Class A (a) | 7 | 83 |
|  |  | 30343 |
| **Canada 3.4%** | **Canada 3.4%** | **Canada 3.4%** |
| Agnico Eagle Mines Limited | 5 | 1081 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Alimentation Couche-Tard Inc. | 7 | 424 |
| AltaGas Ltd. | 3 | 114 |
| ARC Resources Ltd. (c) | 6 | 124 |
| Bank of Montreal | 7 | 1015 |
| Bank of Nova Scotia, The | 13 | 917 |
| Banque Nationale Du Canada (c) | 4 | 541 |
| Barrick Mining Corporation | 18 | 727 |
| BCE Inc. (c) | 3 | 71 |
| Bombardier Inc. - Class B (a) | 1 | 164 |
| Brookfield Corporation - Class A | 19 | 787 |
| CAE Inc. (a) | 3 | 79 |
| Cameco Corporation | 4 | 481 |
| Canadian Imperial Bank of Commerce | 10 | 923 |
| Canadian National Railway Company | 6 | 592 |
| Canadian Natural Resources Limited (c) | 22 | 1069 |
| Canadian Pacific Kansas City Limited | 10 | 757 |
| Canadian Tire Corporation, Limited - Class A (c) | 1 | 70 |
| CCL Industries Inc. - Class B | 2 | 104 |
| Celestica Inc. (a) | 1 | 343 |
| Cenovus Energy Inc. | 14 | 382 |
| Chorus Limited - Class A | 2 | 155 |
| Constellation Software Inc. |  | 390 |
| Dollarama Inc. | 3 | 346 |
| Emera Incorporated (d) | 3 | 167 |
| Enbridge Inc. | 23 | 1254 |
| Fairfax Financial Holdings Limited |  | 337 |
| FirstService Corporation |  | 53 |
| Fortis Inc. | 5 | 297 |
| Franco-Nevada Corporation | 2 | 483 |
| George Weston Limited | 2 | 115 |
| GFL Environmental Inc. | 3 | 115 |
| Great-West Lifeco Inc. | 3 | 131 |
| Groupe WSP Global Inc. | 1 | 215 |
| Hydro One Limited (c) | 3 | 132 |
| iA Societe Financiere Inc. | 1 | 103 |
| IGM Financial Inc. (c) | 1 | 45 |
| Imperial Oil Limited | 2 | 212 |
| Intact Financial Corporation | 2 | 346 |
| Keyera Corp. (d) | 3 | 101 |
| Kinross Gold Corporation | 13 | 385 |
| Les Vetements de Sport Gildan Inc. - Class A | 2 | 111 |
| Loblaw Companies Limited | 6 | 283 |
| Lululemon Athletica Inc. (a) | 1 | 173 |
| Lundin Gold Inc. (d) | 1 | 82 |
| Magna International Inc. | 3 | 152 |
| Manulife Financial Corporation | 18 | 616 |
| Metro Inc. - Class A | 2 | 155 |
| Nutrien Ltd. (c) | 5 | 394 |
| Open Text Corporation (c) | 3 | 75 |
| Pan American Silver Corp. | 5 | 252 |
| Pembina Pipeline Corporation | 6 | 277 |
| Power Corporation of Canada (c) | 6 | 279 |
| Quebecor Inc. - Class B | 2 | 69 |
| RB Global, Inc. (c) | 2 | 187 |
| Restaurant Brands International Limited Partnership | 3 | 230 |
| Rogers Communications Inc. - Class B | 4 | 163 |
| Royal Bank of Canada | 15 | 2403 |
| Saputo Inc. | 2 | 78 |
| Shopify Inc. - Class A (a) | 13 | 1541 |
| Stantec Inc. | 1 | 101 |
| Sun Life Financial Inc. | 6 | 364 |
| Suncor Energy Inc. | 13 | 844 |
| TC Energy Corporation (c) | 11 | 689 |
| Teck Resources Limited - Class B | 5 | 242 |
| TELUS Corporation | 6 | 73 |
| TFI International Inc. | 1 | 81 |
| Thomson Reuters Corporation | 1 | 131 |
| TMX Group Limited | 3 | 108 |
| Toronto-Dominion Bank, The | 18 | 1664 |
| Tourmaline Oil Corp | 4 | 187 |
| Wheaton Precious Metals Corp. | 5 | 631 |
| | | 28782 |
| **France 2.4%** | **France 2.4%** | **France 2.4%** |
| Aeroports de Paris |  | 51 |
| Airbus SE | 6 | 1176 |
| Amundi (d) | 1 | 57 |
| AXA | 18 | 810 |
| Biomerieux S.A. | 1 | 62 |
| BNP Paribas | 11 | 1024 |
| Bollore SE | 7 | 42 |
| Bouygues | 2 | 107 |
| Bureau Veritas | 4 | 110 |
| Capgemini France | 2 | 212 |
| Compagnie de Saint-Gobain | 5 | 404 |
| Compagnie Generale des Etablissements Michelin | 7 | 251 |
| Credit Agricole S.A. | 13 | 234 |
| Danone | 7 | 540 |
| Dassault Aviation |  | 76 |
| Dassault Systemes | 6 | 131 |
| Engie | 19 | 601 |
| EssilorLuxottica | 3 | 724 |
| Hermes International |  | 681 |
| Kering | 1 | 228 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 6 | 1280 |
| Legrand | 3 | 433 |
| L'Oreal | 3 | 1049 |
| LVMH Moet Hennessy Louis Vuitton | 3 | 1480 |
| Orange | 19 | 398 |
| Pernod Ricard | 2 | 155 |
| Publicis Groupe S.A. | 2 | 203 |
| Safran | 4 | 1188 |
| Sanofi | 12 | 1157 |
| Sartorius Stedim Biotech |  | 57 |
| Schneider Electric SE | 6 | 1559 |
| Societe Generale | 7 | 528 |
| Thales | 1 | 300 |
| TotalEnergies SE | 21 | 1914 |
| Veolia Environnement | 7 | 248 |
| VINCI | 5 | 782 |
|  |  | 20252 |
| **Switzerland 2.4%** | **Switzerland 2.4%** | **Switzerland 2.4%** |
| ABB Ltd. - Class N | 17 | 1352 |
| Alcon AG | 5 | 392 |
| Amrize AG | 6 | 318 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 143 |
| Coca-Cola HBC AG | 2 | 119 |
| Compagnie Financiere Richemont S.A. | 6 | 1006 |
| EMS-Chemie Holding AG |  | 42 |
| Galderma Group AG | 1 | 286 |
| Geberit AG - Class N |  | 228 |
| Givaudan S.A. - Class N |  | 294 |
| Glencore PLC | 102 | 772 |
| Holcim AG | 5 | 433 |
| Julius Bar Gruppe AG - Class N | 2 | 151 |
| Kuhne & Nagel International AG (c) | 1 | 115 |
| Lonza Group AG | 1 | 482 |
| Nestle S.A. - Class N | 27 | 2688 |
| Novartis AG - Class N | 20 | 3072 |
| Partners Group Holding AG |  | 249 |
| Roche Holding AG | 7 | 2895 |
| Roche Holding AG |  | 108 |
| Sandoz Group AG | 4 | 331 |
| Schindler Holding AG - Class N |  | 65 |
| SGS S.A. | 2 | 171 |
| Sika AG | 2 | 283 |
| Sonova Holding AG | 1 | 117 |
| Straumann Holding AG - Class N (c) | 1 | 120 |
| Swiss Life Holding AG - Class N |  | 332 |
| Swiss Re AG (c) | 3 | 522 |
| Swisscom AG - Class N |  | 223 |
| UBS Group AG | 33 | 1291 |
| Zurich Insurance Group AG - Class N | 2 | 1071 |
|  |  | 19671 |
| **Germany 2.1%** | **Germany 2.1%** | **Germany 2.1%** |
| Adidas AG - Class N | 2 | 306 |
| Allianz SE | 4 | 1686 |
| BASF SE - Class N | 10 | 590 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bayer Aktiengesellschaft - Class N | 10 | 447 |
| Bayerische Motoren Werke Aktiengesellschaft | 3 | 283 |
| Beiersdorf Aktiengesellschaft | 1 | 89 |
| BioNTech SE - ADR (a) | 1 | 95 |
| COMMERZBANK Aktiengesellschaft | 9 | 335 |
| Continental Aktiengesellschaft | 1 | 91 |
| Daimler Truck Holding AG | 5 | 230 |
| Deutsche Bank Aktiengesellschaft - Class N | 20 | 600 |
| Deutsche Borse Aktiengesellschaft - Class N | 2 | 569 |
| Deutsche Post AG - Class N | 10 | 519 |
| Deutsche Telekom AG - Class N | 35 | 1312 |
| E.ON SE - Class N | 24 | 529 |
| Fresenius SE & Co. KGaA | 4 | 227 |
| Hannover Ruck SE - Class N | 1 | 198 |
| Heidelberg Materials AG | 1 | 287 |
| Henkel AG & Co. KGaA | 1 | 90 |
| Infineon Technologies AG - Class N | 13 | 606 |
| Mercedes-Benz Group AG - Class N | 7 | 432 |
| MERCK Kommanditgesellschaft auf Aktien | 1 | 173 |
| MTU Aero Engines AG - Class N | 1 | 199 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 1 | 871 |
| Rheinmetall Aktiengesellschaft |  | 821 |
| RWE Aktiengesellschaft | 7 | 462 |
| SAP SE | 11 | 1852 |
| Siemens Aktiengesellschaft - Class N | 8 | 1904 |
| Siemens Energy AG | 8 | 1380 |
| Siemens Healthineers AG (d) | 3 | 120 |
| Talanx Aktiengesellschaft | 1 | 67 |
| Vonovia SE | 9 | 236 |
| | | 17606 |
| **Australia 1.9%** | **Australia 1.9%** | **Australia 1.9%** |
| Amcor Pty Ltd. | 5 | 192 |
| ANZ Group Holdings Limited | 32 | 798 |
| Aristocrat Leisure Limited | 6 | 198 |
| ASX Limited | 2 | 86 |
| Atlassian Corporation - Class A (a) | 2 | 117 |
| Australian Pipeline Trust | 14 | 95 |
| BHP Group Limited | 52 | 1835 |
| BlueScope Steel Limited | 4 | 81 |
| Brambles Limited | 14 | 222 |
| Cochlear Limited | 1 | 85 |
| Coles Group Limited | 15 | 225 |
| Commonwealth Bank of Australia | 18 | 2074 |
| Computershare Limited | 6 | 113 |
| CSL Limited | 5 | 506 |
| Evolution Mining Limited | 22 | 198 |
| Fortescue Ltd. | 17 | 238 |
| Goodman Funding Pty Ltd. | 21 | 382 |
| GPT Management Holdings Limited | 20 | 62 |
| Insurance Australia Group Limited | 25 | 129 |
| Lottery Corporation Limited, The | 27 | 102 |
| Macquarie Group Limited | 4 | 545 |
| Medibank Private Limited | 32 | 95 |
| Mirvac Limited | 28 | 34 |
| National Australia Bank Limited | 32 | 926 |
| Northern Star Resources Ltd. | 16 | 224 |
| Orica Limited | 5 | 77 |
| Origin Energy Limited | 18 | 152 |
| Pro Medicus Limited | 1 | 45 |
| Qantas Airways Limited | 7 | 40 |
| QBE Insurance Group Limited | 15 | 224 |
| REA Group Ltd. (c) | 1 | 65 |
| Rio Tinto Limited | 4 | 448 |
| Rio Tinto PLC | 11 | 1048 |
| Santos Limited | 32 | 174 |
| Scentre Group Limited | 57 | 132 |
| SEEK Limited | 3 | 29 |
| SGH Limited | 2 | 51 |
| Sigma Healthcare Ltd. | 59 | 109 |
| Sonic Healthcare Limited | 6 | 78 |
| South32 Limited | 45 | 135 |
| Stockland Corporation Ltd. | 29 | 88 |
| Suncorp Group Limited | 11 | 128 |
| Telstra Group Limited | 41 | 152 |
| TPG Corporation Limited | 7 | 18 |
| Transurban Holdings Limited | 33 | 326 |
| Vicinity Centres RE Ltd. | 34 | 55 |
| Wesfarmers Limited | 12 | 620 |
| Westpac Banking Corporation | 36 | 1002 |
| WHSP Holdings Ltd. | 3 | 71 |
| WiseTech Global Limited | 2 | 57 |
| Woodside Energy Group Ltd. | 20 | 481 |
| Woolworths Group Limited | 13 | 327 |
|  |  | 15694 |
| **Netherlands 1.2%** | **Netherlands 1.2%** | **Netherlands 1.2%** |
| Adyen N.V. (a) (d) |  | 314 |
| ASM International N.V. |  | 355 |
| ASML Holding N.V. | 4 | 5474 |
| DSM-Firmenich AG | 2 | 177 |
| Exor Nederland N.V. | 1 | 83 |
| HAL Trust |  | 76 |
| Heineken Holding N.V. | 1 | 96 |
| Heineken N.V. | 3 | 227 |
| ING Groep N.V. | 31 | 804 |
| JDE Peet's N.V. | 2 | 66 |
| Koninklijke Ahold Delhaize N.V. | 9 | 430 |
| Koninklijke KPN N.V. | 41 | 226 |
| Koninklijke Philips N.V. | 9 | 248 |
| NN Group N.V. | 3 | 227 |
| NXP Semiconductors N.V. | 3 | 505 |
| Prosus N.V. - Class N | 12 | 545 |
| STMicroelectronics N.V. | 7 | 234 |
| Wolters Kluwer N.V. - Class C | 3 | 191 |
|  |  | 10278 |
| **Spain 0.9%** | **Spain 0.9%** | **Spain 0.9%** |
| ACS, Actividades de Construccion y Servicios, S.A. | 2 | 280 |
| AENA S.M.E., S.A. | 8 | 233 |
| Amadeus IT Holding, S.A. (d) | 5 | 274 |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima | 60 | 1302 |
| Banco Santander, S.A. | 156 | 1749 |
| CaixaBank, S.A. | 37 | 436 |
| Cellnex Telecom, S.A. (d) | 6 | 197 |
| EDP Renovaveis, S.A. (c) | 3 | 51 |
| Endesa, S.A. | 3 | 133 |
| Ferrovial SE | 5 | 316 |
| Iberdrola, Sociedad Anonima | 65 | 1481 |
| Industria de Diseno Textil, S.A. | 12 | 677 |
| Naturgy Energy Group S.A. (c) | 1 | 38 |
| Repsol S.A. | 12 | 338 |
| Telefonica, S.A. (c) | 46 | 203 |
|  |  | 7708 |
| **Sweden 0.9%** | **Sweden 0.9%** | **Sweden 0.9%** |
| AB Sagax - Class B | 2 | 40 |
| AB Sagax - Class D |  | 1 |
| Aktiebolaget Industrivarden - Class A | 1 | 64 |
| Aktiebolaget Industrivarden - Class C (c) | 2 | 81 |
| Aktiebolaget SKF - Class B | 4 | 105 |
| Aktiebolaget Volvo - Class A | 2 | 60 |
| Aktiebolaget Volvo - Class B | 16 | 538 |
| Alfa Laval AB | 3 | 157 |
| ASSA ABLOY AB - Class B | 11 | 400 |
| Atlas Copco Aktiebolag - Class A | 27 | 468 |
| Atlas Copco Aktiebolag - Class B | 17 | 261 |
| Axfood AB | 1 | 46 |
| Boliden AB (a) | 3 | 155 |
| Epiroc Aktiebolag - Class A | 7 | 160 |
| Epiroc Aktiebolag - Class B | 4 | 87 |
| EQT AB (d) | 8 | 233 |
| Essity Aktiebolag (publ) - Class B | 6 | 164 |
| Evolution AB (publ) (d) | 2 | 116 |
| Fastighets AB Balder - Class B (a) | 9 | 50 |
| G&L Beijer Ref AB - Class B (c) | 4 | 54 |
| H & M Hennes & Mauritz AB - Class B (c) | 4 | 80 |
| Hexagon Aktiebolag - Class B | 23 | 222 |
| Holmen Aktiebolag - Class B (c) | 1 | 37 |
| Indutrade Aktiebolag (c) | 2 | 50 |
| Investmentaktiebolaget Latour - Class B | 1 | 31 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Investor Aktiebolag - Class A | 6 | 222 |
| Investor Aktiebolag - Class B | 19 | 731 |
| L E Lundbergforetagen Aktiebolag (publ) - Series B | 1 | 40 |
| Lifco AB (Publ) - Class B | 3 | 78 |
| NIBE Industrier AB - Class B | 21 | 88 |
| Nordnet AB | 2 | 59 |
| SAAB Aktiebolag - Class B (c) | 4 | 257 |
| Sandvik Aktiebolag | 10 | 397 |
| Securitas AB - Class B | 5 | 92 |
| Skandinaviska Enskilda Banken AB - Class A (c) | 15 | 277 |
| Skanska AB - Class B (c) | 4 | 99 |
| SSAB AB - Class A |  | 2 |
| SSAB AB - Class B | 8 | 66 |
| Svenska Cellulosa Aktiebolaget SCA - Class B (c) | 5 | 53 |
| Svenska Handelsbanken AB - Class A (c) | 16 | 205 |
| Swedbank AB - Class A | 10 | 357 |
| Swedish Orphan Biovitrum AB (Publ) (a) | 2 | 71 |
| Tele2 AB - Class B | 6 | 131 |
| Telefonaktiebolaget LM Ericsson - Class B (c) | 27 | 312 |
| Telia Company AB (c) | 24 | 123 |
| Trelleborg AB - Class B | 2 | 78 |
| | | 7398 |
| **Italy 0.8%** | **Italy 0.8%** | **Italy 0.8%** |
| A2a S.P.A. | 20 | 57 |
| Assicurazioni Generali Societa' Per Azioni | 9 | 369 |
| Banca Mediolanum SpA | 3 | 54 |
| Banca Monte dei Paschi di Siena S.p.A. | 23 | 202 |
| Banco BPM Societa' Per Azioni (c) | 14 | 199 |
| Bper Banca S.P.A. | 14 | 186 |
| Buzzi S.p.A. | 1 | 39 |
| Davide Campari-Milano N.V. | 7 | 48 |
| ENEL - SPA | 83 | 902 |
| Eni S.P.A. | 21 | 605 |
| Ferrari N.V. | 1 | 451 |
| Finecobank Banca Fineco S.P.A. | 7 | 149 |
| Infrastrutture Wireless Italiane S.p.A. (c) (d) | 3 | 25 |
| Intesa Sanpaolo SPA | 161 | 970 |
| Leonardo S.p.A. | 4 | 283 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 1 | 25 |
| Moncler S.p.A. | 2 | 133 |
| Poste Italiane - Societa' Per Azioni (d) | 4 | 104 |
| Prysmian S.p.A. | 3 | 356 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 1 | 58 |
| Snam S.p.A. | 22 | 167 |
| Telecom Italia S.p.A. | 126 | 88 |
| Terna - Rete Elettrica Nazionale Societa Per Azioni | 15 | 166 |
| Unicredit, Societa' Per Azioni | 16 | 1158 |
|  |  | 6794 |
| **Hong Kong 0.5%** | **Hong Kong 0.5%** | **Hong Kong 0.5%** |
| AIA Group Limited | 111 | 1225 |
| Budweiser Brewing Company APAC Limited (c) (d) | 24 | 22 |
| CK Asset Holdings Limited | 19 | 111 |
| CK Hutchison Holdings Limited | 28 | 215 |
| CK Infrastructure Holdings Limited | 4 | 28 |
| CLP Holdings Limited | 19 | 183 |
| Henderson Land Development Company Limited | 12 | 46 |
| HKT Trust | 39 | 61 |
| Hong Kong And China Gas Company Limited - The- | 121 | 110 |
| Hong Kong Exchanges and Clearing Limited | 13 | 637 |
| Jardine Matheson Holdings Limited | 2 | 158 |
| Link Real Estate Investment Trust | 27 | 126 |
| MTR Corporation Limited (c) | 18 | 75 |
| Power Assets Holdings Limited | 14 | 109 |
| Sino Land Company Limited | 36 | 52 |
| Sun Hung Kai Properties Limited | 17 | 291 |
| Swire Pacific Limited - Class A | 4 | 45 |
| Swire Properties Limited | 10 | 29 |
| Techtronic Industries Company Limited | 15 | 205 |
| WH Group Limited (d) | 89 | 118 |
| Wharf (Holdings) Limited, The (c) | 14 | 39 |
| Wharf Real Estate Investment Company Limited | 18 | 52 |
|  |  | 3937 |
| **Denmark 0.4%** | **Denmark 0.4%** | **Denmark 0.4%** |
| A.P. Moller - Maersk A/S - Class A (c) |  | 68 |
| A.P. Moller - Maersk A/S - Class B (c) |  | 89 |
| Carlsberg A/S - Class B | 1 | 131 |
| Coloplast A/S - Class B | 1 | 101 |
| Danske Bank A/S | 7 | 322 |
| DSV A/S | 2 | 491 |
| Genmab A/S (a) | 1 | 178 |
| Novo Nordisk A/S - Class B (c) | 34 | 1243 |
| Novozymes A/S - Class B | 4 | 221 |
| Orsted A/S (a) (d) | 5 | 130 |
| Pandora A/S | 1 | 65 |
| Tryg A/S | 3 | 81 |
| Vestas Wind Systems A/S | 10 | 300 |
|  |  | 3420 |
| **Singapore 0.4%** | **Singapore 0.4%** | **Singapore 0.4%** |
| Capitaland Ascendas REIT | 43 | 84 |
| Capitaland Group Pte. Ltd. | 60 | 108 |
| Capitaland Investment Limited | 23 | 49 |
| DBS Group Holdings Ltd. | 22 | 960 |
| Genting Singapore Limited (c) | 45 | 24 |
| Jardine Cycle & Carriage Limited | 1 | 22 |
| Keppel Ltd. | 15 | 139 |
| Mpact Treasury Company Pte. Ltd. (c) (d) | 25 | 26 |
| Oversea-Chinese Banking Corporation Limited | 35 | 594 |
| Singapore Airlines Limited | 16 | 85 |
| Singapore Exchange Limited | 9 | 132 |
| Singapore Technologies Engineering Ltd. | 18 | 149 |
| Singapore Telecommunications Limited | 87 | 337 |
| United Overseas Bank Limited | 14 | 407 |
| Wilmar International Limited | 15 | 46 |
|  |  | 3162 |
| **Finland 0.3%** | **Finland 0.3%** | **Finland 0.3%** |
| Elisa Oyj | 2 | 77 |
| Fortum Oyj (c) | 4 | 104 |
| Kesko Oyj - Class A | 1 | 27 |
| Kesko Oyj - Class B | 2 | 48 |
| Kone Corporation - Class B | 4 | 236 |
| Metso Oyj | 7 | 127 |
| Neste Oyj | 4 | 140 |
| Nokia Oyj | 55 | 441 |
| Nordea Bank Abp (c) | 35 | 594 |
| Orion Oyj - Class B | 1 | 111 |
| Sampo Oyj - Class A | 27 | 287 |
| Stora Enso Oyj - Class R (c) | 6 | 74 |
| UPM-Kymmene Oyj | 6 | 180 |
| Wartsila Oyj Abp | 5 | 186 |
|  |  | 2632 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Ackermans |  | 75 |
| Ageas SA/NV | 2 | 123 |
| Anheuser-Busch InBev | 10 | 705 |
| Argenx SE (a) | 1 | 476 |
| D'Ieteren Group |  | 37 |
| Elia Group |  | 67 |
| Groep Brussel Lambert | 1 | 74 |
| KBC Groep | 3 | 327 |
| Lotus Bakeries (c) |  | 45 |
| Sofina |  | 45 |
| Syensqo (c) | 1 | 46 |
| U C B | 1 | 380 |
| Warehouses De Pauw | 2 | 47 |
|  |  | 2447 |
| **Norway 0.2%** | **Norway 0.2%** | **Norway 0.2%** |
| Aker BP ASA | 3 | 117 |
| DNB Bank ASA | 8 | 254 |
| Equinor ASA | 8 | 347 |
| Gjensidige Forsikring ASA | 2 | 53 |
| Kongsberg Gruppen ASA | 5 | 198 |
| Mowi ASA | 4 | 96 |
| Norsk Hydro ASA | 15 | 161 |
| Orkla ASA | 8 | 96 |
| SalMar ASA | 1 | 67 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Storebrand ASA | 4 | 78 |
| Telenor ASA | 6 | 114 |
| Var Energi ASA | 8 | 41 |
| Vend Marketplaces ASA - Class B | 2 | 45 |
| Yara International ASA | 2 | 96 |
| | | 1763 |
| **Israel 0.2%** | **Israel 0.2%** | **Israel 0.2%** |
| Azrieli Group Ltd. |  | 48 |
| Bank Hapoalim B.M. | 14 | 330 |
| Bank Leumi Le-Israel B.M. | 16 | 350 |
| Elbit Systems Ltd. |  | 215 |
| ICL Group Ltd. | 8 | 42 |
| Israel Discount Bank Limited | 14 | 137 |
| Mizrahi Tefahot Bank Ltd. | 2 | 112 |
| Nice Ltd. (a) | 1 | 74 |
| Teva Pharmaceutical Industries Ltd. (a) | 12 | 360 |
|  |  | 1668 |
| **Ireland 0.2%** | **Ireland 0.2%** | **Ireland 0.2%** |
| CRH Public Limited Company | 7 | 733 |
| Kerry Group Public Limited Company - Class A | 2 | 138 |
| Kingspan Group Public Limited Company | 2 | 133 |
| Smurfit Westrock Public Limited Company | 6 | 225 |
|  |  | 1229 |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| Allegro.eu (a) (d) | 7 | 51 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 2 | 132 |
| Dino Polska Spolka Akcyjna (a) (d) | 4 | 39 |
| ING Bank Slaski Spolka Akcyjna |  | 47 |
| KGHM Polska Miedz Spolka Akcyjna (a) | 1 | 96 |
| LPP Spolka Akcyjna |  | 79 |
| Orlen S A | 6 | 225 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 9 | 218 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 7 | 117 |
| Santander Bank Polska Spolka Akcyjna |  | 65 |
|  |  | 1069 |
| **Argentina 0.1%** | **Argentina 0.1%** | **Argentina 0.1%** |
| MercadoLibre, Inc. (a) | 1 | 865 |
| Tenaris S.A. | 3 | 95 |
|  |  | 960 |
| **Austria 0.1%** | **Austria 0.1%** | **Austria 0.1%** |
| Andritz AG (c) | 1 | 48 |
| BAWAG Group AG (d) | 1 | 124 |
| Erste Group Bank AG (c) | 3 | 343 |
| OMV Aktiengesellschaft (c) | 2 | 110 |
| Raiffeisen Bank International AG (c) | 1 | 55 |
| Telekom Austria Aktiengesellschaft | 2 | 19 |
| Verbund AG (c) | 1 | 59 |
|  |  | 758 |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Antofagasta PLC | 4 | 165 |
| Lundin Mining Corporation | 7 | 185 |
|  |  | 350 |
| **Portugal 0.1%** | **Portugal 0.1%** | **Portugal 0.1%** |
| EDP, S.A. | 32 | 167 |
| Galp Energia, SGPS, S.A. - Class B | 4 | 89 |
| Jeronimo Martins, SGPS S.A. | 3 | 72 |
|  |  | 328 |
| **South Korea 0.0%** | **South Korea 0.0%** | **South Korea 0.0%** |
| Coupang, Inc. - Class A (a) | 15 | 275 |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Fresnillo PLC | 2 | 92 |
| Southern Copper Corporation | 1 | 168 |
|  |  | 260 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| ArcelorMittal | 4 | 227 |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Auckland International Airport Limited | 17 | 78 |
| Fisher & Paykel Healthcare Corporation Limited | 6 | 118 |
| Meridian Energy Limited | 9 | 30 |
|  |  | 226 |
| **Zambia 0.0%** | **Zambia 0.0%** | **Zambia 0.0%** |
| First Quantum Minerals Ltd. (a) | 7 | 173 |
| **China 0.0%** | **China 0.0%** | **China 0.0%** |
| WuXi Biologics (Cayman) Inc. (a) (d) | 38 | 163 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Galaxy Entertainment Group Limited | 23 | 104 |
| Sands China Ltd. | 22 | 48 |
|  |  | 152 |
| **Jersey 0.0%** | **Jersey 0.0%** | **Jersey 0.0%** |
| Aptiv PLC (a) | 2 | 151 |
| **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** |
| Zijin Gold International Company Limited | 4 | 93 |
| **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 | 70 |
| **Czech Republic 0.0%** | **Czech Republic 0.0%** | **Czech Republic 0.0%** |
| CSG N.V. - Class A (a) | 1 | 41 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| NMC Health PLC (e) | 1 |  |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Evraz PLC (a) (d) (e) | 3 |  |
| Total Common Stocks (cost $557,984) | Total Common Stocks (cost $557,984) | 833746 |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Germany 0.1%** | **Germany 0.1%** | **Germany 0.1%** |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 61 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 1 | 43 |
| Henkel AG & Co. KGaA (f) | 2 | 126 |
| Sartorius Aktiengesellschaft |  | 55 |
| Volkswagen Aktiengesellschaft (f) | 2 | 220 |
|  |  | 505 |
| **Switzerland 0.0%** | **Switzerland 0.0%** | **Switzerland 0.0%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 141 |
| Schindler Holding AG |  | 148 |
|  |  | 289 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. | 72 | 59 |
| Total Preferred Stocks (cost $903) | Total Preferred Stocks (cost $903) | 853 |
| **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) |  |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **Singapore 0.0%** | **Singapore 0.0%** | **Singapore 0.0%** |
| Capitaland Ascendas REIT (a) (g) | 1 |  |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia S.p.A. (a) (g) | 51 |  |
| Telecom Italia S.p.A. (a) (g) | 126 |  |
| Total Rights (cost $0) | Total Rights (cost $0) |  |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Class I, 3.53% (b) (h) | 4456 | 4456 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.63% (b) (h) | 2206 | 2206 |
| Total Short Term Investments (cost $6,662) | Total Short Term Investments (cost $6,662) | 6662 |
| **Total Investments 99.8% (cost $565,549)** | **Total Investments 99.8% (cost $565,549)** | **841261** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **137** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **1903** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **843301** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of March 31, 2026.

(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

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

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

(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) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 847 | 17 | 18 | 4 | 10 | 9 | 865 | 0.1 |
| JNL Government Money Market Fund, 3.53% - Class I | 4798 | 22946 | 23288 | 46 |  |  | 4456 | 0.5 |
| JNL Government Money Market Fund, 3.63% - Class SL | 2905 | 8180 | 8879 | 22 |  |  | 2206 | 0.3 |
|  | 8550 | 31143 | 32185 | 72 | 10 | 9 | 7527 | 0.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 582 | 314 | 0.1 |
| Allegro.eu | 12/15/23 | 59 | 51 |  |
| Amadeus IT Holding, S.A. | 09/22/17 | 346 | 274 | 0.1 |
| Amundi | 11/30/17 | 53 | 57 |  |
| BAWAG Group AG | 04/23/21 | 76 | 124 |  |
| Budweiser Brewing Company APAC Limited | 10/15/19 | 60 | 22 |  |
| Cellnex Telecom, S.A. | 10/28/19 | 259 | 197 |  |
| Dino Polska Spolka Akcyjna | 06/18/21 | 49 | 39 |  |
| Emera Incorporated | 09/22/17 | 138 | 167 |  |
| EQT AB | 12/16/22 | 203 | 233 | 0.1 |
| Evolution AB (publ) | 11/30/20 | 159 | 116 |  |
| Evraz PLC | 05/28/19 | 25 |  |  |
| Infrastrutture Wireless Italiane S.p.A. | 04/23/25 | 28 | 25 |  |
| Keyera Corp. | 09/22/17 | 80 | 101 |  |
| Lundin Gold Inc. | 12/19/25 | 88 | 82 |  |
| Mpact Treasury Company Pte. Ltd. | 11/26/19 | 34 | 26 |  |
| Orsted A/S | 09/25/17 | 112 | 130 |  |
| Poste Italiane - Societa' Per Azioni | 09/22/17 | 67 | 104 |  |
| Siemens Healthineers AG | 06/18/21 | 151 | 120 |  |
| WH Group Limited | 09/26/17 | 78 | 118 |  |
| WuXi Biologics (Cayman) Inc. | 12/17/21 | 144 | 163 |  |
|  |  | 2791 | 2463 | 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 | 7 | June 2026 | EUR | 395 | 3 | (12) |
| FTSE 100 Index | 2 | June 2026 | GBP | 206 | 2 | (2) |
| S&P 500 Index | 15 | June 2026 |  | 5015 | 141 | (87) |
| S&P/ASX 200 Index | 1 | June 2026 | AUD | 216 |  | (2) |
| S&P/TSX 60 Index | 1 | June 2026 | CAD | 378 | 6 | 2 |
| Topix Index | 3 | June 2026 | JPY | 109514 | (10) | (28) |
|  |  |  |  |  | 142 | (129) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | BMO | 06/17/26 | AUD | 7 | 5 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| CAD/USD | MSC | 06/17/26 | CAD | 202 | 146 | (4) |
| EUR/USD | UBS | 06/17/26 | EUR | 506 | 587 | (1) |
| JPY/USD | HSB | 06/17/26 | JPY | 25004 | 158 |  |
| USD/GBP | CIT | 06/17/26 | GBP | (27) | (36) |  |
|  |  |  |  |  | 860 | (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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 624601 | 209145 |  | 833746 |
| &nbsp;&nbsp;Preferred Stocks |  | 853 |  | 853 |
| &nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 6662 |  |  | 6662 |
|  | 631263 | 209998 |  | 841261 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 2 |  |  | 2 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |
|  | 2 |  |  | 2 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (131) |  |  | (131) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (5) |  | (5) |
|  | (131) | (5) |  | (136) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.2%** | **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** |
| **Industrials 17.8%** | **Industrials 17.8%** | **Industrials 17.8%** |
| AGCO Corporation | 131 | 15206 |
| Alaska Air Group, Inc. (a) | 211 | 7744 |
| Allegion Public Limited Company | 117 | 17009 |
| Builders FirstSource, Inc. (a) | 68 | 5629 |
| Delta Air Lines, Inc. | 196 | 13053 |
| FedEx Corporation | 31 | 10922 |
| Ferguson Enterprises Inc. | 53 | 12288 |
| Flowserve Corporation | 168 | 12333 |
| GFL Environmental Inc. | 304 | 12704 |
| Hubbell Incorporated | 25 | 12250 |
| Ingersoll Rand Inc. | 134 | 10748 |
| ITT Inc. | 49 | 9402 |
| J.B. Hunt Transport Services, Inc. | 56 | 11813 |
| Jacobs Solutions Inc. | 113 | 14332 |
| KBR, Inc. | 203 | 7479 |
| L3Harris Technologies, Inc. | 55 | 19013 |
| Leidos Holdings, Inc. | 79 | 12332 |
| Nordson Corporation | 34 | 9039 |
| Nvent Electric Public Limited Company | 143 | 16874 |
| Otis Worldwide Corporation | 136 | 10492 |
| PACCAR Inc | 103 | 11868 |
| Pentair Public Limited Company | 152 | 13268 |
| Southwest Airlines Co. | 249 | 9366 |
| StandardAero, Inc. (a) | 131 | 3392 |
| Stanley Black & Decker, Inc. | 140 | 9946 |
| Terex Corporation | 111 | 6551 |
| TransUnion | 188 | 13026 |
| Westinghouse Air Brake Technologies Corporation | 89 | 22325 |
|  |  | 330404 |
| **Financials 17.3%** | **Financials 17.3%** | **Financials 17.3%** |
| American International Group, Inc. | 184 | 13847 |
| Assurant, Inc. | 73 | 15821 |
| Brown & Brown, Inc. | 131 | 8532 |
| Carlyle Group Inc., The | 193 | 9339 |
| Columbia Banking System, Inc. | 323 | 8847 |
| Corebridge Financial, Inc. | 436 | 10402 |
| East West Bancorp, Inc. | 128 | 13651 |
| Equitable Holdings, Inc. | 169 | 6284 |
| Everest Group, Ltd. | 34 | 10975 |
| Fidelity National Information Services, Inc. | 222 | 10407 |
| Fifth Third Bancorp | 282 | 13102 |
| Global Payments Inc. | 206 | 13884 |
| Hanover Insurance Group Inc, The | 32 | 5583 |
| Hartford Insurance Group, Inc., The | 178 | 24030 |
| Lincoln National Corporation | 332 | 11773 |
| London Stock Exchange Group PLC | 69 | 8096 |
| M&T Bank Corporation | 89 | 18306 |
| Northern Trust Corporation | 145 | 20210 |
| Prosperity Bancshares, Inc. | 121 | 8144 |
| Raymond James Financial, Inc. | 133 | 19320 |
| Regions Financial Corporation | 571 | 14927 |
| SLM Corporation | 462 | 9888 |
| Synchrony Financial | 140 | 9518 |
| TPG Inc. - Class A | 167 | 6760 |
| Voya Financial, Inc. | 160 | 10915 |
| Willis Towers Watson Public Limited Company | 64 | 18527 |
|  |  | 321088 |
| **Energy 9.2%** | **Energy 9.2%** | **Energy 9.2%** |
| Baker Hughes Company - Class A | 189 | 11556 |
| Chord Energy Corporation | 73 | 10390 |
| Diamondback Energy, Inc. | 99 | 19679 |
| Expand Energy Corporation | 161 | 17717 |
| Peabody Energy Corporation | 189 | 6224 |
| Permian Resources Corporation - Class A | 1086 | 23147 |
| Plains GP Holdings, L.P. - Class A (a) | 604 | 14655 |
| Targa Resources Corp. | 90 | 22566 |
| TechnipFMC PLC | 263 | 18176 |
| Valero Energy Corporation | 106 | 26313 |
|  |  | 170423 |
| **Information Technology 9.1%** | **Information Technology 9.1%** | **Information Technology 9.1%** |
| CDW Corp. | 65 | 7835 |
| Check Point Software Technologies Ltd. (a) | 59 | 8491 |
| Cognizant Technology Solutions Corporation - Class A | 144 | 8843 |
| Coherent Corp. (a) | 53 | 12713 |
| Corning Incorporated | 169 | 22957 |
| Entegris, Inc. | 118 | 13884 |
| Flex Ltd. (a) | 398 | 26037 |
| MACOM Technology Solutions Holdings, Inc. (a) | 25 | 5571 |
| NXP Semiconductors N.V. | 60 | 11736 |
| Pegasystems Inc. | 100 | 4262 |
| Qnity Electronics, Inc. | 74 | 8536 |
| Seagate Technology Holdings Public Limited Company | 39 | 15111 |
| Skyworks Solutions, Inc. | 100 | 5373 |
| TE Connectivity Public Limited Company | 45 | 9396 |
| Zebra Technologies Corporation - Class A (a) | 39 | 8098 |
|  |  | 168843 |
| **Consumer Discretionary 8.9%** | **Consumer Discretionary 8.9%** | **Consumer Discretionary 8.9%** |
| Aptiv PLC (a) | 234 | 16240 |
| Aramark | 401 | 16248 |
| Birkenstock Holding PLC (a) (b) | 185 | 6631 |
| Brightstar Lottery PLC | 492 | 6270 |
| Brunswick Corporation | 170 | 12364 |
| Darden Restaurants, Inc. | 48 | 9472 |
| Gap, Inc., The | 183 | 4430 |
| Group 1 Automotive, Inc. | 19 | 6291 |
| Hyatt Hotels Corporation - Class A (b) | 94 | 13479 |
| LKQ Corporation | 383 | 11254 |
| Mohawk Industries, Inc. (a) | 87 | 8576 |
| Newell Brands Inc. | 1023 | 3509 |
| PulteGroup, Inc. | 154 | 18069 |
| Ross Stores, Inc. | 79 | 17117 |
| Viking Holdings Ltd. (a) | 195 | 14346 |
|  |  | 164296 |
| **Utilities 8.5%** | **Utilities 8.5%** | **Utilities 8.5%** |
| Alliant Energy Corporation | 266 | 19068 |
| Atmos Energy Corporation | 77 | 14183 |
| CenterPoint Energy, Inc. | 379 | 16366 |
| CMS Energy Corporation | 248 | 19277 |
| Evergy, Inc. | 128 | 10514 |
| PG&E Corporation | 1315 | 23101 |
| Pinnacle West Capital Corporation | 157 | 15807 |
| Public Service Enterprise Group Incorporated | 235 | 19009 |
| Sempra | 167 | 16197 |
| Talen Energy Corporation (a) | 11 | 3551 |
|  |  | 157073 |
| **Health Care 8.0%** | **Health Care 8.0%** | **Health Care 8.0%** |
| Agilent Technologies, Inc. | 164 | 18642 |
| Becton, Dickinson and Company | 71 | 11204 |
| Biogen Inc. (a) | 48 | 8832 |
| BioNTech SE - ADR (a) | 57 | 5104 |
| Cencora, Inc. | 38 | 12094 |
| Cooper Companies, Inc., The (a) | 109 | 7789 |
| GE HealthCare Technologies Inc. | 107 | 7642 |
| Humana Inc. | 69 | 11973 |
| Icon Public Limited Company (a) | 57 | 6360 |
| Labcorp Holdings Inc. | 47 | 12615 |
| MiniMed Group, Inc. (a) | 503 | 7506 |
| Revvity, Inc. | 90 | 7869 |
| Steris Public Limited Company | 52 | 11413 |
| Universal Health Services, Inc. - Class B | 62 | 11050 |
| Waters Corporation (a) | 31 | 9102 |
|  |  | 149195 |
| **Real Estate 7.3%** | **Real Estate 7.3%** | **Real Estate 7.3%** |
| Brixmor Property Group Inc. | 547 | 15761 |
| Equity Lifestyle Properties, Inc. | 224 | 14009 |
| Essex Property Trust, Inc. | 47 | 11460 |
| Extra Space Storage Inc. | 117 | 15331 |
| Jones Lang LaSalle Incorporated (a) | 55 | 16659 |
| Mid-America Apartment Communities, Inc. | 87 | 10575 |
| Rexford Industrial Realty, Inc. | 226 | 7384 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ventas, Inc. | 189 | 15492 |
| VICI Properties Inc. | 508 | 13884 |
| W.P. Carey Inc. | 221 | 15023 |
| | | 135578 |
| **Consumer Staples 5.9%** | **Consumer Staples 5.9%** | **Consumer Staples 5.9%** |
| Albertsons Companies, Inc. - Class A | 607 | 10350 |
| BJ's Wholesale Club Holdings, Inc. (a) | 98 | 9616 |
| Brown-Forman Corporation - Class B | 297 | 7858 |
| Campbell's Company, The (b) | 196 | 4363 |
| Ingredion Incorporated | 93 | 10440 |
| Kenvue Inc. | 891 | 15362 |
| Pernod Ricard | 126 | 9424 |
| Sysco Corporation | 168 | 11975 |
| Tyson Foods, Inc. - Class A | 163 | 10441 |
| US Foods Holding Corp. (a) | 205 | 18909 |
|  |  | 108738 |
| **Materials 5.3%** | **Materials 5.3%** | **Materials 5.3%** |
| Amcor Pty Ltd. | 238 | 9475 |
| Ashland Inc. | 181 | 10085 |
| Avery Dennison Corporation | 66 | 11480 |
| DuPont de Nemours, Inc. | 209 | 9584 |
| Eastman Chemical Company | 183 | 13957 |
| Graphic Packaging Holding Company | 578 | 5741 |
| International Flavors & Fragrances Inc. | 151 | 10944 |
| International Paper Company | 237 | 8449 |
| James Hardie Industries Public Limited Company (a) | 387 | 7332 |
| Nucor Corporation | 71 | 11944 |
|  |  | 98991 |
| **Communication Services 0.9%** | **Communication Services 0.9%** | **Communication Services 0.9%** |
| Nexstar Media Group, Inc. - Class A | 37 | 6704 |
| Omnicom Group Inc. | 129 | 9682 |
|  |  | 16386 |
| Total Common Stocks (cost $1,532,048) | Total Common Stocks (cost $1,532,048) | 1821015 |
| **PREFERRED STOCKS 0.6%** | **PREFERRED STOCKS 0.6%** | **PREFERRED STOCKS 0.6%** |
| **Industrials 0.6%** | **Industrials 0.6%** | **Industrials 0.6%** |
| Boeing Company, The, 6.00%, 10/15/27 (c) | 182 | 11792 |
| Total Preferred Stocks (cost $9,088) | Total Preferred Stocks (cost $9,088) | 11792 |
| **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** |
| **Investment Companies 1.1%** | **Investment Companies 1.1%** | **Investment Companies 1.1%** |
| JNL Government Money Market Fund - Class I, 3.53% (d) (e) | 20105 | 20105 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.63% (d) (e) | 6304 | 6304 |
| Total Short Term Investments (cost $26,409) | Total Short Term Investments (cost $26,409) | 26409 |
| **Total Investments 100.2% (cost $1,567,545)** | **Total Investments 100.2% (cost $1,567,545)** | **1859216** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(4393)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1854823** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Convertible security.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 25291 | 77521 | 82707 | 223 |  |  | 20105 | 1.1 |
| JNL Government Money Market Fund, 3.63% - Class SL | 3374 | 43851 | 40921 | 32 |  |  | 6304 | 0.3 |
|  | 28665 | 121372 | 123628 | 255 |  |  | 26409 | 1.4 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 1803495 | 17520 |  | 1821015 |
| &nbsp;&nbsp;Preferred Stocks | 11792 |  |  | 11792 |
| &nbsp;&nbsp;Short Term Investments | 26409 |  |  | 26409 |
|  | 1841696 | 17520 |  | 1859216 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 87.4%** | **Financials 87.4%** | **Financials 87.4%** |
| 3i Group PLC | 17 | 549 |
| Alaris Royalty Corp. (a) |  | 2 |
| Antin Infrastructure Partners | 10 | 118 |
| Apollo Global Management, Inc. | 8 | 913 |
| Ares Management Corporation - Class A | 6 | 668 |
| B. Riley & Co., LLC (b) | 4 | 26 |
| B.P.Marsh & Partners PLC | 3 | 26 |
| Blackstone Inc. - Class A | 13 | 1518 |
| Blue Owl Capital Inc. - Class A | 23 | 210 |
| Bridgepoint Group PLC (a) | 61 | 191 |
| Brookfield Asset Management Ltd. - Class A | 16 | 703 |
| Carlyle Group Inc., The | 9 | 448 |
| China Merchants China Direct Investments Limited | 12 | 25 |
| Chrysalis Investments Limited (b) | 1 | 1 |
| Compass Diversified Holdings | 15 | 115 |
| Creades AB (publ) - Class A | 5 | 39 |
| CVC Capital Partners PLC | 33 | 439 |
| Deutsche Beteiligungs AG | 2 | 63 |
| DigitalBridge Group, Inc. - Class A | 10 | 147 |
| EQT AB (a) | 23 | 702 |
| Eurazeo | 2 | 108 |
| Exor Nederland N.V. | 1 | 86 |
| Fairfax India Holdings Corporation (b) (c) | 1 | 11 |
| Flat Capital AB (publ) - Class B (b) | 17 | 17 |
| Foresight Group Holdings Limited | 17 | 79 |
| GCM Grosvenor Inc. - Class A |  | 1 |
| Georgia Capital PLC (b) | 3 | 160 |
| Gimv | 2 | 130 |
| Hamilton Lane Incorporated - Class A | 1 | 78 |
| ICG PLC | 15 | 298 |
| Integral Corporation | 2 | 44 |
| IP Group PLC | 55 | 39 |
| JAFCO Group Co., Ltd. | 7 | 96 |
| Japan Investment Adviser Co., Ltd. | 5 | 64 |
| Kinnevik AB - Class B (b) | 5 | 29 |
| KKR & Co. Inc. - Class A | 16 | 1485 |
| Linc AB (b) | 1 | 12 |
| Mivtach Shamir Holdings Ltd. |  | 2 |
| Molten Ventures PLC (b) |  | 1 |
| Mutares SE & Co. KGaA | 3 | 103 |
| ONEX Corporation | 3 | 243 |
| Partners Group Holding AG | 1 | 720 |
| Patria Investments Ltd. - Class A | 8 | 98 |
| Ratos AB - Class B | 35 | 119 |
| Roko AB (publ) - Class B (b) | 1 | 161 |
| SBI Holdings, Inc. | 19 | 361 |
| Sofina |  | 60 |
| StepStone Group Inc. - Class A | 4 | 172 |
| T. Rowe Price Group, Inc. | 6 | 589 |
| Tamburi Investment Partners S.P.A. | 2 | 15 |
| Tikehau Capital | 5 | 88 |
| TPG Inc. - Class A | 5 | 190 |
| Vinci Partners Investimentos Ltda - Class A | 5 | 56 |
| VNV Global AB (publ) (b) | 2 | 4 |
| Wendel | 2 | 180 |
|  |  | 12802 |
| **Industrials 5.7%** | **Industrials 5.7%** | **Industrials 5.7%** |
| Ackermans | 1 | 359 |
| Brookfield Business Corporation - Class A | 7 | 223 |
| Dream Incubator Inc. |  | 2 |
| Investmentaktiebolaget Latour - Class B | 8 | 163 |
| Italmobiliare Societa' Per Azioni | 3 | 88 |
|  |  | 835 |
| **Health Care 0.9%** | **Health Care 0.9%** | **Health Care 0.9%** |
| MedCap AB (publ) (b) | 2 | 91 |
| Puretech Health PLC (b) | 30 | 43 |
|  |  | 134 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| Stagwell, Inc. - Class A (b) | 18 | 111 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Smaregi Inc. | 2 | 24 |
| Total Common Stocks (cost $16,465) | Total Common Stocks (cost $16,465) | 13906 |
| **INVESTMENT COMPANIES 4.8%** | **INVESTMENT COMPANIES 4.8%** | **INVESTMENT COMPANIES 4.8%** |
| 3I Infrastructure PLC | 31 | 139 |
| Augmentum Fintech PLC | 1 | 2 |
| HBM Healthcare Investments AG |  | 1 |
| HgCapital Trust PLC | 27 | 140 |
| ICG Enterprise Trust PLC | 5 | 80 |
| NB Private Equity Partners Limited | 4 | 68 |
| Oakley Capital Investments Limited | 13 | 80 |
| Pantheon International PLC | 25 | 119 |
| RIT Capital Partners PLC | 2 | 56 |
| Syncona Limited | 16 | 19 |
| Total Investment Companies (cost $742) | Total Investment Companies (cost $742) | 704 |
| **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, 3.53% (d) (e) | 68 | 68 |
| Total Short Term Investments (cost $68) | Total Short Term Investments (cost $68) | 68 |
| **Total Investments 100.2% (cost $17,275)** | **Total Investments 100.2% (cost $17,275)** | **14678** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | (29) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **14649** |

---

(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 is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $11 and 0.1% of the Fund.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 95 | 897 | 924 |  |  |  | 68 | 0.5 |
| JNL Government Money Market Fund, 3.63% - Class SL | 414 | 307 | 721 | 1 |  |  |  |  |
|  | 509 | 1204 | 1645 | 1 |  |  | 68 | 0.5 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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. | 01/26/26 | 2 | 2 |  |
| Bridgepoint Group PLC | 06/21/24 | 242 | 191 | 1.3 |
| EQT AB | 12/20/24 | 745 | 702 | 4.8 |
|  |  | 989 | 895 | 6.1 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 7673 | 5129 |  | 12802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 223 | 612 |  | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  | 134 |  | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 111 |  |  | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology |  | 24 |  | 24 |
| &nbsp;&nbsp;Investment Companies |  | 704 |  | 704 |
| &nbsp;&nbsp;Short Term Investments | 68 |  |  | 68 |
|  | 8075 | 6603 |  | 14678 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Health Care 18.6%** | **Health Care 18.6%** | **Health Care 18.6%** |
| Agilent Technologies, Inc. | 4 | 464 |
| Align Technology, Inc. (a) | 3 | 461 |
| Becton, Dickinson and Company | 5 | 862 |
| Biogen Inc. (a) | 5 | 952 |
| BioMarin Pharmaceutical Inc. (a) | 17 | 963 |
| Bio-Techne Corporation | 17 | 870 |
| Cigna Group, The | 4 | 970 |
| DexCom, Inc. (a) | 7 | 470 |
| Elevance Health, Inc. | 2 | 449 |
| GE HealthCare Technologies Inc. | 12 | 859 |
| Humana Inc. | 2 | 334 |
| Insulet Corporation (a) | 2 | 411 |
| Ionis Pharmaceuticals, Inc. (a) | 6 | 469 |
| IQVIA Holdings Inc (a) | 3 | 450 |
| Labcorp Holdings Inc. | 2 | 504 |
| ResMed Inc. | 4 | 862 |
| Royalty Pharma PLC - Class A | 23 | 1100 |
| Waters Corporation (a) | 2 | 459 |
| West Pharmaceutical Services, Inc. | 2 | 476 |
| Zimmer Biomet Holdings, Inc. | 10 | 943 |
|  |  | 13328 |
| **Industrials 16.4%** | **Industrials 16.4%** | **Industrials 16.4%** |
| Acuity Brands, Inc. | 3 | 854 |
| Allegion Public Limited Company | 3 | 451 |
| Allison Systems, Inc. | 4 | 474 |
| Broadridge Financial Solutions, Inc. | 2 | 366 |
| Carrier Global Corporation | 8 | 454 |
| CNH Industrial N.V. | 42 | 465 |
| Core & Main, Inc. - Class A (a) | 9 | 468 |
| Equifax Inc. | 5 | 844 |
| Generac Holdings Inc. (a) | 3 | 577 |
| Huntington Ingalls Industries, Inc. | 2 | 593 |
| L3Harris Technologies, Inc. | 2 | 599 |
| Masco Corporation | 15 | 916 |
| Nordson Corporation | 2 | 563 |
| Oshkosh Corporation | 4 | 563 |
| Otis Worldwide Corporation | 11 | 865 |
| PACCAR Inc | 4 | 519 |
| Sensata Technologies Holding PLC | 15 | 513 |
| SS&C Technologies Holdings, Inc. | 6 | 391 |
| TransUnion | 12 | 853 |
| United Rentals, Inc. | 1 | 418 |
|  |  | 11746 |
| **Information Technology 13.5%** | **Information Technology 13.5%** | **Information Technology 13.5%** |
| Akamai Technologies, Inc. (a) | 10 | 1182 |
| Cloudflare, Inc. - Class A (a) | 2 | 482 |
| Datadog, Inc. - Class A (a) | 7 | 803 |
| Dynatrace, Inc. (a) | 11 | 412 |
| Entegris, Inc. | 4 | 470 |
| Fortinet, Inc. (a) | 6 | 481 |
| Littelfuse, Inc. | 2 | 523 |
| Marvell Technology, Inc. | 10 | 1018 |
| Monolithic Power Systems, Inc. |  | 487 |
| NXP Semiconductors N.V. | 4 | 870 |
| ON Semiconductor Corporation (a) | 8 | 492 |
| Vontier Corporation | 26 | 920 |
| Workday, Inc. - Class A (a) | 2 | 297 |
| Zoom Communications, Inc. - Class A (a) | 12 | 940 |
| Zscaler, Inc. (a) | 2 | 284 |
|  |  | 9661 |
| **Materials 11.8%** | **Materials 11.8%** | **Materials 11.8%** |
| Air Products and Chemicals, Inc. | 2 | 601 |
| Albemarle Corporation | 6 | 1165 |
| Amcor Pty Ltd. | 23 | 930 |
| AptarGroup, Inc. | 4 | 446 |
| Ball Corporation | 10 | 611 |
| Celanese Corporation - Class A | 9 | 604 |
| CF Industries Holdings, Inc. | 7 | 864 |
| Corteva, Inc. | 13 | 1130 |
| Dow Inc. | 14 | 574 |
| DuPont de Nemours, Inc. | 23 | 1034 |
| International Flavors & Fragrances Inc. | 8 | 551 |
|  |  | 8510 |
| **Consumer Discretionary 9.4%** | **Consumer Discretionary 9.4%** | **Consumer Discretionary 9.4%** |
| Airbnb, Inc. - Class A (a) | 8 | 952 |
| Asbury Automotive Group, Inc. (a) | 2 | 406 |
| Brunswick Corporation | 7 | 476 |
| Carnival Corporation | 36 | 942 |
| ETSY, Inc. (a) | 18 | 881 |
| Gentex Corporation | 22 | 475 |
| Hasbro, Inc. | 6 | 560 |
| Lithia Motors, Inc. - Class A | 1 | 369 |
| Mattel, Inc. (a) | 24 | 349 |
| Nike, Inc. - Class B | 8 | 413 |
| Norwegian Cruise Line Holdings Ltd. (a) (b) | 23 | 427 |
| Wynn Resorts, Limited | 5 | 473 |
|  |  | 6723 |
| **Financials 8.6%** | **Financials 8.6%** | **Financials 8.6%** |
| Ameriprise Financial, Inc. | 1 | 454 |
| Block, Inc. - Class A (a) | 7 | 435 |
| Carlyle Group Inc., The | 10 | 469 |
| Fidelity National Information Services, Inc. | 7 | 349 |
| Jack Henry & Associates, Inc. | 5 | 866 |
| LPL Financial Holdings Inc. | 1 | 403 |
| MarketAxess Holdings Inc. | 3 | 422 |
| MSCI Inc. - Class A | 1 | 452 |
| Raymond James Financial, Inc. | 3 | 453 |
| Stifel Financial Corp. | 6 | 479 |
| T. Rowe Price Group, Inc. | 10 | 894 |
| U.S. Bancorp | 10 | 500 |
|  |  | 6176 |
| **Consumer Staples 8.3%** | **Consumer Staples 8.3%** | **Consumer Staples 8.3%** |
| Brown-Forman Corporation - Class B | 19 | 503 |
| Clorox Company, The | 4 | 433 |
| Constellation Brands, Inc. - Class A | 3 | 474 |
| Estee Lauder Companies Inc., The - Class A | 5 | 367 |
| Hershey Company, The | 3 | 573 |
| Ingredion Incorporated | 4 | 468 |
| Kimberly-Clark Corporation | 5 | 476 |
| Kraft Heinz Company, The | 40 | 889 |
| Lamb Weston Holdings, Inc. | 19 | 788 |
| Mondelez International, Inc. - Class A | 17 | 988 |
|  |  | 5959 |
| **Energy 5.0%** | **Energy 5.0%** | **Energy 5.0%** |
| Devon Energy Corporation | 24 | 1186 |
| Diamondback Energy, Inc. | 3 | 616 |
| EOG Resources, Inc. | 4 | 641 |
| SLB Limited | 23 | 1173 |
|  |  | 3616 |
| **Utilities 3.0%** | **Utilities 3.0%** | **Utilities 3.0%** |
| Essential Utilities, Inc. | 13 | 522 |
| Evergy, Inc. | 7 | 551 |
| FirstEnergy Corp. | 11 | 557 |
| Portland General Electric Company | 10 | 545 |
|  |  | 2175 |
| **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** |
| Crown Castle Inc. | 11 | 872 |
| SBA Communications Corporation - Class A | 5 | 861 |
|  |  | 1733 |
| **Communication Services 2.3%** | **Communication Services 2.3%** | **Communication Services 2.3%** |
| Omnicom Group Inc. | 6 | 424 |
| Pinterest, Inc. - Class A (a) | 18 | 338 |
| Reddit, Inc. - Class A (a) | 3 | 459 |
| Warner Music Group Corp. - Class A | 17 | 437 |
|  |  | 1658 |
| Total Common Stocks (cost $69,908) | Total Common Stocks (cost $69,908) | 71285 |
| **INVESTMENT COMPANIES 0.2%** | **INVESTMENT COMPANIES 0.2%** | **INVESTMENT COMPANIES 0.2%** |
| iShares Core S&P Mid-Cap ETF | 3 | 196 |
| Total Investment Companies (cost $206) | Total Investment Companies (cost $206) | 196 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **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, 3.53% (c) (d) | 202 | 202 |
| Total Short Term Investments (cost $202) | Total Short Term Investments (cost $202) | 202 |
| **Total Investments 99.8% (cost $70,316)** | **Total Investments 99.8% (cost $70,316)** | **71683** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **9** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **108** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **71800** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 216 | 2548 | 2562 | 2 |  |  | 202 | 0.3 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 771 | 771 |  |  |  |  |  |
|  | 216 | 3319 | 3333 | 2 |  |  | 202 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | June 2026 | 337 | 9 | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 71285 |  |  | 71285 |
| &nbsp;&nbsp;Investment Companies | 196 |  |  | 196 |
| &nbsp;&nbsp;Short Term Investments | 202 |  |  | 202 |
|  | 71683 |  |  | 71683 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 3 |  |  | 3 |
|  | 3 |  |  | 3 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Information Technology 30.6%** | **Information Technology 30.6%** | **Information Technology 30.6%** |
| Accenture Public Limited Company - Class A | 9 | 1703 |
| Adobe Inc. (a) | 6 | 1403 |
| Advanced Micro Devices, Inc. (a) | 23 | 4648 |
| Applied Materials, Inc. | 11 | 3800 |
| AppLovin Corporation - Class A (a) | 3 | 1186 |
| Arista Networks, Inc. (a) | 14 | 1764 |
| Bentley Systems, Incorporated - Class B | 2 | 62 |
| Cadence Design Systems, Inc. (a) | 4 | 1064 |
| CDW Corp. | 2 | 223 |
| Cisco Systems, Inc. | 55 | 4300 |
| Dell Technologies Inc. - Class C | 4 | 696 |
| Dynatrace, Inc. (a) | 4 | 157 |
| Fabrinet (a) |  | 268 |
| Flex Ltd. (a) | 5 | 322 |
| Gartner, Inc. (a) |  | 25 |
| Hewlett Packard Enterprise Company | 19 | 442 |
| HP, Inc. | 13 | 254 |
| International Business Machines Corporation | 13 | 3179 |
| Intuit Inc. | 4 | 1655 |
| Jabil Inc. | 1 | 371 |
| Keysight Technologies, Inc. (a) | 2 | 680 |
| KLA Corporation | 2 | 2703 |
| Lam Research Corporation | 18 | 3762 |
| Microsoft Corporation | 77 | 28664 |
| NetApp, Inc. | 3 | 280 |
| NVIDIA Corporation | 217 | 37923 |
| Oracle Corporation | 24 | 3504 |
| Palo Alto Networks, Inc. (a) | 11 | 1806 |
| Pure Storage, Inc. - Class A (a) | 4 | 248 |
| Qualcomm Incorporated | 15 | 1924 |
| Seagate Technology Holdings Public Limited Company | 3 | 1232 |
| TE Connectivity Public Limited Company | 4 | 858 |
| Trimble Inc. (a) | 3 | 218 |
| Western Digital Corporation | 5 | 1286 |
| Zebra Technologies Corporation - Class A (a) | 1 | 153 |
|  |  | 112763 |
| **Financials 15.2%** | **Financials 15.2%** | **Financials 15.2%** |
| AFLAC Incorporated | 7 | 724 |
| Allstate Corporation, The | 4 | 755 |
| American Express Company | 8 | 2290 |
| Ameriprise Financial, Inc. | 1 | 576 |
| AON Public Limited Company - Class A | 3 | 975 |
| Arch Capital Group Ltd. (a) | 5 | 484 |
| Ares Management Corporation - Class A | 3 | 310 |
| Arthur J. Gallagher & Co. | 4 | 772 |
| Bank of America Corporation | 92 | 4506 |
| Bank of New York Mellon Corporation, The (b) | 10 | 1143 |
| BlackRock, Inc. | 2 | 1879 |
| Brown & Brown, Inc. | 4 | 259 |
| Capital One Financial Corporation | 9 | 1594 |
| Carlyle Group Inc., The (c) | 3 | 150 |
| Citigroup Inc. | 24 | 2778 |
| CME Group Inc. - Class A | 5 | 1490 |
| Equitable Holdings, Inc. | 4 | 155 |
| Fifth Third Bancorp | 13 | 594 |
| Global Payments Inc. | 3 | 221 |
| Hartford Insurance Group, Inc., The | 4 | 526 |
| Huntington Bancshares Incorporated | 28 | 433 |
| Intercontinental Exchange, Inc. | 8 | 1257 |
| JPMorgan Chase & Co. | 8 | 2397 |
| KeyCorp | 13 | 269 |
| KKR & Co. Inc. - Class A | 9 | 864 |
| LPL Financial Holdings Inc. | 1 | 338 |
| Marsh & Mclennan Companies, Inc. | 7 | 1182 |
| MasterCard Incorporated - Class A | 11 | 5694 |
| MetLife, Inc. | 8 | 545 |
| Moody's Corporation | 2 | 951 |
| Morgan Stanley | 17 | 2786 |
| MSCI Inc. - Class A | 1 | 538 |
| Nasdaq, Inc. | 5 | 443 |
| PayPal Holdings, Inc. | 13 | 591 |
| Principal Financial Group, Inc. | 3 | 277 |
| Progressive Corporation, The | 8 | 1627 |
| Prudential Financial, Inc. | 5 | 479 |
| Regions Financial Corporation | 12 | 323 |
| S&P Global Inc. | 4 | 1776 |
| SoFi Technologies, Inc. (a) | 17 | 277 |
| State Street Corporation | 4 | 496 |
| Synchrony Financial | 5 | 331 |
| T. Rowe Price Group, Inc. | 3 | 268 |
| The PNC Financial Services Group, Inc. | 6 | 1182 |
| Travelers Companies, Inc., The | 3 | 879 |
| Visa Inc. - Class A | 24 | 7128 |
| W. R. Berkley Corporation | 4 | 271 |
| Willis Towers Watson Public Limited Company | 1 | 377 |
|  |  | 56160 |
| **Consumer Discretionary 12.1%** | **Consumer Discretionary 12.1%** | **Consumer Discretionary 12.1%** |
| Airbnb, Inc. - Class A (a) | 6 | 739 |
| Amazon.com, Inc. (a) | 101 | 20983 |
| AutoZone, Inc. (a) |  | 790 |
| Best Buy Co., Inc. | 3 | 180 |
| Booking Holdings Inc. |  | 1886 |
| Burlington Stores, Inc. (a) | 1 | 290 |
| Carnival Corporation | 16 | 416 |
| Carvana Co. - Class A (a) | 2 | 604 |
| D.R. Horton, Inc. | 4 | 501 |
| eBay Inc. | 6 | 571 |
| Expedia Group, Inc. | 2 | 381 |
| Genuine Parts Company | 2 | 205 |
| Hilton Worldwide Holdings Inc. | 3 | 930 |
| Home Depot, Inc., The | 14 | 4586 |
| Las Vegas Sands Corp. | 4 | 235 |
| Lowe`s Companies, Inc. | 8 | 1859 |
| Lululemon Athletica Inc. (a) | 1 | 218 |
| Marriott International, Inc. - Class A | 3 | 1005 |
| MercadoLibre, Inc. (a) | 1 | 1145 |
| Nike, Inc. - Class B | 16 | 836 |
| O'Reilly Automotive, Inc. (a) | 12 | 1089 |
| PulteGroup, Inc. | 3 | 320 |
| Royal Caribbean Cruises Ltd. | 4 | 978 |
| Somnigroup International Inc. | 3 | 193 |
| Tapestry, Inc. | 3 | 415 |
| TJX Companies, Inc., The | 16 | 2485 |
| Ulta Beauty, Inc. (a) | 1 | 324 |
| Williams-Sonoma, Inc. | 2 | 303 |
|  |  | 44467 |
| **Health Care 12.0%** | **Health Care 12.0%** | **Health Care 12.0%** |
| Abbott Laboratories | 24 | 2509 |
| Agilent Technologies, Inc. | 4 | 455 |
| Amgen Inc. | 8 | 2658 |
| Becton, Dickinson and Company | 4 | 631 |
| Biogen Inc. (a) | 2 | 364 |
| Boston Scientific Corporation (a) | 21 | 1299 |
| Bristol-Myers Squibb Company | 29 | 1733 |
| Cardinal Health, Inc. | 3 | 706 |
| Cencora, Inc. | 3 | 808 |
| Centene Corporation (a) | 7 | 220 |
| Cigna Group, The | 4 | 983 |
| Cooper Companies, Inc., The (a) | 3 | 197 |
| CVS Health Corporation | 18 | 1270 |
| Danaher Corporation | 9 | 1715 |
| DexCom, Inc. (a) | 5 | 347 |
| Edwards Lifesciences Corporation (a) | 8 | 645 |
| Elevance Health, Inc. | 3 | 913 |
| GE HealthCare Technologies Inc. | 6 | 454 |
| Gilead Sciences, Inc. | 17 | 2420 |
| Hologic, Inc. (a) | 3 | 238 |
| Humana Inc. | 2 | 289 |
| IDEXX Laboratories, Inc. (a) | 1 | 601 |
| Illumina, Inc. (a) | 2 | 266 |
| Insulet Corporation (a) | 1 | 206 |
| Intuitive Surgical, Inc. (a) | 5 | 2281 |
| IQVIA Holdings Inc (a) | 2 | 397 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| McKesson Corporation | 2 | 1499 |
| Medtronic, Inc. | 18 | 1559 |
| Merck & Co., Inc. | 35 | 4189 |
| Mettler-Toledo International Inc. (a) |  | 359 |
| Pfizer Inc. | 80 | 2236 |
| Quest Diagnostics Incorporated | 2 | 300 |
| Regeneron Pharmaceuticals, Inc. | 1 | 1096 |
| ResMed Inc. | 2 | 458 |
| Stryker Corporation | 5 | 1667 |
| Thermo Fisher Scientific Inc. | 5 | 2585 |
| United Therapeutics Corporation (a) | 1 | 334 |
| Veeva Systems Inc. - Class A (a) | 2 | 372 |
| Vertex Pharmaceuticals Incorporated (a) | 4 | 1589 |
| Waters Corporation (a) | 1 | 405 |
| West Pharmaceutical Services, Inc. | 1 | 253 |
| Zoetis Inc. - Class A | 6 | 705 |
| | | 44211 |
| **Industrials 8.5%** | **Industrials 8.5%** | **Industrials 8.5%** |
| Allegion Public Limited Company | 1 | 171 |
| AMETEK, Inc. | 3 | 691 |
| Carlisle Companies Incorporated | 1 | 191 |
| Carrier Global Corporation | 11 | 619 |
| Cintas Corporation | 5 | 813 |
| Copart, Inc. (a) | 12 | 389 |
| CSX Corporation | 26 | 1077 |
| Cummins Inc. | 2 | 1041 |
| Deere & Company | 3 | 1977 |
| Delta Air Lines, Inc. | 9 | 605 |
| Eaton Corporation Public Limited Company | 5 | 1944 |
| Emerson Electric Co. | 8 | 1039 |
| Equifax Inc. | 2 | 310 |
| Expeditors International of Washington, Inc. - Class A | 2 | 272 |
| Fastenal Company | 16 | 743 |
| FedEx Corporation | 3 | 1105 |
| Ferguson Enterprises Inc. | 3 | 654 |
| GE Vernova Inc. | 4 | 3298 |
| Hubbell Incorporated | 1 | 370 |
| Illinois Tool Works Inc. | 4 | 1060 |
| Ingersoll Rand Inc. | 6 | 444 |
| J.B. Hunt Transport Services, Inc. | 1 | 228 |
| Johnson Controls International Public Limited Company | 9 | 1117 |
| Lennox International Inc. |  | 213 |
| Norfolk Southern Corporation | 3 | 912 |
| Old Dominion Freight Line, Inc. | 3 | 503 |
| Otis Worldwide Corporation | 5 | 416 |
| Pentair Public Limited Company | 2 | 201 |
| Republic Services, Inc. | 3 | 617 |
| Rockwell Automation, Inc. | 2 | 577 |
| Rollins, Inc. | 4 | 222 |
| Trane Technologies Public Limited Company | 3 | 1296 |
| TransUnion | 3 | 184 |
| Union Pacific Corporation | 8 | 2010 |
| United Parcel Service, Inc. - Class B | 10 | 1023 |
| United Rentals, Inc. | 1 | 647 |
| Verisk Analytics, Inc. | 2 | 376 |
| Waste Management, Inc. | 5 | 1187 |
| Watsco, Inc. |  | 174 |
| Xylem Inc. | 3 | 410 |
|  |  | 31126 |
| **Communication Services 5.9%** | **Communication Services 5.9%** | **Communication Services 5.9%** |
| AT&T Inc. | 98 | 2843 |
| Comcast Corporation - Class A | 51 | 1463 |
| Electronic Arts Inc. | 3 | 650 |
| Former Charter Communications Parent, Inc. - Class A (a) | 1 | 277 |
| Fox Corporation - Class A | 3 | 169 |
| Fox Corporation - Class B | 2 | 96 |
| Liberty Media Corporation - Series A (a) |  | 28 |
| Liberty Media Corporation - Series C (a) | 3 | 255 |
| Live Nation Entertainment, Inc. (a) | 2 | 303 |
| Netflix, Inc. (a) | 59 | 5693 |
| News Corporation - Class A | 5 | 134 |
| News Corporation - Class B | 1 | 36 |
| Omnicom Group Inc. | 4 | 328 |
| Paramount Skydance Corporation - Class B (c) | 12 | 113 |
| Pinterest, Inc. - Class A (a) | 8 | 156 |
| Reddit, Inc. - Class A (a) | 2 | 236 |
| Roblox Corporation - Class A (a) | 9 | 494 |
| Take-Two Interactive Software, Inc. (a) | 2 | 467 |
| TKO Group Holdings Inc. - Class A | 1 | 190 |
| T-Mobile US, Inc. | 7 | 1402 |
| Trade Desk, Inc., The - Class A (a) | 6 | 145 |
| Verizon Communications Inc. | 59 | 2965 |
| Walt Disney Company, The | 25 | 2391 |
| Warner Bros. Discovery, Inc. - Series A (a) | 32 | 874 |
|  |  | 21708 |
| **Consumer Staples 4.5%** | **Consumer Staples 4.5%** | **Consumer Staples 4.5%** |
| Church & Dwight Co., Inc. | 3 | 312 |
| Clorox Company, The | 2 | 184 |
| Colgate-Palmolive Company | 11 | 972 |
| Dollar General Corporation | 3 | 370 |
| Dollar Tree, Inc. (a) | 3 | 289 |
| Estee Lauder Companies Inc., The - Class A | 3 | 246 |
| Hershey Company, The | 2 | 436 |
| Kenvue Inc. | 24 | 414 |
| Mondelez International, Inc. - Class A | 18 | 1040 |
| PepsiCo, Inc. | 19 | 2988 |
| Performance Food Group Company (a) | 2 | 183 |
| Sysco Corporation | 7 | 482 |
| Target Corporation | 6 | 771 |
| US Foods Holding Corp. (a) | 3 | 283 |
| Walmart Inc. | 60 | 7490 |
|  |  | 16460 |
| **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** |
| American Tower Corporation | 6 | 1123 |
| AvalonBay Communities, Inc. | 2 | 312 |
| CBRE Group, Inc. - Class A (a) | 4 | 562 |
| CoStar Group, Inc. (a) | 5 | 218 |
| Crown Castle Inc. | 6 | 473 |
| Digital Realty Trust, Inc. | 5 | 816 |
| Equinix, Inc. | 1 | 1341 |
| Equity Residential | 5 | 290 |
| Essex Property Trust, Inc. | 1 | 207 |
| Extra Space Storage Inc. | 3 | 371 |
| Invitation Homes Inc. | 8 | 192 |
| Iron Mountain Incorporated | 4 | 418 |
| Kimco Realty OP, LLC | 9 | 213 |
| Mid-America Apartment Communities, Inc. | 2 | 198 |
| ProLogis Inc. | 13 | 1727 |
| Public Storage Operating Company | 2 | 598 |
| Realty Income Corporation | 12 | 764 |
| SBA Communications Corporation - Class A | 2 | 265 |
| Simon Property Group, Inc. | 5 | 850 |
| Sun Communities, Inc. | 2 | 193 |
| Ventas, Inc. | 6 | 517 |
| VICI Properties Inc. | 15 | 410 |
| W.P. Carey Inc. | 3 | 203 |
| Welltower Inc. | 10 | 1938 |
| Weyerhaeuser Company | 10 | 238 |
| Zillow Group, Inc. - Class A (a) | 1 | 32 |
| Zillow Group, Inc. - Class C (a) | 2 | 96 |
|  |  | 14565 |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| Baker Hughes Company - Class A | 14 | 847 |
| Cheniere Energy, Inc. | 3 | 854 |
| Halliburton Company | 12 | 463 |
| Kinder Morgan, Inc. | 28 | 926 |
| Marathon Petroleum Corporation | 4 | 992 |
| ONEOK, Inc. | 9 | 787 |
| Phillips 66 | 6 | 1030 |
| SLB Limited | 21 | 1072 |
| Targa Resources Corp. | 3 | 742 |
| Texas Pacific Land Corporation | 1 | 380 |
| Valero Energy Corporation | 4 | 1057 |
| Williams Companies, Inc., The | 17 | 1236 |
|  |  | 10386 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Air Products and Chemicals, Inc. | 3 | 907 |
| Amcor Pty Ltd. | 7 | 260 |
| CRH Public Limited Company | 9 | 983 |
| Dow Inc. | 10 | 406 |
| Ecolab Inc. | 4 | 939 |
| International Flavors & Fragrances Inc. | 4 | 264 |
| Linde Public Limited Company | 7 | 3240 |
| LyondellBasell Industries N.V. - Class A | 4 | 290 |
| Newmont Corporation | 15 | 1648 |
| Packaging Corporation of America | 1 | 259 |
| PPG Industries, Inc. | 3 | 343 |
| Reliance, Inc. | 1 | 223 |
| Royal Gold, Inc. | 1 | 284 |
| Smurfit Westrock Public Limited Company | 2 | 72 |
|  |  | 10118 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| Alliant Energy Corporation | 4 | 258 |
| American Electric Power Company, Inc. | 7 | 939 |
| American Water Works Company, Inc. | 3 | 373 |
| Consolidated Edison, Inc. | 5 | 577 |
| Edison International | 2 | 153 |
| Eversource Energy | 5 | 363 |
| Exelon Corporation | 14 | 693 |
| NiSource Inc. | 6 | 300 |
| Public Service Enterprise Group Incorporated | 7 | 571 |
| Sempra | 9 | 889 |
|  |  | 5116 |
| Total Common Stocks (cost $323,336) | Total Common Stocks (cost $323,336) | 367080 |
| **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, 3.53% (b) (d) | 1520 | 1520 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.63% (b) (d) | 103 | 103 |
| Total Short Term Investments (cost $1,623) | Total Short Term Investments (cost $1,623) | 1623 |
| **Total Investments 100.1% (cost $324,959)** | **Total Investments 100.1% (cost $324,959)** | **368703** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **36** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (557) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **368182** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of March 31, 2026.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1205 | 22 | 110 | 5 | 68 | (42) | 1143 | 0.3 |
| JNL Government Money Market Fund, 3.53% - Class I | 771 | 12916 | 12167 | 4 |  |  | 1520 | 0.4 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 1182 | 1079 | 4 |  |  | 103 | 0.1 |
|  | 1976 | 14120 | 13356 | 13 | 68 | (42) | 2766 | 0.8 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 4 | June 2026 | 1350 | 36 | (36) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 367080 |  |  | 367080 |
| &nbsp;&nbsp;Short Term Investments | 1623 |  |  | 1623 |
|  | 368703 |  |  | 368703 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (36) |  |  | (36) |
|  | (36) |  |  | (36) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Information Technology 25.4%** | **Information Technology 25.4%** | **Information Technology 25.4%** |
| Adobe Inc. (a) | 28 | 6800 |
| Applied Materials, Inc. | 28 | 9567 |
| Broadcom Inc. | 27 | 8492 |
| Datadog, Inc. - Class A (a) | 74 | 8711 |
| Entegris, Inc. | 81 | 9479 |
| Fair Isaac Corporation (a) | 7 | 7028 |
| Fortinet, Inc. (a) | 226 | 18477 |
| Microsoft Corporation | 42 | 15692 |
| Motorola Solutions, Inc. | 26 | 11104 |
| NVIDIA Corporation | 102 | 17703 |
| NXP Semiconductors N.V. | 87 | 17081 |
| Oracle Corporation | 43 | 6356 |
| Palo Alto Networks, Inc. (a) | 57 | 9212 |
| Salesforce, Inc. | 37 | 6908 |
| ServiceNow, Inc. (a) | 57 | 5914 |
| Tyler Technologies, Inc. (a) | 47 | 16009 |
| Workday, Inc. - Class A (a) | 44 | 5662 |
|  |  | 180195 |
| **Industrials 19.2%** | **Industrials 19.2%** | **Industrials 19.2%** |
| Boeing Company, The (a) | 47 | 9363 |
| Broadridge Financial Solutions, Inc. | 93 | 15182 |
| Copart, Inc. (a) | 253 | 8383 |
| Equifax Inc. | 46 | 8217 |
| Huntington Ingalls Industries, Inc. | 30 | 11349 |
| IDEX Corporation | 54 | 10193 |
| Masco Corporation | 298 | 17964 |
| Northrop Grumman Corporation | 17 | 11780 |
| Otis Worldwide Corporation | 220 | 16965 |
| TransUnion | 242 | 16741 |
| United Parcel Service, Inc. - Class B | 101 | 9962 |
|  |  | 136099 |
| **Consumer Staples 18.2%** | **Consumer Staples 18.2%** | **Consumer Staples 18.2%** |
| Brown-Forman Corporation - Class B | 699 | 18493 |
| Clorox Company, The | 178 | 18475 |
| Constellation Brands, Inc. - Class A | 129 | 19366 |
| Estee Lauder Companies Inc., The - Class A | 194 | 13954 |
| Hershey Company, The | 53 | 10972 |
| Kenvue Inc. | 1093 | 18847 |
| Mondelez International, Inc. - Class A | 336 | 19384 |
| PepsiCo, Inc. | 64 | 9943 |
|  |  | 129434 |
| **Health Care 18.0%** | **Health Care 18.0%** | **Health Care 18.0%** |
| Agilent Technologies, Inc. | 81 | 9270 |
| Bristol-Myers Squibb Company | 338 | 20517 |
| Danaher Corporation | 89 | 16894 |
| GE HealthCare Technologies Inc. | 237 | 16876 |
| Thermo Fisher Scientific Inc. | 19 | 9144 |
| Veeva Systems Inc. - Class A (a) | 49 | 8521 |
| West Pharmaceutical Services, Inc. | 38 | 9585 |
| Zimmer Biomet Holdings, Inc. | 204 | 18488 |
| Zoetis Inc. - Class A | 157 | 18544 |
|  |  | 127839 |
| **Financials 7.6%** | **Financials 7.6%** | **Financials 7.6%** |
| Blackstone Inc. - Class A | 86 | 9859 |
| Charles Schwab Corporation, The | 100 | 9444 |
| LPL Financial Holdings Inc. | 56 | 16855 |
| MarketAxess Holdings Inc. | 51 | 8455 |
| U.S. Bancorp | 182 | 9465 |
|  |  | 54078 |
| **Consumer Discretionary 7.6%** | **Consumer Discretionary 7.6%** | **Consumer Discretionary 7.6%** |
| Airbnb, Inc. - Class A (a) | 148 | 18658 |
| Amazon.com, Inc. (a) | 44 | 9255 |
| Chipotle Mexican Grill, Inc. (a) | 282 | 9018 |
| Nike, Inc. - Class B | 318 | 16784 |
|  |  | 53715 |
| **Communication Services 2.3%** | **Communication Services 2.3%** | **Communication Services 2.3%** |
| Meta Platforms, Inc. - Class A | 14 | 8074 |
| Walt Disney Company, The | 88 | 8450 |
|  |  | 16524 |
| **Real Estate 1.1%** | **Real Estate 1.1%** | **Real Estate 1.1%** |
| CoStar Group, Inc. (a) | 196 | 7904 |
| Total Common Stocks (cost $740,420) | Total Common Stocks (cost $740,420) | 705788 |
| **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, 3.53% (b) (c) | 3205 | 3205 |
| Total Short Term Investments (cost $3,205) | Total Short Term Investments (cost $3,205) | 3205 |
| **Total Investments 99.9% (cost $743,625)** | **Total Investments 99.9% (cost $743,625)** | **708993** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **122** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **829** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **709944** |

---

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 4359 | 31115 | 32269 | 20 |  |  | 3205 | 0.5 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 49128 | 49128 | 22 |  |  |  |  |
|  | 4359 | 80243 | 81397 | 42 |  |  | 3205 | 0.5 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | June 2026 | 4233 | 122 | 38 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 705788 |  |  | 705788 |
| &nbsp;&nbsp;Short Term Investments | 3205 |  |  | 3205 |
|  | 708993 |  |  | 708993 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 38 |  |  | 38 |
|  | 38 |  |  | 38 |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 49.7%** | **CORPORATE BONDS AND NOTES 49.7%** | **CORPORATE BONDS AND NOTES 49.7%** |
| **Financials 27.8%** | **Financials 27.8%** | **Financials 27.8%** |
| AIG Global Funding |  |  |
| 4.99%, (SOFR + 1.30%), 09/25/26 (a) (b) | 454 | 456 |
| American Express Company |  |  |
| 4.66%, (SOFR + 1.00%), 02/16/28 (a) | 655 | 657 |
| Athene Global Funding |  |  |
| 4.50%, (SOFR + 0.83%), 01/07/27 (a) (b) | 305 | 305 |
| 4.64%, (SOFR + 1.00%), 09/18/28 (a) (b) | 250 | 249 |
| Bank of America Corporation |  |  |
| 4.99%, (SOFR + 1.35%), 09/15/27 (a) | 1120 | 1124 |
| 4.71%, (SOFR + 1.05%), 02/04/28 (a) | 35 | 35 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.32%, (SOFR + 0.68%), 06/09/28 (a) | 1125 | 1126 |
| Caterpillar Financial Services Corporation |  |  |
| 4.18%, (SOFR + 0.52%), 05/14/27 (a) | 710 | 711 |
| 4.24%, (SOFR + 0.58%), 11/14/28 (a) | 165 | 165 |
| Citigroup Inc. |  |  |
| 4.37%, (SOFR + 0.71%), 11/19/27 (a) | 415 | 415 |
| 4.81%, (SOFR + 1.14%), 05/07/28 (a) | 828 | 831 |
| Fifth Third Bank, National Association |  |  |
| 4.48%, (SOFR + 0.81%), 01/28/28 (a) | 380 | 380 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 | 365 | 365 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.49%, (SOFR + 1.85%), 03/15/28 (a) | 755 | 762 |
| 4.96%, (SOFR + 1.29%), 04/23/28 (a) | 475 | 478 |
| John Deere Capital Corporation |  |  |
| 4.25%, (SOFR + 0.60%), 06/11/27 (a) | 150 | 150 |
| 4.35%, (SOFR + 0.68%), 07/15/27 (a) | 195 | 196 |
| 4.20%, (SOFR + 0.55%), 03/09/29 (a) | 445 | 444 |
| JPMorgan Chase & Co. |  |  |
| 4.87%, (SOFR + 1.20%), 01/23/28 (a) | 315 | 316 |
| 4.59%, (SOFR + 0.92%), 04/22/28 (a) | 565 | 566 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 4.36%, (SOFR + 0.70%), 11/08/27 (a) | 315 | 316 |
| MasterCard Incorporated |  |  |
| 4.08%, (SOFR + 0.44%), 03/15/28 (a) | 155 | 155 |
| Morgan Stanley Bank, N.A. |  |  |
| 4.35%, (SOFR + 0.69%), 10/15/27 (a) | 150 | 150 |
| 4.52%, (SOFR + 0.86%), 05/26/28 (a) (c) | 1235 | 1236 |
| New York Life Global Funding |  |  |
| 4.23%, (SOFR + 0.58%), 08/28/26 (a) (b) | 400 | 400 |
| 4.04%, (SOFR + 0.41%), 02/05/27 (a) (b) | 340 | 340 |
| Nordea Bank Abp |  |  |
| 4.37%, (SOFR + 0.74%), 03/19/27 (a) (b) | 267 | 268 |
| PayPal Holdings, Inc. |  |  |
| 4.32%, (SOFR + 0.67%), 03/06/28 (a) | 335 | 335 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.22%, (SOFR + 0.56%), 02/16/27 (a) | 225 | 225 |
| PNC Bank, National Association |  |  |
| 4.40%, (SOFR + 0.73%), 07/21/28 (a) | 625 | 626 |
| Principal Life Global Funding II |  |  |
| 4.48%, (SOFR + 0.81%), 08/18/28 (a) (b) | 300 | 300 |
| State Street Corporation |  |  |
| 4.51%, (SOFR + 0.84%), 08/03/26 (a) | 115 | 115 |
| 4.31%, (SOFR + 0.64%), 10/22/27 (a) | 460 | 461 |
| The PNC Financial Services Group, Inc. |  |  |
| 4.29%, 01/26/29 (a) | 150 | 150 |
| Truist Bank |  |  |
| 4.44%, (SOFR + 0.77%), 07/24/28 (a) | 805 | 805 |
| U.S. Bank National Association |  |  |
| 4.36%, (SOFR + 0.69%), 10/22/27 (a) (c) | 825 | 824 |
| Wells Fargo & Company |  |  |
| 4.10%, 06/03/26 | 335 | 335 |
| 4.45%, (SOFR + 0.78%), 01/24/28 (a) | 1218 | 1218 |
|  |  | 17990 |
| **Health Care 5.9%** | **Health Care 5.9%** | **Health Care 5.9%** |
| Abbott Laboratories |  |  |
| 4.14%, (SOFR + 0.50%), 03/09/29 (a) | 840 | 840 |
| AbbVie Inc. |  |  |
| 4.13%, 03/03/28 (a) | 295 | 295 |
| Eli Lilly and Company |  |  |
| 4.20%, (SOFR + 0.53%), 10/15/28 (a) | 230 | 230 |
| GlaxoSmithKline Capital PLC |  |  |
| 4.14%, (SOFR + 0.50%), 03/12/27 (a) | 475 | 475 |
| Novartis Capital Corporation |  |  |
| 4.18%, (SOFR + 0.52%), 11/05/28 (a) | 435 | 436 |
| Pfizer Inc. |  |  |
| 4.16%, (SOFR + 0.50%), 11/15/27 (a) | 370 | 370 |
| Sanofi |  |  |
| 4.13%, (SOFR + 0.46%), 11/03/27 (a) | 515 | 515 |
| UnitedHealth Group Incorporated |  |  |
| 4.17%, (SOFR + 0.50%), 07/15/26 (a) | 633 | 633 |
|  |  | 3794 |
| **Utilities 4.5%** | **Utilities 4.5%** | **Utilities 4.5%** |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.18%, (SOFR + 0.52%), 11/18/27 (a) | 395 | 395 |
| Constellation Energy Generation, LLC |  |  |
| 4.27%, 01/08/28 | 115 | 115 |
| Duke Energy Florida, LLC |  |  |
| 3.20%, 01/15/27 | 550 | 546 |
| Duke Energy Progress, LLC |  |  |
| 4.35%, 03/06/27 | 555 | 556 |
| Georgia Power Company |  |  |
| 3.92%, (SOFR + 0.28%), 09/15/26 (a) | 430 | 429 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.47%, (SOFR + 0.80%), 02/04/28 (a) | 180 | 180 |
| Virginia Electric and Power Company |  |  |
| 3.50%, 03/15/27 | 690 | 685 |
|  |  | 2906 |
| **Energy 3.4%** | **Energy 3.4%** | **Energy 3.4%** |
| BP Capital Markets America Inc. |  |  |
| 3.02%, 01/16/27 | 445 | 440 |
| Chevron U.S.A. Inc. |  |  |
| 4.02%, (SOFR + 0.36%), 02/26/27 (a) | 470 | 470 |
| 4.23%, (SOFR + 0.57%), 08/13/28 (a) | 285 | 286 |
| Enbridge Inc. |  |  |
| 5.90%, 11/15/26 | 465 | 468 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/11/27 | 555 | 556 |
|  |  | 2220 |
| **Communication Services 3.1%** | **Communication Services 3.1%** | **Communication Services 3.1%** |
| Alphabet Inc. |  |  |
| 2.00%, 08/15/26 | 350 | 348 |
| 4.18%, (SOFR + 0.52%), 11/15/28 (a) | 455 | 456 |
| AT&T Inc. |  |  |
| 3.80%, 02/15/27 | 490 | 489 |
| T-Mobile USA, Inc. |  |  |
| 2.63%, 04/15/26 | 30 | 30 |
| Verizon Communications Inc. |  |  |
| 4.13%, 03/16/27 | 690 | 690 |
|  |  | 2013 |
| **Industrials 1.6%** | **Industrials 1.6%** | **Industrials 1.6%** |
| General Electric Company |  |  |
| 4.30%, (3 Month Term SOFR + 0.64%), 05/05/26 (d) | 618 | 618 |
| Siemens Funding B.V. |  |  |
| 4.30%, (SOFR + 0.64%), 05/26/28 (a) (b) | 395 | 396 |
|  |  | 1014 |
| **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** |
| Amazon.com, Inc. |  |  |
| 1.00%, 05/12/26 | 165 | 164 |
| 4.23%, 03/13/29 (a) | 695 | 694 |
|  |  | 858 |
| **Information Technology 0.8%** | **Information Technology 0.8%** | **Information Technology 0.8%** |
| Amphenol Corporation |  |  |
| 4.19%, 11/15/27 (a) | 330 | 330 |
| Oracle Corporation |  |  |
| 4.43%, (SOFR + 0.76%), 08/03/28 (a) | 170 | 167 |
|  |  | 497 |
| **Consumer Staples 0.7%** | **Consumer Staples 0.7%** | **Consumer Staples 0.7%** |
| Philip Morris International Inc. |  |  |
| 4.50%, (SOFR + 0.83%), 04/28/28 (a) | 460 | 459 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| Simon Property Group, L.P. |  |  |
| 1.38%, 01/15/27 | 390 | 380 |
| Total Corporate Bonds And Notes (cost $32,162) | Total Corporate Bonds And Notes (cost $32,162) | 32131 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 14.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 14.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 14.8%** |
| Ally Auto Receivables Trust 2026-1 |  |  |
| Series 2026-A2-1, 3.91%, 09/15/27 | 125 | 125 |
| Amur Equipment Finance Receivables XIII LLC |  |  |
| Series 2024-A2-1A, 5.38%, 07/20/27 | 61 | 61 |
| BMW Vehicle Lease Trust 2024-2 |  |  |
| Series 2024-A2A-2, 4.29%, 06/25/26 | 8 | 8 |
| Capital One Prime Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A2A-1, 3.88%, 01/16/29 | 375 | 374 |
| CarMax Auto Owner Trust 2024-4 |  |  |
| Series 2024-A2A-4, 4.67%, 12/15/27 | 21 | 21 |
| CarMax Auto Owner Trust 2025-3 |  |  |
| Series 2025-A2A-3, 4.42%, 08/15/28 | 102 | 103 |
| CCG Receivables Trust 2023-1 |  |  |
| Series 2023-A2-1, 5.82%, 09/16/30 | 13 | 13 |
| CNH Equipment Trust 2008-B |  |  |
| Series 2026-A2A-A, REMIC, 3.82%, 06/15/29 | 276 | 276 |
| CNH Equipment Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.30%, 08/15/28 | 93 | 94 |
| DLLAA 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.70%, 10/20/27 | 32 | 32 |
| 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 | 109 | 109 |
| Ford Credit Auto Lease Trust 2026-A |  |  |
| Series 2026-A2A-A, 3.83%, 08/15/27 | 46 | 46 |
| Ford Credit Auto Owner Trust 2024-C |  |  |
| Series 2024-A3-C, 4.07%, 03/15/28 | 271 | 271 |
| Ford Credit Auto Owner Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.47%, 11/15/26 | 187 | 187 |
| Ford Credit Auto Owner Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.88%, 04/15/27 | 279 | 279 |
| Ford Credit Auto Owner Trust 2026-A |  |  |
| Series 2026-A2A-A, 4.02%, 01/15/29 | 429 | 429 |
| GM Financial Automobile Leasing Trust 2026-1 |  |  |
| Series 2026-A2A-1, 3.77%, 07/20/27 | 456 | 455 |
| GM Financial Consumer Automobile Receivables Trust 2025-3 |  |  |
| Series 2025-A2A-3, 4.32%, 03/16/27 | 129 | 129 |
| GM Financial Consumer Automobile Receivables Trust 2025-4 |  |  |
| Series 2025-A2A-4, 3.88%, 07/16/27 | 375 | 375 |
| GM Financial Consumer Automobile Receivables Trust 2026-1 |  |  |
| Series 2026-A2A-1, 3.77%, 03/16/29 | 365 | 365 |
| Honda Auto Receivables 2025-3 Owner Trust |  |  |
| Series 2025-A2A-3, 4.19%, 03/22/27 | 346 | 346 |
| 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 | 124 | 124 |
| Hyundai Auto Lease Securitization Trust 2026-A |  |  |
| Series 2026-A2A-A, 3.85%, 09/15/27 | 377 | 377 |
| Hyundai Auto Receivables Trust 2024-B |  |  |
| Series 2024-A2A-B, 5.15%, 06/15/27 | 2 | 1 |
| Hyundai Auto Receivables Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.33%, 09/15/26 | 88 | 88 |
| Hyundai Auto Receivables Trust 2025-D |  |  |
| Series 2025-A2A-D, 4.03%, 07/15/27 | 75 | 75 |
| John Deere Owner Trust 2025-B |  |  |
| Series 2025-A2A-B, 4.28%, 07/17/28 | 162 | 162 |
| John Deere Owner Trust 2026 |  |  |
| Series 2026-A2A-A, 3.85%, 12/15/27 | 308 | 308 |
| Kubota Credit Owner Trust 2025-2 |  |  |
| Series 2025-A2-2A, 4.48%, 07/15/27 | 146 | 147 |
| Kubota Credit Owner Trust 2026-1 |  |  |
| Series 2026-A2-1A, 3.84%, 04/17/28 | 112 | 111 |
| M&T Bank Auto Receivables Trust 2025-1 |  |  |
| Series 2025-A2A-1A, 4.63%, 05/15/28 | 47 | 47 |
| Mercedes-Benz Auto Lease Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.86%, 03/15/28 | 169 | 169 |
| Nissan Auto Lease Trust 2026-A |  |  |
| Series 2026-A2A-A, 3.90%, 05/15/28 | 78 | 78 |
| PenFed Auto Receivables Owner Trust 2025-A |  |  |
| Series 2025-A2-A, 4.12%, 09/15/28 | 93 | 93 |
| SBNA Auto Lease Trust 2025-A |  |  |
| Series 2025-A2-A, 4.68%, 04/20/27 | 10 | 10 |
| SFS Auto Receivables Securitization Trust 2025-2 |  |  |
| Series 2025-A2-2A, 4.52%, 03/20/27 | 55 | 56 |
| SFS Auto Receivables Securitization Trust 2025-3 |  |  |
| Series 2025-A2-3A, 4.11%, 03/20/29 | 300 | 300 |
| SFS Auto Receivables Securitization Trust 2026-1 |  |  |
| Series 2026-A2A-1A, 3.91%, 08/20/29 | 110 | 110 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-B |  |  |
| Series 2025-A2-BA, 4.31%, 04/20/27 | 47 | 47 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-C |  |  |
| Series 2025-A2-CA, 4.06%, 09/20/27 | 315 | 315 |
| Toyota Auto Receivables 2025-A Owner Trust |  |  |
| Series 2025-A2A-A, 4.48%, 11/15/27 | 109 | 109 |
| Toyota Auto Receivables 2025-C Owner Trust |  |  |
| Series 2025-A2A-C, 4.29%, 03/15/27 | 291 | 292 |
| Toyota Lease Owner Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.58%, 12/21/26 | 93 | 94 |
| Toyota Lease Owner Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.91%, 09/20/27 | 114 | 114 |
| USAA Auto Owner Trust 2025-A |  |  |
| Series 2025-A2-A, 3.98%, 03/15/27 | 244 | 244 |
| Verizon Master Trust |  |  |
| Series 2024-A1B-4, 4.22%, (SOFR 30-Day Average + 0.55%), 06/20/26 (a) | 50 | 50 |
| Series 2024-A1B-3, REMIC, 4.25%, (SOFR 30-Day Average + 0.58%), 04/20/27 (a) | 307 | 307 |
| Volkswagen Auto Lease Trust 2025-B |  |  |
| Series 2025-A2A-B, 3.97%, 04/20/27 | 207 | 207 |
| Volkswagen Auto Lease Trust 2026-A |  |  |
| Series 2026-A2A-A, 4.06%, 10/20/27 | 272 | 272 |
| Volkswagen Auto Loan Enhanced Trust 2025-1 |  |  |
| Series 2025-A2A-1, 4.51%, 10/20/26 | 157 | 157 |
| 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 | 54 | 54 |
| World Omni Auto Receivables Trust 2026-A |  |  |
| Series 2026-A2A-A, 3.71%, 11/15/27 | 325 | 324 |
| World Omni Automobile Lease Securitization Trust 2025-A |  |  |
| Series 2025-A2A-A, 4.35%, 02/16/27 | 34 | 34 |
| World Omni Automobile Lease Securitization Trust 2026-A |  |  |
| Series 2026-A2A-A, 4.02%, 01/18/28 | 272 | 272 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $9,545) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $9,545) | 9546 |
| **SHORT TERM INVESTMENTS 35.8%** | **SHORT TERM INVESTMENTS 35.8%** | **SHORT TERM INVESTMENTS 35.8%** |
| **Investment Companies 21.2%** | **Investment Companies 21.2%** | **Investment Companies 21.2%** |
| JNL Government Money Market Fund - Class I, 3.53% (e) (f) | 13699 | 13699 |
| **U.S. Treasury Bill 14.6%** | **U.S. Treasury Bill 14.6%** | **U.S. Treasury Bill 14.6%** |
| Treasury, United States Department of |  |  |
| 3.69%, 04/07/26 (g) | 2500 | 2498 |
| 3.67%, 04/14/26 (g) | 6000 | 5992 |
| 3.68%, 04/21/26 (g) | 1000 | 998 |
|  |  | 9488 |
| Total Short Term Investments (cost $23,188) | Total Short Term Investments (cost $23,188) | 23187 |
| **Total Investments 100.3% (cost $64,895)** | **Total Investments 100.3% (cost $64,895)** | **64864** |
| **Other Derivative Instruments 0.1%** | **Other Derivative Instruments 0.1%** | **53** |
| **Other Assets and Liabilities, Net (0.4)%** | **Other Assets and Liabilities, Net (0.4)%** | (217) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **64700** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

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 March 31, 2026, the value and the percentage of net assets of these securities was $2,714 and 4.2% 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) 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 March 31, 2026.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 5864 | 39928 | 32093 | 74 |  |  | 13699 | 21.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Morgan Stanley Bank, N.A., 4.52%, 05/26/28 | 10/17/25 | 1238 | 1236 | 1.9 |
| U.S. Bank National Association, 4.36%, 10/22/27 | 10/17/24 | 825 | 824 | 1.3 |
|  |  | 2063 | 2060 | 3.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 39 | July 2026 |  | 3332 | 32 | 32 |
| Brent Crude | 57 | May 2026 |  | 4392 | (241) | 1089 |
| Canola | 17 | May 2026 | CAD | 237 | 1 | 9 |
| Carbon Emission | 6 | December 2026 | EUR | 435 |  | (1) |
| Cattle Feeder | 5 | May 2026 |  | 868 | 12 | 49 |
| Cocoa | 9 | May 2026 | GBP | 252 | 14 | (38) |
| Cocoa | 11 | May 2026 |  | 416 | 15 | (53) |
| Coffee C | 10 | July 2026 |  | 1132 | 16 | (42) |
| Copper | 2 | May 2026 |  | 631 | (16) | (16) |
| Copper | 25 | September 2026 |  | 3697 | 72 | (122) |
| Corn | 141 | December 2026 |  | 3479 | 2 | (65) |
| Cotton No. 2 | 20 | December 2026 |  | 700 |  | 44 |
| Crude Oil, WTI | 52 | July 2026 |  | 4664 | (199) | (164) |
| Gasoline, RBOB | 21 | September 2026 |  | 2385 | (74) | (50) |
| Gold, 100 Oz. | 23 | June 2026 |  | 11883 | 278 | (1123) |
| Iron Ore | 28 | May 2026 |  | 281 | (2) | 14 |
| KC HRW Wheat | 23 | September 2026 |  | 745 | 8 | 16 |
| Lead | 12 | July 2026 |  | 586 | (17) | (12) |
| Lean Hogs | 26 | June 2026 |  | 1129 | (8) | (36) |
| Live Cattle | 27 | July 2026 |  | 2519 | 29 | 108 |
| Low Sulfur Gasoil | 46 | July 2026 |  | 4584 | (16) | 72 |
| Milling Wheat No. 2 | 21 | May 2026 | EUR | 219 | 1 | (5) |
| Natural Gas | 100 | September 2026 |  | 3482 | (84) | (207) |
| Natural Gas | 5 | December 2026 | EUR | 105 | (20) | 98 |
| New York Harbor ULSD | 29 | July 2026 |  | 4285 | (126) | (79) |
| Nickel | 13 | July 2026 |  | 1369 | (32) | (32) |
| Palladium | 2 | June 2026 |  | 342 | 11 | (45) |
| Platinum | 3 | July 2026 |  | 329 | 11 | (33) |
| Rapeseed | 8 | May 2026 | EUR | 193 | 3 | 15 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 8 | May 2026 | 238 | 3 | 25 |
| Robusta Coffee | 4 | May 2026 | 151 | 3 | (11) |
| Silver | 7 | July 2026 | 2424 | 138 | 218 |
| Soybean | 61 | November 2026 | 3510 | 41 | 21 |
| Soybean Meal | 63 | July 2026 | 1998 | 8 | (18) |
| Soybean Oil | 65 | December 2026 | 2431 | 14 | 115 |
| Sugar No. 11 | 52 | September 2026 | 934 | (7) | (20) |
| Tin | 1 | June 2026 | 248 | (15) | (15) |
| Wheat | 21 | September 2026 | 654 | 7 | 16 |
| White Sugar | 13 | September 2026 | 276 | (1) | 18 |
| Zinc | 21 | July 2026 | 1729 | (38) | (30) |
|  |  |  |  | (177) | (258) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 32131 |  | 32131 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 9546 |  | 9546 |
| &nbsp;&nbsp;Short Term Investments | 13699 | 9488 |  | 23187 |
|  | 13699 | 51165 |  | 64864 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1959 |  |  | 1959 |
|  | 1959 |  |  | 1959 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (2217) |  |  | (2217) |
|  | (2217) |  |  | (2217) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 62.0%** | **CORPORATE BONDS AND NOTES 62.0%** | **CORPORATE BONDS AND NOTES 62.0%** |
| **Financials 34.7%** | **Financials 34.7%** | **Financials 34.7%** |
| AIG Global Funding |  |  |
| 4.99%, (SOFR + 1.30%), 09/25/26 (a) (b) | 690 | 693 |
| American Express Company |  |  |
| 4.66%, (SOFR + 1.00%), 02/16/28 (a) | 1683 | 1688 |
| Athene Global Funding |  |  |
| 4.50%, (SOFR + 0.83%), 01/07/27 (a) (b) | 550 | 550 |
| 4.64%, (SOFR + 1.00%), 09/18/28 (a) (b) | 550 | 547 |
| Bank of America Corporation |  |  |
| 4.99%, (SOFR + 1.35%), 09/15/27 (a) | 2535 | 2545 |
| 4.71%, (SOFR + 1.05%), 02/04/28 (a) | 512 | 513 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.38%, (SOFR + 0.71%), 04/20/27 (a) | 620 | 620 |
| 4.32%, (SOFR + 0.68%), 06/09/28 (a) | 2415 | 2417 |
| Caterpillar Financial Services Corporation |  |  |
| 4.24%, (SOFR + 0.58%), 11/14/28 (a) | 2550 | 2553 |
| Citigroup Inc. |  |  |
| 4.37%, (SOFR + 0.71%), 11/19/27 (a) | 1055 | 1055 |
| 4.81%, (SOFR + 1.14%), 05/07/28 (a) | 2075 | 2083 |
| Fifth Third Bank, National Association |  |  |
| 4.48%, (SOFR + 0.81%), 01/28/28 (a) | 630 | 630 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 | 795 | 795 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.49%, (SOFR + 1.85%), 03/15/28 (a) | 1370 | 1383 |
| 4.96%, (SOFR + 1.29%), 04/23/28 (a) | 1951 | 1963 |
| John Deere Capital Corporation |  |  |
| 4.09%, (SOFR + 0.40%), 01/05/27 (a) | 785 | 784 |
| 4.25%, (SOFR + 0.60%), 06/11/27 (a) | 460 | 461 |
| 4.35%, (SOFR + 0.68%), 07/15/27 (a) | 540 | 541 |
| 4.20%, (SOFR + 0.55%), 03/09/29 (a) | 805 | 803 |
| JPMorgan Chase & Co. |  |  |
| 4.87%, (SOFR + 1.20%), 01/23/28 (a) | 1835 | 1843 |
| 4.59%, (SOFR + 0.92%), 04/22/28 (a) | 925 | 927 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 4.36%, (SOFR + 0.70%), 11/08/27 (a) | 470 | 471 |
| MasterCard Incorporated |  |  |
| 4.08%, (SOFR + 0.44%), 03/15/28 (a) | 230 | 230 |
| Morgan Stanley Bank, N.A. |  |  |
| 4.35%, (SOFR + 0.69%), 10/15/27 (a) | 165 | 165 |
| 4.52%, (SOFR + 0.86%), 05/26/28 (a) (c) | 3435 | 3438 |
| New York Life Global Funding |  |  |
| 4.23%, (SOFR + 0.58%), 08/28/26 (a) (b) | 680 | 680 |
| 4.04%, (SOFR + 0.41%), 02/05/27 (a) (b) | 485 | 485 |
| Nordea Bank Abp |  |  |
| 4.37%, (SOFR + 0.74%), 03/19/27 (a) (b) | 270 | 271 |
| PayPal Holdings, Inc. |  |  |
| 4.32%, (SOFR + 0.67%), 03/06/28 (a) | 680 | 681 |
| PepsiCo Singapore Financing I Pte. Ltd. |  |  |
| 4.22%, (SOFR + 0.56%), 02/16/27 (a) | 530 | 531 |
| PNC Bank, National Association |  |  |
| 4.40%, (SOFR + 0.73%), 07/21/28 (a) | 1620 | 1623 |
| Principal Life Global Funding II |  |  |
| 4.48%, (SOFR + 0.81%), 08/18/28 (a) (b) | 605 | 605 |
| State Street Corporation |  |  |
| 4.51%, (SOFR + 0.84%), 08/03/26 (a) | 195 | 195 |
| 4.31%, (SOFR + 0.64%), 10/22/27 (a) | 1220 | 1223 |
| The PNC Financial Services Group, Inc. |  |  |
| 4.29%, 01/26/29 (a) | 390 | 389 |
| Toyota Motor Credit Corporation |  |  |
| 4.12%, (SOFR + 0.45%), 04/10/26 (a) | 285 | 285 |
| 4.43%, (SOFR + 0.77%), 08/07/26 (a) | 600 | 601 |
| Truist Bank |  |  |
| 4.44%, (SOFR + 0.77%), 07/24/28 (a) | 2125 | 2126 |
| U.S. Bank National Association |  |  |
| 4.36%, (SOFR + 0.69%), 10/22/27 (a) (c) | 2100 | 2098 |
| Wells Fargo & Company |  |  |
| 4.10%, 06/03/26 | 625 | 625 |
| 4.45%, (SOFR + 0.78%), 01/24/28 (a) | 3260 | 3259 |
|  |  | 45375 |
| **Health Care 6.6%** | **Health Care 6.6%** | **Health Care 6.6%** |
| Abbott Laboratories |  |  |
| 4.14%, (SOFR + 0.50%), 03/09/29 (a) | 2295 | 2296 |
| AbbVie Inc. |  |  |
| 4.13%, 03/03/28 (a) | 805 | 806 |
| Eli Lilly and Company |  |  |
| 4.20%, (SOFR + 0.53%), 10/15/28 (a) | 495 | 496 |
| GlaxoSmithKline Capital PLC |  |  |
| 4.14%, (SOFR + 0.50%), 03/12/27 (a) | 1000 | 1000 |
| Novartis Capital Corporation |  |  |
| 4.18%, (SOFR + 0.52%), 11/05/28 (a) | 1010 | 1012 |
| Pfizer Inc. |  |  |
| 4.16%, (SOFR + 0.50%), 11/15/27 (a) | 925 | 925 |
| Sanofi |  |  |
| 4.13%, (SOFR + 0.46%), 11/03/27 (a) | 1250 | 1251 |
| UnitedHealth Group Incorporated |  |  |
| 4.17%, (SOFR + 0.50%), 07/15/26 (a) | 888 | 888 |
|  |  | 8674 |
| **Utilities 5.9%** | **Utilities 5.9%** | **Utilities 5.9%** |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.18%, (SOFR + 0.52%), 11/18/27 (a) | 990 | 989 |
| Constellation Energy Generation, LLC |  |  |
| 4.27%, 01/08/28 | 300 | 300 |
| Duke Energy Florida, LLC |  |  |
| 3.20%, 01/15/27 | 1615 | 1604 |
| Duke Energy Progress, LLC |  |  |
| 4.35%, 03/06/27 | 615 | 616 |
| Georgia Power Company |  |  |
| 3.92%, (SOFR + 0.28%), 09/15/26 (a) | 949 | 948 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.47%, (SOFR + 0.80%), 02/04/28 (a) | 1465 | 1466 |
| Virginia Electric and Power Company |  |  |
| 3.50%, 03/15/27 | 1835 | 1822 |
|  |  | 7745 |
| **Energy 4.4%** | **Energy 4.4%** | **Energy 4.4%** |
| BP Capital Markets America Inc. |  |  |
| 3.02%, 01/16/27 | 1310 | 1295 |
| Chevron U.S.A. Inc. |  |  |
| 4.02%, (SOFR + 0.36%), 02/26/27 (a) | 780 | 781 |
| 4.23%, (SOFR + 0.57%), 08/13/28 (a) | 1195 | 1198 |
| Enbridge Inc. |  |  |
| 5.90%, 11/15/26 | 920 | 925 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/11/27 | 1545 | 1548 |
|  |  | 5747 |
| **Communication Services 4.0%** | **Communication Services 4.0%** | **Communication Services 4.0%** |
| Alphabet Inc. |  |  |
| 2.00%, 08/15/26 | 910 | 904 |
| 4.18%, (SOFR + 0.52%), 11/15/28 (a) | 1065 | 1067 |
| AT&T Inc. |  |  |
| 3.80%, 02/15/27 | 1000 | 997 |
| T-Mobile USA, Inc. |  |  |
| 2.63%, 04/15/26 | 885 | 884 |
| Verizon Communications Inc. |  |  |
| 4.13%, 03/16/27 | 1390 | 1389 |
|  |  | 5241 |
| **Industrials 1.9%** | **Industrials 1.9%** | **Industrials 1.9%** |
| General Electric Company |  |  |
| 4.30%, (3 Month Term SOFR + 0.64%), 05/05/26 (d) | 1754 | 1753 |
| Siemens Funding B.V. |  |  |
| 4.30%, (SOFR + 0.64%), 05/26/28 (a) (b) | 660 | 661 |
|  |  | 2414 |
| **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** |
| Amazon.com, Inc. |  |  |
| 1.00%, 05/12/26 | 420 | 418 |
| 4.23%, 03/13/29 (a) | 1805 | 1803 |
|  |  | 2221 |
| **Information Technology 1.0%** | **Information Technology 1.0%** | **Information Technology 1.0%** |
| Amphenol Corporation |  |  |
| 4.19%, 11/15/27 (a) | 965 | 965 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Oracle Corporation |  |  |
| 4.43%, (SOFR + 0.76%), 08/03/28 (a) | 385 | 379 |
| | | 1344 |
| **Consumer Staples 0.9%** | **Consumer Staples 0.9%** | **Consumer Staples 0.9%** |
| Philip Morris International Inc. |  |  |
| 4.50%, (SOFR + 0.83%), 04/28/28 (a) | 1180 | 1177 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| Simon Property Group, L.P. |  |  |
| 1.38%, 01/15/27 | 1150 | 1121 |
| Total Corporate Bonds And Notes (cost $81,161) | Total Corporate Bonds And Notes (cost $81,161) | 81059 |
| **INVESTMENT COMPANIES 3.0%** | **INVESTMENT COMPANIES 3.0%** | **INVESTMENT COMPANIES 3.0%** |
| iShares Bitcoin Trust ETF | 101 | 3900 |
| Total Investment Companies (cost $4,474) | Total Investment Companies (cost $4,474) | 3900 |
| **SHORT TERM INVESTMENTS 33.8%** | **SHORT TERM INVESTMENTS 33.8%** | **SHORT TERM INVESTMENTS 33.8%** |
| **U.S. Treasury Bill 18.3%** | **U.S. Treasury Bill 18.3%** | **U.S. Treasury Bill 18.3%** |
| Treasury, United States Department of |  |  |
| 3.69%, 04/02/26 (e) | 10000 | 9999 |
| 3.67%, 04/14/26 (e) | 12000 | 11984 |
| 3.68%, 04/21/26 (e) | 2000 | 1996 |
|  |  | 23979 |
| **Investment Companies 15.5%** | **Investment Companies 15.5%** | **Investment Companies 15.5%** |
| JNL Government Money Market Fund - Class I, 3.53% (f) (g) | 20305 | 20305 |
| Total Short Term Investments (cost $44,284) | Total Short Term Investments (cost $44,284) | 44284 |
| **Total Investments 98.8% (cost $129,919)** | **Total Investments 98.8% (cost $129,919)** | **129243** |
| **Other Derivative Instruments 2.6%** | **Other Derivative Instruments 2.6%** | **3463** |
| **Other Assets and Liabilities, Net (1.4)%** | **Other Assets and Liabilities, Net (1.4)%** | **(1919)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **130787** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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 March 31, 2026, the value and the percentage of net assets of these securities was $4,492 and 3.4% 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) 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 March 31, 2026.

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

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 16234 | 166792 | 162721 | 143 |  |  | 20305 | 15.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Morgan Stanley Bank, N.A., 4.52%, 05/26/28 | 10/17/25 | 3445 | 3438 | 2.6 |
| U.S. Bank National Association, 4.36%, 10/22/27 | 10/17/24 | 2101 | 2098 | 1.6 |
|  |  | 5546 | 5536 | 4.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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. | 252 | June 2026 | 130869 | 3072 | (12969) |
| Palladium | 21 | June 2026 | 3648 | 115 | (524) |
| Platinum | 31 | July 2026 | 3350 | 101 | (297) |
| Silver | 8 | July 2026 | 2738 | 175 | 282 |
|  |  |  |  | 3463 | (13508) |

---

**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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 81059 |  | 81059 |
| &nbsp;&nbsp;Investment Companies | 3900 |  |  | 3900 |
| &nbsp;&nbsp;Short Term Investments | 20305 | 23979 |  | 44284 |
|  | 24205 | 105038 |  | 129243 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 282 |  |  | 282 |
|  | 282 |  |  | 282 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (13790) |  |  | (13790) |
|  | (13790) |  |  | (13790) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 43.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 43.6%** | **GOVERNMENT AND AGENCY OBLIGATIONS 43.6%** |
| **Mortgage-Backed Securities 26.7%** | **Mortgage-Backed Securities 26.7%** | **Mortgage-Backed Securities 26.7%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 2.50%, 12/01/51 - 10/01/52 | 2877 | 2424 |
| 3.00%, 12/01/51 - 09/01/52 | 4440 | 3926 |
| 3.50%, 06/01/52 - 08/01/53 | 994 | 912 |
| 4.50%, 06/01/52 - 03/01/56 | 6999 | 6781 |
| 4.00%, 08/01/52 - 01/01/54 | 4559 | 4307 |
| 5.00%, 10/01/52 - 01/01/56 | 11861 | 11756 |
| 5.50%, 11/01/52 - 08/01/55 | 14464 | 14584 |
| 6.00%, 01/01/53 - 09/01/55 | 5334 | 5460 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.00%, 06/01/50 - 07/01/52 | 9990 | 8823 |
| 2.50%, 08/01/51 - 07/01/53 | 9723 | 8239 |
| 3.50%, 03/01/52 - 04/01/53 | 12097 | 11121 |
| 4.00%, 05/01/52 - 02/01/54 | 6599 | 6241 |
| 4.50%, 08/01/52 - 06/01/55 | 8260 | 7996 |
| 5.00%, 08/01/52 - 02/01/56 | 21336 | 21156 |
| 5.50%, 12/01/52 - 02/01/56 | 26929 | 27164 |
| 6.00%, 01/01/53 - 08/01/55 | 15098 | 15449 |
| TBA, 3.50%, 04/15/56 (a) | 3690 | 3381 |
| TBA, 4.00%, 04/15/56 (a) | 3515 | 3312 |
| TBA, 4.50%, 04/15/56 (a) | 31420 | 30296 |
| TBA, 5.00%, 04/15/56 (a) | 8785 | 8659 |
| TBA, 5.50%, 04/15/56 (a) | 27455 | 27570 |
| TBA, 6.00%, 04/15/56 (a) | 20380 | 20767 |
| Government National Mortgage Association |  |  |
| TBA, 4.50%, 04/15/56 (a) | 2330 | 2247 |
| TBA, 5.00%, 04/15/56 (a) | 14600 | 14447 |
| TBA, 5.50%, 04/15/56 (a) | 11565 | 11629 |
|  |  | 278647 |
| **Sovereign 9.0%** | **Sovereign 9.0%** | **Sovereign 9.0%** |
| Arab Republic of Egypt |  |  |
| 7.05%, 01/15/32 (b) | 1740 | 1644 |
| 7.63%, 05/29/32 (b) | 220 | 211 |
| 9.45%, 02/04/33 (b) (c) | 719 | 753 |
| 8.50%, 01/31/47 (b) | 1325 | 1141 |
| 8.88%, 05/29/50 (b) | 170 | 150 |
| Cabinet of Ministers of Ukraine |  |  |
| 0.00%, 02/01/30 - 02/01/36 (b) (d) | 313 | 143 |
| 4.50%, 02/01/34 - 02/01/36 (b) (d) | 937 | 488 |
| Cabinet Office, Government of Japan |  |  |
| 3.20%, 09/20/55, JPY | 859700 | 4984 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.15%, 08/12/32, PEN | 8562 | 2601 |
| 5.40%, 08/12/34, PEN | 355 | 99 |
| 6.90%, 08/12/37, PEN (e) | 5269 | 1519 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 8.38%, 11/07/54 | 1195 | 1241 |
| Federal Government of Nigeria |  |  |
| 7.38%, 09/28/33 (b) | 400 | 390 |
| 8.63%, 01/13/36 (b) | 280 | 291 |
| 8.25%, 09/28/51 (b) | 230 | 220 |
| Gobierno de la Republica de Costa Rica |  |  |
| 6.55%, 04/03/34 (b) | 995 | 1051 |
| 7.16%, 03/12/45 (e) | 240 | 256 |
| Gobierno de la Republica de Guatemala |  |  |
| 6.25%, 08/15/36 (b) | 515 | 523 |
| 6.88%, 08/15/55 (b) | 140 | 146 |
| Gobierno de la Republica del Ecuador |  |  |
| 6.90%, 07/31/35 (b) (d) | 204 | 180 |
| Gobierno de La Republica del Paraguay |  |  |
| 5.40%, 03/30/50 (b) | 265 | 236 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.10%, 06/18/50 | 340 | 311 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.50%, 06/03/27, MXN | 19090 | 1066 |
| 7.75%, 05/29/31 - 11/13/42, MXN | 49747 | 2499 |
| 5.38%, 03/22/33 | 410 | 400 |
| 6.13%, 02/09/38 | 3580 | 3493 |
| 6.34%, 05/04/53 | 590 | 548 |
| 6.40%, 05/07/54 | 115 | 107 |
| 7.38%, 05/13/55 | 200 | 209 |
| Gosudarstvennoe Uchrezhdenie Apparat Pravitelstva Respubliki Kazakhstan |  |  |
| 5.50%, 07/01/37 (b) | 1525 | 1526 |
| Government of Ghana |  |  |
| 5.00%, 07/03/29 (b) (d) | 1089 | 1036 |
| Government of Saudi Arabia |  |  |
| 5.63%, 01/13/35 (b) | 1280 | 1319 |
| 3.25%, 11/17/51 (b) | 440 | 275 |
| 3.75%, 01/21/55 (b) | 335 | 225 |
| Government of the Province of Alberta |  |  |
| 3.05%, 12/01/48, CAD | 4255 | 2348 |
| 3.10%, 06/01/50, CAD | 1225 | 676 |
| Government of the Province of British Columbia |  |  |
| 4.60%, 06/18/57, CAD | 4300 | 3011 |
| Government of the Republic of Panama |  |  |
| 5.23%, 02/23/34 | 130 | 125 |
| 6.40%, 02/14/35 | 690 | 716 |
| 5.66%, 02/23/38 | 760 | 743 |
| Government of the Republic of Serbia |  |  |
| 6.00%, 06/12/34 (b) | 390 | 390 |
| Government of the Sultanate of Oman |  |  |
| 6.00%, 08/01/29 (b) | 1475 | 1512 |
| 6.25%, 01/25/31 (b) | 780 | 811 |
| 6.50%, 03/08/47 (b) | 140 | 143 |
| 6.75%, 01/17/48 (b) | 220 | 228 |
| 7.00%, 01/25/51 (b) | 310 | 334 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 7.00%, 06/30/32, COP | 3917500 | 785 |
| 7.25%, 10/18/34, COP | 5873800 | 1124 |
| Ministerul Finantelor Publice |  |  |
| 5.75%, 09/16/30 - 03/24/35 (b) | 370 | 358 |
| 6.63%, 05/16/36 (b) | 310 | 307 |
| Ministry of Finance |  |  |
| 5.88%, 01/13/56 | 365 | 344 |
| Morocco, Kingdom of |  |  |
| 6.50%, 09/08/33 (b) | 3300 | 3469 |
| Ontario, Government of |  |  |
| 2.90%, 06/02/49, CAD | 1465 | 784 |
| 2.65%, 12/02/50, CAD | 3060 | 1546 |
| 1.90%, 12/02/51, CAD | 1710 | 721 |
| 4.15%, 12/02/54, CAD | 1175 | 770 |
| 4.60%, 12/02/55, CAD | 2110 | 1492 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 7.63%, 01/30/33 (b) | 200 | 203 |
| 6.13%, 06/15/33 (b) | 560 | 525 |
| 8.08%, 04/01/36 (b) | 1950 | 1974 |
| 8.25%, 01/30/37 (b) | 980 | 1002 |
| 6.75%, 02/25/41 (b) | 430 | 376 |
| Presidencia da Republica |  |  |
| 10.00%, 01/01/29 - 01/01/35, BRL | 24344 | 3955 |
| 6.25%, 05/22/36 | 260 | 255 |
| 7.25%, 01/12/56 | 1370 | 1343 |
| Presidencia De La Nacion |  |  |
| 4.13%, 07/09/35 (d) | 920 | 662 |
| Presidencia de la Republica de Chile |  |  |
| 3.50%, 01/31/34 | 1340 | 1210 |
| Presidencia de la Republica de El Salvador |  |  |
| 9.50%, 07/15/52 (b) | 135 | 143 |
| Presidencia de la Republica Dominicana |  |  |
| 7.05%, 02/03/31 (b) | 315 | 327 |
| 5.88%, 10/28/35 - 01/30/60 (b) | 450 | 402 |
| 6.95%, 03/15/37 (b) | 1720 | 1752 |
| 5.30%, 01/21/41 (b) | 190 | 162 |
| 6.85%, 01/27/45 (b) | 220 | 215 |
| 6.40%, 06/05/49 (b) | 90 | 83 |
| 7.15%, 02/24/55 (b) | 260 | 263 |
| Qatar, The Amiri Diwan of The State of |  |  |
| 4.88%, 02/27/35 (b) | 2010 | 2033 |
| Republic of Indonesia, The Government of, The |  |  |
| 4.63%, 04/15/43 (b) | 495 | 435 |
| Republica de Angola |  |  |
| 8.00%, 11/26/29 (b) | 425 | 419 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 9.38%, 03/31/33 (b) | 300 | 296 |
| 9.88%, 10/15/35 (b) | 380 | 380 |
| 9.38%, 05/08/48 (b) (c) | 340 | 300 |
| 9.13%, 11/26/49 (b) | 175 | 152 |
| Romania, Government of |  |  |
| 4.85%, 07/25/29, RON | 2860 | 609 |
| 6.70%, 02/25/32, RON | 1675 | 368 |
| 8.25%, 09/29/32, RON | 5140 | 1223 |
| 7.10%, 07/31/34, RON | 8250 | 1849 |
| Sandor-Palota |  |  |
| 3.25%, 10/22/31, HUF | 428520 | 1062 |
| 2.25%, 06/22/34, HUF | 658320 | 1384 |
| 5.50%, 03/26/36 (b) | 230 | 223 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 12672 | 741 |
| 8.25%, 03/31/32, ZAR | 47 | 3 |
| 8.88%, 02/28/35, ZAR | 6186 | 359 |
| 7.10%, 11/19/36 (b) | 1020 | 1042 |
| 8.50%, 01/31/37, ZAR | 3050 | 168 |
| 6.13%, 12/11/37 (b) | 405 | 376 |
| 6.50%, 02/28/41, ZAR | 24789 | 1094 |
| 8.75%, 01/31/44, ZAR | 7540 | 405 |
| 5.65%, 09/27/47 | 505 | 392 |
| 5.75%, 09/30/49 | 2530 | 1954 |
| 7.30%, 04/20/52 | 110 | 102 |
| 7.95%, 11/19/54 (b) | 625 | 619 |
| 7.25%, 12/11/55 (b) | 250 | 228 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 7.13%, 02/12/32 | 225 | 225 |
| 26.20%, 10/05/33, TRY | 110000 | 2097 |
| 5.75%, 05/11/47 | 345 | 258 |
| Urzad Rady Ministrow |  |  |
| 4.75%, 07/25/29, PLN | 1286 | 344 |
| 4.50%, 01/25/31, PLN | 2330 | 606 |
| 1.75%, 04/25/32, PLN | 3733 | 816 |
| 6.00%, 10/25/33, PLN | 4134 | 1137 |
| 5.00%, 10/25/34, PLN | 3204 | 819 |
| | | 93388 |
| **Collateralized Mortgage Obligations 7.9%** | **Collateralized Mortgage Obligations 7.9%** | **Collateralized Mortgage Obligations 7.9%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2021-1B1-R01, REMIC, 6.76%, (SOFR 30-Day Average + 3.10%), 10/25/41 (f) | 960 | 969 |
| Connecticut Avenue Securities Trust 2021-R03 |  |  |
| Series 2021-1M2-R03, REMIC, 5.31%, (SOFR 30-Day Average + 1.65%), 12/25/41 (f) | 308 | 308 |
| Series 2021-1B1-R03, REMIC, 6.41%, (SOFR 30-Day Average + 2.75%), 12/25/41 (f) | 750 | 757 |
| Connecticut Avenue Securities Trust 2022-R02 |  |  |
| Series 2022-2B1-R02, REMIC, 8.16%, (SOFR 30-Day Average + 4.50%), 01/27/42 (f) | 2035 | 2083 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1M2-R03, REMIC, 7.16%, (SOFR 30-Day Average + 3.50%), 03/25/42 (f) | 2252 | 2296 |
| Connecticut Avenue Securities Trust 2022-R04 |  |  |
| Series 2022-1M2-R04, REMIC, 6.76%, (SOFR 30-Day Average + 3.10%), 03/25/42 (f) | 2733 | 2781 |
| Connecticut Avenue Securities Trust 2022-R08 |  |  |
| Series 2022-1M2-R08, REMIC, 7.26%, (SOFR 30-Day Average + 3.60%), 07/25/42 (f) | 552 | 561 |
| Series 2022-1B1-R08, REMIC, 9.26%, (SOFR 30-Day Average + 5.60%), 07/25/42 (f) | 2146 | 2256 |
| Connecticut Avenue Securities Trust 2023-R01 |  |  |
| Series 2023-1M2-R01, REMIC, 7.41%, (SOFR 30-Day Average + 3.75%), 12/26/42 (f) | 1526 | 1583 |
| Connecticut Avenue Securities Trust 2023-R02 |  |  |
| Series 2023-1M2-R02, REMIC, 7.01%, (SOFR 30-Day Average + 3.35%), 01/25/43 (f) | 964 | 996 |
| Series 2023-1B1-R02, REMIC, 9.21%, (SOFR 30-Day Average + 5.55%), 01/25/43 (f) | 270 | 287 |
| Connecticut Avenue Securities Trust 2023-R05 |  |  |
| Series 2023-1M2-R05, REMIC, 6.76%, (SOFR 30-Day Average + 3.10%), 06/25/29 (f) | 670 | 691 |
| Connecticut Avenue Securities Trust 2025-R01 |  |  |
| Series 2025-1B1-R01, REMIC, 5.36%, (SOFR 30-Day Average + 1.70%), 01/25/45 (f) | 743 | 737 |
| Connecticut Avenue Securities Trust 2025-R02 |  |  |
| Series 2025-1M2-R02, REMIC, 5.26%, (SOFR 30-Day Average + 1.60%), 02/27/45 (f) | 899 | 898 |
| Series 2025-1B1-R02, REMIC, 5.61%, (SOFR 30-Day Average + 1.95%), 02/27/45 (f) | 624 | 623 |
| Connecticut Avenue Securities Trust 2025-R04 |  |  |
| Series 2025-1M2-R04, REMIC, 5.16%, (SOFR 30-Day Average + 1.50%), 05/25/45 (f) | 2600 | 2588 |
| Connecticut Avenue Securities Trust 2025-R05 |  |  |
| Series 2025-2M2-R05, REMIC, 5.26%, (SOFR 30-Day Average + 1.60%), 07/25/45 (f) | 2304 | 2301 |
| Connecticut Avenue Securities Trust 2025-R06 |  |  |
| Series 2025-1B1-R06, REMIC, 5.51%, (SOFR 30-Day Average + 1.85%), 09/25/45 (f) | 1431 | 1431 |
| Connecticut Avenue Securities Trust 2026-R02 |  |  |
| Series 2026-1M2-R02, REMIC, 5.16%, (SOFR 30-Day Average + 1.50%), 02/26/46 (f) | 2675 | 2677 |
| Federal Home Loan Mortgage Corporation |  |  |
| Interest Only, Series 2020-X1-RR03, REMIC, 1.71%, 07/27/28 (f) | 18440 | 581 |
| Interest Only, Series 2020-DX-RR02, REMIC, 1.82%, 09/27/28 (f) | 8100 | 297 |
| Series 2022-M2-DNA1, REMIC, 6.16%, (SOFR 30-Day Average + 2.50%), 01/25/29 (f) | 897 | 904 |
| Interest Only, Series 2020-X-RR04, REMIC, 2.13%, 02/27/29 (f) | 19600 | 877 |
| Interest Only, Series 2020-CX-RR02, REMIC, 1.27%, 03/27/29 (f) | 5615 | 173 |
| Series 2021-B1-DNA6, REMIC, 7.06%, (SOFR 30-Day Average + 3.40%), 10/25/41 (f) | 1482 | 1498 |
| Series 2022-M2-DNA2, REMIC, 7.41%, (SOFR 30-Day Average + 3.75%), 02/25/42 (f) | 3799 | 3874 |
| Series 2022-M2-HQA1, REMIC, 8.91%, (SOFR 30-Day Average + 5.25%), 03/25/42 (f) | 2460 | 2547 |
| Series 2022-B1-HQA1, REMIC, 10.66%, (SOFR 30-Day Average + 7.00%), 03/25/42 (f) | 1550 | 1628 |
| Series 2022-M2-DNA3, REMIC, 8.01%, (SOFR 30-Day Average + 4.35%), 04/25/42 (f) | 1869 | 1925 |
| Series 2022-M1B-DNA5, REMIC, 8.16%, (SOFR 30-Day Average + 4.50%), 06/25/42 (f) | 1265 | 1311 |
| Series 2022-M1B-HQA3, REMIC, 7.21%, (SOFR 30-Day Average + 3.55%), 08/25/42 (f) | 1457 | 1497 |
| Series 2022-M2-DNA6, REMIC, 9.41%, (SOFR 30-Day Average + 5.75%), 09/25/42 (f) | 420 | 446 |
| Series 2024-M2-DNA1, REMIC, 5.61%, (SOFR 30-Day Average + 1.95%), 02/25/44 (f) | 593 | 596 |
| Series 2024-M2-HQA1, REMIC, 5.66%, (SOFR 30-Day Average + 2.00%), 03/25/44 (f) | 1613 | 1626 |
| Series FK-5471, REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 08/25/54 (f) | 1308 | 1308 |
| Series FA-5475, REMIC, 4.76%, (SOFR 30-Day Average + 1.10%), 11/25/54 (f) | 394 | 394 |
| Series FB-5474, REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 11/25/54 (f) | 1739 | 1741 |
| Series FB-5468, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 11/25/54 (f) | 2474 | 2466 |
| Series FJ-5513, REMIC, 5.46%, (SOFR 30-Day Average + 1.80%), 11/25/54 (f) | 1397 | 1408 |
| Series FC-5481, REMIC, 5.16%, (SOFR 30-Day Average + 1.50%), 12/25/54 (f) | 2091 | 2111 |
| Series FB-5505, REMIC, 5.16%, (SOFR 30-Day Average + 1.50%), 02/25/55 (f) | 762 | 770 |
| Series FB-5521, REMIC, 5.36%, (SOFR 30-Day Average + 1.70%), 03/25/55 (f) | 1410 | 1418 |
| Series FD-5518, REMIC, 5.36%, (SOFR 30-Day Average + 1.70%), 03/25/55 (f) | 1532 | 1541 |
| Series FB-5551, REMIC, 5.16%, (SOFR 30-Day Average + 1.50%), 06/25/55 (f) | 2193 | 2220 |
| Series 2019-M-1, REMIC, 4.75%, 07/25/58 (f) | 602 | 589 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C24-418, 4.00%, 08/01/43 | 1842 | 330 |
| Interest Only, Series 2021-AI-76, REMIC, 3.50%, 11/25/51 | 2673 | 463 |
| Series 2024-FD-61, REMIC, 4.66%, (SOFR 30-Day Average + 1.00%), 03/25/53 (f) | 1028 | 1026 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2024-FA-40, REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 03/25/54 (f) | 1238 | 1241 |
| Series 2024-FA-67, REMIC, 4.83%, (SOFR 30-Day Average + 1.17%), 09/25/54 (f) | 1439 | 1442 |
| Series 2025-FC-6, REMIC, 5.26%, (SOFR 30-Day Average + 1.60%), 02/25/55 (f) | 2300 | 2309 |
| Series 2025-LF-6, REMIC, 5.46%, (SOFR 30-Day Average + 1.80%), 02/25/55 (f) | 1435 | 1451 |
| Series 2025-FB-6, REMIC, 5.66%, (SOFR 30-Day Average + 2.00%), 02/25/55 (f) | 2476 | 2502 |
| Series 2025-HF-35, REMIC, 5.36%, (SOFR 30-Day Average + 1.70%), 05/25/55 (f) | 2237 | 2249 |
| Freddie Mac STACR REMIC Trust 2025-DNA4 |  |  |
| Series 2025-M2-DNA4, REMIC, 5.21%, (SOFR 30-Day Average + 1.55%), 10/25/31 (f) | 1221 | 1220 |
| Series 2025-M2-DNA3, REMIC, 5.16%, (SOFR 30-Day Average + 1.50%), 09/25/45 (f) | 1070 | 1067 |
| Government National Mortgage Association |  |  |
| Series 2020-KA-112, REMIC, 1.00%, 08/20/50 | 677 | 519 |
| Interest Only, Series 2020-CI-162, REMIC, 2.00%, 10/20/50 | 4528 | 570 |
| Series 2021-HE-103, REMIC, 2.00%, 06/20/51 | 1201 | 994 |
| Series 2021-NC-119, REMIC, 1.50%, 07/20/51 | 1226 | 1002 |
| Government National Mortgage Association Guaranteed Remic Pass-Through Securities, The |  |  |
| Series 2025-FY-4, REMIC, 5.27%, (SOFR 30-Day Average + 1.60%), 01/20/55 (f) | 853 | 860 |
| Government National Mortgage Association REMIC Trust 2020-095 |  |  |
| Series 2020-WK-86, REMIC, 1.00%, 06/20/50 | 1400 | 1073 |
| | | 82887 |
| Total Government And Agency Obligations (cost $457,045) | Total Government And Agency Obligations (cost $457,045) | 454922 |
| **CORPORATE BONDS AND NOTES 40.5%** | **CORPORATE BONDS AND NOTES 40.5%** | **CORPORATE BONDS AND NOTES 40.5%** |
| **Financials 11.6%** | **Financials 11.6%** | **Financials 11.6%** |
| ABN AMRO Bank N.V. |  |  |
| 5.52%, 12/03/35 (b) | 900 | 911 |
| Abu Dhabi Developmental Holding Company PJSC |  |  |
| 4.38%, 10/02/31 (b) | 600 | 581 |
| Acrisure, LLC |  |  |
| 7.50%, 11/06/30 (b) | 370 | 369 |
| 6.75%, 07/01/32 (b) | 55 | 53 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.95%, 03/10/55 | 900 | 922 |
| Allianz SE |  |  |
| 3.20%, (100, 10/30/27) (e) (g) | 2200 | 2050 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/28) (c) (g) | 241 | 222 |
| 5.54%, 01/17/31 | 445 | 448 |
| Amynta Agency Borrower Inc. |  |  |
| 7.50%, 07/15/33 (b) | 200 | 189 |
| Azorra Finance Limited |  |  |
| 7.75%, 04/15/30 (b) | 215 | 222 |
| 7.25%, 01/15/31 (b) | 125 | 126 |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima |  |  |
| 7.75%, (100, 01/14/32) (c) (g) (h) | 960 | 979 |
| Banco Bradesco S/A. |  |  |
| 5.38%, 01/20/31 (b) | 190 | 188 |
| Banco De Sabadell SA |  |  |
| 6.00%, 08/16/33, EUR (e) | 200 | 240 |
| Banco Mercantil Del Norte, S.A., Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 8.75%, (100, 05/20/35) (b) (g) | 115 | 120 |
| Banco Santander Mexico, S.A., I.B.M., Grupo Financiero Santander Mexico |  |  |
| 5.62%, 12/10/29 (b) | 85 | 87 |
| Banco Santander, S.A. |  |  |
| 4.75%, (100, 11/12/26) (g) (h) | 600 | 591 |
| Bangkok Bank Public Company Limited |  |  |
| 5.65%, 07/05/34 (b) | 190 | 195 |
| Bank of America Corporation |  |  |
| 4.38%, (100, 01/27/27) (g) | 1345 | 1326 |
| 6.63%, (100, 05/01/30) (g) | 1110 | 1140 |
| 5.52%, 10/25/35 | 305 | 305 |
| 5.46%, 05/09/36 | 1860 | 1897 |
| Bank of New York Mellon Corporation, The |  |  |
| 3.75%, (100, 12/20/26) (g) | 2655 | 2601 |
| Barclays PLC |  |  |
| 4.38%, (100, 03/15/28) (g) (h) | 710 | 673 |
| 7.63%, (100, 03/15/35) (g) (h) | 395 | 398 |
| 8.00%, (100, 03/15/29) (g) (h) | 880 | 910 |
| 9.63%, (100, 12/15/29) (g) (h) | 645 | 701 |
| 7.12%, 06/27/34 | 680 | 740 |
| Benteler International Aktiengesellschaft |  |  |
| 7.25%, 06/15/31, EUR (e) | 565 | 677 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (b) | 445 | 466 |
| Blackstone Private Credit Fund |  |  |
| 6.00%, 01/29/32 | 754 | 732 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (b) | 90 | 89 |
| 6.50%, 05/15/32 | 470 | 472 |
| 6.00%, 08/15/33 (b) | 95 | 93 |
| BNP Paribas |  |  |
| 4.50%, (100, 02/25/30) (b) (g) (h) | 155 | 139 |
| 4.63%, (100, 02/25/31) (b) (g) | 2075 | 1846 |
| 9.25%, (100, 11/17/27) (b) (g) (h) | 135 | 140 |
| 5.91%, 11/19/35 (b) | 540 | 548 |
| BPCE |  |  |
| 5.94%, 05/30/35 (b) | 805 | 824 |
| Capital One Financial Corporation |  |  |
| 6.18%, 01/30/36 | 540 | 549 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 06/01/26) (g) | 3182 | 3008 |
| 5.00%, (100, 06/01/27) (g) | 405 | 402 |
| Citigroup Inc. |  |  |
| 4.15%, (100, 11/15/26) (c) (g) | 935 | 921 |
| 6.63%, (100, 02/15/31) (g) | 540 | 540 |
| 7.00%, (100, 08/15/34) (g) | 650 | 666 |
| 4.50%, 09/11/31 | 710 | 702 |
| 6.02%, 01/24/36 | 450 | 460 |
| 5.17%, 09/11/36 | 3175 | 3148 |
| Citizens Financial Group, Inc. |  |  |
| 4.00%, (100, 10/06/26) (g) | 215 | 212 |
| 6.91%(3 Month Term SOFR + 3.26%), (f) (g) | 275 | 273 |
| Credit Agricole S.A. |  |  |
| 6.25%, 01/10/35 (b) | 545 | 565 |
| 5.26%, 01/12/37 (b) | 585 | 574 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.95%, 08/04/31 | 1180 | 1176 |
| Doha Finance Limited |  |  |
| 4.50%, 03/16/31 (e) | 600 | 577 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (b) | 1270 | 1275 |
| Equitable Holdings, Inc. |  |  |
| 6.70%, 03/28/55 | 1195 | 1202 |
| Fidelity National Information Services, Inc. |  |  |
| 4.55%, 03/10/29 | 465 | 462 |
| 4.80%, 03/10/31 | 1050 | 1042 |
| Fifth Third Bancorp |  |  |
| 6.97%(3 Month Term SOFR + 3.29%), (f) (g) | 547 | 544 |
| 4.34%, 04/25/33 | 945 | 911 |
| Focus Financial Partners, LLC |  |  |
| 6.75%, 09/15/31 (b) | 430 | 428 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32 (b) | 165 | 162 |
| GA Global Funding Trust |  |  |
| 5.20%, 12/09/31 (b) | 1789 | 1759 |
| Gabx Leasing LLC |  |  |
| 4.63%, 04/15/31 (b) | 275 | 271 |
| 5.30%, 04/15/36 (b) | 1015 | 996 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (b) | 270 | 274 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.65%, (100, 08/10/26) (g) | 1535 | 1514 |
| 3.80%, (100, 05/10/26) (g) | 185 | 183 |
| 4.13%, (100, 11/10/26) (g) | 260 | 255 |
| 4.70%(3 Month Term SOFR + 1.03%), (f) (g) | 540 | 411 |
| 6.13%, (100, 11/10/34) (c) (g) | 570 | 566 |
| 7.50%, (100, 05/10/29) (g) | 1220 | 1271 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.48%, 10/24/29 | 1920 | 2009 |
| 4.37%, 10/21/31 | 1585 | 1555 |
| 4.94%, 10/21/36 | 3850 | 3735 |
| 6.75%, 10/01/37 | 450 | 487 |
| Grupo Aval Acciones y Valores S.A. |  |  |
| 4.38%, 02/04/30 (b) | 390 | 364 |
| Gulf International Bank B.S.C. |  |  |
| 5.75%, 06/05/29 (c) (e) | 990 | 995 |
| HSBC Holdings PLC |  |  |
| 4.70%, (100, 03/09/31) (c) (g) (h) | 410 | 374 |
| 6.75%, (100, 03/24/31) (g) (h) | 410 | 405 |
| 7.00%, (100, 09/24/35) (c) (g) (h) | 445 | 442 |
| 5.74%, 09/10/36 | 540 | 541 |
| HUB International Limited |  |  |
| 5.63%, 12/01/29 (b) | 85 | 83 |
| 7.25%, 06/15/30 (b) | 570 | 585 |
| 7.38%, 01/31/32 (b) | 360 | 367 |
| Huntington Bancshares Incorporated |  |  |
| 4.45%, (100, 10/15/27) (g) | 383 | 376 |
| ING Groep N.V. |  |  |
| 3.88%, (100, 05/16/27) (g) (h) | 1045 | 1002 |
| 4.25%, (100, 05/16/31) (g) (h) | 1005 | 867 |
| 5.75%, (100, 11/16/26) (g) (h) | 846 | 845 |
| Intesa Sanpaolo SPA |  |  |
| 6.38%, (100, 03/30/28), EUR (e) (g) | 265 | 314 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (b) | 315 | 323 |
| 6.13%, 11/01/32 (b) | 50 | 49 |
| 6.75%, 05/01/33 (b) | 335 | 340 |
| Jerrold Finco PLC |  |  |
| 7.50%, 06/15/31, GBP (e) | 274 | 357 |
| JPMorgan Chase & Co. |  |  |
| 6.51%, (3 Month Term SOFR + 2.84%), (100, 05/01/26) (f) (g) | 159 | 159 |
| 6.88%, (100, 06/01/29) (g) | 540 | 564 |
| 5.58%, 07/23/36 | 300 | 304 |
| 4.81%, 10/22/36 | 2700 | 2623 |
| Liberty Mutual Group Inc. |  |  |
| 4.13%, 12/15/51 (b) | 690 | 675 |
| Lloyds Banking Group PLC |  |  |
| 8.00%, (100, 09/27/29) (g) (h) | 640 | 668 |
| 6.07%, 06/13/36 | 1143 | 1164 |
| M&T Bank Corporation |  |  |
| 3.50%, (100, 09/01/26) (g) | 1095 | 1060 |
| MDGH GMTN (RSC) Ltd. |  |  |
| 4.63%, 10/16/35 (b) | 1025 | 970 |
| MetLife, Inc. |  |  |
| 6.35%, 03/15/55 | 460 | 466 |
| Morgan Stanley |  |  |
| 5.32%, 07/19/35 | 975 | 978 |
| 4.89%, 10/22/36 | 2905 | 2809 |
| Nationwide Building Society |  |  |
| 5.54%, 07/14/36 (b) | 1225 | 1228 |
| NatWest Group PLC |  |  |
| 4.60%, (100, 06/28/31) (g) (h) | 2530 | 2249 |
| Navient Corporation |  |  |
| 5.50%, 03/15/29 (c) | 155 | 142 |
| 7.88%, 06/15/32 (c) | 50 | 44 |
| NBK SPC Limited |  |  |
| 5.50%, 06/06/30 (b) | 590 | 598 |
| Nordea Bank Abp |  |  |
| 3.75%, (100, 03/01/29) (b) (c) (g) (h) | 1015 | 940 |
| OneMain Finance Corporation |  |  |
| 6.63%, 05/15/29 | 180 | 180 |
| 6.13%, 05/15/30 | 235 | 229 |
| 7.50%, 05/15/31 | 145 | 146 |
| 7.13%, 11/15/31 - 09/15/32 | 315 | 311 |
| 6.75%, 03/15/32 | 160 | 155 |
| PennyMac Financial Services, Inc. |  |  |
| 7.88%, 12/15/29 (b) | 155 | 158 |
| 6.88%, 05/15/32 (b) | 225 | 217 |
| Progroup AG |  |  |
| 5.38%, 04/15/31, EUR (c) (e) | 301 | 340 |
| Provident Funding Mortgage Loan Trust 2005-1 |  |  |
| 9.75%, 09/15/29 (b) | 145 | 149 |
| Rocket Companies, Inc. |  |  |
| 6.50%, 08/01/29 (b) | 110 | 111 |
| 6.13%, 08/01/30 (b) | 110 | 111 |
| 6.38%, 08/01/33 (b) | 865 | 873 |
| Rocket Mortgage, LLC |  |  |
| 4.00%, 10/15/33 (b) | 120 | 108 |
| Ryan Specialty, LLC |  |  |
| 5.88%, 08/01/32 (b) | 430 | 425 |
| Shift4 Payments, LLC |  |  |
| 6.75%, 08/15/32 (b) | 545 | 536 |
| 5.50%, 05/15/33, EUR (e) | 270 | 294 |
| SLM Corporation |  |  |
| 6.50%, 01/31/30 | 305 | 299 |
| Starwood Property Trust, Inc. |  |  |
| 5.25%, 10/15/28 (b) | 120 | 119 |
| 7.25%, 04/01/29 (b) | 75 | 77 |
| 6.50%, 07/01/30 (b) | 530 | 538 |
| 5.75%, 01/15/31 (b) | 150 | 148 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.40%, (100, 09/15/26) (g) | 2060 | 2022 |
| 5.00%, (100, 11/01/26) (g) | 30 | 30 |
| 6.25%, (100, 03/15/30) (g) | 915 | 924 |
| 4.90%, 05/13/31 | 690 | 695 |
| 5.37%, 07/21/36 | 2010 | 2021 |
| 5.42%, 01/25/41 | 1350 | 1323 |
| Truist Financial Corporation |  |  |
| 5.10%, (100, 03/01/30) (g) | 360 | 359 |
| Turkiye Vakiflar Bankasi T.A.O. |  |  |
| 8.99%, 10/05/34 (b) | 300 | 308 |
| U S I, Inc. |  |  |
| 7.50%, 01/15/32 (b) | 165 | 168 |
| U.S. Bancorp |  |  |
| 3.70%, (100, 01/15/27) (g) | 3760 | 3676 |
| 5.08%, 05/15/31 | 985 | 1000 |
| 4.97%, 07/22/33 | 205 | 203 |
| 5.42%, 02/12/36 | 1500 | 1531 |
| UBS Group AG |  |  |
| 6.63%, (100, 01/08/31) (b) (g) (h) | 430 | 417 |
| 7.00%, (100, 01/08/36) (b) (g) (h) | 1040 | 1019 |
| 9.25%, (100, 11/13/33) (b) (g) (h) | 1415 | 1588 |
| Unicredit, Societa' Per Azioni |  |  |
| 5.38%, 04/16/34, EUR (e) | 450 | 540 |
| UWM Holdings, LLC |  |  |
| 6.63%, 02/01/30 (b) | 205 | 193 |
| 6.25%, 03/15/31 (b) | 495 | 450 |
| Velocity Commercial Capital, LLC |  |  |
| 9.38%, 02/15/31 (b) | 225 | 224 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/33 (b) | 195 | 190 |
| Wells Fargo & Company |  |  |
| 6.13%, (100, 06/15/31) (g) | 1455 | 1460 |
| 6.85%, (100, 09/15/29) (c) (g) | 630 | 653 |
| 5.15%, 04/23/31 | 1530 | 1557 |
| 5.39%, 04/24/34 | 1040 | 1056 |
| 5.56%, 07/25/34 | 2365 | 2424 |
| 4.89%, 09/15/36 | 3110 | 3025 |
| XP Inc. |  |  |
| 6.75%, 07/02/29 (b) | 280 | 283 |
| | | 121428 |
| **Consumer Discretionary 4.4%** | **Consumer Discretionary 4.4%** | **Consumer Discretionary 4.4%** |
| Accor |  |  |
| 4.88%, (100, 06/06/30), EUR (c) (e) (g) | 300 | 343 |
| Acushnet Company |  |  |
| 5.63%, 12/01/33 (b) | 300 | 297 |
| Advance Auto Parts, Inc. |  |  |
| 7.00%, 08/01/30 (b) | 130 | 132 |
| 7.38%, 08/01/33 (b) | 130 | 132 |
| Allison Transmission, Inc. |  |  |
| 5.88%, 12/01/33 (b) | 210 | 209 |
| Allwyn Entertainment Financing (UK) PLC |  |  |
| 4.13%, 02/15/31, EUR (e) | 180 | 196 |
| Azelis Finance |  |  |
| 4.75%, 09/25/29, EUR (b) | 310 | 357 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| B&M European Value Retail S.A. |  |  |
| 4.00%, 11/15/28, GBP (c) (e) | 200 | 249 |
| 8.13%, 11/15/30, GBP (e) | 115 | 154 |
| 6.50%, 11/27/31, GBP (e) | 190 | 238 |
| Bath & Body Works, Inc. |  |  |
| 6.63%, 10/01/30 (b) | 90 | 91 |
| 6.88%, 11/01/35 | 175 | 172 |
| 6.75%, 07/01/36 | 55 | 53 |
| Beach Acquisition Bidco, LLC |  |  |
| 5.25%, 07/15/32, EUR (e) | 533 | 588 |
| 10.00%, 07/15/33 (b) (i) | 422 | 448 |
| Beazer Homes USA, Inc. |  |  |
| 7.50%, 03/15/31 (b) (c) | 235 | 230 |
| Boots Group Finco LP |  |  |
| 5.38%, 08/31/32, EUR (e) | 275 | 316 |
| Bubbles BidCo S.p.A. |  |  |
| 6.50%, 09/30/31, EUR (e) | 200 | 231 |
| Carnival Corporation |  |  |
| 5.88%, 06/15/31 (b) | 45 | 46 |
| 6.13%, 02/15/33 (b) | 900 | 906 |
| CD&R Firefly Bidco PLC |  |  |
| 8.63%, 04/30/29, GBP (e) | 180 | 243 |
| CDI Escrow Issuer, Inc. |  |  |
| 5.75%, 04/01/30 (b) | 380 | 375 |
| Ceconomy AG |  |  |
| 6.25%, 07/15/29, EUR (e) | 295 | 350 |
| Champ Acquisition Corporation |  |  |
| 8.38%, 12/01/31 (b) | 145 | 152 |
| Churchill Downs Incorporated |  |  |
| 6.75%, 05/01/31 (b) | 345 | 351 |
| Cirsa Finance International S.a r.l. |  |  |
| 7.88%, 07/31/28, EUR (e) | 401 | 473 |
| 6.50%, 03/15/29, EUR (e) | 295 | 347 |
| Clarios Global LP |  |  |
| 6.75%, 09/15/32 (b) | 855 | 861 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (b) | 330 | 341 |
| CPUK Mortgage Finance Limited |  |  |
| 4.50%, 08/28/27, GBP (d) (e) | 260 | 336 |
| CT Investment GmbH |  |  |
| 6.38%, 04/15/30, EUR (b) | 420 | 490 |
| Dana Financing Luxembourg S.a r.l. |  |  |
| 8.50%, 07/15/31, EUR (e) | 223 | 268 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (b) | 210 | 204 |
| DexKo Global Inc. |  |  |
| 6.63%, 10/15/29 (b) (c) | 190 | 169 |
| Discovery Communications, LLC |  |  |
| 4.13%, 05/15/29 | 115 | 111 |
| Dufry One B.V. |  |  |
| 4.50%, 05/23/32, EUR (e) | 475 | 542 |
| Elior Group |  |  |
| 5.63%, 03/15/30, EUR (e) | 260 | 305 |
| Eroski Sociedad Cooperativa |  |  |
| 5.75%, 05/15/31, EUR (e) | 165 | 192 |
| Essendi S.A. |  |  |
| 5.50%, 11/15/31, EUR (e) | 400 | 451 |
| Flutter Treasury Designated Activity Company |  |  |
| 4.00%, 06/04/31, EUR (e) | 205 | 229 |
| 6.13%, 06/04/31, GBP (e) | 200 | 256 |
| FNAC Darty |  |  |
| 6.00%, 04/01/29, EUR (e) | 425 | 505 |
| Forvia |  |  |
| 3.75%, 06/15/28, EUR (e) | 96 | 109 |
| 5.63%, 06/15/30, EUR (c) (e) | 509 | 592 |
| 5.38%, 03/15/31, EUR (c) (e) | 130 | 148 |
| 6.75%, 09/15/33 (b) | 705 | 688 |
| Fressnapf Holding SE |  |  |
| 5.25%, 10/31/31, EUR (e) | 546 | 616 |
| Gestamp Automocion Sociedad Anonima |  |  |
| 4.38%, 10/15/30, EUR (e) | 300 | 343 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (b) | 110 | 106 |
| 6.38%, 01/15/30 (b) | 205 | 206 |
| IHO Verwaltungs GmbH |  |  |
| 8.75%, 05/15/28, EUR (e) (i) | 585 | 691 |
| IHOL-Verwaltungs-GmbH |  |  |
| 7.75%, 11/15/30 (b) (i) | 300 | 305 |
| Installed Building Products, Inc. |  |  |
| 5.63%, 02/01/34 (b) | 205 | 200 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 07/15/28, EUR (e) | 211 | 242 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.00%, 04/01/31 (b) | 185 | 183 |
| 8.38%, 10/01/33 (b) | 95 | 94 |
| K2016470219 (South Africa) |  |  |
| 8.00%, 05/07/49, EUR (b) (i) (j) (k) | 4042 |  |
| LCM Investments Holdings II, LLC |  |  |
| 4.88%, 05/01/29 (b) | 115 | 112 |
| 8.25%, 08/01/31 (b) | 245 | 252 |
| LGI Homes, Inc. |  |  |
| 7.00%, 11/15/32 (b) (c) | 200 | 185 |
| LHMC Finco 2 S.A R.L. |  |  |
| 9.38%, 05/15/30, EUR (e) (i) | 165 | 199 |
| Light and Wonder International, Inc. |  |  |
| 6.25%, 10/01/33 (b) | 535 | 524 |
| Lindblad Expeditions, LLC |  |  |
| 7.00%, 09/15/30 (b) | 375 | 381 |
| Lottomatica S.p.A. |  |  |
| 5.38%, 06/01/30, EUR (e) | 180 | 212 |
| Macys Retail Holdings |  |  |
| 7.38%, 08/01/33 (b) | 265 | 271 |
| Magnum Management Corporation |  |  |
| 5.25%, 07/15/29 | 145 | 139 |
| Marriott International, Inc. |  |  |
| 5.10%, 05/01/38 | 145 | 138 |
| Mattamy Homes Limited |  |  |
| 6.00%, 12/15/33 (b) | 355 | 334 |
| MCE Finance Limited |  |  |
| 5.63%, 07/17/27 (b) | 595 | 589 |
| MercadoLibre, Inc. |  |  |
| 3.13%, 01/14/31 (c) | 2280 | 2080 |
| Michaels Companies, Inc., The |  |  |
| 8.50%, 03/15/33 (b) | 315 | 307 |
| 11.00%, 03/15/34 (b) | 195 | 182 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (b) | 465 | 451 |
| Miller Homes Group (Finco) PLC |  |  |
| 7.00%, 05/15/29, GBP (e) | 200 | 258 |
| Mohegan Escrow Issuer, LLC |  |  |
| 8.25%, 04/15/30 (b) | 165 | 168 |
| 11.88%, 04/15/31 (b) | 50 | 52 |
| Motel One GmbH |  |  |
| 7.75%, 04/02/31, EUR (c) (e) | 160 | 192 |
| NCL Corporation Ltd. |  |  |
| 7.75%, 02/15/29 (b) | 85 | 88 |
| 5.88%, 01/15/31 (b) | 60 | 58 |
| 6.75%, 02/01/32 (b) | 370 | 367 |
| 6.25%, 09/15/33 (b) | 35 | 34 |
| Newell Brands Inc. |  |  |
| 8.50%, 06/01/28 (b) | 95 | 98 |
| 6.63%, 09/15/29 | 40 | 39 |
| 6.38%, 05/15/30 | 85 | 82 |
| Next Group PLC |  |  |
| 3.63%, 05/18/28, GBP (e) | 300 | 385 |
| Nissan Motor Acceptance Company LLC |  |  |
| 7.05%, 09/15/28 (b) | 50 | 51 |
| 5.63%, 09/29/28 (b) | 50 | 49 |
| 5.55%, 09/13/29 (b) | 20 | 19 |
| 6.13%, 09/30/30 (b) | 40 | 38 |
| Nissan Motor Co., Ltd. |  |  |
| 5.25%, 07/17/29, EUR (e) | 160 | 183 |
| 7.50%, 07/17/30 (b) | 75 | 76 |
| 4.81%, 09/17/30 (b) | 215 | 195 |
| 7.75%, 07/17/32 (b) | 60 | 61 |
| 6.38%, 07/17/33, EUR (c) (e) | 100 | 115 |
| 8.13%, 07/17/35 (b) | 40 | 41 |
| Nordstrom, Inc. |  |  |
| 4.38%, 04/01/30 | 60 | 56 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.25%, 08/01/31 | 120 | 108 |
| Patrick Industries, Inc. |  |  |
| 6.38%, 11/01/32 (b) | 720 | 720 |
| Petco Health And Wellness Company, Inc. |  |  |
| 8.25%, 02/01/31 (b) | 330 | 330 |
| PetSmart, LLC |  |  |
| 7.50%, 09/15/32 (b) | 355 | 357 |
| 10.00%, 09/15/33 (b) | 20 | 20 |
| Pinewood Finco PLC |  |  |
| 6.00%, 03/27/30, GBP (b) | 405 | 522 |
| Pinnacle Bidco PLC |  |  |
| 10.00%, 10/11/28, GBP (b) | 651 | 894 |
| Punch Finance PLC |  |  |
| 7.88%, 12/30/30, GBP (e) | 335 | 440 |
| Rakuten Group, Inc. |  |  |
| 4.25%, (100, 04/22/27), EUR (e) (g) | 200 | 223 |
| RCI Banque |  |  |
| 5.50%, 10/09/34, EUR (e) | 100 | 117 |
| Renault |  |  |
| 3.88%, 09/30/30, EUR (e) | 300 | 340 |
| Resideo Funding Inc. |  |  |
| 6.50%, 07/15/32 (b) | 480 | 473 |
| S&S Holdings LLC |  |  |
| 8.38%, 10/01/31 (b) | 165 | 146 |
| Schaeffler AG |  |  |
| 4.75%, 08/14/29, EUR (e) | 100 | 115 |
| 4.50%, 03/28/30, EUR (e) | 1000 | 1135 |
| 5.38%, 04/01/31, EUR (e) | 100 | 117 |
| Six Flags Entertainment Corporation |  |  |
| 8.63%, 01/15/32 (b) | 220 | 220 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (b) (c) | 295 | 284 |
| 6.63%, 05/01/32 (b) | 545 | 544 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (b) | 90 | 84 |
| Stellantis Finance US Inc. |  |  |
| 6.45%, 03/18/35 (b) (c) | 1895 | 1865 |
| TAP–Transportes Aereos Portugueses, SGPS, S.A. |  |  |
| 5.13%, 11/15/29, EUR (e) | 500 | 568 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.75%, 11/15/32 (b) | 420 | 420 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 07/15/29 | 65 | 61 |
| 5.25%, 04/30/31 | 80 | 72 |
| TKC Holdings, Inc. |  |  |
| 8.50%, 08/15/30 (b) | 345 | 347 |
| 12.00%, 02/15/31 (b) | 110 | 113 |
| Travel + Leisure Co. |  |  |
| 6.13%, 09/01/33 (b) | 160 | 158 |
| TUI Cruises GmbH |  |  |
| 5.00%, 05/15/30, EUR (c) (e) | 250 | 281 |
| TVL Finance PLC |  |  |
| 10.25%, 04/28/28, GBP (e) | 115 | 147 |
| United Parks And Resorts Inc. |  |  |
| 5.25%, 08/15/29 (b) | 640 | 610 |
| V.F. Corporation |  |  |
| 4.25%, 03/07/29, EUR | 230 | 263 |
| 2.95%, 04/23/30 | 175 | 156 |
| 0.63%, 02/25/32, EUR | 551 | 497 |
| Valeo |  |  |
| 4.50%, 04/11/30, EUR (e) | 300 | 343 |
| 5.13%, 05/20/31, EUR (e) | 400 | 462 |
| 4.63%, 03/23/32, EUR (c) (e) | 100 | 112 |
| Verde Purchaser, LLC |  |  |
| 10.50%, 11/30/30 (b) | 320 | 331 |
| Viking Cruises Limited |  |  |
| 5.88%, 10/15/33 (b) | 570 | 563 |
| Volkswagen International Finance N.V. |  |  |
| 3.75%, (100, 12/28/27), EUR (e) (g) | 500 | 571 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 | 380 | 336 |
| 5.05%, 03/15/42 | 160 | 106 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 105 | 103 |
| 6.50%, 06/15/33 (c) | 105 | 99 |
| White Cap Supply Holdings, LLC |  |  |
| 7.38%, 11/15/30 (b) | 425 | 412 |
| Windsor Holdings III, LLC |  |  |
| 8.50%, 06/15/30 (b) | 785 | 811 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 5.63%, 03/01/33 (b) | 335 | 330 |
| ZF Friedrichshafen AG |  |  |
| 6.13%, 03/13/29, EUR (c) (e) | 300 | 347 |
| 3.00%, 10/23/29, EUR (c) (e) | 600 | 631 |
| 7.00%, 06/12/30, EUR (e) | 100 | 118 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 - 04/23/32 (b) | 315 | 305 |
| 6.75%, 04/23/30 (b) | 375 | 362 |
| 7.50%, 03/24/31 (b) | 155 | 152 |
| | | 45764 |
| **Communication Services 4.2%** | **Communication Services 4.2%** | **Communication Services 4.2%** |
| Altice France |  |  |
| 6.88%, 10/15/30 - 07/15/32 (b) | 402 | 384 |
| 5.50%, 10/15/31, EUR (e) | 756 | 831 |
| 6.50%, 10/15/31 - 04/15/32 (b) | 425 | 403 |
| APLD ComputeCo 2 LLC |  |  |
| 6.75%, 03/15/31 (b) | 430 | 428 |
| Bell Canada inc. |  |  |
| 6.88%, 09/15/55 | 840 | 850 |
| 7.00%, 09/15/55 | 440 | 449 |
| Black Pearl Compute LLC |  |  |
| 6.13%, 02/15/31 (b) | 1070 | 1089 |
| British Telecommunications Public Limited Company |  |  |
| 8.38%, 12/20/83, GBP (e) | 1119 | 1555 |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (b) | 350 | 345 |
| 6.38%, 09/01/29 (b) | 265 | 266 |
| 4.75%, 03/01/30 (b) | 330 | 313 |
| 4.25%, 02/01/31 (b) | 360 | 327 |
| 4.50%, 05/01/32 (c) | 2740 | 2449 |
| 7.00%, 02/01/33 (b) | 235 | 236 |
| 4.50%, 06/01/33 (b) | 65 | 57 |
| 4.25%, 01/15/34 (b) (c) | 75 | 64 |
| 7.38%, 02/01/36 (b) | 120 | 119 |
| Charter Communications Operating, LLC |  |  |
| 3.50%, 06/01/41 | 895 | 629 |
| 5.75%, 04/01/48 | 595 | 495 |
| 4.80%, 03/01/50 | 1621 | 1206 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (b) | 185 | 192 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (b) | 75 | 75 |
| 7.50%, 06/01/29 - 03/15/33 (b) | 355 | 371 |
| 7.13%, 02/15/31 (b) | 380 | 398 |
| CSC Holdings, LLC |  |  |
| 5.38%, 02/01/28 (b) | 105 | 78 |
| 11.25%, 05/15/28 (b) | 400 | 328 |
| 11.75%, 01/31/29 (b) | 175 | 127 |
| 6.50%, 02/01/29 (b) | 265 | 169 |
| 4.50%, 11/15/31 (b) | 30 | 18 |
| DISH DBS Corporation |  |  |
| 7.38%, 07/01/28 | 645 | 626 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 475 | 512 |
| 6.75%, 11/30/30 (i) | 275 | 278 |
| Eircom Limited |  |  |
| 5.00%, 04/30/31, EUR (e) | 335 | 385 |
| Eutelsat S.A. |  |  |
| 2.25%, 07/13/27, EUR (e) | 500 | 578 |
| Go Daddy Operating Company, LLC |  |  |
| 3.50%, 03/01/29 (b) | 270 | 251 |
| Koninklijke KPN N.V. |  |  |
| 4.88%, (100, 06/18/29), EUR (e) (g) | 326 | 378 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (b) | 325 | 331 |
| 7.00%, 03/31/34 (b) | 405 | 415 |
| 8.50%, 01/15/36 (b) | 185 | 193 |
| Lumen Technologies, Inc. |  |  |
| 4.50%, 01/15/29 (b) | 90 | 85 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Maya |  |  |
| 5.63%, 10/15/28, EUR (e) | 698 | 810 |
| 7.00%, 10/15/28 - 04/15/32 (b) | 375 | 375 |
| 8.50%, 04/15/31 (b) | 95 | 99 |
| McGraw-Hill Education, Inc. |  |  |
| 7.38%, 09/01/31 (b) | 70 | 71 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (b) | 400 | 371 |
| Millicom International Cellular S.A. |  |  |
| 5.13%, 01/15/28 (b) | 2268 | 2243 |
| MVC Acquisition Corp. |  |  |
| 8.00%, 08/01/29 (b) | 350 | 350 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (b) | 490 | 491 |
| 10.38%, 05/15/31 (b) | 35 | 35 |
| Ooredoo International Finance Limited |  |  |
| 4.63%, 10/10/34 (e) | 830 | 814 |
| Optics BidCo S.p.A. |  |  |
| 6.88%, 02/15/28, EUR (e) | 620 | 744 |
| 7.88%, 07/31/28, EUR | 508 | 629 |
| 6.38%, 11/15/33 (b) | 450 | 445 |
| 7.20%, 07/18/36 (b) | 110 | 109 |
| Proximus |  |  |
| 4.75%, (100, 07/02/31), EUR (c) (e) (g) | 400 | 458 |
| Rogers Communications Inc. |  |  |
| 7.00%, 04/15/55 | 1020 | 1022 |
| 7.13%, 04/15/55 | 1070 | 1095 |
| 6.88%, 07/31/56 | 576 | 578 |
| SoftBank Group Corp. |  |  |
| 5.25%, 10/10/29, EUR (e) | 335 | 381 |
| Sunrise HoldCo IV B.V. |  |  |
| 3.88%, 06/15/29, EUR (e) | 340 | 380 |
| SV RNO Property Owner 1 LLC |  |  |
| 5.88%, 03/01/31 (b) | 1095 | 1084 |
| Telecom Italia Capital |  |  |
| 6.00%, 09/30/34 | 15 | 15 |
| Telecom Italia S.p.A. |  |  |
| 7.88%, 07/31/28, EUR (e) | 239 | 298 |
| 3.63%, 09/30/30, EUR (e) | 250 | 285 |
| Telefonica Europe B.V. |  |  |
| 2.88%, (100, 06/24/27), EUR (e) (g) | 600 | 681 |
| 5.75%, (100, 01/15/32), EUR (c) (e) (g) | 200 | 236 |
| 6.14%, (100, 02/03/30), EUR (e) (g) | 200 | 240 |
| 6.75%, (100, 06/07/31), EUR (e) (g) | 300 | 370 |
| TELUS Corporation |  |  |
| 6.63%, 06/09/56 | 1070 | 1041 |
| TMNL Holding BV |  |  |
| 3.75%, 01/15/29, EUR (e) | 480 | 540 |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/30 | 1975 | 1925 |
| United Group B.V. |  |  |
| 4.63%, 08/15/28, EUR (e) | 180 | 207 |
| 5.25%, 02/01/30, EUR (b) | 100 | 113 |
| 6.75%, 02/15/31, EUR (e) | 200 | 232 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (b) | 235 | 228 |
| 8.63%, 06/15/32 (b) (c) | 110 | 112 |
| 8.63%, 06/15/32 (b) | 90 | 92 |
| VMED O2 UK Financing I PLC |  |  |
| 4.50%, 07/15/31, GBP (e) | 500 | 556 |
| 5.63%, 04/15/32, EUR (e) | 275 | 291 |
| Vodafone Group Public Limited Company |  |  |
| 5.75%, 06/28/54 | 740 | 699 |
| 3.00%, 08/27/80, EUR (e) | 804 | 872 |
| 6.50%, 08/30/84, EUR (e) | 500 | 610 |
| VZ Secured Financing B.V. |  |  |
| 5.25%, 01/15/33, EUR (e) | 215 | 229 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/29 (b) | 160 | 163 |
| 6.75%, 11/15/32 (b) | 175 | 176 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (b) | 325 | 340 |
| 7.50%, 10/15/33 (b) | 395 | 410 |
| WPP 2025 LLC |  |  |
| 6.50%, 03/30/36 | 825 | 813 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (b) | 250 | 264 |
| Zayo Group Holdings, Inc. |  |  |
| 6.25%, 03/09/30 (b) (i) | 282 | 280 |
| 9.00%, 09/09/30 (b) (i) | 70 | 65 |
| Zegona Finance PLC |  |  |
| 6.75%, 07/15/29, EUR (e) | 230 | 276 |
| Ziggo B.V. |  |  |
| 2.88%, 01/15/30, EUR (c) (e) | 135 | 143 |
| | | 43669 |
| **Utilities 4.1%** | **Utilities 4.1%** | **Utilities 4.1%** |
| A2a S.P.A. |  |  |
| 5.00%, (100, 06/11/29), EUR (e) (g) | 326 | 379 |
| Abu Dhabi National Energy Company PJSC |  |  |
| 4.75%, 03/09/37 (b) | 405 | 381 |
| Alliant Energy Corporation |  |  |
| 5.75%, 04/01/56 | 1695 | 1646 |
| Alpha Generation LLC |  |  |
| 6.75%, 10/15/32 (b) | 915 | 929 |
| 6.25%, 01/15/34 (b) | 295 | 290 |
| American Electric Power Company, Inc. |  |  |
| 7.05%, 12/15/54 | 1585 | 1633 |
| 6.05%, 03/15/56 | 745 | 738 |
| APA Infrastructure Limited |  |  |
| 7.13%, 11/09/83, EUR (e) | 595 | 732 |
| AusNet Services Holdings Pty Ltd. |  |  |
| 1.63%, 03/11/81, EUR (e) | 543 | 621 |
| CenterPoint Energy, Inc. |  |  |
| 6.70%, 05/15/55 | 1840 | 1862 |
| 5.95%, 04/01/56 | 2025 | 2002 |
| Clearway Energy Operating LLC |  |  |
| 5.75%, 01/15/34 (b) | 195 | 191 |
| CMS Energy Corporation |  |  |
| 6.50%, 06/01/55 | 1945 | 1974 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 5.70%, 01/24/30 (b) | 225 | 225 |
| 6.50%, 01/28/51 (b) | 230 | 222 |
| Dominion Energy, Inc. |  |  |
| 6.63%, 05/15/55 | 2280 | 2298 |
| 6.20%, 02/15/56 | 440 | 435 |
| EDP, S.A. |  |  |
| 4.75%, 05/29/54, EUR (e) | 500 | 580 |
| 4.63%, 09/16/54, EUR (e) | 600 | 689 |
| Electricite de France |  |  |
| 2.63%, (100, 12/01/27), EUR (e) (g) | 1000 | 1124 |
| 3.38%, (100, 06/15/30), EUR (e) (g) | 400 | 434 |
| 7.50%, (100, 09/06/28), EUR (e) (g) | 1200 | 1482 |
| Elia Group |  |  |
| 5.85%, (100, 03/15/28), EUR (e) (g) | 300 | 356 |
| Emera US Finance LP |  |  |
| 6.85%, 10/01/56 | 195 | 195 |
| ENEL - SPA |  |  |
| 4.50%, (100, 10/14/32), EUR (e) (g) | 324 | 362 |
| 6.38%, (100, 04/16/28), EUR (e) (g) | 450 | 539 |
| Energia Group Roi Financeco Designated Activity Company |  |  |
| 6.88%, 07/31/28, EUR (b) | 207 | 243 |
| Eversource Energy |  |  |
| 6.10%, 08/15/56 | 580 | 572 |
| 6.35%, 08/15/56 | 1055 | 1040 |
| Holding D'infrastructures Des Metiers De L'environnement |  |  |
| 4.88%, 10/24/29, EUR (c) (e) | 483 | 566 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 6.75%, 06/15/54 | 135 | 140 |
| 6.38%, 08/15/55 | 540 | 548 |
| NiSource Inc. |  |  |
| 5.75%, 07/15/56 | 1215 | 1194 |
| NRG Energy, Inc. |  |  |
| 10.25%, (100, 03/15/28) (b) (g) | 215 | 232 |
| 5.75%, 07/15/29 - 01/15/34 (b) | 700 | 696 |
| 6.00%, 02/01/33 - 01/15/36 (b) | 270 | 268 |
| Orsted A/S |  |  |
| 5.13%, (100, 09/14/29), EUR (c) (e) (g) | 490 | 565 |
| 5.25%, 12/08/22, EUR (e) | 300 | 350 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PG&E Company |  |  |
| 4.95%, 07/01/50 | 542 | 450 |
| 6.15%, 03/01/55 | 633 | 613 |
| 6.10%, 10/15/55 | 2020 | 1950 |
| PG&E Corporation |  |  |
| 6.85%, 09/15/56 | 455 | 448 |
| Saavi Energia S.a r.l. |  |  |
| 8.88%, 02/10/35 (b) | 195 | 204 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 1885 | 1874 |
| 6.38%, 04/01/56 | 695 | 697 |
| Sierra Pacific Power Company |  |  |
| 6.38%, 09/15/56 | 1295 | 1284 |
| Spire Inc. |  |  |
| 6.25%, 06/01/56 | 490 | 484 |
| 6.45%, 06/01/56 | 735 | 733 |
| SSE PLC |  |  |
| 4.00%, (100, 01/21/28), EUR (e) (g) | 400 | 460 |
| Stedin Holding N.V. |  |  |
| 1.50%, (100, 12/31/26), EUR (e) (g) | 200 | 227 |
| Talen Energy Supply, LLC |  |  |
| 6.25%, 02/01/34 (b) | 235 | 232 |
| 6.50%, 02/01/36 (b) | 230 | 232 |
| The Southern Company |  |  |
| 1.88%, 09/15/81, EUR | 536 | 600 |
| UGI International, LLC |  |  |
| 2.50%, 12/01/29, EUR (e) | 362 | 387 |
| Vattenfall AB |  |  |
| 6.88%, 08/17/83, GBP (e) | 300 | 402 |
| Veolia Environnement |  |  |
| 2.50%, (100, 01/20/29), EUR (e) (g) | 600 | 655 |
| 4.37%, (100, 05/20/30), EUR (e) (g) | 200 | 228 |
| 5.99%, (100, 11/22/28), EUR (c) (e) (g) | 500 | 602 |
| Vistra Corp. |  |  |
| 7.00%, (100, 12/15/26) (b) (g) | 430 | 429 |
| Vistra Operations Company LLC |  |  |
| 7.75%, 10/15/31 (b) | 265 | 278 |
| 6.95%, 10/15/33 (b) | 155 | 168 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/30 (b) | 410 | 423 |
| XPLR Infrastructure Operating Partners, LP |  |  |
| 7.75%, 04/15/34 (b) | 225 | 232 |
| | | 43025 |
| **Energy 3.8%** | **Energy 3.8%** | **Energy 3.8%** |
| 3R Lux |  |  |
| 9.75%, 02/05/31 (b) | 235 | 241 |
| Antero Midstream Partners LP |  |  |
| 6.63%, 02/01/32 (b) | 710 | 724 |
| Archrock Partners, L.P. |  |  |
| 6.63%, 09/01/32 (b) | 365 | 371 |
| Ascent Resources - Utica, LLC |  |  |
| 5.88%, 06/30/29 (b) | 415 | 414 |
| 6.63%, 10/15/32 (b) | 285 | 289 |
| Baker Hughes Holdings LLC |  |  |
| 5.00%, 06/15/36 | 1530 | 1501 |
| 5.85%, 06/15/56 | 1555 | 1521 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (b) | 380 | 370 |
| BKV Upstream Midstream, LLC |  |  |
| 7.50%, 10/15/30 (b) | 330 | 333 |
| Boland Holdings, LLC |  |  |
| 6.25%, 12/01/30 (b) | 590 | 597 |
| BP Capital Markets P.L.C. |  |  |
| 3.25%, (100, 06/22/26), EUR (e) (g) | 700 | 807 |
| 4.38%, (100, 08/19/31), EUR (c) (e) (g) | 100 | 115 |
| Buckeye Partners, L.P. |  |  |
| 6.75%, 02/01/30 (b) | 380 | 390 |
| Civitas Resources, Inc. |  |  |
| 8.63%, 11/01/30 (b) | 330 | 348 |
| 8.75%, 07/01/31 (b) | 30 | 31 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (b) | 200 | 200 |
| ConocoPhillips Company |  |  |
| 5.50%, 01/15/55 | 900 | 860 |
| CQP Holdco LP |  |  |
| 7.50%, 12/15/33 (b) | 65 | 68 |
| Crescent Energy Finance LLC |  |  |
| 7.63%, 04/01/32 (b) | 435 | 441 |
| 7.38%, 01/15/33 (b) | 120 | 120 |
| Ecopetrol S.A. |  |  |
| 4.63%, 11/02/31 | 395 | 350 |
| 8.88%, 01/13/33 | 1030 | 1087 |
| 8.38%, 01/19/36 | 170 | 172 |
| 5.88%, 05/28/45 - 11/02/51 | 300 | 216 |
| EIG Pearl Holdings S.a r.l. |  |  |
| 3.55%, 08/31/36 (e) | 563 | 502 |
| Enbridge Inc. |  |  |
| 5.75%, 07/15/80 | 299 | 299 |
| 8.25%, 01/15/84 | 300 | 316 |
| Energy Transfer LP |  |  |
| 8.00%, 05/15/54 | 60 | 63 |
| 7.13%, 10/01/54 | 30 | 30 |
| 6.50%, 02/15/56 | 145 | 143 |
| 6.75%, 02/15/56 | 110 | 110 |
| EOG Resources, Inc. |  |  |
| 5.35%, 01/15/36 | 1125 | 1142 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (b) | 400 | 417 |
| FS Luxembourg S.a r.l. |  |  |
| 8.63%, 06/25/33 (b) | 185 | 182 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.63%, 03/31/36 (b) | 1190 | 1009 |
| 2.94%, 09/30/40 (b) | 732 | 591 |
| Genesis Energy, L.P. |  |  |
| 8.00%, 05/15/33 | 520 | 537 |
| 6.75%, 03/15/34 | 295 | 294 |
| Geopark Limited |  |  |
| 8.75%, 01/31/30 (b) (c) | 90 | 89 |
| Global Partners LP |  |  |
| 7.13%, 07/01/33 (b) | 155 | 156 |
| Golar LNG Limited |  |  |
| 7.50%, 10/02/30 (b) | 600 | 605 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (b) | 190 | 192 |
| 7.50%, 05/15/32 (b) | 350 | 356 |
| Hilcorp Energy I, L.P. |  |  |
| 5.75%, 02/01/29 (b) | 80 | 79 |
| 6.00%, 04/15/30 (b) | 260 | 253 |
| 8.38%, 11/01/33 (b) | 125 | 130 |
| 6.88%, 05/15/34 (b) | 220 | 214 |
| 7.25%, 02/15/35 (b) | 15 | 15 |
| Howard Midstream Energy Partners, LLC |  |  |
| 7.38%, 07/15/32 (b) | 525 | 540 |
| 6.63%, 01/15/34 (b) | 310 | 310 |
| Infinity Natural Resources, Inc. |  |  |
| 7.63%, 04/01/31 (b) | 210 | 211 |
| Joint Stock Company National Company Kazmunaygas |  |  |
| 5.38%, 04/24/30 (b) | 980 | 990 |
| Kimmeridge Texas Gas, LLC |  |  |
| 8.50%, 02/15/30 (b) | 430 | 446 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (b) | 280 | 281 |
| Kodiak Gas Services, LLC |  |  |
| 7.25%, 02/15/29 (b) | 55 | 57 |
| 5.88%, 04/01/31 (b) | 60 | 60 |
| 6.50%, 10/01/33 (b) | 240 | 242 |
| 6.75%, 10/01/35 (b) | 240 | 244 |
| Matador Resources Company |  |  |
| 6.50%, 04/15/32 (b) | 210 | 212 |
| 6.25%, 04/15/33 (b) | 130 | 130 |
| 6.00%, 04/15/34 (b) | 125 | 124 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (b) | 153 | 152 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (b) | 490 | 504 |
| Northern Oil and Gas Incorporated |  |  |
| 7.88%, 10/15/33 (b) | 215 | 222 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (b) | 175 | 182 |
| 6.25%, 02/01/33 (b) | 170 | 173 |
| Petrobras Global Finance B.V. |  |  |
| 5.50%, 06/10/51 | 280 | 224 |
| Petroleos Mexicanos |  |  |
| 4.75%, 02/26/29, EUR (e) | 335 | 384 |
| 6.70%, 02/16/32 | 185 | 181 |
| 6.75%, 09/21/47 | 330 | 262 |
| 6.35%, 02/12/48 | 505 | 387 |
| 7.69%, 01/23/50 | 1495 | 1297 |
| 6.95%, 01/28/60 | 440 | 346 |
| PT Pertamina (Persero) |  |  |
| 6.45%, 05/30/44 (b) | 260 | 263 |
| Rockcliff Energy II LLC |  |  |
| 5.50%, 10/15/29 (b) | 345 | 336 |
| Rockies Express Pipeline LLC |  |  |
| 6.75%, 03/15/33 (b) | 320 | 329 |
| 6.88%, 04/15/40 (b) | 290 | 287 |
| Saudi Arabian Oil Company |  |  |
| 5.38%, 06/02/35 (b) | 2555 | 2538 |
| 5.75%, 07/17/54 (b) | 240 | 220 |
| 6.00%, 02/02/56 (b) | 210 | 198 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 12/31/30 - 09/01/31 (b) | 465 | 460 |
| 6.75%, 03/15/34 (b) | 310 | 311 |
| TotalEnergies SE |  |  |
| 4.50%, (100, 08/19/34), EUR (e) (g) | 300 | 339 |
| Transmontaigne Partners LLC |  |  |
| 8.50%, 06/15/30 (b) | 240 | 242 |
| Transocean Inc |  |  |
| 8.25%, 05/15/29 (b) | 305 | 314 |
| 8.50%, 05/15/31 (b) | 155 | 162 |
| Transocean International Limited |  |  |
| 7.88%, 10/15/32 (b) | 450 | 478 |
| USA Compression Finance Corp. |  |  |
| 7.13%, 03/15/29 (b) | 680 | 695 |
| 6.25%, 10/01/33 (b) | 220 | 219 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (b) (g) | 115 | 115 |
| 8.13%, 06/01/28 (b) | 215 | 221 |
| 7.00%, 01/15/30 (b) (c) | 235 | 240 |
| 8.38%, 06/01/31 (b) | 795 | 827 |
| 9.88%, 02/01/32 (b) | 95 | 102 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (b) | 200 | 206 |
| 7.50%, 05/01/33 (b) | 192 | 211 |
| 6.50%, 01/15/34 - 06/15/34 (b) | 305 | 318 |
| 7.75%, 05/01/35 (b) | 128 | 143 |
| 6.75%, 01/15/36 (b) | 180 | 190 |
| WBI Operations LLC |  |  |
| 6.25%, 10/15/30 (b) | 415 | 416 |
| 6.50%, 10/15/33 (b) | 395 | 392 |
| Williams Companies, Inc., The |  |  |
| 5.30%, 09/30/35 | 1100 | 1100 |
| Wintershall Dea GmbH |  |  |
| 3.00%, (100, 07/20/28), EUR (e) (g) | 400 | 441 |
| | | 39764 |
| **Industrials 3.6%** | **Industrials 3.6%** | **Industrials 3.6%** |
| AAR Escrow Issuer, LLC |  |  |
| 6.75%, 03/15/29 (b) | 315 | 321 |
| Abertis Infraestructuras Finance B.V. |  |  |
| 4.75%, (100, 11/23/30), EUR (e) (g) | 100 | 114 |
| 4.87%, (100, 11/28/29), EUR (e) (g) | 500 | 579 |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (b) | 360 | 349 |
| Advanced Drainage Systems, Inc. |  |  |
| 5.38%, 03/01/34 (b) | 210 | 204 |
| Aeropuertos Dominicanos Siglo XXI, S.A. |  |  |
| 7.00%, 06/30/34 (b) | 580 | 590 |
| Air France - KLM |  |  |
| 4.63%, 05/23/29, EUR (e) | 300 | 347 |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 (b) | 480 | 476 |
| Amsted Industries Incorporated |  |  |
| 6.38%, 03/15/33 (b) | 670 | 674 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 4.00%, 09/01/29 (b) | 585 | 536 |
| 5.00%, 01/30/31, EUR (e) | 135 | 151 |
| 6.25%, 01/30/31 (b) | 400 | 396 |
| Artera Services, LLC |  |  |
| 8.50%, 02/15/31 (b) (c) | 185 | 158 |
| Assemblin Caverion Group AB |  |  |
| 6.25%, 07/01/30, EUR (e) | 301 | 352 |
| Axon Enterprise, Inc. |  |  |
| 6.25%, 03/15/33 (b) | 160 | 163 |
| Boeing Company, The |  |  |
| 5.81%, 05/01/50 (l) | 1165 | 1125 |
| Bombardier Inc. |  |  |
| 7.00%, 06/01/32 (b) | 255 | 264 |
| 6.75%, 06/15/33 (b) | 470 | 485 |
| Brand Industrial Services, Inc. |  |  |
| 10.38%, 08/01/30 (b) | 110 | 100 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 (b) | 125 | 124 |
| 6.75%, 05/15/35 (b) | 440 | 439 |
| CACI International Inc. |  |  |
| 6.38%, 06/15/33 (b) | 670 | 682 |
| Calderys Financing II, LLC |  |  |
| 11.75%, 06/01/28 (b) (d) (i) | 356 | 361 |
| Carpenter Technology Corporation |  |  |
| 5.63%, 03/01/34 (b) | 205 | 203 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/32 (b) | 290 | 274 |
| CMA CGM |  |  |
| 5.00%, 01/15/31, EUR (c) (e) | 193 | 215 |
| Columbus McKinnon Corporation |  |  |
| 7.13%, 02/01/33 (b) | 705 | 703 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (b) | 185 | 108 |
| Corporation De Securite Garda World |  |  |
| 6.00%, 06/01/29 (b) (c) | 90 | 86 |
| 6.50%, 01/15/31 (b) | 470 | 475 |
| 8.25%, 08/01/32 (b) | 335 | 332 |
| 8.38%, 11/15/32 (b) | 185 | 186 |
| CTEC II GmbH |  |  |
| 5.25%, 02/15/30, EUR (c) (e) | 385 | 401 |
| Cyprium Corporation |  |  |
| 6.13%, 04/15/31 (b) | 235 | 232 |
| 6.38%, 04/15/34 (b) | 375 | 364 |
| Deutsche Lufthansa Aktiengesellschaft |  |  |
| 5.25%, 01/15/55, EUR (c) (e) | 400 | 452 |
| Dovalue S.P.A. |  |  |
| 7.00%, 02/28/30, EUR (c) (e) | 328 | 393 |
| Eaton Corporation |  |  |
| 4.80%, 03/06/36 | 495 | 489 |
| 5.45%, 03/06/56 | 425 | 412 |
| Edge Finco PLC |  |  |
| 8.13%, 08/15/31, GBP (e) | 360 | 492 |
| EMRLD Borrower LP |  |  |
| 6.75%, 07/15/31 (b) | 490 | 503 |
| Energizer Gamma Acquisition B.V. |  |  |
| 3.50%, 06/30/29, EUR (e) | 350 | 380 |
| EnerSys |  |  |
| 6.63%, 01/15/32 (b) | 200 | 204 |
| Enpro Inc. |  |  |
| 6.13%, 06/01/33 (b) | 330 | 334 |
| Equipmentshare.Com Inc |  |  |
| 8.63%, 05/15/32 (b) | 50 | 52 |
| 8.00%, 03/15/33 (b) (c) | 745 | 769 |
| ESAB Corporation |  |  |
| 5.63%, 04/01/31 (b) | 295 | 297 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.88%, 12/01/30 (b) | 60 | 62 |
| 7.00%, 05/01/31 - 06/15/32 (b) | 205 | 210 |
| Gatwick Airport Finance PLC |  |  |
| 6.00%, 11/21/30, GBP (e) | 235 | 306 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Global Infrastructure Solutions Inc. |  |  |
| 5.63%, 06/01/29 (b) | 240 | 235 |
| 7.50%, 04/15/32 (b) | 135 | 140 |
| Goat Holdco, LLC |  |  |
| 6.75%, 02/01/32 (b) | 695 | 697 |
| Graphic Packaging International, LLC |  |  |
| 6.38%, 07/15/32 (b) (c) | 110 | 110 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (b) | 305 | 312 |
| 5.75%, 03/15/31 (b) | 40 | 39 |
| 7.25%, 06/15/33 (b) | 682 | 698 |
| 6.00%, 03/15/34 (b) | 50 | 48 |
| Honeywell Aerospace Inc. |  |  |
| 4.95%, 03/16/36 (b) | 1395 | 1384 |
| 5.73%, 03/16/56 (b) | 1330 | 1318 |
| James Hardie International Finance Designated Activity Company |  |  |
| 5.00%, 01/15/28 (b) | 280 | 278 |
| JELD-WEN Holding, Inc. |  |  |
| 7.00%, 09/01/32 (b) (c) | 150 | 71 |
| JELD-WEN, Inc. |  |  |
| 4.88%, 12/15/27 (b) (c) | 65 | 44 |
| JH North America Holdings Inc. |  |  |
| 6.13%, 07/31/32 (b) | 10 | 10 |
| Kier Group PLC |  |  |
| 9.00%, 02/15/29, GBP (e) | 215 | 294 |
| Lightning Power, LLC |  |  |
| 7.25%, 08/15/32 (b) | 415 | 432 |
| LSF12 Helix Parent, LLC |  |  |
| 7.13%, 02/01/33 (b) | 350 | 338 |
| Luna 1.5 S.a r.l. |  |  |
| 12.00%, 07/01/32 (b) (i) | 230 | 246 |
| Madison IAQ LLC |  |  |
| 4.13%, 06/30/28 (b) | 150 | 146 |
| 5.88%, 06/30/29 (b) | 630 | 616 |
| Manitowoc Company, Inc., The |  |  |
| 9.25%, 10/01/31 (b) | 515 | 538 |
| Masterbrand, Inc. |  |  |
| 7.00%, 07/15/32 (b) | 215 | 210 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/30 (b) | 630 | 630 |
| 9.25%, 04/15/30 (b) | 550 | 510 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 (b) | 110 | 105 |
| MIWD Holdco II LLC |  |  |
| 5.50%, 02/01/30 (b) | 160 | 138 |
| Nexans |  |  |
| 4.25%, 03/11/30, EUR (e) | 400 | 463 |
| Paprec Holding |  |  |
| 4.50%, 07/15/32, EUR (e) | 335 | 380 |
| Prysmian S.p.A. |  |  |
| 5.25%, (100, 05/21/30), EUR (e) (g) | 389 | 455 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (b) | 475 | 485 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 (b) | 235 | 238 |
| 6.75%, 03/01/33 (b) | 410 | 415 |
| Science Applications International Corporation |  |  |
| 5.88%, 11/01/33 (b) | 205 | 200 |
| Sensata Technologies, Inc. |  |  |
| 6.63%, 07/15/32 (b) | 420 | 428 |
| Standard Building Solutions Inc. |  |  |
| 4.38%, 07/15/30 (b) | 545 | 513 |
| 6.25%, 08/01/33 (b) | 85 | 84 |
| 5.88%, 03/15/34 (b) | 25 | 24 |
| Terex Corporation |  |  |
| 5.00%, 05/15/29 (b) | 115 | 113 |
| 6.25%, 10/15/32 (b) | 525 | 528 |
| Toucan Finco Ltd. |  |  |
| 9.50%, 05/15/30 (b) (i) | 75 | 66 |
| TransDigm Inc. |  |  |
| 6.38%, 03/01/29 - 05/31/33 (b) | 540 | 544 |
| 7.13%, 12/01/31 (b) | 140 | 144 |
| 6.63%, 03/01/32 (b) | 175 | 179 |
| 6.75%, 01/31/34 (b) | 410 | 415 |
| 6.13%, 07/31/34 (b) | 505 | 496 |
| Trident TPI Holdings, Inc. |  |  |
| 12.75%, 12/31/28 (b) | 275 | 266 |
| Trivium Packaging Finance B.V. |  |  |
| 6.63%, 07/15/30, EUR (c) (e) | 205 | 238 |
| 8.25%, 07/15/30 (b) | 593 | 620 |
| 12.25%, 01/15/31 (b) | 250 | 269 |
| United Airlines Holdings, Inc. |  |  |
| 4.88%, 03/01/29 | 210 | 206 |
| 5.38%, 03/01/31 | 140 | 137 |
| Vertiv Holdings Co |  |  |
| 5.80%, 03/15/56 | 660 | 638 |
| Wesco Distribution, Inc. |  |  |
| 5.25%, 04/15/31 (b) | 70 | 70 |
| 6.63%, 03/15/32 (b) | 110 | 112 |
| 6.38%, 03/15/33 (b) | 270 | 275 |
| 5.50%, 04/15/34 (b) | 55 | 54 |
| XPO, Inc. |  |  |
| 7.13%, 02/01/32 (b) | 605 | 623 |
| | | 37189 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Ahlstrom Oyj |  |  |
| 3.63%, 02/04/28, EUR (c) (e) | 402 | 451 |
| Avient Corporation |  |  |
| 7.13%, 08/01/30 (b) | 65 | 66 |
| 6.25%, 11/01/31 (b) | 565 | 569 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/33 (b) | 740 | 734 |
| Celanese US Holdings LLC |  |  |
| 7.05%, 11/15/30 (d) (f) (l) | 150 | 158 |
| 7.00%, 02/15/31 | 55 | 56 |
| 5.00%, 04/15/31, EUR | 345 | 389 |
| 7.38%, 07/15/32 (d) (l) | 155 | 162 |
| 7.20%, 11/15/33 (d) (f) (l) | 155 | 165 |
| 7.38%, 02/15/34 | 55 | 56 |
| Celsa OpCo S.A. |  |  |
| 7.65%, (3 Month EURIBOR + 5.50%), 12/15/30, EUR (e) (f) | 468 | 527 |
| Celulosa Arauco y Constitucion S.A. |  |  |
| 4.20%, 01/29/30 (b) | 340 | 321 |
| Century Aluminum Company |  |  |
| 6.88%, 08/01/32 (b) | 535 | 552 |
| Champion Iron Canada Inc. |  |  |
| 7.88%, 07/15/32 (b) | 265 | 275 |
| Cleveland-Cliffs Inc. |  |  |
| 6.88%, 11/01/29 (b) | 165 | 165 |
| 7.50%, 09/15/31 (b) | 160 | 160 |
| 7.00%, 03/15/32 (b) | 105 | 102 |
| Constellium SE |  |  |
| 5.38%, 08/15/32, EUR (c) (e) | 355 | 417 |
| 6.38%, 08/15/32 (b) | 105 | 106 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 6.33%, 01/13/35 (b) | 690 | 718 |
| 5.53%, 01/30/37 (b) | 160 | 157 |
| First Quantum Minerals Ltd. |  |  |
| 7.25%, 02/15/34 (b) | 275 | 278 |
| 6.38%, 02/15/36 (b) | 315 | 301 |
| FMC Corporation |  |  |
| 3.45%, 10/01/29 | 40 | 36 |
| 6.38%, 05/18/53 (c) | 40 | 30 |
| 8.45%, 11/01/55 | 30 | 19 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 1520 | 1440 |
| Glencore Finance (Canada) Limited |  |  |
| 6.00%, 11/15/41 (e) | 1865 | 1898 |
| Glencore Funding LLC |  |  |
| 4.90%, 07/01/31 (b) | 1520 | 1521 |
| 5.20%, 07/01/33 (b) | 2330 | 2334 |
| 5.51%, 04/01/36 (b) | 2425 | 2431 |
| Guala Closures S.p.A. |  |  |
| 3.25%, 06/15/28, EUR (e) | 130 | 143 |
| INEOS Finance PLC |  |  |
| 6.75%, 05/15/28 (b) | 90 | 87 |
| 7.50%, 04/15/29 (b) | 55 | 53 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Inversion Escrow Issuer, LLC |  |  |
| 6.75%, 08/01/32 (b) | 595 | 567 |
| Kaiser Aluminum Corporation |  |  |
| 5.88%, 03/01/34 (b) | 530 | 519 |
| KRC Materials, Inc. |  |  |
| 7.75%, 05/01/31 (b) | 270 | 279 |
| Kronos International, Inc. |  |  |
| 9.50%, 03/15/29, EUR (e) | 255 | 254 |
| LANXESS Aktiengesellschaft |  |  |
| 1.75%, 03/22/28, EUR (c) (e) | 300 | 331 |
| Lune Holdings S.a r.l. |  |  |
| 5.63%, 11/15/28, EUR (e) | 200 | 6 |
| LYB International Finance III, LLC |  |  |
| 5.13%, 01/15/31 | 255 | 256 |
| Magnera Corporation |  |  |
| 7.25%, 11/15/31 (b) (c) | 240 | 222 |
| Metinvest B.V. |  |  |
| 7.65%, 10/01/27 (b) | 105 | 98 |
| 7.75%, 10/17/29 (b) | 565 | 486 |
| Mineral Resources Limited |  |  |
| 7.00%, 04/01/31 (b) | 625 | 636 |
| Nexa Resources S.A. |  |  |
| 6.60%, 04/08/37 (b) | 110 | 114 |
| Novelis Corporation |  |  |
| 4.75%, 01/30/30 (b) | 290 | 273 |
| 6.88%, 01/30/30 (b) | 120 | 121 |
| Olympus Water US Holding Corporation |  |  |
| 3.88%, 10/01/28, EUR (e) | 262 | 293 |
| 5.38%, 10/01/29, EUR (e) | 145 | 154 |
| 6.25%, 10/01/29 (b) | 365 | 346 |
| 7.25%, 06/15/31 (b) | 230 | 225 |
| 6.13%, 02/15/33, EUR (e) | 135 | 150 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (e) | 290 | 290 |
| Scih Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (b) | 30 | 30 |
| 6.63%, 05/01/29 (b) | 655 | 652 |
| Sealed Air Corporation |  |  |
| 7.25%, 02/15/31 (b) | 25 | 26 |
| 6.50%, 07/15/32 (b) | 185 | 194 |
| Silgan Holdings Inc. |  |  |
| 4.25%, 02/15/31, EUR (e) | 267 | 298 |
| Snf Group |  |  |
| 4.50%, 03/15/32, EUR (e) | 235 | 276 |
| Sociedad Quimica Y Minera De Chile S.A. |  |  |
| 6.50%, 11/07/33 (b) | 105 | 111 |
| 5.50%, 09/10/34 (b) | 170 | 169 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 950 | 938 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 370 | 358 |
| Taseko Mines Limited |  |  |
| 8.25%, 05/01/30 (b) | 370 | 386 |
| Vale Overseas Ltd. |  |  |
| 6.40%, 06/28/54 | 115 | 116 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (b) | 230 | 211 |
| 7.38%, 03/01/31 (b) | 225 | 225 |
| 6.63%, 08/15/32 (b) | 495 | 483 |
| 7.00%, 08/01/33 (b) | 115 | 112 |
| Westlake Corporation |  |  |
| 5.55%, 11/15/35 (c) | 505 | 503 |
| 6.38%, 11/15/55 | 580 | 572 |
| | | 28157 |
| **Health Care 2.0%** | **Health Care 2.0%** | **Health Care 2.0%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (b) | 760 | 779 |
| Acadia Healthcare Company, Inc. |  |  |
| 5.00%, 04/15/29 (b) | 165 | 160 |
| AdaptHealth LLC |  |  |
| 6.13%, 08/01/28 (b) | 215 | 214 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 (b) | 430 | 444 |
| Bausch Health Companies Inc. |  |  |
| 5.00%, 01/30/28 - 02/15/29 (b) | 225 | 183 |
| 11.00%, 09/30/28 (b) | 210 | 215 |
| 5.25%, 01/30/30 (b) | 10 | 7 |
| Bayer Aktiengesellschaft |  |  |
| 5.38%, 03/25/82, EUR (e) | 500 | 574 |
| BioMarin Pharmaceutical Inc. |  |  |
| 5.50%, 02/15/34 (b) | 85 | 83 |
| CAB |  |  |
| 3.38%, 02/01/28, EUR (e) | 385 | 431 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 7.50%, 05/15/30, EUR (c) (e) | 425 | 496 |
| Cigna Group, The |  |  |
| 4.80%, 08/15/38 | 680 | 639 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (b) | 25 | 25 |
| 10.88%, 01/15/32 (b) | 149 | 160 |
| 9.75%, 01/15/34 (b) | 120 | 125 |
| CVS Health Corporation |  |  |
| 5.13%, 07/20/45 | 395 | 348 |
| 5.05%, 03/25/48 | 2275 | 1953 |
| 6.75%, 12/10/54 | 1170 | 1181 |
| Ephios Subco 3 S.a r.l. |  |  |
| 7.88%, 01/31/31, EUR (c) (e) | 300 | 362 |
| Eurofins Scientific SE |  |  |
| 6.75%, (100, 04/24/28), EUR (e) (g) | 501 | 601 |
| Genmab A/S |  |  |
| 6.25%, 12/15/32 (b) | 165 | 169 |
| 7.25%, 12/15/33 (b) | 75 | 78 |
| Global Medical Response, Inc. |  |  |
| 7.38%, 10/01/32 (b) | 825 | 856 |
| Grifols Escrow Issuer S.A. |  |  |
| 3.88%, 10/15/28, EUR (e) | 200 | 226 |
| 4.75%, 10/15/28 (b) | 130 | 127 |
| Grifols, S.A. |  |  |
| 2.25%, 11/15/27, EUR (e) | 140 | 159 |
| 7.50%, 05/01/30, EUR (c) (e) | 881 | 1052 |
| Grunenthal GmbH |  |  |
| 4.63%, 11/15/31, EUR (e) | 683 | 773 |
| Gruppo San Donato S.P.A. |  |  |
| 6.50%, 10/31/31, EUR (e) | 200 | 224 |
| Lifepoint Health, Inc. |  |  |
| 9.88%, 08/15/30 (b) | 235 | 249 |
| 8.38%, 02/15/32 (b) | 105 | 112 |
| 10.00%, 06/01/32 (b) | 410 | 417 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (b) | 275 | 280 |
| Mehilainen Yhtiot Oy |  |  |
| 5.13%, 06/30/32, EUR (e) | 415 | 477 |
| Molina Healthcare, Inc. |  |  |
| 6.25%, 01/15/33 (b) | 340 | 330 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.63%, 02/21/30, EUR (e) | 521 | 602 |
| Organon & Co. |  |  |
| 6.75%, 05/15/34 (b) | 40 | 36 |
| 7.88%, 05/15/34 (b) | 35 | 29 |
| Ray Financing LLC |  |  |
| 6.50%, 07/15/31, EUR (b) | 650 | 744 |
| Rossini S.a r.l. |  |  |
| 5.89%, (3 Month EURIBOR + 3.88%), 12/31/29, EUR (e) (f) | 210 | 243 |
| Select Medical Corporation |  |  |
| 6.25%, 12/01/32 (b) (c) | 230 | 219 |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (b) | 495 | 487 |
| Team Health Holdings, Inc. |  |  |
| 8.38%, 06/30/28 (b) | 285 | 282 |
| 13.50%, 06/30/28 (b) (i) | 165 | 171 |
| Tenet Healthcare Corporation |  |  |
| 6.00%, 11/15/33 (b) (c) | 635 | 642 |
| Teva Pharmaceutical Finance Netherlands II B.V. |  |  |
| 1.63%, 10/15/28, EUR (e) | 250 | 272 |
| 7.38%, 09/15/29, EUR | 286 | 360 |
| 4.38%, 05/09/30, EUR (e) | 802 | 927 |
| 4.13%, 06/01/31, EUR | 100 | 114 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| UnitedHealth Group Incorporated |  |  |
| 4.65%, 01/15/31 | 1235 | 1241 |
| 5.30%, 06/15/35 (c) | 320 | 326 |
| | | 21204 |
| **Consumer Staples 2.0%** | **Consumer Staples 2.0%** | **Consumer Staples 2.0%** |
| AA Bond Co Limited |  |  |
| 8.45%, 01/31/28, GBP (d) (e) | 199 | 274 |
| Aegis Lux 1A S.a r.l. |  |  |
| 5.63%, 10/29/31, EUR (e) (i) | 170 | 194 |
| Albertsons Companies, Inc. |  |  |
| 5.50%, 03/31/31 (b) | 180 | 178 |
| 5.63%, 03/31/32 (b) | 365 | 359 |
| 6.25%, 03/15/33 (b) | 20 | 20 |
| 5.75%, 03/31/34 (b) | 380 | 372 |
| Albion Financing 1 S.a r.l. |  |  |
| 7.00%, 05/21/30 (b) | 370 | 376 |
| Albion Financing 2 S.a r.l. |  |  |
| 5.38%, 05/21/30, EUR (e) | 276 | 319 |
| Allied Universal Holdco LLC |  |  |
| 4.88%, 06/01/28, GBP (e) | 375 | 480 |
| 6.00%, 06/01/29 (b) (c) | 390 | 377 |
| 7.88%, 02/15/31 (b) | 110 | 113 |
| Amber FinCo PLC |  |  |
| 6.63%, 07/15/29, EUR (e) | 195 | 232 |
| Atlas LuxCo 4 S.a r.l. |  |  |
| 4.63%, 06/01/28 (b) | 400 | 391 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.13%, 11/30/28, GBP (e) | 323 | 400 |
| Bellis Acquisition Company PLC |  |  |
| 8.13%, 05/14/30, GBP (e) | 100 | 122 |
| Champions Financing, Inc. |  |  |
| 8.75%, 02/15/29 (b) (c) | 170 | 152 |
| Co-operative Group Limited |  |  |
| 7.50%, 07/08/26, GBP (d) (e) (l) | 100 | 133 |
| Currenta Group Holdings S.a r.l. |  |  |
| 5.50%, 05/15/30, EUR (e) | 376 | 431 |
| Darling Global Finance B.V. |  |  |
| 4.50%, 07/15/32, EUR (e) | 376 | 431 |
| Flora Food Management B.V. |  |  |
| 6.88%, 07/02/29, EUR (e) | 369 | 400 |
| Froneri Lux Topco S.a r.l. |  |  |
| 4.75%, 08/01/32, EUR (e) | 380 | 416 |
| 6.00%, 08/01/32 (b) | 255 | 249 |
| Imperial Brands Finance PLC |  |  |
| 5.88%, 07/01/34 (b) | 1920 | 1975 |
| 6.38%, 07/01/55 (b) | 630 | 626 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 5.95%, 04/20/35 | 225 | 233 |
| 6.38%, 02/25/55 | 3530 | 3517 |
| Kroger Co., The |  |  |
| 5.00%, 09/15/34 | 505 | 499 |
| Mavis Tire Express Services TopCo, Corp. |  |  |
| 6.50%, 05/15/29 (b) | 175 | 173 |
| Minerva Luxembourg S.A. |  |  |
| 8.88%, 09/13/33 (b) | 165 | 176 |
| New Immo Holding |  |  |
| 6.00%, 03/22/29, EUR (e) | 400 | 462 |
| Nomad Foods Bondco PLC |  |  |
| 2.50%, 06/24/28, EUR (e) | 100 | 111 |
| Ontex Group |  |  |
| 5.25%, 04/15/30, EUR (e) | 335 | 355 |
| Pachelbel BidCo S.p.A. |  |  |
| 7.13%, 05/17/31, EUR (e) | 397 | 459 |
| Performance Food Group, Inc. |  |  |
| 4.25%, 08/01/29 (b) | 110 | 106 |
| 6.13%, 09/15/32 (b) | 125 | 125 |
| 5.63%, 03/01/34 (b) | 335 | 323 |
| Perrigo Finance Unlimited Company |  |  |
| 5.38%, 09/30/32, EUR | 135 | 145 |
| Primo Water Holdings Inc. |  |  |
| 3.88%, 10/31/28, EUR (e) | 341 | 386 |
| Q-Park Holding I B.V. |  |  |
| 5.13%, 03/01/29, EUR (b) | 208 | 242 |
| 5.13%, 02/15/30, EUR (e) | 402 | 467 |
| RAC Bond Co PLC |  |  |
| 5.25%, 11/04/27, GBP (e) | 200 | 261 |
| Sudzucker International Finance B.V. |  |  |
| 5.95%, (100, 05/28/30), EUR (e) (g) | 200 | 224 |
| Techem Verwaltungsgesellschaft 675 mbH |  |  |
| 5.38%, 07/15/29, EUR (e) | 486 | 569 |
| U.S. Foods Inc. |  |  |
| 4.75%, 02/15/29 (b) | 55 | 54 |
| 5.75%, 04/15/33 (b) | 460 | 458 |
| United Rentals (North America), Inc. |  |  |
| 5.38%, 11/15/33 (b) | 505 | 490 |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29, EUR (e) | 771 | 887 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 (b) | 850 | 869 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 04/15/30 (b) | 225 | 228 |
| 7.38%, 10/01/31 (b) | 190 | 195 |
|  |  | 21034 |
| **Information Technology 1.3%** | **Information Technology 1.3%** | **Information Technology 1.3%** |
| Ahead DB Holdings, LLC |  |  |
| 6.63%, 05/01/28 (b) | 570 | 558 |
| Amentum Escrow Corp. |  |  |
| 7.25%, 08/01/32 (b) | 775 | 802 |
| Amkor Technology, Inc. |  |  |
| 5.88%, 10/01/33 (b) | 915 | 911 |
| Atos SE |  |  |
| 9.36%, 12/18/29, EUR (d) (e) | 357 | 465 |
| 5.20%, 12/18/30, EUR (d) (e) | 225 | 244 |
| Belden Inc. |  |  |
| 3.38%, 07/15/31, EUR (e) | 140 | 154 |
| 4.25%, 02/01/33, EUR (e) | 140 | 156 |
| Capstone Borrower, Inc. |  |  |
| 8.00%, 06/15/30 (b) | 515 | 492 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (b) | 475 | 461 |
| 9.00%, 09/30/29 (b) | 275 | 265 |
| 8.25%, 06/30/32 (b) | 105 | 99 |
| Coreweave, Inc. |  |  |
| 9.25%, 06/01/30 (b) | 420 | 408 |
| 9.00%, 02/01/31 (b) | 240 | 230 |
| Ellucian Holdings Inc. |  |  |
| 6.50%, 12/01/29 (b) | 420 | 410 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (b) | 230 | 226 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.50%, 06/01/31 (b) | 650 | 646 |
| Gen Digital Inc. |  |  |
| 6.25%, 04/01/33 (b) | 430 | 419 |
| MKS Inc. |  |  |
| 4.25%, 02/15/34, EUR (e) | 280 | 309 |
| Oak-Eagle Acquireco, Inc. |  |  |
| 7.25%, 07/01/33 (b) | 500 | 518 |
| 8.75%, 07/01/34 (b) | 200 | 210 |
| Oracle Corporation |  |  |
| 5.70%, 02/04/36 | 865 | 832 |
| 6.70%, 02/04/56 | 3380 | 3134 |
| 6.85%, 02/04/66 | 390 | 359 |
| TeamSystem S.p.A. |  |  |
| 5.00%, 07/01/31, EUR (c) (e) | 185 | 197 |
| UKG Inc. |  |  |
| 6.88%, 02/01/31 (b) | 415 | 404 |
|  |  | 12909 |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| ADLER Financing S.a r.l. |  |  |
| 8.25%, 12/31/28, EUR (i) | 437 | 558 |
| Alexandrite Monnet UK HoldCo PLC |  |  |
| 10.50%, 05/15/29, EUR (e) | 200 | 243 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver |  |  |
| 7.25%, 01/31/41 (b) | 679 | 679 |
| Brandywine Operating Partnership, L.P. |  |  |
| 8.88%, 04/12/29 | 205 | 207 |
| 6.13%, 01/15/31 | 30 | 27 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CFE Fibra E |  |  |
| 5.88%, 09/23/40 (b) | 248 | 241 |
| Country Garden Holdings Company Limited |  |  |
| 0.00%, 08/06/30 (e) (j) (k) | 365 | 33 |
| CPI Property Group |  |  |
| 7.50%, (100, 03/24/31), EUR (e) (g) | 204 | 208 |
| 4.00%, 01/22/28, GBP (d) (e) (l) | 100 | 127 |
| 1.75%, 01/14/30, EUR (e) | 195 | 187 |
| 6.00%, 01/27/32, EUR (e) | 568 | 623 |
| Ellington Financial Operating Partnership LLC |  |  |
| 7.38%, 09/30/30 (b) | 190 | 183 |
| Globalworth Real Estate Investments Limited |  |  |
| 6.25%, 03/31/29, EUR (e) | 145 | 170 |
| Heimstaden AB |  |  |
| 8.38%, 01/29/30, EUR (e) | 670 | 792 |
| Heimstaden Bostad AB |  |  |
| 2.63%, (100, 02/01/27), EUR (e) (g) | 100 | 112 |
| 3.00%, (100, 10/29/27), EUR (e) (g) | 253 | 279 |
| 6.25%, (100, 12/04/29), EUR (e) (g) | 400 | 461 |
| 1.63%, 10/13/31, EUR (e) | 360 | 353 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 7.00%, 07/15/31 (b) | 45 | 47 |
| MPT Operating Partnership, L.P. |  |  |
| 7.00%, 02/15/32, EUR (e) | 330 | 375 |
| Park Intermediate Holdings LLC |  |  |
| 5.88%, 10/01/28 (b) | 505 | 501 |
| Pebblebrook Hotel Trust |  |  |
| 6.38%, 10/15/29 (b) | 255 | 256 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 06/15/33 (b) | 195 | 198 |
| 5.75%, 03/15/34 (b) | 310 | 306 |
| RLJ III-EM Columbus Lessee, LLC |  |  |
| 4.00%, 09/15/29 (b) | 320 | 300 |
| Star Holdings |  |  |
| 8.75%, 08/01/31 (b) | 360 | 364 |
| Unibail-Rodamco-Westfield SE |  |  |
| 4.75%, (100, 06/11/31), EUR (e) (g) | 600 | 686 |
| XHR LP |  |  |
| 6.63%, 05/15/30 (b) | 110 | 111 |
| | | 8627 |
| Total Corporate Bonds And Notes (cost $427,739) | Total Corporate Bonds And Notes (cost $427,739) | 422770 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 19.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 19.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 19.5%** |
| 1211 Avenue of The Americas |  |  |
| Series 2015-B-1211, REMIC, 4.23%, 08/10/35 (f) | 912 | 862 |
| 522 Funding CLO 2019-5, Ltd. |  |  |
| Series 2019-DR-5A, 6.92%, (3 Month Term SOFR + 3.25%), 04/16/35 (f) | 2850 | 2703 |
| A&D Mortgage Trust 2026-NQM2 |  |  |
| Series 2026-A1-NQM2, REMIC, 4.81%, 03/25/71 (d) (f) | 1079 | 1068 |
| Ally Bank |  |  |
| Series 2024-C-A, 6.02%, 02/15/28 | 124 | 126 |
| Series 2024-D-A, 6.32%, 02/15/28 | 124 | 126 |
| Series 2024-E-A, 7.92%, 02/15/28 | 124 | 127 |
| Series 2025-C-A, 4.84%, 11/15/29 | 887 | 891 |
| Series 2025-D-A, 4.99%, 12/15/29 | 642 | 643 |
| Series 2024-E-B, 6.68%, 09/15/32 | 235 | 236 |
| Angel Oak Mortgage Trust 2022-3 |  |  |
| Series 2022-A3-3, REMIC, 4.12%, 04/25/26 (f) | 817 | 764 |
| AOA Trust 2025-1301 |  |  |
| Series 2025-D-1301, 6.43%, 08/11/30 (f) | 1129 | 1130 |
| BAHA Trust 2024-MAR |  |  |
| Series 2024-A-MAR, REMIC, 6.17%, 12/13/29 (f) | 1025 | 1044 |
| Balboa Bay Loan Funding 2024-1 Ltd. |  |  |
| Series 2024-D1-1A, 6.87%, (3 Month Term SOFR + 3.20%), 07/20/37 (f) | 3000 | 2975 |
| BAMLL Trust 2024-BHP |  |  |
| Series 2024-B-BHP, REMIC, 6.57%, (1 Month Term SOFR + 2.90%), 08/17/26 (f) | 656 | 658 |
| Bank 2019-BNK17 |  |  |
| Series 2019-C-BN17, REMIC, 4.66%, 04/17/29 (f) | 455 | 391 |
| Bank5 2023-5YR3 |  |  |
| Series 2023-C-5YR3, REMIC, 7.56%, 09/15/28 (f) | 331 | 341 |
| Bank5 2024-5Yr7 |  |  |
| Series 2024-C-5YR7, REMIC, 7.34%, 06/15/29 (f) | 433 | 450 |
| Bank5 2025-5YR17 |  |  |
| Series 2025-D-5YR17, REMIC, 4.50%, 10/18/30 | 459 | 406 |
| Battalion CLO XXI Ltd. |  |  |
| Series 2021-D-21A, 7.23%, (3 Month Term SOFR + 3.56%), 07/17/34 (f) | 1000 | 944 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-C-CAR1, 5.16%, (SOFR 30-Day Average + 1.50%), 12/26/31 (f) | 82 | 83 |
| Series 2024-D-CAR1, 5.71%, (SOFR 30-Day Average + 2.05%), 12/26/31 (f) | 82 | 83 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-A-TALL, REMIC, 4.59%, (1 Month Term SOFR + 0.92%), 03/16/37 (d) (f) | 680 | 644 |
| Series 2018-B-TALL, REMIC, 4.69%, (1 Month Term SOFR + 1.17%), 03/16/37 (d) (f) | 433 | 401 |
| BBCMS Mortgage Trust 2022-C17 |  |  |
| Interest Only, Series 2022-XA-C17, REMIC, 1.32%, 09/17/55 (f) | 8163 | 491 |
| BBCMS Mortgage Trust 2024-5C31 |  |  |
| Series 2024-C-5C31, REMIC, 5.76%, 12/17/29 | 279 | 279 |
| Benchmark 2020-B16 Mortgage Trust |  |  |
| Series 2020-C-B16, REMIC, 3.64%, 01/17/30 (f) | 391 | 330 |
| 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 | 479 |
| Benchmark 2026-V21 Mortgage Trust |  |  |
| Series 2026-C-V21, REMIC, 6.01%, 03/17/31 | 861 | 849 |
| Benefit Street Partners CLO 48 Ltd. |  |  |
| Series 2026-D1-48A, 6.14%, (3 Month Term SOFR + 2.45%), 04/20/39 (f) | 2600 | 2590 |
| BLP Commercial Mortgage Trust 2025-IND2 |  |  |
| Series 2025-D-IND2, REMIC, 6.54%, (1 Month Term SOFR + 2.65%), 12/15/42 (f) | 1168 | 1170 |
| Blue Stream Issuer, LLC |  |  |
| Series 2024-A2-1A, REMIC, 5.41%, 11/20/29 | 842 | 850 |
| BMO 2024-5C3 Mortgage Trust |  |  |
| Series 2024-B-5C3, REMIC, 6.56%, 02/16/29 (f) | 203 | 209 |
| BMO 2024-5C6 Mortgage Trust |  |  |
| Series 2024-C-5C8, REMIC, 5.74%, 12/17/29 (f) | 168 | 167 |
| BRAVO Residential Funding Trust 2025-NQM5 |  |  |
| Series 2025-A3-NQM5, REMIC, 5.80%, 02/25/65 (d) | 772 | 772 |
| Series 2025-M1-NQM5, REMIC, 6.34%, 02/25/65 (f) | 1117 | 1123 |
| Business Jet Securities 2024-1, LLC |  |  |
| Series 2024-A-1A, 6.20%, 05/15/30 | 496 | 502 |
| Series 2024-C-1A, 9.13%, 05/15/30 | 245 | 247 |
| Business Jet Securities 2024-2, LLC |  |  |
| Series 2024-B-2A, 5.75%, 09/15/30 | 363 | 358 |
| BX Commercial Mortgage Trust 2024-GPA2 |  |  |
| Series 2024-C-GPA2, 5.86%, (1 Month Term SOFR + 2.19%), 11/15/26 (f) | 954 | 954 |
| BX Commercial Mortgage Trust 2024-KING |  |  |
| Series 2024-C-KING, REMIC, 5.61%, (1 Month Term SOFR + 1.94%), 05/15/26 (f) | 815 | 815 |
| Series 2024-D-KING, REMIC, 6.16%, (1 Month Term SOFR + 2.49%), 05/15/26 (f) | 931 | 931 |
| BX Commercial Mortgage Trust 2024-XL5 |  |  |
| Series 2024-D-XL5, REMIC, 6.36%, (1 Month Term SOFR + 2.69%), 03/15/29 (f) | 873 | 873 |
| BX Commercial Mortgage Trust 2026-XL6 |  |  |
| Series 2026-D-XL6, REMIC, 5.77%, (1 Month Term SOFR + 2.10%), 03/15/28 (f) | 844 | 840 |
| BX Trust |  |  |
| Series 2024-C-BIO, REMIC, 6.31%, (1 Month Term SOFR + 2.64%), 02/15/29 (f) | 1086 | 1075 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2025-C-ARIA, REMIC, 5.52%, 12/13/30 (f) | 1552 | 1542 |
| Series 2024-C-MF, REMIC, 5.61%, (1 Month Term SOFR + 1.94%), 02/15/39 (f) | 336 | 335 |
| Series 2024-D-MF, REMIC, 6.36%, (1 Month Term SOFR + 2.69%), 02/15/39 (f) | 768 | 767 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-D-OC11, REMIC, 3.94%, 12/11/29 (f) | 775 | 731 |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (f) | 923 | 851 |
| BX Trust 2024-VLT4 |  |  |
| Series 2024-E-VLT4, REMIC, 6.56%, (1 Month Term SOFR + 2.89%), 06/15/26 (f) | 1070 | 1059 |
| BX Trust 2025-DELC |  |  |
| Series 2025-E-DELC, REMIC, 6.72%, (1 Month Term SOFR + 3.05%), 12/15/27 (f) | 622 | 620 |
| BX Trust 2025-GW |  |  |
| Series 2025-D-GW, REMIC, 6.42%, (1 Month Term SOFR + 2.75%), 07/15/27 (f) | 1196 | 1195 |
| BX Trust 2025-ROIC |  |  |
| Series 2025-D-ROIC, REMIC, 5.67%, (1 Month Term SOFR + 1.99%), 03/15/27 (f) | 1581 | 1572 |
| BX Trust 2025-VLT7 |  |  |
| Series 2025-D-VLT7, REMIC, 6.92%, (1 Month Term SOFR + 3.25%), 07/15/30 (f) | 1600 | 1588 |
| BX Trust 2025-VOLT |  |  |
| Series 2025-D-VOLT, REMIC, 6.42%, (1 Month Term SOFR + 3.00%), 12/16/30 (f) | 1395 | 1385 |
| Castlelake Aircraft Structured Trust 2025-1 |  |  |
| Series 2025-C-1A, 7.75%, 08/15/30 (d) | 550 | 541 |
| Castlelake Aircraft Structured Trust 2025-2 |  |  |
| Series 2025-A-2A, 5.47%, 08/15/32 (d) | 1580 | 1574 |
| CCG Receivables Trust 2024-1 |  |  |
| Series 2024-C-1, 5.22%, 04/14/28 | 362 | 365 |
| Series 2024-D-1, 5.80%, 04/14/28 | 560 | 566 |
| CCG Receivables Trust 2025-1 |  |  |
| Series 2025-C-1, 4.89%, 10/14/32 | 275 | 276 |
| Series 2025-D-1, 5.28%, 10/14/32 | 185 | 185 |
| Chase Home Lending Mortgage Trust 2024-11 |  |  |
| Series 2024-A4-11, REMIC, 6.00%, 03/25/32 (f) | 831 | 836 |
| Series 2024-A9A-11, REMIC, 6.00%, 05/25/46 (f) | 321 | 321 |
| Series 2024-A9-11, REMIC, 6.30%, 05/25/46 (f) | 139 | 140 |
| Chase Home Lending Mortgage Trust 2025-10 |  |  |
| Series 2025-A9B-10, REMIC, 5.50%, 01/25/48 (f) | 1062 | 1052 |
| Chase Home Lending Mortgage Trust Series 2024-2 |  |  |
| Series 2024-A6-3, REMIC, 6.00%, 02/25/29 (f) | 708 | 710 |
| Series 2024-A6A-2, REMIC, 6.00%, 02/25/55 (f) | 434 | 435 |
| Chase Home Lending Mortgage Trust Series 2024-4 |  |  |
| Series 2024-A6-4, REMIC, 6.00%, 03/25/29 (f) | 385 | 386 |
| CHI Commercial Mortgage Trust 2025-SFT |  |  |
| Series 2025-D-SFT, REMIC, 7.57%, 04/17/30 (f) | 1005 | 1028 |
| Series 2025-D-110W, REMIC, 6.63%, 12/13/30 (f) | 1682 | 1648 |
| CIFC Funding 2014-III, Ltd. |  |  |
| Series 2014-A1R-3A, 4.85%, (3 Month Term SOFR + 1.18%), 03/31/38 (f) | 500 | 498 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2023-C-SMRT, REMIC, 5.85%, 06/12/28 (f) (m) | 635 | 637 |
| Citigroup Commercial Mortgage Trust 2023-PRM3 |  |  |
| Series 2023-C-PRM3, REMIC, 6.36%, 07/10/28 (f) | 532 | 541 |
| CLI Funding VI LLC |  |  |
| Series 2020-B-1A, 3.62%, 09/18/30 | 1025 | 985 |
| Cloud Capital Holdco LP |  |  |
| Series 2024-A2-1A, 5.78%, 11/23/29 | 984 | 987 |
| Series 2024-A2-2A, 5.92%, 11/24/31 | 638 | 641 |
| COLT 2025-6 Mortgage Loan Trust |  |  |
| Series 2025-M1-6, 6.27%, 08/25/70 (f) | 763 | 766 |
| COMM 2024-277P Mortgage Trust |  |  |
| Series 2024-B-277P, REMIC, 7.23%, 08/06/29 (f) | 1000 | 1059 |
| COMM 2024-CBM Mortgage Trust |  |  |
| Series 2024-D-CBM, REMIC, 8.19%, 12/12/29 (f) | 472 | 482 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2024-A1-1A, 5.25%, 02/26/29 | 520 | 521 |
| Series 2024-A2-1A, 5.75%, 02/26/29 | 315 | 316 |
| Series 2024-B-1A, 7.00%, 02/26/29 | 485 | 493 |
| Series 2024-A1-2A, 5.02%, 08/27/29 | 1257 | 1258 |
| Compass Datacenters Issuer III , LLC |  |  |
| Series 2026-A22-1A, 5.29%, 02/25/31 | 1073 | 1070 |
| Series 2026-A23-1A, 5.44%, 02/25/31 | 807 | 798 |
| CONE Trust 2024-DFW1 |  |  |
| Series 2024-D-DFW1, REMIC, 6.71%, (1 Month Term SOFR + 3.04%), 08/15/41 (f) | 446 | 445 |
| Consolidated Communications LLC |  |  |
| Series 2025-A2-1A, 6.00%, 05/20/30 | 1648 | 1673 |
| Series 2025-C-1A, 9.41%, 05/20/30 | 1150 | 1207 |
| Cross 2024-H8 Mortgage Trust |  |  |
| Series 2024-A1-H8, REMIC, 5.55%, 12/25/69 (d) (f) | 304 | 305 |
| Series 2024-A3-H8, REMIC, 5.96%, 12/25/69 (d) | 231 | 232 |
| Series 2024-M1-H8, REMIC, 6.32%, 12/25/69 (f) | 175 | 176 |
| CSAIL 2016-C7 Commercial Mortgage Trust |  |  |
| Series 2016-C-C7, REMIC, 4.42%, 11/18/26 (f) | 930 | 854 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2023-A2-1A, 4.30%, 04/20/28 | 576 | 562 |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 2160 | 2100 |
| DC Office Trust 2019-MTC |  |  |
| Series 2019-D-MTC, REMIC, 3.17%, 11/17/29 (f) | 725 | 625 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-D-1, 6.12%, 12/22/26 | 400 | 403 |
| EFMT 2024-INV2 |  |  |
| Series 2024-M1-INV2, REMIC, 5.73%, 10/25/69 (f) | 495 | 491 |
| EFMT 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.03%, 11/25/70 (d) (f) | 911 | 907 |
| ELFI Graduate Loan Program 2024-A LLC |  |  |
| Series 2024-A-A, 5.56%, 08/25/49 | 252 | 255 |
| Ellington Financial Mortgage Trust 2020-1 |  |  |
| Series 2020-B1-1, REMIC, 5.06%, 05/25/65 (f) | 870 | 861 |
| ELM Trust 2024-ELM |  |  |
| Series 2024-D15-ELM, REMIC, 6.90%, 06/11/27 (f) | 628 | 628 |
| Exeter Select Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-C-2, 4.91%, 09/15/29 | 752 | 754 |
| Foundation Finance Trust 2024-2 |  |  |
| Series 2024-B-2A, 4.93%, 03/15/50 | 158 | 158 |
| Series 2024-D-2A, 6.59%, 03/15/50 | 445 | 455 |
| GLS Auto Select Receivables Trust 2024-1 |  |  |
| Series 2024-D-1A, 5.95%, 12/17/29 | 468 | 473 |
| 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 | 275 |
| GLS Auto Select Receivables Trust 2025-1 |  |  |
| Series 2025-C-1A, 5.26%, 04/15/29 | 318 | 321 |
| GreenSky Home Improvement Issuer Trust 2025-1 |  |  |
| Series 2025-B-1A, 5.39%, 03/25/60 | 497 | 500 |
| Series 2025-C-1A, 5.69%, 03/25/60 | 388 | 392 |
| GreenSky Home Improvement Issuer Trust 2025-2 |  |  |
| Series 2025-B-2A, 5.07%, 06/25/60 | 525 | 526 |
| Series 2025-C-2A, 5.26%, 06/25/60 | 401 | 402 |
| Series 2025-D-2A, 5.56%, 06/25/60 | 315 | 316 |
| GS Mortgage Securities Trust 2016-GS2 |  |  |
| Series 2016-C-GS2, REMIC, 4.71%, 05/12/26 (f) | 540 | 537 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GS Mortgage Securities Trust 2019-GC42 |  |  |
| Series 2019-C-GC42, REMIC, 3.83%, 09/12/29 (f) | 823 | 690 |
| GS Mortgage-Backed Securities Trust 2025-PJ8 |  |  |
| Series 2025-A19-PJ8, REMIC, 6.00%, 02/25/56 (f) | 467 | 468 |
| Hilton Grand Vacations Trust 2022-1D |  |  |
| Series 2022-D-1D, 6.79%, 06/20/34 | 158 | 158 |
| Hilton Grand Vacations Trust 2022-2 |  |  |
| Series 2022-B-2A, 4.74%, 08/27/29 | 162 | 161 |
| Hilton Grand Vacations Trust 2024-1B |  |  |
| Series 2024-B-1B, 5.99%, 09/15/39 | 65 | 66 |
| Series 2024-D-1B, 8.85%, 09/15/39 | 142 | 145 |
| Hilton Grand Vacations Trust 2024-2 |  |  |
| Series 2024-C-2A, 5.99%, 03/25/38 | 425 | 430 |
| Series 2024-D-2A, 6.91%, 03/25/38 | 105 | 107 |
| Hilton Grand Vacations Trust 2025-2 |  |  |
| Series 2025-C-2A, 5.12%, 05/25/44 | 560 | 560 |
| Hudson Yards 2025-SPRL Mortgage Trust |  |  |
| Series 2025-C-SPRL, REMIC, 6.15%, 01/15/30 (f) | 913 | 933 |
| Series 2025-D-SPRL, REMIC, 6.55%, 01/15/30 (f) | 330 | 337 |
| Series 2025-E-SPRL, REMIC, 6.90%, 01/15/30 (f) | 329 | 328 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (b) | 546 | 555 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 225 | 228 |
| Series 2024-C-2, 6.27%, (SOFR 30-Day Average + 2.60%), 10/20/32 (f) | 160 | 161 |
| INTOWN 2025-STAY Mortgage Trust |  |  |
| Series 2025-C-STAY, REMIC, 5.92%, (1 Month Term SOFR + 2.25%), 03/15/27 (f) | 1052 | 1050 |
| IP 2025-IP Mortgage Trust |  |  |
| Series 2025-D-IP, REMIC, 6.53%, 06/12/30 (f) | 672 | 675 |
| Series 2025-E-IP, REMIC, 7.07%, 06/12/30 (f) | 384 | 386 |
| IRV Trust 2025-200P |  |  |
| Series 2025-C-200P, REMIC, 5.92%, 02/14/35 (f) | 1094 | 1083 |
| Island Finance Trust 2025-1 |  |  |
| Series 2025-A-1A, 6.54%, 03/19/35 | 981 | 989 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-D-OPO, REMIC, 3.56%, 01/08/27 (f) | 935 | 750 |
| J.P. Morgan Mortgage Trust 2023-HE3 |  |  |
| Series 2023-A1-HE3, REMIC, 5.26%, (SOFR 30-Day Average + 1.60%), 06/20/31 (f) | 293 | 293 |
| J.P. Morgan Mortgage Trust 2024-HE1 |  |  |
| Series 2024-M1-HE1, REMIC, 5.66%, (SOFR 30-Day Average + 2.00%), 04/21/31 (f) (m) | 315 | 317 |
| Series 2024-M2-HE1, REMIC, 6.06%, (SOFR 30-Day Average + 2.40%), 04/21/31 (f) (m) | 239 | 241 |
| J.P. Morgan Mortgage Trust 2025-NQM3 |  |  |
| Series 2025-A2-NQM3, REMIC, 5.65%, 07/25/29 (d) (f) | 1146 | 1147 |
| JPMBB Commercial Mortgage Securities Trust 2015-C30 |  |  |
| Series 2015-AS-C30, REMIC, 4.07%, 07/17/48 (f) (m) | 845 | 827 |
| LEX Trust 2026-450 |  |  |
| Series 2026-D-450, REMIC, 6.00%, (1 Month Term SOFR + 2.35%), 03/15/28 (f) | 760 | 760 |
| LHOME Mortgage Trust 2024-RTL4 |  |  |
| Series 2024-A1-RTL4, REMIC, 5.92%, 01/25/27 (d) | 1690 | 1695 |
| Lightpath Fiber Issuer LLC |  |  |
| Series 2026-A2-1A, 5.60%, 03/25/31 | 1264 | 1263 |
| Series 2026-B-1A, 5.89%, 03/25/31 | 793 | 789 |
| Lyra Music Assets Delaware LP |  |  |
| Series 2025-A2-1A, REMIC, 5.60%, 09/20/30 | 2072 | 2089 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-D-11MD, REMIC, 5.94%, 10/18/30 (f) (m) | 625 | 630 |
| Series 2025-E-11MD, REMIC, 6.84%, 10/18/30 (f) (m) | 994 | 986 |
| Magnetite LI Ltd. |  |  |
| Series 2025-A1-51A, 5.09%, (3 Month Term SOFR + 1.20%), 10/25/38 (f) | 250 | 249 |
| Magnetite XXIV, Limited |  |  |
| Series 2019-DR-24A, 6.72%, (3 Month Term SOFR + 3.05%), 04/15/35 (f) | 5200 | 5192 |
| Manhattan West 2020-1MW Mortgage Trust |  |  |
| Series 2020-D-OMW, REMIC, 2.33%, 09/10/27 (f) (m) | 458 | 437 |
| MED Commercial Mortgage Trust 2024-MOB |  |  |
| Series 2024-C-MOB, REMIC, 5.96%, (1 Month Term SOFR + 2.29%), 05/15/26 (f) | 535 | 524 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2025-A2-2A, 5.40%, 08/20/30 | 2167 | 2186 |
| Series 2025-C-2A, 7.83%, 08/20/30 | 1306 | 1328 |
| MFA 2025-NQM5 Trust |  |  |
| Series 2025-A2-NQM5, REMIC, 5.34%, 11/25/70 (d) | 895 | 893 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 |  |  |
| Series 2025-C-C35, REMIC, 6.35%, 07/15/35 | 511 | 517 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33 |  |  |
| Series 2017-C-C33, REMIC, 4.56%, 05/17/27 (f) | 256 | 244 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-B-H1, REMIC, 4.08%, 05/17/27 | 240 | 234 |
| Series 2017-C-H1, REMIC, 4.28%, 05/17/27 (f) | 387 | 366 |
| Morgan Stanley Capital I Trust 2018-H4 |  |  |
| Series 2018-C-H4, REMIC, 5.22%, 12/15/28 (f) | 324 | 303 |
| Morgan Stanley Capital I Trust 2018-L1 |  |  |
| Series 2018-AS-L1, REMIC, 4.64%, 09/15/28 (f) | 669 | 658 |
| Morgan Stanley Residential Mortgage Loan Trust 202 |  |  |
| Series 2024-A2-3, REMIC, 6.00%, 09/25/29 (f) | 277 | 277 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3 |  |  |
| Series 2024-A3-NQM3, REMIC, 5.40%, 07/25/69 (d) | 330 | 329 |
| Series 2024-M1-NQM3, REMIC, 5.61%, 07/25/69 (f) | 316 | 314 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5 |  |  |
| Series 2024-A3-NQM5, 6.00%, 10/25/69 (d) | 70 | 70 |
| Series 2024-M1-NQM5, 6.51%, 10/25/69 (f) | 114 | 115 |
| MVW 2021-1W LLC |  |  |
| Series 2021-C-1WA, 1.94%, 01/22/41 | 228 | 210 |
| MVW 2022-1 LLC |  |  |
| Series 2022-B-1A, 4.40%, 11/21/39 | 342 | 334 |
| MVW 2023-2 LLC |  |  |
| Series 2023-C-2A, 7.06%, 11/20/40 | 206 | 210 |
| MVW 2024-1 LLC |  |  |
| Series 2024-C-1A, 6.20%, 02/20/43 | 213 | 215 |
| MVW 2024-2 LLC |  |  |
| Series 2024-C-2A, 4.92%, 03/20/42 | 436 | 434 |
| MVW 2025-1 LLC |  |  |
| Series 2025-C-1A, 5.75%, 09/22/42 | 337 | 339 |
| Navient Private Education Refi Loan Trust 2019-F |  |  |
| Series 2019-B-FA, 3.12%, 09/15/32 | 1225 | 1126 |
| Navient Private Education Refi Loan Trust 2021-E |  |  |
| Series 2021-A-EA, REMIC, 0.97%, 12/15/28 | 550 | 493 |
| Navient Private Education Refi Loan Trust 2021-F |  |  |
| Series 2021-A-FA, 1.11%, 05/15/29 | 424 | 379 |
| Navient Private Education Refi Loan Trust 2021-G |  |  |
| Series 2021-A-GA, 1.58%, 06/15/29 | 491 | 444 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-D-CA, 4.44%, 04/20/62 | 1400 | 1242 |
| New Residential Mortgage LLC |  |  |
| Series 2024-A-FNT1, 7.40%, 11/25/29 (d) | 779 | 784 |
| New Residential Mortgage Loan Trust 2024-RTL2 |  |  |
| Series 2024-A1-RTL2, REMIC, 5.44%, 10/25/27 (d) | 929 | 931 |
| New Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-M1-NQM3, REMIC, 6.32%, 08/25/30 (f) | 670 | 676 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NRZ FHT Excess LLC |  |  |
| Series 2025-A-FHT1, 6.55%, 03/25/32 (b) (d) | 890 | 893 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-C-3BP, REMIC, 5.56%, (1 Month Term SOFR + 1.95%), 02/16/27 (f) | 553 | 551 |
| Series 2025-D-3BP, REMIC, 6.11%, (1 Month Term SOFR + 2.50%), 02/16/27 (f) | 635 | 634 |
| NYMT Loan Trust 2024-INV1 |  |  |
| Series 2024-A1-INV1, REMIC, 5.38%, 10/25/28 (d) | 309 | 310 |
| Series 2024-A3-INV1, REMIC, 5.83%, 10/25/28 (d) | 618 | 618 |
| OBX 2021-NQM4 Trust |  |  |
| Series 2021-A1-NQM4, 1.96%, 10/25/61 | 1582 | 1353 |
| OBX 2024-NQM1 Trust |  |  |
| Series 2024-A1-NQM1, REMIC, 5.93%, 12/25/27 (d) | 524 | 525 |
| OBX 2024-NQM14 Trust |  |  |
| Series 2024-M1-NQM14, REMIC, 5.58%, 09/25/28 (f) | 715 | 707 |
| OBX 2025-HE1 Trust |  |  |
| Series 2025-A1-HE1, 5.27%, (SOFR 30-Day Average + 1.60%), 02/25/55 (f) | 1054 | 1055 |
| Series 2025-M1-HE1, 5.57%, (SOFR 30-Day Average + 1.90%), 02/25/55 (f) | 244 | 244 |
| OBX 2025-NQM7 Trust |  |  |
| Series 2025-A3-NQM7, REMIC, 5.86%, 05/25/55 (d) | 537 | 538 |
| OCP CLO 2020-19, Ltd. |  |  |
| Series 2020-A1R2-19A, 4.85%, (3 Month Term SOFR + 1.18%), 04/20/38 (f) | 1450 | 1445 |
| One Market Plaza Trust 2017-1MKT |  |  |
| Series 2017-A-1MKT, REMIC, 3.61%, 02/10/32 | 224 | 216 |
| Series 2017-B-1MKT, REMIC, 3.85%, 02/10/32 | 451 | 428 |
| Series 2017-C-1MKT, REMIC, 4.02%, 02/10/32 | 449 | 423 |
| OneMain Financial Issuance Trust 2023-1 |  |  |
| Series 2023-B-1A, 5.94%, 12/14/29 | 417 | 432 |
| ONNI Commercial Mortgage Trust 2024-APT |  |  |
| Series 2024-C-APT, REMIC, 6.64%, 07/20/29 (f) | 1053 | 1068 |
| ORL 2024-GLKS Mortgage Trust |  |  |
| Series 2024-D-GLKS, REMIC, 6.46%, (1 Month Term SOFR + 2.79%), 12/15/26 (f) | 697 | 699 |
| OWN Equipment Fund I LLC |  |  |
| Series 2024-A-2M, 5.70%, 12/20/32 | 1029 | 1037 |
| Pk Alift Loan Funding 6 LP |  |  |
| Series 2025-A-1, 5.37%, 12/15/31 | 1401 | 1403 |
| Pk Alift Loan Funding 8 LP |  |  |
| Series 2026-C-1, 5.00%, 09/15/43 | 1210 | 1197 |
| Prestige Auto Receivables Trust 2021-1 |  |  |
| Series 2021-D-1A, 2.08%, 02/15/28 | 348 | 345 |
| PRKCM 2025-AFC1 Trust |  |  |
| Series 2025-A3-AFC1, REMIC, 5.36%, 10/25/60 (d) | 933 | 926 |
| PRM Trust 2025-PRM6 |  |  |
| Series 2025-E-PRM6, REMIC, 6.80%, 07/05/28 (f) | 1565 | 1555 |
| QTS Issuer ABS II LLC |  |  |
| Series 2026-A2-4A, 5.70%, 03/06/56 | 1012 | 1012 |
| Series 2026-B-4A, 6.73%, 03/06/56 | 979 | 979 |
| RCKT Mortgage Trust 2025-CES10 |  |  |
| Series 2025-A1A-CES10, REMIC, 4.89%, 10/25/55 (d) | 321 | 318 |
| Series 2025-A2-CES10, REMIC, 5.16%, 10/25/55 (d) | 353 | 349 |
| Series 2025-A3-CES10, REMIC, 5.31%, 10/25/55 (d) | 856 | 848 |
| ROCK Trust 2024-CNTR |  |  |
| Series 2024-B-CNTR, REMIC, 5.93%, 11/15/29 | 800 | 817 |
| Series 2024-D-CNTR, REMIC, 7.11%, 11/15/41 | 1689 | 1752 |
| Santander Drive Auto Receivables Trust 2025-1 |  |  |
| Series 2025-D-1, 5.43%, 04/16/29 | 1939 | 1967 |
| SCCU Auto Receivables Trust 2025-1 |  |  |
| Series 2025-C-1A, 5.08%, 07/16/29 | 363 | 364 |
| Sequoia Mortgage Trust 2024-4 |  |  |
| Series 2024-A10-4, REMIC, 6.00%, 02/25/29 (f) | 316 | 316 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-C-555, REMIC, 5.59%, (1 Month Term SOFR + 1.91%), 05/15/28 (f) | 415 | 412 |
| Series 2021-D-555, REMIC, 6.19%, (1 Month Term SOFR + 2.51%), 05/15/28 (f) | 880 | 872 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-C-1A, 5.51%, 01/20/32 | 520 | 528 |
| Sierra Timeshare 2023-1 Receivables Funding LLC |  |  |
| Series 2023-C-1A, 7.00%, 01/20/40 | 112 | 114 |
| Sierra Timeshare 2023-2 Receivables Funding LLC |  |  |
| Series 2023-C-2A, 7.30%, 04/20/40 | 93 | 95 |
| Series 2023-D-2A, 9.72%, 04/20/40 | 157 | 162 |
| Series 2023-D-3A, 9.44%, 09/20/40 | 291 | 300 |
| Sierra Timeshare 2024-1 Receivables Funding LLC |  |  |
| Series 2024-C-1A, 5.94%, 09/20/31 | 249 | 252 |
| Series 2024-D-1A, 8.02%, 09/20/31 | 75 | 76 |
| Sierra Timeshare 2024-2 Receivables Funding LLC |  |  |
| Series 2024-C-2A, 5.83%, 06/20/41 | 348 | 351 |
| Sierra Timeshare 2024-3 Receivables Funding LLC |  |  |
| Series 2024-C-3A, 5.32%, 08/20/41 | 509 | 510 |
| Series 2024-D-3A, 6.93%, 08/20/41 | 215 | 215 |
| Sierra Timeshare 2025-1 Receivables Funding LLC |  |  |
| Series 2025-D-1A, 6.86%, 01/21/42 | 520 | 518 |
| Sierra Timeshare 2025-2 Receivables Funding LLC |  |  |
| Series 2025-B-2A, 4.93%, 04/20/44 | 425 | 426 |
| Series 2025-C-2A, 5.32%, 04/20/44 | 322 | 322 |
| Series 2025-D-2A, 6.79%, 04/20/44 | 383 | 382 |
| Signal Peak CLO 4, Ltd. |  |  |
| Series 2024-D1-11A, 6.77%, (3 Month Term SOFR + 3.10%), 07/18/37 (f) | 2000 | 1967 |
| Sixth Street CLO XIX, Ltd. |  |  |
| Series 2020-D1R-15A, 6.82%, (3 Month Term SOFR + 3.15%), 10/26/37 (f) | 500 | 491 |
| SLG Office Trust 2026-OMA |  |  |
| Series 2026-D-OMA, REMIC, 0.00%, 04/15/31 (f) | 925 | 925 |
| SMRT 2022-MINI |  |  |
| Series 2022-E-MINI, REMIC, 6.37%, (1 Month Term SOFR + 2.70%), 01/18/39 (f) | 1070 | 1066 |
| SoFi Professional Loan Program 2020-A Trust |  |  |
| Series 2020-BFX-A, REMIC, 3.12%, 05/15/46 | 403 | 365 |
| Sotheby's ArtFi Master Trust |  |  |
| Series 2026-B-1A, 4.90%, 03/20/28 | 484 | 483 |
| Series 2026-D-1A, 5.54%, 03/20/28 | 427 | 425 |
| Stack Infrastructure Issuer, LLC |  |  |
| Series 2023-A2-3A, 5.90%, 10/25/28 | 1101 | 1106 |
| Series 2025-A2-1A, 5.00%, 05/28/30 | 1265 | 1237 |
| Starwood Mortgage Residential Trust 2021-5 |  |  |
| Series 2021-A1-5, REMIC, 1.92%, 09/25/66 (f) | 3782 | 3304 |
| Summit Issuer, LLC |  |  |
| Series 2025-A2-1A, 5.21%, 11/20/30 | 2096 | 2099 |
| TCO Commercial Mortgage Trust 2024-DPM |  |  |
| Series 2024-C-DPM, REMIC, 5.66%, (1 Month Term SOFR + 1.99%), 12/17/29 (f) | 375 | 375 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/31 | 1089 | 1040 |
| Towd Point Mortgage Trust 2024-CES1 |  |  |
| Series 2024-A1B-CES1, REMIC, 6.05%, 09/25/31 (f) | 103 | 103 |
| Towd Point Mortgage Trust 2024-CES2 |  |  |
| Series 2024-A1A-CES2, REMIC, 6.13%, 04/25/31 (f) | 860 | 864 |
| Trafigura Securitisation Finance Public Limited Company |  |  |
| Series 2024-B2-1A, 7.29%, 05/15/27 (b) | 996 | 997 |
| Trestles CLO III Ltd. |  |  |
| Series 2020-D1R-3A, 6.82%, (3 Month Term SOFR + 3.15%), 10/20/37 (f) | 1000 | 984 |
| Trestles CLO IX Ltd. |  |  |
| Series 2025-D1-9A, 6.42%, (3 Month Term SOFR + 2.65%), 01/15/39 (f) | 2000 | 1967 |
| TRTX 2025-FL6 Issuer, Ltd. |  |  |
| Series 2025-A-FL6, 5.21%, (1 Month Term SOFR + 1.54%), 09/18/42 (d) (f) | 1078 | 1080 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TRTX 2025-FL7 Issuer, Ltd. |  |  |
| Series 2025-C-FL7, REMIC, 5.88%, (1 Month Term SOFR + 2.20%), 06/18/43 (d) (f) | 725 | 725 |
| Series 2025-D-FL7, REMIC, 6.33%, (1 Month Term SOFR + 2.65%), 06/18/43 (d) (f) | 693 | 693 |
| Series 2025-E-FL7, REMIC, 6.93%, (1 Month Term SOFR + 3.25%), 06/18/43 (d) (f) | 307 | 308 |
| U.S. Bank National Association |  |  |
| Series 2023-B-1, 6.79%, 08/25/32 | 216 | 218 |
| Series 2026-B1-RVM1, 4.96%, 12/25/46 | 771 | 774 |
| Uniti Fiber Abs Issuer Llc |  |  |
| Series 2025-B-1A, 6.37%, 04/22/30 | 944 | 963 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2025-A2-1A, 5.13%, 08/15/30 | 3718 | 3668 |
| VB-S1 Issuer, LLC |  |  |
| Series 2026-D-1A, 5.19%, 03/15/31 | 895 | 887 |
| Verus Securitization Trust 2021-6 |  |  |
| Series 2021-A1-6, REMIC, 1.63%, 10/25/66 (f) | 3038 | 2660 |
| Series 2021-A3-6, REMIC, 1.89%, 10/25/66 (f) | 1093 | 961 |
| Verus Securitization Trust 2024-4 |  |  |
| Series 2024-M1-4, REMIC, 6.70%, 06/25/69 (f) | 310 | 312 |
| Verus Securitization Trust 2024-7 |  |  |
| Series 2024-A1-7, REMIC, 5.10%, 09/25/69 (f) | 690 | 688 |
| Series 2024-A3-7, REMIC, 5.40%, 09/25/69 (d) (f) | 480 | 478 |
| Verus Securitization Trust 2025-3 |  |  |
| Series 2025-M1-3, REMIC, 6.65%, 05/25/70 (f) | 360 | 365 |
| Verus Securitization Trust 2025-4 |  |  |
| Series 2025-A3-4, REMIC, 5.75%, 05/25/70 (d) | 534 | 535 |
| Series 2025-M1-4, REMIC, 6.30%, 05/25/70 (f) | 305 | 308 |
| Verus Securitization Trust 2025-6 |  |  |
| Series 2025-A3-6, 5.72%, 07/25/70 (d) | 1441 | 1441 |
| Volofin Finance (Ireland) Designated Activity Company |  |  |
| Series 2024-A-1A, 5.94%, 03/17/31 | 479 | 476 |
| Series 2024-B-1A, 6.21%, 11/17/31 | 184 | 187 |
| Wells Fargo Commercial Mortgage Securities, Inc. |  |  |
| Series 2024-D-1CHI, REMIC, 6.93%, 07/15/27 (f) | 454 | 457 |
| Wells Fargo Commercial Mortgage Trust 2017-C39 |  |  |
| Series 2017-C-C39, REMIC, 4.12%, 08/17/27 | 301 | 282 |
| Westlake Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-D-1A, 5.54%, 01/18/28 | 966 | 982 |
| Westlake Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-C-2A, 4.85%, 01/15/31 | 1054 | 1061 |
| Series 2025-D-2A, 5.08%, 05/15/31 | 1535 | 1535 |
| Willis Engine Structured Trust VIII |  |  |
| Series 2025-B-A, 6.07%, 06/16/31 (d) | 522 | 518 |
| Wireless Propco Funding LLC |  |  |
| Series 2025-B-1A, 4.30%, 06/25/30 | 285 | 269 |
| Series 2025-C-1A, 8.51%, 06/25/30 | 1000 | 1012 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $204,464) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $204,464) | 202901 |
| **INVESTMENT COMPANIES 1.5%** | **INVESTMENT COMPANIES 1.5%** | **INVESTMENT COMPANIES 1.5%** |
| VanEck J.P. Morgan EM Local Currency Bond ETF (c) | 631 | 15848 |
| Total Investment Companies (cost $15,698) | Total Investment Companies (cost $15,698) | 15848 |
| **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, 6.17%, (1 Month Term SOFR + 2.50%), 02/16/28 (f) | 2413 | 2366 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Grifols Worldwide Operations USA, Inc. |  |  |
| 2019 USD Term Loan B, 5.77%, (1 Month Term SOFR + 2.00%), 11/15/27 (f) | 933 | 931 |
| Total Senior Floating Rate Instruments (cost $3,328) | Total Senior Floating Rate Instruments (cost $3,328) | 3297 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Edcon Holdings Ltd. (e) (n) | 14399 |  |
| Edcon Holdings Ltd. (e) (n) | 124902 |  |
| Total Common Stocks (cost $106) | Total Common Stocks (cost $106) |  |
| **SHORT TERM INVESTMENTS 6.2%** | **SHORT TERM INVESTMENTS 6.2%** | **SHORT TERM INVESTMENTS 6.2%** |
| **Investment Companies 4.3%** | **Investment Companies 4.3%** | **Investment Companies 4.3%** |
| JNL Government Money Market Fund - Class I, 3.53% (o) (p) | 44997 | 44997 |
| **Securities Lending Collateral 1.9%** | **Securities Lending Collateral 1.9%** | **Securities Lending Collateral 1.9%** |
| JNL Government Money Market Fund - Class SL, 3.63% (o) (p) | 20021 | 20021 |
| Total Short Term Investments (cost $65,018) | Total Short Term Investments (cost $65,018) | 65018 |
| **Total Investments 111.6% (cost $1,173,398)** | **Total Investments 111.6% (cost $1,173,398)** | **1164756** |
| **Other Derivative Instruments 0.2%** | **Other Derivative Instruments 0.2%** | **1853** |
| **Other Assets and Liabilities, Net (11.8)%** | **Other Assets and Liabilities, Net (11.8)%** | **(123122)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1043487** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $123,108.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $205,897 and 19.7% of the Fund.

(c) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

(e) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(f) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

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

(h) Convertible security.

(i) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(j) Non-income producing security.

(k) As of March 31, 2026, 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) 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 March 31, 2026.

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

(n) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 22596 | 122235 | 99834 | 323 |  |  | 44997 | 4.3 |
| JNL Government Money Market Fund, 3.63% - Class SL | 12802 | 72822 | 65603 | 181 |  |  | 20021 | 1.9 |
|  | 35398 | 195057 | 165437 | 504 |  |  | 65018 | 6.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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) | 11/12/25 | 392 | 379 |  |
| AA Bond Co Limited, 8.45%, 01/31/28 | 12/05/23 | 257 | 274 |  |
| Abertis Infraestructuras Finance B.V., 4.75% (callable at 100, 11/23/30) | 07/23/25 | 120 | 114 |  |
| Abertis Infraestructuras Finance B.V., 4.87% (callable at 100, 11/28/29) | 05/21/25 | 587 | 579 | 0.1 |
| Accor, 4.88% (callable at 100, 06/06/30) | 05/29/25 | 351 | 343 |  |
| Aegis Lux 1A S.a r.l., 5.63%, 10/29/31 | 03/17/26 | 196 | 194 |  |
| Ahlstrom Oyj, 3.63%, 02/04/28 | 09/24/24 | 449 | 451 | 0.1 |
| Air France - KLM, 4.63%, 05/23/29 | 09/24/24 | 348 | 347 |  |
| Albion Financing 2 S.a r.l., 5.38%, 05/21/30 | 07/23/25 | 333 | 319 |  |
| Alexandrite Monnet UK HoldCo PLC, 10.50%, 05/15/29 | 07/09/24 | 220 | 243 |  |
| Allianz SE, 3.20% (callable at 100, 10/30/27) | 04/27/22 | 1818 | 2050 | 0.2 |
| Allied Universal Holdco LLC, 4.88%, 06/01/28 | 01/05/24 | 472 | 480 | 0.1 |
| Allwyn Entertainment Financing (UK) PLC, 4.13%, 02/15/31 | 03/17/26 | 199 | 196 |  |
| Altice France, 5.50%, 10/15/31 | 10/13/25 | 821 | 831 | 0.1 |
| Amber FinCo PLC, 6.63%, 07/15/29 | 09/24/24 | 225 | 232 |  |
| APA Infrastructure Limited, 7.13%, 11/09/83 | 01/16/24 | 709 | 732 | 0.1 |
| Ardagh Metal Packaging Finance Public Limited Company, 5.00%, 01/30/31 | 03/17/26 | 156 | 151 |  |
| Assemblin Caverion Group AB, 6.25%, 07/01/30 | 09/05/24 | 362 | 352 |  |
| Atos SE, 9.36%, 12/18/29 | 05/21/25 | 419 | 465 | 0.1 |
| Atos SE, 5.20%, 12/18/30 | 05/21/25 | 237 | 244 |  |
| AusNet Services Holdings Pty Ltd., 1.63%, 03/11/81 | 12/11/23 | 538 | 621 | 0.1 |
| B&M European Value Retail S.A., 4.00%, 11/15/28 | 07/02/24 | 242 | 249 |  |
| B&M European Value Retail S.A., 8.13%, 11/15/30 | 09/24/24 | 162 | 154 |  |
| B&M European Value Retail S.A., 6.50%, 11/27/31 | 02/12/25 | 236 | 238 |  |
| Banco De Sabadell SA, 6.00%, 08/16/33 | 09/12/25 | 248 | 240 |  |
| Bayer Aktiengesellschaft, 5.38%, 03/25/82 | 12/06/23 | 529 | 574 | 0.1 |
| BCP V Modular Services Finance II PLC, 6.13%, 11/30/28 | 12/09/21 | 423 | 400 |  |
| Beach Acquisition Bidco, LLC, 5.25%, 07/15/32 | 09/12/25 | 643 | 588 | 0.1 |
| Belden Inc., 3.38%, 07/15/31 | 03/17/26 | 157 | 154 |  |
| Belden Inc., 4.25%, 02/01/33 | 03/17/26 | 157 | 156 |  |
| Bellis Acquisition Company PLC, 8.13%, 05/14/30 | 06/24/24 | 126 | 122 |  |
| Benteler International Aktiengesellschaft, 7.25%, 06/15/31 | 08/27/25 | 693 | 677 | 0.1 |
| Boots Group Finco LP, 5.38%, 08/31/32 | 09/12/25 | 332 | 316 |  |
| BP Capital Markets P.L.C., 3.25% (callable at 100, 06/22/26) | 01/10/24 | 741 | 807 | 0.1 |
| BP Capital Markets P.L.C., 4.38% (callable at 100, 08/19/31) | 04/30/25 | 111 | 115 |  |
| British Telecommunications Public Limited Company, 8.38%, 12/20/83 | 09/08/23 | 1487 | 1555 | 0.2 |
| Bubbles BidCo S.p.A., 6.50%, 09/30/31 | 12/05/24 | 215 | 231 |  |
| CAB, 3.38%, 02/01/28 | 07/22/25 | 438 | 431 | 0.1 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29 | 04/14/25 | 239 | 243 |  |
| Ceconomy AG, 6.25%, 07/15/29 | 03/26/26 | 351 | 350 |  |
| Celsa OpCo S.A., 7.65%, 12/15/30 | 02/16/26 | 562 | 527 | 0.1 |
| Cheplapharm Arzneimittel GmbH, 7.50%, 05/15/30 | 09/19/23 | 494 | 496 | 0.1 |
| Cirsa Finance International S.a r.l., 7.88%, 07/31/28 | 12/05/23 | 440 | 473 | 0.1 |
| Cirsa Finance International S.a r.l., 6.50%, 03/15/29 | 09/24/24 | 343 | 347 |  |
| CMA CGM, 5.00%, 01/15/31 | 09/12/25 | 231 | 215 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.90%, 08/12/37 | 05/10/22 | 1371 | 1519 | 0.2 |
| Constellium SE, 5.38%, 08/15/32 | 09/24/24 | 418 | 417 |  |
| Co-operative Group Limited, 7.50%, 07/08/26 | 10/05/23 | 122 | 133 |  |
| Country Garden Holdings Company Limited, 0.00%, 08/06/30 | 02/22/21 | 382 | 33 |  |
| CPI Property Group, 7.50% (callable at 100, 03/24/31) | 06/25/25 | 231 | 208 |  |
| CPI Property Group, 4.00%, 01/22/28 | 10/21/24 | 123 | 127 |  |
| CPI Property Group, 1.75%, 01/14/30 | 05/02/24 | 179 | 187 |  |
| CPI Property Group, 6.00%, 01/27/32 | 05/21/25 | 666 | 623 | 0.1 |
| CPUK Mortgage Finance Limited, 4.50%, 08/28/27 | 05/13/25 | 341 | 336 |  |
| CTEC II GmbH, 5.25%, 02/15/30 | 03/13/24 | 401 | 401 |  |
| Currenta Group Holdings S.a r.l., 5.50%, 05/15/30 | 07/23/25 | 451 | 431 | 0.1 |
| Dana Financing Luxembourg S.a r.l., 8.50%, 07/15/31 | 12/05/23 | 254 | 268 |  |
| Darling Global Finance B.V., 4.50%, 07/15/32 | 08/11/25 | 445 | 431 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Deutsche Lufthansa Aktiengesellschaft, 5.25%, 01/15/55 | 04/14/25 | 468 | 452 | 0.1 |
| Doha Finance Limited, 4.50%, 03/16/31 | 11/05/25 | 593 | 577 | 0.1 |
| Dovalue S.P.A., 7.00%, 02/28/30 | 11/28/25 | 402 | 393 |  |
| Dufry One B.V., 4.50%, 05/23/32 | 07/15/25 | 561 | 542 | 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 | 481 | 492 | 0.1 |
| EDP, S.A., 4.75%, 05/29/54 | 05/13/25 | 583 | 580 | 0.1 |
| EDP, S.A., 4.63%, 09/16/54 | 04/01/25 | 699 | 689 | 0.1 |
| EIG Pearl Holdings S.a r.l., 3.55%, 08/31/36 | 11/05/25 | 524 | 502 | 0.1 |
| Eircom Limited, 5.00%, 04/30/31 | 01/23/26 | 405 | 385 |  |
| Electricite de France, 2.63% (callable at 100, 12/01/27) | 01/24/23 | 990 | 1124 | 0.1 |
| Electricite de France, 3.38% (callable at 100, 06/15/30) | 09/24/24 | 410 | 434 | 0.1 |
| Electricite de France, 7.50% (callable at 100, 09/06/28) | 12/11/23 | 1438 | 1482 | 0.2 |
| Elia Group, 5.85% (callable at 100, 03/15/28) | 12/11/23 | 326 | 356 |  |
| Elior Group, 5.63%, 03/15/30 | 03/05/26 | 311 | 305 |  |
| ENEL - SPA, 4.50% (callable at 100, 10/14/32) | 11/12/25 | 381 | 362 |  |
| ENEL - SPA, 6.38% (callable at 100, 04/16/28) | 01/04/24 | 504 | 539 | 0.1 |
| Energizer Gamma Acquisition B.V., 3.50%, 06/30/29 | 10/31/23 | 335 | 380 |  |
| Ephios Subco 3 S.a r.l., 7.88%, 01/31/31 | 05/21/25 | 365 | 362 |  |
| Eroski Sociedad Cooperativa, 5.75%, 05/15/31 | 03/19/26 | 194 | 192 |  |
| Essendi S.A., 5.50%, 11/15/31 | 08/13/25 | 479 | 451 | 0.1 |
| Eurofins Scientific SE, 6.75% (callable at 100, 04/24/28) | 05/14/24 | 596 | 601 | 0.1 |
| Eutelsat S.A., 2.25%, 07/13/27 | 03/04/25 | 539 | 578 | 0.1 |
| Flora Food Management B.V., 6.88%, 07/02/29 | 11/01/24 | 404 | 400 |  |
| Flutter Treasury Designated Activity Company, 4.00%, 06/04/31 | 11/20/25 | 235 | 229 |  |
| Flutter Treasury Designated Activity Company, 6.13%, 06/04/31 | 09/12/25 | 274 | 256 |  |
| FNAC Darty, 6.00%, 04/01/29 | 10/16/25 | 513 | 505 | 0.1 |
| Forvia, 3.75%, 06/15/28 | 12/10/25 | 113 | 109 |  |
| Forvia, 5.63%, 06/15/30 | 05/21/25 | 595 | 592 | 0.1 |
| Forvia, 5.38%, 03/15/31 | 11/20/25 | 153 | 148 |  |
| Fressnapf Holding SE, 5.25%, 10/31/31 | 05/15/25 | 635 | 616 | 0.1 |
| Froneri Lux Topco S.a r.l., 4.75%, 08/01/32 | 09/12/25 | 444 | 416 |  |
| Gatwick Airport Finance PLC, 6.00%, 11/21/30 | 02/24/26 | 321 | 306 |  |
| Gestamp Automocion Sociedad Anonima, 4.38%, 10/15/30 | 11/28/25 | 354 | 343 |  |
| Glencore Finance (Canada) Limited, 6.00%, 11/15/41 | 04/27/22 | 1971 | 1898 | 0.2 |
| Globalworth Real Estate Investments Limited, 6.25%, 03/31/29 | 05/29/25 | 168 | 170 |  |
| Gobierno de la Republica de Costa Rica, 7.16%, 03/12/45 | 08/08/24 | 254 | 256 |  |
| Grifols Escrow Issuer S.A., 3.88%, 10/15/28 | 04/25/24 | 189 | 226 |  |
| Grifols, S.A., 2.25%, 11/15/27 | 12/02/25 | 162 | 159 |  |
| Grifols, S.A., 7.50%, 05/01/30 | 10/31/24 | 1028 | 1052 | 0.1 |
| Grunenthal GmbH, 4.63%, 11/15/31 | 02/17/25 | 786 | 773 | 0.1 |
| Gruppo San Donato S.P.A., 6.50%, 10/31/31 | 01/05/26 | 239 | 224 |  |
| Guala Closures S.p.A., 3.25%, 06/15/28 | 11/04/24 | 137 | 143 |  |
| Gulf International Bank B.S.C., 5.75%, 06/05/29 | 11/04/25 | 1028 | 995 | 0.1 |
| Heimstaden AB, 8.38%, 01/29/30 | 03/17/25 | 766 | 792 | 0.1 |
| Heimstaden Bostad AB, 2.63% (callable at 100, 02/01/27) | 10/29/24 | 96 | 112 |  |
| Heimstaden Bostad AB, 3.00% (callable at 100, 10/29/27) | 06/04/24 | 236 | 279 |  |
| Heimstaden Bostad AB, 6.25% (callable at 100, 12/04/29) | 05/20/25 | 451 | 461 | 0.1 |
| Heimstaden Bostad AB, 1.63%, 10/13/31 | 09/08/23 | 303 | 353 |  |
| Holding D'infrastructures Des Metiers De L'environnement, 4.88%, 10/24/29 | 12/09/24 | 572 | 566 | 0.1 |
| IHO Verwaltungs GmbH, 8.75%, 05/15/28 | 10/31/24 | 664 | 691 | 0.1 |
| Intesa Sanpaolo SPA, 6.38% (callable at 100, 03/30/28) | 09/12/25 | 325 | 314 |  |
| Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28 | 01/11/24 | 242 | 242 |  |
| Jerrold Finco PLC, 7.50%, 06/15/31 | 08/14/25 | 381 | 357 |  |
| Kier Group PLC, 9.00%, 02/15/29 | 12/09/24 | 283 | 294 |  |
| Koninklijke KPN N.V., 4.88% (callable at 100, 06/18/29) | 11/12/25 | 392 | 378 |  |
| Kronos International, Inc., 9.50%, 03/15/29 | 02/22/24 | 309 | 254 |  |
| LANXESS Aktiengesellschaft, 1.75%, 03/22/28 | 03/26/26 | 331 | 331 |  |
| LHMC Finco 2 S.A R.L., 9.38%, 05/15/30 | 01/12/26 | 198 | 199 |  |
| Lottomatica S.p.A., 5.38%, 06/01/30 | 09/24/24 | 205 | 212 |  |
| Lune Holdings S.a r.l., 5.63%, 11/15/28 | 06/06/23 | 185 | 6 |  |
| Maya, 5.63%, 10/15/28 | 12/05/23 | 791 | 810 | 0.1 |
| Mehilainen Yhtiot Oy, 5.13%, 06/30/32 | 09/12/25 | 491 | 477 | 0.1 |
| Miller Homes Group (Finco) PLC, 7.00%, 05/15/29 | 01/16/24 | 243 | 258 |  |
| MKS Inc., 4.25%, 02/15/34 | 03/17/26 | 312 | 309 |  |
| Motel One GmbH, 7.75%, 04/02/31 | 07/09/24 | 178 | 192 |  |
| MPT Operating Partnership, L.P., 7.00%, 02/15/32 | 05/21/25 | 390 | 375 |  |
| New Immo Holding, 6.00%, 03/22/29 | 05/29/25 | 448 | 462 | 0.1 |
| Nexans, 4.25%, 03/11/30 | 09/02/25 | 480 | 463 | 0.1 |
| Next Group PLC, 3.63%, 05/18/28 | 09/25/18 | 395 | 385 |  |
| Nidda Healthcare Holding GmbH, 5.63%, 02/21/30 | 02/05/25 | 590 | 602 | 0.1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Nissan Motor Co., Ltd., 5.25%, 07/17/29 | 09/12/25 | 192 | 183 |  |
| Nissan Motor Co., Ltd., 6.38%, 07/17/33 | 01/12/26 | 121 | 115 |  |
| Nomad Foods Bondco PLC, 2.50%, 06/24/28 | 03/20/26 | 111 | 111 |  |
| Olympus Water US Holding Corporation, 3.88%, 10/01/28 | 11/01/24 | 279 | 293 |  |
| Olympus Water US Holding Corporation, 5.38%, 10/01/29 | 11/12/25 | 158 | 154 |  |
| Olympus Water US Holding Corporation, 6.13%, 02/15/33 | 03/17/26 | 152 | 150 |  |
| Ontex Group, 5.25%, 04/15/30 | 05/21/25 | 389 | 355 |  |
| Ooredoo International Finance Limited, 4.63%, 10/10/34 | 11/05/25 | 836 | 814 | 0.1 |
| Optics BidCo S.p.A., 6.88%, 02/15/28 | 05/22/24 | 734 | 744 | 0.1 |
| Orsted A/S, 5.13% (callable at 100, 09/14/29) | 05/15/25 | 562 | 565 | 0.1 |
| Orsted A/S, 5.25%, 12/08/22 | 04/22/24 | 330 | 350 |  |
| Pachelbel BidCo S.p.A., 7.13%, 05/17/31 | 05/13/25 | 475 | 459 | 0.1 |
| Paprec Holding, 4.50%, 07/15/32 | 10/06/25 | 399 | 380 |  |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 05/05/21 | 290 | 290 |  |
| Petroleos Mexicanos, 4.75%, 02/26/29 | 10/16/24 | 361 | 384 |  |
| Primo Water Holdings Inc., 3.88%, 10/31/28 | 02/14/25 | 355 | 386 |  |
| Progroup AG, 5.38%, 04/15/31 | 10/31/24 | 334 | 340 |  |
| Proximus, 4.75% (callable at 100, 07/02/31) | 05/13/25 | 467 | 458 | 0.1 |
| Prysmian S.p.A., 5.25% (callable at 100, 05/21/30) | 07/24/25 | 470 | 455 | 0.1 |
| Punch Finance PLC, 7.88%, 12/30/30 | 07/23/25 | 465 | 440 | 0.1 |
| Q-Park Holding I B.V., 5.13%, 02/15/30 | 07/16/25 | 481 | 467 | 0.1 |
| RAC Bond Co PLC, 5.25%, 11/04/27 | 05/17/23 | 247 | 261 |  |
| Rakuten Group, Inc., 4.25% (callable at 100, 04/22/27) | 03/20/25 | 205 | 223 |  |
| RCI Banque, 5.50%, 10/09/34 | 12/02/25 | 122 | 117 |  |
| Renault, 3.88%, 09/30/30 | 11/12/25 | 349 | 340 |  |
| Rossini S.a r.l., 5.89%, 12/31/29 | 11/01/24 | 228 | 243 |  |
| Schaeffler AG, 4.75%, 08/14/29 | 04/14/25 | 112 | 115 |  |
| Schaeffler AG, 4.50%, 03/28/30 | 05/23/24 | 1117 | 1135 | 0.1 |
| Schaeffler AG, 5.38%, 04/01/31 | 10/02/25 | 123 | 117 |  |
| Shift4 Payments, LLC, 5.50%, 05/15/33 | 09/12/25 | 329 | 294 |  |
| Silgan Holdings Inc., 4.25%, 02/15/31 | 10/28/25 | 315 | 298 |  |
| Snf Group, 4.50%, 03/15/32 | 05/21/25 | 272 | 276 |  |
| SoftBank Group Corp., 5.25%, 10/10/29 | 09/12/25 | 404 | 381 |  |
| SSE PLC, 4.00% (callable at 100, 01/21/28) | 12/11/23 | 415 | 460 | 0.1 |
| Stedin Holding N.V., 1.50% (callable at 100, 12/31/26) | 12/11/23 | 196 | 227 |  |
| Sudzucker International Finance B.V., 5.95% (callable at 100, 05/28/30) | 07/23/25 | 232 | 224 |  |
| Sunrise HoldCo IV B.V., 3.88%, 06/15/29 | 11/20/25 | 389 | 380 |  |
| TAP–Transportes Aereos Portugueses, SGPS, S.A., 5.13%, 11/15/29 | 03/04/25 | 577 | 568 | 0.1 |
| TeamSystem S.p.A., 5.00%, 07/01/31 | 02/18/26 | 207 | 197 |  |
| Techem Verwaltungsgesellschaft 675 mbH, 5.38%, 07/15/29 | 07/17/25 | 580 | 569 | 0.1 |
| Telecom Italia S.p.A., 7.88%, 07/31/28 | 12/05/23 | 276 | 298 |  |
| Telecom Italia S.p.A., 3.63%, 09/30/30 | 11/12/25 | 292 | 285 |  |
| Telefonica Europe B.V., 2.88% (callable at 100, 06/24/27) | 05/04/23 | 646 | 681 | 0.1 |
| Telefonica Europe B.V., 5.75% (callable at 100, 01/15/32) | 05/15/25 | 230 | 236 |  |
| Telefonica Europe B.V., 6.14% (callable at 100, 02/03/30) | 05/21/25 | 236 | 240 |  |
| Telefonica Europe B.V., 6.75% (callable at 100, 06/07/31) | 04/18/24 | 338 | 370 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 1.63%, 10/15/28 | 11/10/21 | 265 | 272 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 4.38%, 05/09/30 | 12/05/23 | 870 | 927 | 0.1 |
| TMNL Holding BV, 3.75%, 01/15/29 | 05/06/22 | 479 | 540 | 0.1 |
| TotalEnergies SE, 4.50% (callable at 100, 08/19/34) | 04/30/25 | 335 | 339 |  |
| Trivium Packaging Finance B.V., 6.63%, 07/15/30 | 07/23/25 | 250 | 238 |  |
| TUI Cruises GmbH, 5.00%, 05/15/30 | 05/21/25 | 291 | 281 |  |
| TVL Finance PLC, 10.25%, 04/28/28 | 12/03/25 | 155 | 147 |  |
| UGI International, LLC, 2.50%, 12/01/29 | 05/08/24 | 385 | 387 |  |
| Unibail-Rodamco-Westfield SE, 4.75% (callable at 100, 06/11/31) | 11/17/25 | 715 | 686 | 0.1 |
| Unicredit, Societa' Per Azioni, 5.38%, 04/16/34 | 09/12/25 | 557 | 540 | 0.1 |
| United Group B.V., 4.63%, 08/15/28 | 07/04/23 | 178 | 207 |  |
| United Group B.V., 6.75%, 02/15/31 | 11/25/25 | 242 | 232 |  |
| Valeo, 4.50%, 04/11/30 | 07/25/25 | 352 | 343 |  |
| Valeo, 5.13%, 05/20/31 | 09/04/25 | 476 | 462 | 0.1 |
| Valeo, 4.63%, 03/23/32 | 11/20/25 | 115 | 112 |  |
| Vattenfall AB, 6.88%, 08/17/83 | 12/11/23 | 378 | 402 |  |
| Veolia Environnement, 2.50% (callable at 100, 01/20/29) | 06/11/25 | 667 | 655 | 0.1 |
| Veolia Environnement, 4.37% (callable at 100, 05/20/30) | 08/13/25 | 240 | 228 |  |
| Veolia Environnement, 5.99% (callable at 100, 11/22/28) | 01/10/24 | 565 | 602 | 0.1 |
| Verisure Midholding AB, 5.25%, 02/15/29 | 12/05/23 | 815 | 887 | 0.1 |
| VMED O2 UK Financing I PLC, 4.50%, 07/15/31 | 05/06/22 | 565 | 556 | 0.1 |
| VMED O2 UK Financing I PLC, 5.63%, 04/15/32 | 02/19/26 | 318 | 291 |  |
| Vodafone Group Public Limited Company, 3.00%, 08/27/80 | 05/21/25 | 891 | 872 | 0.1 |
| Vodafone Group Public Limited Company, 6.50%, 08/30/84 | 12/11/23 | 566 | 610 | 0.1 |
| Volkswagen International Finance N.V., 3.75% (callable at 100, 12/28/27) | 12/11/23 | 504 | 571 | 0.1 |
| VZ Secured Financing B.V., 5.25%, 01/15/33 | 11/18/25 | 251 | 229 |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Wintershall Dea GmbH, 3.00% (callable at 100, 07/20/28) | 10/11/23 | 388 | 441 | 0.1 |
| Zegona Finance PLC, 6.75%, 07/15/29 | 12/09/24 | 252 | 276 |  |
| ZF Friedrichshafen AG, 6.13%, 03/13/29 | 05/21/25 | 338 | 347 |  |
| ZF Friedrichshafen AG, 3.00%, 10/23/29 | 12/05/23 | 626 | 631 | 0.1 |
| ZF Friedrichshafen AG, 7.00%, 06/12/30 | 09/24/25 | 123 | 118 |  |
| Ziggo B.V., 2.88%, 01/15/30 | 05/19/25 | 142 | 143 |  |
|  |  | 85835 | 86137 | 8.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| 3 Month SOFR Index | 337 | September 2026 |  | 81283 | 13 | (121) |
| 3 Month SOFR Index | 353 | March 2027 |  | 85306 | 31 | (264) |
| Canada 2 Year Bond | 327 | June 2026 | CAD | 34477 | 33 | (60) |
| Euro BOBL | 6 | June 2026 | EUR | 706 |  | (16) |
| Euro Schatz | 47 | June 2026 | EUR | 5019 |  | (57) |
| Italy Government BTP Bond | 1 | June 2026 | EUR | 121 | 1 | (6) |
| United States 10 Year Note | 156 | June 2026 |  | 17307 | 37 | 17 |
| United States 10 Year Ultra Bond | 104 | June 2026 |  | 11814 | 37 | (8) |
| United States 2 Year Note | 454 | July 2026 |  | 94431 | 35 | (251) |
| United States 5 Year Note | 281 | July 2026 |  | 30385 | 28 | 14 |
| United States Long Bond | 131 | June 2026 |  | 15384 | 49 | (466) |
|  |  |  |  |  | 264 | (1218) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro Bund | (5) | June 2026 | EUR | (643) | (1) | 19 |
| Euro Buxl 30 Year Bond | (1) | June 2026 | EUR | (112) | (1) | 2 |
| Long Gilt | (1) | June 2026 | GBP | (93) |  | 7 |
| United States Ultra Bond | (15) | June 2026 |  | (1736) | (3) | (12) |
|  |  |  |  |  | (5) | 16 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 13.25<br> (A) | 01/02/31 | BRL | 33452 | 48 | (60) |
| BRAZIBOR (A) | Paying | 13.45<br> (A) | 01/02/31 | BRL | 57168 | 81 | (95) |
| U.S. CPURNSA (A) | Receiving | 2.47<br> (A) | 12/02/29 |  | 1535 | (1) | 12 |
| U.S. CPURNSA (A) | Paying | 2.58<br> (A) | 12/02/26 |  | 3700 | 4 | (38) |
|  |  |  |  |  |  | 132 | (181) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | BCL | 04/15/26 | AUD | 2347 | 1619 | 42 |
| AUD/USD | CIT | 04/15/26 | AUD | 380 | 262 | (4) |
| AUD/USD | GSC | 04/15/26 | AUD | 380 | 262 | (9) |
| BRL/USD | CIT | 04/17/26 | BRL | 7213 | 1388 | 61 |
| BRL/USD | GSC | 04/17/26 | BRL | 6407 | 1234 | 44 |
| CLP/USD | CIT | 04/15/26 | CLP | 1011000 | 1092 | (25) |
| CLP/USD | GSC | 04/15/26 | CLP | 480000 | 518 | (12) |
| COP/USD | CIT | 04/01/26 | COP | 3465804 | 943 | 18 |
| COP/USD | GSC | 04/01/26 | COP | 445025 | 121 | 2 |
| COP/USD | CIT | 06/17/26 | COP | 214642 | 57 |  |
| CZK/EUR | GSC | 06/17/26 | EUR | (513) | (596) | (2) |
| CZK/EUR | SCB | 06/17/26 | EUR | (514) | (596) | (3) |
| EUR/CZK | JPM | 06/17/26 | CZK | (25293) | (1192) | 7 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| EUR/HUF | CIT | 04/01/26 | HUF | (24768) | (74) | (1) |
| EUR/HUF | GSC | 04/01/26 | HUF | (405585) | (1219) | (11) |
| EUR/HUF | JPM | 04/01/26 | HUF | (724462) | (2179) | (48) |
| EUR/HUF | SSB | 04/01/26 | HUF | (50367) | (151) | 1 |
| EUR/PLN | CIT | 04/22/26 | PLN | (4048) | (1090) | 8 |
| EUR/PLN | GSC | 04/22/26 | PLN | (3635) | (979) | 3 |
| EUR/PLN | JPM | 04/22/26 | PLN | (3729) | (1005) | 4 |
| EUR/RON | CIT | 04/17/26 | RON | (738) | (167) |  |
| EUR/RON | JPM | 04/17/26 | RON | (909) | (206) | (2) |
| EUR/RON | SCB | 04/17/26 | RON | (1758) | (398) | (2) |
| EUR/USD | CIT | 04/01/26 | EUR | 172 | 199 | (1) |
| EUR/USD | CIT | 04/01/26 | EUR | 18 | 21 |  |
| EUR/USD | CIT | 04/07/26 | EUR | 2200 | 2543 | (13) |
| EUR/USD | CIT | 04/07/26 | EUR | 1215 | 1406 | 7 |
| EUR/USD | GSC | 04/07/26 | EUR | 57 | 66 |  |
| EUR/USD | SSB | 04/07/26 | EUR | 278 | 321 | (1) |
| EUR/USD | GSC | 04/15/26 | EUR | 1397 | 1616 | (32) |
| EUR/USD | CIT | 05/06/26 | EUR | 19 | 22 |  |
| GBP/EUR | CIT | 04/15/26 | EUR | (260) | (300) | (1) |
| GBP/EUR | CIT | 04/15/26 | EUR | (624) | (722) | 1 |
| GBP/EUR | SSB | 04/15/26 | EUR | (717) | (829) | (8) |
| HUF/EUR | CIT | 04/01/26 | EUR | (265) | (306) | (4) |
| HUF/EUR | CIT | 04/01/26 | EUR | (516) | (597) | 5 |
| HUF/EUR | GSC | 04/01/26 | EUR | (276) | (319) | 5 |
| HUF/EUR | JPM | 04/01/26 | EUR | (1007) | (1165) | 12 |
| HUF/EUR | SSB | 04/01/26 | EUR | (1039) | (1201) | 18 |
| HUF/EUR | CIT | 05/26/26 | EUR | (63) | (73) | 1 |
| ILS/USD | GSC | 07/17/26 | ILS | 2426 | 774 | (1) |
| KRW/USD | CIT | 04/24/26 | KRW | 1096511 | 716 | (16) |
| KRW/USD | SSB | 04/24/26 | KRW | 610635 | 399 | (14) |
| MXN/USD | GSC | 04/15/26 | MXN | 44660 | 2489 | (17) |
| MXN/USD | SCB | 07/17/26 | MXN | 11918 | 659 | (12) |
| NOK/USD | BCL | 04/15/26 | NOK | 5000 | 516 | 18 |
| PEN/USD | CIT | 04/17/26 | PEN | 2940 | 844 | (24) |
| PEN/USD | CIT | 04/17/26 | PEN | 3698 | 1062 | 4 |
| PEN/USD | JPM | 04/17/26 | PEN | 199 | 57 | (2) |
| PEN/USD | SCB | 04/17/26 | PEN | 603 | 173 | 1 |
| PLN/EUR | CIT | 04/22/26 | EUR | (2091) | (2420) | (19) |
| PLN/EUR | GSC | 04/22/26 | EUR | (632) | (731) |  |
| RON/EUR | GSC | 04/17/26 | EUR | (1589) | (1838) | 16 |
| THB/USD | CIT | 06/17/26 | THB | 18358 | 560 | (8) |
| THB/USD | JPM | 06/17/26 | THB | 18990 | 579 | (10) |
| TRY/USD | CIT | 05/22/26 | TRY | 64223 | 1361 | 171 |
| TRY/USD | GSC | 05/22/26 | TRY | 3166 | 67 |  |
| TRY/USD | JPM | 05/22/26 | TRY | 10639 | 225 | (1) |
| TRY/USD | JPM | 05/22/26 | TRY | 7862 | 166 |  |
| USD/AUD | GSC | 04/15/26 | AUD | (2347) | (1619) | 12 |
| USD/BRL | CIT | 04/17/26 | BRL | (619) | (119) | (3) |
| USD/BRL | GSC | 04/17/26 | BRL | (8316) | (1601) | (37) |
| USD/BRL | JPM | 04/17/26 | BRL | (552) | (106) | (1) |
| USD/CAD | BCL | 04/15/26 | CAD | (11568) | (8321) | 86 |
| USD/CAD | CIT | 04/15/26 | CAD | (730) | (525) | 14 |
| USD/CAD | JPM | 04/15/26 | CAD | (1110) | (798) | 26 |
| USD/CAD | SCB | 04/15/26 | CAD | (2316) | (1666) | 36 |
| USD/CLP | CIT | 04/15/26 | CLP | (505500) | (546) | 37 |
| USD/CLP | GSC | 06/17/26 | CLP | (677322) | (732) | 11 |
| USD/COP | CIT | 04/01/26 | COP | (3209906) | (874) | (35) |
| USD/COP | CIT | 04/01/26 | COP | (214642) | (58) |  |
| USD/COP | GSC | 04/01/26 | COP | (486282) | (132) | (3) |
| USD/EUR | CIT | 04/01/26 | EUR | (172) | (199) | 4 |
| USD/EUR | CIT | 04/07/26 | EUR | (1606) | (1858) | 19 |
| USD/EUR | GSC | 04/07/26 | EUR | (535) | (618) | (2) |
| USD/EUR | JPM | 04/07/26 | EUR | (334) | (386) | (1) |
| USD/EUR | JPM | 04/07/26 | EUR | (1275) | (1473) | 29 |
| USD/EUR | CIT | 04/15/26 | EUR | (50712) | (58656) | 992 |
| USD/EUR | JPM | 04/15/26 | EUR | (1000) | (1157) | 27 |
| USD/EUR | SSB | 04/15/26 | EUR | (38) | (44) |  |
| USD/EUR | CIT | 05/06/26 | EUR | (18) | (21) |  |
| USD/GBP | CIT | 04/15/26 | GBP | (11039) | (14611) | 315 |
| USD/GBP | SSB | 04/15/26 | GBP |  |  |  |
| USD/HUF | GSC | 04/15/26 | HUF | (733244) | (2203) | 14 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/IDR | CIT | 06/17/26 | IDR | (7033972) | (413) | (1) |
| USD/IDR | CIT | 06/17/26 | IDR | (10112065) | (594) | 3 |
| USD/IDR | GSC | 06/17/26 | IDR | (6336351) | (372) |  |
| USD/ILS | JPM | 07/17/26 | ILS | (2427) | (774) | 6 |
| USD/JPY | BCL | 04/15/26 | JPY | (1711007) | (10795) | 234 |
| USD/MXN | SCB | 04/15/26 | MXN | (10322) | (575) | (7) |
| USD/MXN | CIT | 07/17/26 | MXN | (13529) | (748) | 2 |
| USD/NOK | GSC | 04/15/26 | NOK | (5000) | (516) | 2 |
| USD/PEN | CIT | 04/17/26 | PEN | (3007) | (863) | 5 |
| USD/PEN | SCB | 04/17/26 | PEN | (3941) | (1132) | 19 |
| USD/THB | CIT | 06/17/26 | THB | (25292) | (772) | 10 |
| USD/THB | GSC | 06/17/26 | THB | (35994) | (1098) | 6 |
| USD/TRY | CIT | 05/22/26 | TRY | (13322) | (282) | (4) |
| USD/TRY | GSC | 05/22/26 | TRY | (69489) | (1472) | 2 |
| USD/ZAR | GSC | 04/15/26 | ZAR | (36387) | (2148) | 57 |
| USD/ZAR | GSC | 07/17/26 | ZAR | (11876) | (696) | 2 |
| ZAR/USD | JPM | 04/15/26 | ZAR | 4500 | 266 | (4) |
| ZAR/USD | GSC | 07/17/26 | ZAR | 8135 | 477 | (6) |
| ZAR/USD | JPM | 07/17/26 | ZAR | 6203 | 364 | (6) |
|  |  |  |  |  | (116482) | 2006 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 -0.50% (A) | GSC | 04/07/26 | 3826 |  | (32) |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | SOFR +0.00% (A) | GSC | 04/20/26 | 8826 |  | (162) |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | SOFR +0.10% (A) | GSC | 04/14/26 | 11025 |  | (233) |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | SOFR -0.70% (Q) | JPM | 06/19/26 | 3302 |  | 9 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (MT) | SOFR -0.35% (A) | JPM | 04/21/26 | 7134 |  | (126) |
|  |  |  |  |  |  | (544) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 454922 |  | 454922 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 422770 |  | 422770 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 202901 |  | 202901 |
| &nbsp;&nbsp;Investment Companies | 15848 |  |  | 15848 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 3297 |  | 3297 |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 65018 |  |  | 65018 |
|  | 80866 | 1083890 |  | 1164756 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 59 |  |  | 59 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 12 |  | 12 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 2419 |  | 2419 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 9 |  | 9 |
|  | 59 | 2440 |  | 2499 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1261) |  |  | (1261) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (193) |  | (193) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (413) |  | (413) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (553) |  | (553) |
|  | (1261) | (1159) |  | (2420) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** |
| **COMMON STOCKS 97.9%** | **COMMON STOCKS 97.9%** | **COMMON STOCKS 97.9%** |
| **Financials 27.2%** | **Financials 27.2%** | **Financials 27.2%** |
| American International Group, Inc. | 587 | 44184 |
| AON Public Limited Company - Class A | 203 | 65464 |
| Assurant, Inc. | 503 | 109672 |
| Berkshire Hathaway Inc. - Class B (a) | 259 | 124040 |
| Capital One Financial Corporation | 173 | 31576 |
| Charles Schwab Corporation, The | 756 | 71079 |
| Chubb Limited | 174 | 56680 |
| Citigroup Inc. | 533 | 60458 |
| CME Group Inc. - Class A | 113 | 33479 |
| Columbia Banking System, Inc. | 1003 | 27522 |
| Fifth Third Bancorp | 1889 | 87758 |
| First Horizon Corporation | 2290 | 52123 |
| Goldman Sachs Group, Inc., The | 39 | 32887 |
| JPMorgan Chase & Co. | 412 | 121338 |
| Morgan Stanley | 402 | 66132 |
| Old Republic International Corporation | 985 | 39296 |
| Truist Financial Corporation | 589 | 27081 |
| Voya Financial, Inc. | 524 | 35809 |
|  |  | 1086578 |
| **Industrials 14.7%** | **Industrials 14.7%** | **Industrials 14.7%** |
| Carlisle Companies Incorporated | 105 | 34917 |
| Caterpillar Inc. | 56 | 39504 |
| CNH Industrial N.V. | 2227 | 24494 |
| CSX Corporation | 1992 | 81782 |
| Delta Air Lines, Inc. | 1190 | 79103 |
| Dover Corporation | 261 | 54487 |
| Emerson Electric Co. | 155 | 20350 |
| FedEx Corporation | 108 | 38406 |
| Ferguson Enterprises Inc. | 82 | 19079 |
| Honeywell International Inc. | 143 | 32324 |
| Hubbell Incorporated | 88 | 43034 |
| L3Harris Technologies, Inc. | 256 | 88519 |
| Regal Rexnord Corporation | 155 | 28978 |
|  |  | 584977 |
| **Health Care 12.8%** | **Health Care 12.8%** | **Health Care 12.8%** |
| Alcon AG (b) | 252 | 18954 |
| Bristol-Myers Squibb Company | 1036 | 62858 |
| Elevance Health, Inc. | 163 | 47788 |
| Gilead Sciences, Inc. | 275 | 38391 |
| Johnson & Johnson | 528 | 129006 |
| Medtronic, Inc. | 504 | 43682 |
| Pfizer Inc. | 1200 | 33711 |
| Thermo Fisher Scientific Inc. | 99 | 48591 |
| UnitedHealth Group Incorporated | 331 | 89483 |
|  |  | 512464 |
| **Information Technology 11.1%** | **Information Technology 11.1%** | **Information Technology 11.1%** |
| Applied Materials, Inc. | 308 | 105254 |
| Cisco Systems, Inc. | 2034 | 157801 |
| Dolby Laboratories, Inc. - Class A | 455 | 27299 |
| International Business Machines Corporation | 122 | 29632 |
| TE Connectivity Public Limited Company | 84 | 17501 |
| Texas Instruments Incorporated | 545 | 105753 |
|  |  | 443240 |
| **Energy 10.4%** | **Energy 10.4%** | **Energy 10.4%** |
| Diamondback Energy, Inc. | 167 | 32991 |
| EQT Corporation | 399 | 25400 |
| Expand Energy Corporation | 238 | 26146 |
| Exxon Mobil Corporation | 781 | 132480 |
| Marathon Petroleum Corporation | 163 | 39790 |
| Permian Resources Corporation - Class A | 1125 | 23995 |
| Phillips 66 | 280 | 51054 |
| SLB Limited | 1652 | 84884 |
|  |  | 416740 |
| **Communication Services 7.1%** | **Communication Services 7.1%** | **Communication Services 7.1%** |
| AT&T Inc. | 2664 | 77222 |
| Omnicom Group Inc. | 1291 | 97260 |
| Verizon Communications Inc. | 1158 | 58121 |
| Vodafone Group Public Limited Company - ADR | 1317 | 19786 |
| Walt Disney Company, The | 316 | 30465 |
|  |  | 282854 |
| **Consumer Discretionary 5.1%** | **Consumer Discretionary 5.1%** | **Consumer Discretionary 5.1%** |
| Amazon.com, Inc. (a) | 392 | 81572 |
| Deckers Outdoor Corporation (a) | 291 | 29102 |
| Ford Motor Company | 3253 | 37541 |
| Las Vegas Sands Corp. | 639 | 34424 |
| Lowe`s Companies, Inc. | 90 | 21280 |
|  |  | 203919 |
| **Materials 4.4%** | **Materials 4.4%** | **Materials 4.4%** |
| CRH Public Limited Company | 393 | 41308 |
| Freeport-McMoRan Inc. | 581 | 34130 |
| International Paper Company | 1008 | 35986 |
| Newmont Corporation | 398 | 43124 |
| Packaging Corporation of America | 105 | 22323 |
|  |  | 176871 |
| **Consumer Staples 2.7%** | **Consumer Staples 2.7%** | **Consumer Staples 2.7%** |
| Colgate-Palmolive Company | 992 | 84540 |
| Estee Lauder Companies Inc., The - Class A | 322 | 23123 |
|  |  | 107663 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| Constellation Energy Group, Inc. | 100 | 27851 |
| Dominion Energy, Inc. | 459 | 28349 |
|  |  | 56200 |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| Weyerhaeuser Company | 1571 | 38375 |
| Total Common Stocks (cost $3,507,341) | Total Common Stocks (cost $3,507,341) | 3909881 |
| **SHORT TERM INVESTMENTS 3.0%** | **SHORT TERM INVESTMENTS 3.0%** | **SHORT TERM INVESTMENTS 3.0%** |
| **Investment Companies 3.0%** | **Investment Companies 3.0%** | **Investment Companies 3.0%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 120596 | 120596 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 549 | 549 |
| Total Short Term Investments (cost $121,145) | Total Short Term Investments (cost $121,145) | 121145 |
| **Total Investments 100.9% (cost $3,628,486)** | **Total Investments 100.9% (cost $3,628,486)** | **4031026** |
| **Other Assets and Liabilities, Net (0.9)%** | **Other Assets and Liabilities, Net (0.9)%** | **(35643)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3995383** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 118025 | 309437 | 306866 | 778 |  |  | 120596 | 3.0 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 6237 | 5688 | 1 |  |  | 549 |  |
|  | 118025 | 315674 | 312554 | 779 |  |  | 121145 | 3.0 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 3909881 |  |  | 3909881 |
| &nbsp;&nbsp;Short Term Investments | 121145 |  |  | 121145 |
|  | 4031026 |  |  | 4031026 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 86.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 86.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 86.2%** |
| **Mortgage-Backed Securities 61.3%** | **Mortgage-Backed Securities 61.3%** | **Mortgage-Backed Securities 61.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 08/01/42 - 02/01/52 | 18385 | 17497 |
| 3.50%, 06/01/48 | 82 | 76 |
| 3.00%, 05/01/52 | 1085 | 957 |
| 5.50%, 01/01/53 - 10/01/53 | 6628 | 6685 |
| 6.00%, 02/01/53 | 35371 | 36234 |
| 4.50%, 05/01/53 - 06/01/53 | 898 | 869 |
| 5.00%, 08/01/54 | 354 | 350 |
| 7.00%, 04/01/55 - 06/01/55 | 6888 | 7240 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 05/01/39 - 03/01/52 | 30504 | 29031 |
| 3.50%, 03/01/48 - 02/01/50 | 3332 | 3096 |
| 3.00%, 03/01/50 - 05/01/52 | 4251 | 3785 |
| 5.50%, 11/01/52 - 10/01/53 | 24913 | 25142 |
| 4.50%, 04/01/53 - 05/01/53 | 487 | 471 |
| 6.00%, 09/01/53 | 190 | 194 |
| 6.50%, 10/01/53 - 01/01/54 | 13685 | 14174 |
| 7.00%, 02/01/55 - 05/01/55 | 6505 | 6838 |
| TBA, 4.00%, 04/15/56 - 06/15/56 (a) | 60800 | 57233 |
| TBA, 4.50%, 04/15/56 - 06/15/56 (a) | 24200 | 23311 |
| TBA, 5.00%, 04/15/56 - 05/15/56 (a) | 228705 | 225207 |
| TBA, 5.50%, 05/15/56 - 06/15/56 (a) | 126425 | 126678 |
| TBA, 6.50%, 05/15/56 - 06/15/56 (a) | 217855 | 225032 |
| TBA, 3.00%, 06/15/56 (a) | 20000 | 17552 |
| TBA, 3.50%, 06/15/56 (a) | 26950 | 24648 |
| TBA, 6.00%, 06/15/56 - 07/15/56 (a) | 180105 | 183029 |
| Government National Mortgage Association |  |  |
| 3.50%, 01/20/55 - 09/20/55 | 15970 | 14641 |
| TBA, 3.00%, 04/15/56 (a) | 4000 | 3567 |
| TBA, 4.00%, 04/15/56 (a) | 9200 | 8607 |
| TBA, 4.50%, 04/15/56 (a) | 14400 | 13888 |
| TBA, 5.00%, 05/15/56 (a) | 4500 | 4444 |
| TBA, 6.00%, 05/15/56 (a) | 13600 | 13808 |
| TBA, 6.50%, 05/15/56 (a) | 38400 | 39783 |
| TBA, 5.50%, 06/15/56 (a) | 3000 | 3005 |
|  |  | 1137072 |
| **Sovereign 7.4%** | **Sovereign 7.4%** | **Sovereign 7.4%** |
| Arab Republic of Egypt |  |  |
| 21.95%, 03/04/28, EGP | 208400 | 3709 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.95%, 08/12/31, PEN (b) | 10072 | 3153 |
| 6.95%, 08/12/31, PEN (c) | 24000 | 7511 |
| 6.15%, 08/12/32, PEN | 4571 | 1389 |
| 6.15%, 08/12/32, PEN (b) | 6434 | 1948 |
| 7.30%, 08/12/33, PEN | 8800 | 2808 |
| 5.40%, 08/12/34, PEN | 1100 | 306 |
| 5.40%, 08/12/34, PEN (b) | 502 | 139 |
| 5.40%, 08/12/34, PEN (c) | 2400 | 663 |
| 6.90%, 08/12/37, PEN (b) | 3314 | 955 |
| 7.60%, 08/12/39, PEN | 1000 | 305 |
| 5.35%, 08/12/40, PEN | 400 | 98 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 5.38%, 01/21/29 | 9500 | 9429 |
| 6.13%, 01/21/31 | 800 | 788 |
| 5.00%, 09/19/32, EUR | 600 | 654 |
| 6.50%, 01/21/33 | 1100 | 1082 |
| 13.25%, 02/09/33, COP | 23537800 | 6324 |
| 5.75%, 11/26/34, EUR | 1200 | 1311 |
| 5.63%, 02/19/36, EUR | 700 | 741 |
| 6.50%, 11/26/38, EUR | 1000 | 1102 |
| Gobierno de la Republica de Costa Rica |  |  |
| 6.47%, 11/21/30, EUR (b) | 1500 | 1776 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 8.50%, 03/01/29 - 05/31/29, MXN | 104800 | 5844 |
| 7.75%, 05/29/31 - 11/23/34, MXN | 86500 | 4498 |
| 7.50%, 05/26/33, MXN | 4100 | 208 |
| 5.63%, 02/09/34 | 1000 | 980 |
| Government of Saudi Arabia |  |  |
| 4.13%, 01/12/29 (b) | 5200 | 5112 |
| Ministerio De Hacienda Y Credito Publico |  |  |
| 11.00%, 08/22/29, COP | 16863500 | 4246 |
| 11.75%, 01/24/35, COP | 16046000 | 4005 |
| 12.75%, 11/28/40, COP | 17005600 | 4562 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 04/04/42 - 09/16/43 (b) (c) (d) (e) | 3000 | 2025 |
| 0.00%, 04/04/42 - 09/16/43 (c) (d) (e) | 3400 | 2296 |
| 0.00%, 06/23/47 (b) (c) (d) (e) (f) | 400 |  |
| 0.00%, 06/23/47 (c) (d) (e) (f) | 5400 |  |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 05/17/35 (c) (d) (e) | 100 | 41 |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 394 | 345 |
| 0.75%, 07/09/30 (g) | 4004 | 3138 |
| 4.13%, 07/09/35 - 07/09/46 (g) | 4456 | 3185 |
| 5.00%, 01/09/38 (g) | 3720 | 2790 |
| 3.50%, 07/09/41 (g) | 4210 | 2799 |
| Presidencia de la Republica de Chile |  |  |
| 5.80%, 10/01/29, CLP | 645000 | 704 |
| 4.70%, 09/01/30, CLP | 315000 | 330 |
| 6.00%, 04/01/33, CLP | 215000 | 237 |
| 5.00%, 03/01/35, CLP | 120000 | 124 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 10/21/26 - 03/31/38 (c) (d) (e) | 2212 | 964 |
| 0.00%, 09/15/27 (d) (e) | 900 | 439 |
| 0.00%, 05/07/28 - 12/09/49 (c) (d) (e) | 7158 | 3275 |
| Romania, Government of |  |  |
| 5.38%, 03/22/31, EUR (b) | 1020 | 1186 |
| 5.13%, 09/24/31, EUR (b) | 1700 | 1945 |
| 5.88%, 07/11/32, EUR (b) (h) | 3900 | 4572 |
| 6.25%, 09/10/34, EUR (b) | 1700 | 1998 |
| 5.63%, 05/30/37, EUR (b) | 600 | 651 |
| 6.75%, 07/11/39, EUR (b) | 1800 | 2082 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 12600 | 737 |
| 7.00%, 02/28/31, ZAR | 110300 | 6111 |
| 8.88%, 02/28/35, ZAR | 156800 | 9098 |
| 8.50%, 01/31/37, ZAR | 50300 | 2777 |
| 9.00%, 01/31/40, ZAR | 12700 | 706 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 39.64%, 05/20/26 - 05/17/28, TRY | 117900 | 2631 |
| 39.28%, 09/06/28, TRY | 7500 | 168 |
| 6.13%, 10/24/28 | 600 | 601 |
| 7.63%, 04/26/29 | 1330 | 1372 |
| 5.25%, 03/13/30 | 2800 | 2670 |
|  |  | 137643 |
| **U.S. Treasury Inflation Indexed Securities 7.4%** | **U.S. Treasury Inflation Indexed Securities 7.4%** | **U.S. Treasury Inflation Indexed Securities 7.4%** |
| Treasury, United States Department of |  |  |
| 0.13%, 07/15/26 - 07/15/31 (i) | 14557 | 14628 |
| 0.38%, 01/15/27 - 07/15/27 (i) | 1246 | 1248 |
| 0.75%, 07/15/28 (i) (j) | 3409 | 3399 |
| 0.88%, 01/15/29 - 02/15/47 (i) | 13753 | 12736 |
| 0.25%, 07/15/29 - 02/15/50 (i) | 19954 | 18019 |
| 1.63%, 04/15/30 (i) | 4394 | 4438 |
| 0.63%, 07/15/32 - 02/15/43 (i) | 13186 | 12351 |
| 1.38%, 07/15/33 - 02/15/44 (i) | 30223 | 29471 |
| 1.75%, 01/15/34 (i) | 3174 | 3161 |
| 1.88%, 07/15/34 (i) | 20213 | 20311 |
| 2.13%, 02/15/40 - 02/15/41 (i) | 598 | 581 |
| 0.75%, 02/15/42 - 02/15/45 (i) | 3960 | 2870 |
| 1.00%, 02/15/46 - 02/15/49 (i) | 15055 | 10742 |
| 1.50%, 02/15/53 (i) | 3939 | 3019 |
|  |  | 136974 |
| **U.S. Treasury Note 5.5%** | **U.S. Treasury Note 5.5%** | **U.S. Treasury Note 5.5%** |
| Treasury, United States Department of |  |  |
| 4.50%, 04/15/27 | 31000 | 31239 |
| 3.75%, 04/30/27 | 2800 | 2799 |
| 0.50%, 10/31/27 | 100 | 95 |
| 0.63%, 11/30/27 - 12/31/27 | 1100 | 1042 |
| 0.75%, 01/31/28 (j) | 210 | 199 |
| 2.38%, 03/31/29 | 11900 | 11412 |
| 4.00%, 07/31/32 | 31400 | 31247 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.75%, 08/15/32 | 19800 | 18315 |
| 4.25%, 08/15/35 | 1393 | 1388 |
| 4.13%, 02/15/36 | 3700 | 3642 |
| | | 101378 |
| **U.S. Treasury Bond 4.6%** | **U.S. Treasury Bond 4.6%** | **U.S. Treasury Bond 4.6%** |
| Treasury, United States Department of |  |  |
| 4.38%, 08/15/43 | 4700 | 4437 |
| 4.88%, 08/15/45 | 857 | 854 |
| 4.63%, 11/15/45 - 05/15/54 | 30730 | 29396 |
| 3.00%, 08/15/48 | 30 | 22 |
| 4.25%, 08/15/54 | 3000 | 2688 |
| 4.50%, 11/15/54 | 17400 | 16258 |
| 4.75%, 02/15/56 | 32338 | 31540 |
|  |  | 85195 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.00%, 12/03/26, MXN (k) | 698 | 39 |
| 4.00%, 11/30/28, MXN (k) | 5862 | 325 |
|  |  | 364 |
| Total Government And Agency Obligations (cost $1,616,036) | Total Government And Agency Obligations (cost $1,616,036) | 1598626 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 32.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 32.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 32.4%** |
| Accredited Mortgage Loan Trust 2006-2 |  |  |
| Series 2006-A4-2, REMIC, 4.05%, (1 Month Term SOFR + 0.37%), 09/25/36 (g) (l) | 875 | 872 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASL1 |  |  |
| Series 2005-M2-AG1, REMIC, 2.41%, (1 Month Term SOFR + 0.80%), 08/25/35 (g) (l) (m) | 5534 | 4755 |
| Aegis Asset Backed Securities Trust |  |  |
| Series 2004-M1-1, REMIC, 6.62%, (1 Month Term SOFR + 1.13%), 04/25/34 (g) (l) (m) | 3222 | 3126 |
| AFC Mortgage Corporation |  |  |
| Series 2000-2A-1, REMIC, 4.43%, (1 Month Term SOFR + 0.75%), 03/25/30 (l) | 957 | 905 |
| Alba 2006-2 PLC |  |  |
| Series 2006-D-2, 4.31%, (SONIA + 0.58%), 12/15/38, GBP (c) (l) | 680 | 831 |
| Alternative Loan Trust 2004-24CB |  |  |
| Series 2004-A1-20T1, REMIC, 6.00%, 09/25/34 | 1534 | 1510 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-B1-J4, REMIC, 5.07%, (1 Month Term SOFR + 2.14%), 07/25/35 (g) (l) (m) | 1634 | 1587 |
| Series 2005-A3-38, REMIC, 4.94%, (1 Month Term SOFR + 0.81%), 09/25/35 (g) (l) (m) | 158 | 143 |
| Series 2005-1A1-35CB, REMIC, 5.50%, 09/25/35 | 564 | 399 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-2A3A-AR1, REMIC, 4.43%, (1 Month Term SOFR + 0.81%), 10/25/35 (g) (l) (m) | 5762 | 5199 |
| Series 2005-1A1-59, REMIC, 4.33%, (1 Month Term SOFR + 0.77%), 11/20/35 (g) (l) (m) | 1163 | 1082 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2005-A1-81, REMIC, 4.62%, (1 Month Term SOFR + 0.67%), 02/25/36 (g) (l) (m) | 572 | 486 |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 4.42%, (1 Month Term SOFR + 0.31%), 12/20/46 (g) (l) (m) | 1115 | 1004 |
| Alternative Loan Trust 2007-19 |  |  |
| Series 2007-2A1-19, REMIC, 6.50%, 08/25/37 | 4005 | 1661 |
| American Airlines, Inc. |  |  |
| Series 2015-A-1, 3.38%, 05/01/27 | 1422 | 1395 |
| Series 2015-AA-2, 3.60%, 09/22/27 | 368 | 362 |
| Ameriquest Mortgage Securities Inc. |  |  |
| Series 2005-M5-R10, REMIC, 4.74%, (1 Month Term SOFR + 1.06%), 11/25/35 (g) (l) | 4660 | 4288 |
| Anchorage Capital CLO 28 Ltd. |  |  |
| Series 2024-A1R-28A, 4.83%, (3 Month Term SOFR + 1.16%), 04/20/37 (l) | 9500 | 9477 |
| Anchorage Credit Funding 11, Ltd. |  |  |
| Series 2020-A-11A, 3.40%, 04/25/38 | 3046 | 2970 |
| Anchorage Credit Funding 12, Ltd. |  |  |
| Series 2020-A1-12A, 3.18%, 10/25/38 | 951 | 921 |
| Anchorage Credit Funding 13, Ltd. |  |  |
| Series 2021-A1-13A, 2.88%, 07/27/39 | 1000 | 956 |
| Anchorage Credit Funding 14, Ltd. |  |  |
| Series 2021-A-14A, 3.00%, 01/23/40 | 1000 | 951 |
| Anchorage Credit Funding 20 Ltd. |  |  |
| Series 2026-A-20A, 4.90%, 04/25/42 | 3700 | 3700 |
| Series 2026-B-20A, 5.20%, 04/25/42 | 600 | 600 |
| ARI Fleet Lease Trust 2026-A |  |  |
| Series 2026-A1-A, 3.81%, 11/16/26 | 3552 | 3552 |
| Series 2026-A2-A, 3.96%, 09/15/28 | 4700 | 4680 |
| Attentus CDO III, Ltd. |  |  |
| Series 2007-A2-3A, REMIC, 4.36%, (3 Month Term SOFR + 0.71%), 10/11/42 (b) (l) | 4234 | 3948 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2022-A-5A, 6.12%, 04/20/26 | 67 | 67 |
| Series 2023-A-3A, 5.44%, 02/20/27 | 150 | 151 |
| Series 2023-A-5A, 5.78%, 04/20/27 | 320 | 324 |
| Series 2024-A-2A, 5.13%, 10/20/27 | 790 | 798 |
| Avon Finance No.4 PLC |  |  |
| Series A-4A, 4.63%, (SONIA + 0.90%), 12/28/49, GBP (b) (g) (l) | 5520 | 7310 |
| Bain Capital Credit CLO 2021-3 Ltd. |  |  |
| Series 2021-AR-3A, 4.73%, (3 Month Term SOFR + 1.06%), 07/24/34 (l) | 6400 | 6384 |
| Banc of America Funding Corp |  |  |
| Series 2005-5M1-A, REMIC, 4.39%, (1 Month Term SOFR + 0.79%), 02/20/35 (g) (l) (m) | 2178 | 2092 |
| Series 2005-1A23-3, REMIC, 5.50%, 06/25/35 | 40 | 40 |
| BCAP LLC 2009-RR13-II Trust |  |  |
| Series 2009-17A3-RR13, REMIC, 4.01%, 04/26/37 (l) | 3492 | 1477 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-12A1-8, REMIC, 0.09%, (1 Month Term SOFR + 0.65%), 10/25/35 (g) (l) (m) | 103 | 103 |
| Bear Stearns Asset Backed Securities I Trust 2006-HE1 |  |  |
| Series 2004-M1-HE10, REMIC, 4.76%, (1 Month Term SOFR + 1.09%), 12/25/34 (g) (l) | 2544 | 2575 |
| BHG Securitization Trust 2025-1CON |  |  |
| Series 2025-A-1CON, 4.82%, 04/17/36 | 2722 | 2723 |
| Bombardier Capital Inc. |  |  |
| Series 1999-A5-B, REMIC, 3.19%, 12/15/29 (l) (m) | 6296 | 310 |
| Bridgecrest Lending Auto Securitization Trust 2026-1 |  |  |
| Series 2026-A2-1, 4.10%, 12/15/26 | 3350 | 3349 |
| Series 2026-A1-1, 3.91%, 01/15/27 | 3990 | 3990 |
| BX Trust 2021-RISE |  |  |
| Series 2021-D-RISE, REMIC, 5.54%, (1 Month Term SOFR + 1.86%), 11/17/36 (l) | 773 | 773 |
| Carmax Select Receivables Trust 2026-A |  |  |
| Series 2026-A2A-A, 4.03%, 02/16/28 | 9600 | 9588 |
| Carrington Mortgage Loan Trust, Series 2006-NC3 |  |  |
| Series 2006-A4-NC3, REMIC, 4.18%, (1 Month Term SOFR + 0.35%), 07/25/36 (g) (l) (m) | 7130 | 5750 |
| Carval |  |  |
| Series 2018-AR-1A, 4.90%, (3 Month Term SOFR + 1.23%), 07/16/31 (l) | 5734 | 5733 |
| Carvana Auto Receivables Trust 2023-P3 |  |  |
| Series 2023-A3-P3, 5.82%, 11/10/26 | 2157 | 2168 |
| C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB8 |  |  |
| Series 2006-A2C-CB8, REMIC, 1.52%, (1 Month Term SOFR + 0.41%), 10/25/36 (g) (l) (m) | 4328 | 3704 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-2A |  |  |
| Series 2004-A1-1A, REMIC, 4.07%, (1 Month Term SOFR + 0.39%), 01/25/35 (b) (g) (l) | 75 | 72 |
| CHL Mortgage Pass-Through Trust 2006-17 |  |  |
| Series 2006-A1-17, REMIC, 6.00%, 12/25/36 | 1187 | 489 |
| CIM Trust 2023-R4 |  |  |
| Series 2023-A1-R4, REMIC, 5.00%, 05/25/62 | 4646 | 4637 |
| Citigroup Commercial Mortgage Trust 2016-C1 |  |  |
| Series 2016-A4-C1, REMIC, 3.21%, 05/12/26 | 5220 | 5209 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2006-2A1A-4, REMIC, 6.00%, 12/25/35 | 1267 | 1265 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Citigroup Mortgage Loan Trust 2006-AR9 |  |  |
| Series 2006-1M2-AR9, REMIC, 4.49%, (1 Month Term SOFR + 0.82%), 11/25/36 (g) (l) | 1658 | 1761 |
| Citigroup Mortgage Loan Trust 2013-2 |  |  |
| Series 2013-1A4-2, REMIC, 5.86%, 11/25/37 (l) | 1814 | 1646 |
| CommonBond Student Loan Trust 2020-A-GS |  |  |
| Series 2020-A-AGS, 1.98%, 08/25/50 | 2136 | 1919 |
| Conseco Finance Corp. |  |  |
| Series 1999-A6-5, REMIC, 7.50%, 03/01/30 | 2821 | 576 |
| CPS Auto Receivables Trust 2022-D |  |  |
| Series 2022-D-D, 8.73%, 07/15/26 | 500 | 514 |
| CPS Auto Receivables Trust 2023-B |  |  |
| Series 2023-C-B, 6.04%, 07/16/29 | 215 | 216 |
| CPS Auto Receivables Trust 2023-D |  |  |
| Series 2023-D-D, 7.80%, 07/15/27 | 500 | 518 |
| CPS Auto Receivables Trust 2026-A |  |  |
| Series 2026-A-A, 4.19%, 08/16/27 | 18903 | 18910 |
| Cross 2023-H1 Mortgage Trust |  |  |
| Series 2023-A1-H1, REMIC, 6.62%, 03/25/68 (g) (l) | 3647 | 3649 |
| CSMC 2021-RPL3 Trust |  |  |
| Series 2021-M1-RPL3, REMIC, 3.38%, 01/25/60 | 1000 | 840 |
| CSMC Mortgage-Backed Trust 2006-6 |  |  |
| Series 2006-1A11-6, REMIC, 6.00%, 07/25/36 | 453 | 192 |
| CSMC Series 2009-5R |  |  |
| Series 2009-1A2-5R, REMIC, 5.19%, 06/26/36 (l) | 1603 | 1354 |
| CWABS Asset-Backed Certificates Trust 2006-20 |  |  |
| Series 2006-2A4-20, REMIC, 3.91%, (1 Month Term SOFR + 0.34%), 09/25/35 (g) (l) (m) | 12548 | 11112 |
| CWABS Asset-Backed Certificates Trust 2006-21 |  |  |
| Series 2006-1A-21, REMIC, 4.07%, (1 Month Term SOFR + 0.25%), 05/25/35 (g) (l) | 484 | 472 |
| CWABS Asset-Backed Certificates Trust 2007-10 |  |  |
| Series 2007-1M1-10, REMIC, 3.77%, (1 Month Term SOFR + 0.37%), 11/25/36 (g) (l) (m) | 9916 | 7977 |
| CWABS, Inc. |  |  |
| Series 2004-M6-BC5, REMIC, 5.44%, (1 Month Term SOFR + 1.76%), 07/25/34 (g) (l) | 3578 | 3550 |
| Series 2004-M4-AB2, REMIC, 4.13%, (1 Month Term SOFR + 1.39%), 11/25/34 (g) (l) (m) | 2450 | 2122 |
| Series 2005-MV6-7, REMIC, 4.61%, (1 Month Term SOFR + 1.31%), 08/25/35 (g) (l) (m) | 4000 | 3615 |
| CWMBS, Inc. |  |  |
| Series 2006-2A1-OA5, REMIC, 4.19%, (1 Month Term SOFR + 0.51%), 04/25/46 (g) (l) | 2040 | 1737 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1 |  |  |
| Series 2005-2A5-5, REMIC, 5.14%, (1 Month Term SOFR + 1.46%), 11/25/35 (l) | 4974 | 2122 |
| DLLMT 2026-1 LLC |  |  |
| Series 2026-A2-1A, 4.03%, 07/20/28 | 1200 | 1199 |
| DSLA Mortgage Loan Trust 2004-AR2 |  |  |
| Series 2004-1A1A-AR4, REMIC, 4.50%, (1 Month Term SOFR + 0.83%), 01/19/45 (g) (l) (m) | 954 | 857 |
| Ellington Financial Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 5.90%, 09/25/67 (g) | 7982 | 7963 |
| Ellington Loan Acquisition Trust 2007-1 |  |  |
| Series 2007-M1-1, REMIC, 3.14%, (1 Month Term SOFR + 2.21%), 05/25/37 (g) (l) (m) | 28000 | 23855 |
| Encore Credit Receivables Trust |  |  |
| Series 2005-M5-4, REMIC, 3.77%, (1 Month Term SOFR + 1.09%), 01/25/36 (g) (l) (m) | 8175 | 7319 |
| Enterprise Fleet Financing 2026-1, LLC |  |  |
| Series 2026-A1-1, REMIC, 3.85%, 12/20/26 | 2175 | 2175 |
| Series 2026-A2-1, REMIC, 4.00%, 04/20/28 | 3800 | 3792 |
| Eurosail-UK 2007-3BL PLC |  |  |
| Series 2007-C1A-3X, 4.40%, (SONIA + 0.67%), 06/13/45, GBP (c) (l) | 11954 | 14304 |
| Eurosail-UK 2007-6NC PLC |  |  |
| Series 2007-A3A-6NCX, 4.55%, (SONIA + 0.82%), 09/13/45, GBP (c) (l) | 13 | 16 |
| Exeter Automobile Receivables Trust 2026-1 |  |  |
| Series 2026-A1-1A, 3.90%, 04/15/26 | 4280 | 4279 |
| First Franklin Mortgage Loan Trust 2006FF13 |  |  |
| Series 2006-A2C-FF13, REMIC, 2.46%, (1 Month Term SOFR + 0.43%), 10/25/36 (g) (l) (m) | 6152 | 3821 |
| Fremont Home Loan Trust 2006-E |  |  |
| Series 2006-1A1-E, REMIC, 1.70%, (1 Month Term SOFR + 0.25%), 01/25/37 (g) (l) (m) | 12424 | 6066 |
| GE-WMC Mortgage Securities, L.L.C. |  |  |
| Series 2005-M2-1, REMIC, 3.07%, (1 Month Term SOFR + 0.80%), 10/25/35 (g) (l) (m) | 17749 | 13779 |
| GLS Auto Select Receivables Issuer Trust 2026-1 |  |  |
| Series 2026-A1-1A, 3.79%, 05/15/26 | 1693 | 1692 |
| Series 2026-A2-1A, 4.05%, 05/15/29 | 2900 | 2892 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-2A3-5, REMIC, 1.60%, (1 Month Term SOFR + 0.65%), 03/25/36 (g) (l) (m) | 3440 | 1574 |
| GSMSC Resecuritization Trust 2015-8R |  |  |
| Series 2015-B-8R, REMIC, 2.76%, 04/28/37 (l) | 23904 | 5185 |
| GSR Mortgage Loan Trust 2005-AR1 |  |  |
| Series 2004-1AF-4, REMIC, 4.19%, (1 Month Term SOFR + 0.51%), 06/25/34 (l) | 2871 | 2609 |
| Series 2004-M2-10, REMIC, 4.03%, 08/25/34 (g) (l) (m) | 2993 | 2753 |
| HarborView Mortgage Loan Trust 2006-8 |  |  |
| Series 2006-1A1-8, REMIC, 2.19%, (1 Month Term SOFR + 0.51%), 07/21/36 (g) (l) (m) | 4129 | 1983 |
| HITR 2019-2A A1 144A 3MLIB+176BP |  |  |
| Series 2019-A1-2, 5.69%, (3 Month Term SOFR + 2.02%), 05/23/39 (l) | 8325 | 8288 |
| Home Equity Asset Trust |  |  |
| Series 2004-M1-4, REMIC, 4.57%, (1 Month Term SOFR + 0.89%), 10/25/34 (g) (l) | 485 | 480 |
| Honda Auto Receivables 2024-4 Owner Trust |  |  |
| Series 2024-A2-4, 4.56%, 04/15/26 | 439 | 439 |
| Series 2024-A3-4, 4.33%, 01/18/28 | 7900 | 7919 |
| IndyMac INDX Mortgage Loan Trust 2006-AR21 |  |  |
| Series 2006-3A1-AR11, REMIC, 3.38%, 06/25/36 (l) | 2028 | 1281 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A5-A5, REMIC, 4.19%, (1 Month Term SOFR + 0.51%), 05/25/35 (l) | 835 | 495 |
| J.P. Morgan Alternative Loan Trust 2006-A2 |  |  |
| Series 2006-1A4-A2, REMIC, 4.61%, (1 Month Term SOFR + 0.65%), 05/25/36 (g) (l) (m) | 774 | 650 |
| J.P. Morgan Alternative Loan Trust 2006-A6 |  |  |
| Series 2006-1A1-A5, REMIC, 6.15%, (1 Month Term SOFR + 0.43%), 10/25/36 (g) (l) (m) | 736 | 680 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-2NU |  |  |
| Series 2021-A-2NU, REMIC, 1.97%, 01/07/28 | 7390 | 6850 |
| J.P. Morgan Mortgage Acquisition Corp. 2005-FLD1 |  |  |
| Series 2005-M6-FLD1, REMIC, 4.87%, (1 Month Term SOFR + 1.19%), 07/25/35 (l) | 3839 | 3759 |
| J.P. Morgan Mortgage Trust 2022-DCS1 |  |  |
| Series 2023-A1-DSC1, REMIC, 4.62%, 12/25/33 (l) | 3539 | 3433 |
| J.P. Morgan Mortgage Trust 2024-VIS1 |  |  |
| Series 2024-A1-VIS1, REMIC, 5.99%, 09/01/54 (g) (l) | 3592 | 3610 |
| J.P. Morgan Seasoned Mortgage Trust 2024-1 |  |  |
| Series 2024-A3-1, REMIC, 4.34%, 04/25/46 (l) | 873 | 836 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 |  |  |
| Series 2016-A4-JP4, REMIC, 3.65%, 11/18/26 (l) | 2600 | 2583 |
| Lehman XS Trust, Series 2007-15N |  |  |
| Series 2007-2A1-15N, REMIC, 4.29%, (1 Month Term SOFR + 0.61%), 08/25/47 (g) (l) | 1758 | 1647 |
| Long Beach Mortgage Loan Trust 2006-2 |  |  |
| Series 2005-3M2-WL1, REMIC, 3.90%, (1 Month Term SOFR + 0.89%), 06/25/45 (g) (l) (m) | 423 | 462 |
| Lugo Funding Designated Activity Company |  |  |
| Series 2024-A-1A, 3.04%, (3 Month EURIBOR + 1.00%), 05/26/66, EUR (b) (g) (l) | 11541 | 13314 |
| Mansard Mortgages 2006-1 PLC |  |  |
| Series 2006-B1-1X, 4.96%, (SONIA + 1.22%), 10/15/48, GBP (c) (l) | 2999 | 3829 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M8-WF1, REMIC, 5.63%, (1 Month Term SOFR + 1.97%), 06/25/35 (g) (l) (m) | 2828 | 2940 |
| Series 2005-A4-NC2, REMIC, 1.13%, (1 Month Term SOFR + 0.81%), 11/25/35 (g) (l) (m) | 7770 | 4236 |
| Meritage Mortgage Corporation |  |  |
| Series 2004-M2-2, REMIC, 4.12%, (1 Month Term SOFR + 1.01%), 01/25/35 (g) (l) (m) | 2086 | 2049 |
| METAL 2017-1 LLC |  |  |
| Series 2017-A-1, 4.58%, 10/15/42 (b) (g) | 868 | 608 |
| MFA 2023-NQM2 Trust |  |  |
| Series 2023-A1-NQM2, REMIC, 4.40%, 03/25/68 (g) | 11017 | 10925 |
| Mill City Mortgage Loan Trust 2017-1 |  |  |
| Series 2017-B3-1, REMIC, 3.55%, 04/25/33 (l) | 1638 | 1408 |
| Morgan Stanley & Co. LLC |  |  |
| Series 2019-A4-L2, REMIC, 4.07%, 02/16/29 | 1700 | 1659 |
| Morgan Stanley Capital I Trust 2021-L7 |  |  |
| Series 2021-D-230P, REMIC, 6.16%, (1 Month Term SOFR + 2.49%), 12/15/38 (l) | 2929 | 2643 |
| Series 2021-E-230P, REMIC, 6.86%, (1 Month Term SOFR + 3.19%), 12/15/38 (l) | 1050 | 921 |
| Mr. Cooper Group Inc. |  |  |
| Series 2007-A1A-OA5, REMIC, 3.52%, (12 Month Treasury Average + 0.84%), 05/25/47 (l) (m) | 1351 | 1128 |
| Navient Funding, LLC |  |  |
| Series 2006-A5-B, REMIC, 4.21%, (3 Month Term SOFR + 0.53%), 12/15/39 (l) | 800 | 784 |
| Navient Student Loan Trust 2020-2 |  |  |
| Series 2020-A1B-2A, REMIC, 4.68%, (SOFR 30-Day Average + 1.01%), 02/25/33 (l) | 4676 | 4638 |
| Nelnet Student Loan Trust 2023-A |  |  |
| Series 2023-AFX-AA, 6.64%, 02/20/41 | 1568 | 1627 |
| Nelnet Student Loan Trust 2025-C |  |  |
| Series 2025-A1A-CA, REMIC, 4.67%, 08/15/36 | 4305 | 4296 |
| Nelnet Student Loan Trust 2026-A |  |  |
| Series 2026-A1A-A, REMIC, 4.61%, 02/21/61 | 6809 | 6767 |
| New Residential Mortgage Loan Trust 2019-RPL3 |  |  |
| Series 2019-A2-RPL3, REMIC, 3.00%, 07/25/59 (l) | 1500 | 1398 |
| Newgate Funding PLC |  |  |
| Series 2007-A3-2X, 4.06%, (SONIA + 0.28%), 12/15/50, GBP (c) (l) | 1977 | 2559 |
| Nissan Auto Lease Trust 2026-A |  |  |
| Series 2026-A2A-A, 3.90%, 05/15/28 | 9600 | 9578 |
| Nissan Auto Receivables 2024-B Owner Trust |  |  |
| Series 2024-A2A-B, 4.51%, 06/15/27 | 992 | 993 |
| Novastar Mortgage Funding Trust, Series 2007-1 |  |  |
| Series 2007-A2C-1, REMIC, 2.04%, (1 Month Term SOFR + 0.29%), 03/25/37 (g) (l) (m) | 34658 | 10562 |
| Octane Receivables Trust 2024-3 |  |  |
| Series 2024-A2-3A, REMIC, 4.94%, 08/20/27 | 2359 | 2368 |
| Park Place Securities, Inc. |  |  |
| Series 2005-M5-WHQ2, REMIC, 2.94%, (1 Month Term SOFR + 1.15%), 05/25/35 (g) (l) (m) | 4461 | 3523 |
| People's Choice Home Loan Securities Trust Series 2005-3 |  |  |
| Series 2005-M3-3, REMIC, 0.71%, (1 Month Term SOFR + 0.97%), 08/25/35 (g) (l) (m) | 88 | 88 |
| PHH Alternative Mortgage Trust, Series 2007-3 |  |  |
| Series 2007-A3-3, REMIC, 8.01%, (1 Month Term SOFR + 0.71%), 07/25/37 (g) (l) (m) | 2190 | 2142 |
| Preferred Residential Securities 05-2 PLC |  |  |
| Series 2005-C1C-2X, 4.47%, (SONIA + 0.69%), 12/15/40, GBP (c) (g) (l) | 241 | 319 |
| Prospect Mortgage, LLC |  |  |
| Series 2005-M8-2, REMIC, 4.73%, (1 Month Term SOFR + 2.06%), 04/25/35 (g) (l) (m) | 3738 | 3556 |
| RCKT Mortgage Trust 2024-CES5 |  |  |
| Series 2024-A1A-CES5, REMIC, 5.85%, 07/25/28 (g) (l) | 3326 | 3341 |
| RCKT Mortgage Trust 2024-CES7 |  |  |
| Series 2024-A1A-CES7, REMIC, 5.16%, 09/25/28 (g) | 795 | 793 |
| Reach ABS Trust 2026-1 |  |  |
| Series 2026-A-1A, 4.32%, 02/15/33 | 7949 | 7952 |
| Regional Management Issuance Trust 2024-2 |  |  |
| Series 2024-A-2, 5.11%, 12/15/33 | 4600 | 4617 |
| Renaissance Home Equity Loan Trust 2006-3 |  |  |
| Series 2006-AF3-3, REMIC, 5.59%, 11/25/36 (g) | 19851 | 5797 |
| Series 2006-AF5-3, REMIC, 6.12%, 11/25/36 (g) | 2934 | 937 |
| RFMSI Series 2006-S6 Trust |  |  |
| Series 2006-A12-S6, REMIC, 6.00%, 07/25/36 | 1357 | 1178 |
| RFMSI Series 2007-S4 Trust |  |  |
| Series 2007-A5-S4, REMIC, 6.00%, (1 Month Term SOFR + 0.71%), 04/25/37 (l) | 579 | 462 |
| Saxon Asset Securities Trust 2004-3 |  |  |
| Series 2004-M1-1, REMIC, 1.97%, (1 Month Term SOFR + 0.91%), 03/25/35 (g) (l) (m) | 190 | 156 |
| Securitized Asset Backed Receivables LLC |  |  |
| Series 2005-M2-FR3, REMIC, 3.86%, (1 Month Term SOFR + 1.09%), 04/25/35 (g) (l) (m) | 652 | 578 |
| SG Mortgage Securities Trust |  |  |
| Series 2005-M3-OPT1, REMIC, 3.16%, (1 Month Term SOFR + 0.82%), 10/25/35 (g) (l) (m) | 4975 | 4602 |
| SLM Student Loan Trust 2012-5 |  |  |
| Series 2012-A3-5, 4.58%, (SOFR 30-Day Average + 0.91%), 01/25/75 (l) | 4941 | 4921 |
| SMB Private Education Loan Trust 2022-B |  |  |
| Series 2022-A1A-B, REMIC, 3.94%, 02/16/55 | 1650 | 1606 |
| Series 2022-A1B-B, REMIC, 5.12%, (SOFR 30-Day Average + 1.45%), 02/16/55 (l) | 1650 | 1658 |
| SMB Private Education Loan Trust 2022-C |  |  |
| Series 2022-A1B-C, 5.52%, (SOFR 30-Day Average + 1.85%), 05/16/50 (l) | 1557 | 1581 |
| SMB Private Education Loan Trust 2024-D |  |  |
| Series 2024-A1B-D, 4.77%, (SOFR 30-Day Average + 1.25%), 07/05/53 (l) | 3051 | 3027 |
| SoFi Consumer Loan Program 2025-4 Trust |  |  |
| Series 2025-A-4, 4.24%, 08/25/35 | 5588 | 5593 |
| Sound Point CLO XXVIII, Ltd. |  |  |
| Series 2020-A1R-3A, 4.95%, (3 Month Term SOFR + 1.28%), 01/26/32 (l) | 7586 | 7594 |
| Soundview Home Loan Trust |  |  |
| Series 2005-M5-1, REMIC, 4.10%, (1 Month Term SOFR + 1.28%), 04/25/35 (g) (l) (m) | 2810 | 2705 |
| Series 2005-M2-OPT2, REMIC, 2.21%, (1 Month Term SOFR + 0.95%), 08/25/35 (g) (l) (m) | 6964 | 6281 |
| Specialty Underwriting & Residential Finance Trust |  |  |
| Series 2006-A1-AB2, REMIC, 2.69%, (1 Month Term SOFR + 0.41%), 06/25/37 (g) (l) (m) | 14879 | 7503 |
| Spirit Airlines, LLC |  |  |
| Series 2017-AA-1, 0.00%, 02/15/30 (d) (e) | 230 | 204 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2004-M2-5, REMIC, 4.31%, (1 Month Term SOFR + 0.94%), 06/25/34 (g) (l) (m) | 2520 | 2423 |
| Series 2005-M2-HE1, REMIC, 6.95%, (1 Month Term SOFR + 0.83%), 07/25/35 (g) (l) (m) | 720 | 689 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |
| Series 2007-M1-GEL2, REMIC, 4.35%, (1 Month Term SOFR + 0.81%), 05/25/37 (g) (l) (m) | 15429 | 12372 |
| Structured Asset Securities Corporation Mortgage Loan Trust 2007-OSI |  |  |
| Series 2007-A4-OSI, REMIC, 1.49%, (1 Month Term SOFR + 0.31%), 06/25/37 (g) (l) (m) | 11501 | 7446 |
| Tesla Sustainable Energy Trust 2024-1 |  |  |
| Series 2024-A3-1A, 5.29%, 12/22/31 | 1800 | 1791 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/31 | 8704 | 8312 |
| Towd Point Mortgage Trust 2025-CES4 |  |  |
| Series 2025-A1A-CES4, REMIC, 5.09%, 10/25/29 (g) | 3978 | 3962 |
| Toyota Auto Receivables 2024-A Owner Trust |  |  |
| Series 2024-A3-A, 4.83%, 10/16/28 | 5567 | 5592 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| United Airlines Pass Through Certificates, Series 2018-1 |  |  |
| Series 2018-AA-1, 3.50%, 03/01/30 | 683 | 659 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 879 | 892 |
| Verus Securitization Trust 2023-3 |  |  |
| Series 2023-A1-3, REMIC, 5.93%, 03/25/68 (l) | 3895 | 3886 |
| Washington Mutual Asset-Backed Certificates WaMu Series 2007-HE2 Trust |  |  |
| Series 2007-2A3-HE2, REMIC, 1.45%, (1 Month Term SOFR + 0.36%), 04/25/37 (g) (l) (m) | 34384 | 11657 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2005-1A3-AR10, REMIC, 4.46%, 09/25/35 (l) | 2302 | 2089 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA3 Trust |  |  |
| Series 2007-4A2-OA3, REMIC, 3.17%, (12 Month Treasury Average + 0.70%), 04/25/47 (l) (m) | 892 | 782 |
| Wells Fargo Mortgage Backed Securities 2007-AR7 Trust |  |  |
| Series 2007-A1-AR7, REMIC, 5.99%, 12/25/37 (l) | 8467 | 7540 |
| Westlake Automobile Receivables Trust 2026-1 |  |  |
| Series 2026-A1-1A, 3.89%, 01/15/27 | 6620 | 6620 |
| Series 2026-A2A-1A, 4.02%, 09/15/28 | 1300 | 1298 |
| WSTN Trust |  |  |
| Series 2023-A-MAUI, REMIC, 6.52%, 09/08/39 (l) | 800 | 809 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $647,308) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $647,308) | 601531 |
| **CORPORATE BONDS AND NOTES 12.7%** | **CORPORATE BONDS AND NOTES 12.7%** | **CORPORATE BONDS AND NOTES 12.7%** |
| **Financials 5.8%** | **Financials 5.8%** | **Financials 5.8%** |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (b) | 984 | 951 |
| Banco Santander, S.A. |  |  |
| 6.53%, 11/07/27 | 1500 | 1519 |
| 6.61%, 11/07/28 | 1200 | 1262 |
| Bank of Nova Scotia, The |  |  |
| 4.25%, 02/02/30 | 9500 | 9415 |
| Barclays PLC |  |  |
| 6.49%, 09/13/29 | 1200 | 1250 |
| BPCE |  |  |
| 6.71%, 10/19/29 (b) | 1650 | 1726 |
| 5.88%, 01/14/31 (b) | 1000 | 1030 |
| 4.76%, 01/13/32 (b) | 5100 | 5031 |
| 7.00%, 10/19/34 (b) | 1400 | 1532 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.13%, 01/27/32 (b) | 500 | 497 |
| Credicorp Capital Sociedad Titularizada S.A. |  |  |
| 10.10%, 12/15/43, PEN (b) | 1000 | 311 |
| 9.70%, 03/05/45, PEN (b) | 1700 | 521 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (b) | 8800 | 8835 |
| Ford Motor Credit Company LLC |  |  |
| 4.54%, 08/01/26 | 2400 | 2396 |
| 2.70%, 08/10/26 | 3700 | 3673 |
| 4.13%, 08/17/27 | 3200 | 3162 |
| 3.82%, 11/02/27 | 3067 | 3008 |
| 2.90%, 02/16/28 | 200 | 192 |
| 5.80%, 03/08/29 | 1738 | 1756 |
| 4.97%, 04/06/29 | 6070 | 5998 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.15%, 01/21/29 | 8900 | 8845 |
| Jane Street Group, LLC |  |  |
| 6.75%, 05/01/33 (b) | 200 | 203 |
| Marex Group PLC |  |  |
| 6.40%, 11/04/29 | 300 | 309 |
| Morgan Stanley |  |  |
| 4.24%, 01/09/30 | 9500 | 9406 |
| Nationwide Building Society |  |  |
| 4.30%, 03/08/29 (b) | 1000 | 993 |
| NatWest Group PLC |  |  |
| 5.08%, 01/27/30 | 2800 | 2831 |
| 4.45%, 05/08/30 | 2000 | 1988 |
| Panama Infrastructure Receivable Purchaser PLC |  |  |
| 0.00%, 04/05/32 (b) (n) | 6449 | 5083 |
| Rio Oil Finance Trust |  |  |
| 8.20%, 04/06/28 (b) | 109 | 112 |
| Santander Holdings USA, Inc. |  |  |
| 5.35%, 09/06/30 | 700 | 707 |
| Santander UK Group Holdings PLC |  |  |
| 3.82%, 11/03/28 | 1800 | 1778 |
| 4.86%, 09/11/30 | 800 | 801 |
| 5.69%, 04/15/31 | 1200 | 1233 |
| Stichting AK Rabobank Certificaten II |  |  |
| 6.50%, EUR (c) (g) (l) (o) | 2301 | 2936 |
| UBS Group AG |  |  |
| 6.33%, 12/22/27 (b) | 4400 | 4457 |
| 6.25%, 09/22/29 (b) | 3000 | 3115 |
| Voyager Aviation Holdings, LLC |  |  |
| 0.00%, 05/09/26 (b) (d) (e) (f) | 1129 |  |
| Wells Fargo & Company |  |  |
| 4.18%, 01/23/30 | 8900 | 8819 |
|  |  | 107681 |
| **Communication Services 2.3%** | **Communication Services 2.3%** | **Communication Services 2.3%** |
| Altice France |  |  |
| 9.50%, 11/01/29 (b) | 2742 | 2757 |
| 6.88%, 10/15/30 (b) | 205 | 196 |
| 6.50%, 04/15/32 (b) | 125 | 119 |
| Beignet Investments, LLC |  |  |
| 6.58%, 05/30/49 (b) | 32980 | 34074 |
| DISH DBS Corporation |  |  |
| 5.25%, 12/01/26 (b) | 2590 | 2564 |
| 5.75%, 12/01/28 (b) | 2090 | 2017 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (b) (h) | 507 | 492 |
|  |  | 42219 |
| **Energy 1.4%** | **Energy 1.4%** | **Energy 1.4%** |
| Enbridge Inc. |  |  |
| 4.50%, 02/15/31 | 700 | 693 |
| Gaz Capital S.A. |  |  |
| 0.00%, 03/23/27 (c) (d) (e) | 800 | 700 |
| Gaz Finance PLC |  |  |
| 0.00%, 06/29/27 - 01/27/29 (c) (d) (e) | 6600 | 4840 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 05/16/26 - 04/12/37 (c) (d) (e) | 2890 | 988 |
| 0.00%, 04/12/27 (c) (d) (e) | 300 | 99 |
| Petroleos Mexicanos |  |  |
| 6.70%, 02/16/32 | 7889 | 7727 |
| 6.95%, 01/28/60 | 1190 | 935 |
| Topaz Solar Farms LLC |  |  |
| 4.88%, 09/30/39 (b) | 50 | 45 |
| 5.75%, 09/30/39 (b) | 551 | 548 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 - 11/01/33 (b) | 2200 | 2085 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 06/01/28 (b) | 1600 | 1642 |
| 9.50%, 02/01/29 (b) | 200 | 216 |
| 7.00%, 01/15/30 (b) (h) | 3800 | 3883 |
| 9.88%, 02/01/32 (b) (h) | 1500 | 1617 |
|  |  | 26018 |
| **Utilities 1.1%** | **Utilities 1.1%** | **Utilities 1.1%** |
| Edison International |  |  |
| 6.25%, 03/15/30 | 400 | 415 |
| 5.25%, 03/15/32 | 3600 | 3572 |
| PacifiCorp |  |  |
| 5.10%, 04/15/31 (h) | 600 | 602 |
| 5.45%, 04/15/33 | 700 | 702 |
| 5.80%, 04/15/36 | 300 | 302 |
| PG&E Company |  |  |
| 3.30%, 03/15/27 - 12/01/27 | 1347 | 1324 |
| 3.00%, 06/15/28 | 3343 | 3235 |
| 3.75%, 07/01/28 | 976 | 958 |
| 4.55%, 07/01/30 | 7254 | 7163 |
| 4.40%, 03/01/32 | 1000 | 967 |
| 6.00%, 08/15/35 | 600 | 620 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pryvatne Aktsionerne Tovarystvo Natsionalna Enerhetychna Kompaniia Ukrenerho |  |  |
| 0.00%, 11/09/28 (c) (d) (e) | 400 | 367 |
| Thames Water Super Senior Issuer PLC |  |  |
| 9.75%, 10/10/27, GBP (c) | 100 | 145 |
| 9.75%, 10/10/27, GBP (b) | 504 | 733 |
| | | 21105 |
| **Consumer Discretionary 1.1%** | **Consumer Discretionary 1.1%** | **Consumer Discretionary 1.1%** |
| Carvana Co. |  |  |
| 9.00%, 06/01/30 - 06/01/31 (b) (g) (p) | 4081 | 4342 |
| GSG Bidco Limited |  |  |
| 5.38%, 06/15/36, EUR (b) | 1300 | 1491 |
| 6.38%, 06/15/51, EUR (b) | 2300 | 2634 |
| Mitchells & Butlers Finance PLC |  |  |
| 6.01%, 12/15/28, GBP (g) | 68 | 90 |
| Nissan Motor Acceptance Company LLC |  |  |
| 5.69%, (SOFR + 2.05%), 09/13/27 (b) (l) | 2800 | 2793 |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (b) | 4100 | 3989 |
| 7.50%, 07/17/30 (b) | 700 | 706 |
| 4.81%, 09/17/30 (b) | 300 | 272 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/28 (b) | 2620 | 2564 |
| Stellantis Finance US Inc. |  |  |
| 5.75%, 03/18/30 (b) | 700 | 697 |
|  |  | 19578 |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| Bayer US Finance LLC |  |  |
| 6.25%, 01/21/29 (b) | 3700 | 3840 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 700 | 632 |
| 3.00%, 10/15/30 | 1900 | 1663 |
| 2.63%, 08/01/31 | 3000 | 2510 |
|  |  | 8645 |
| **Consumer Staples 0.4%** | **Consumer Staples 0.4%** | **Consumer Staples 0.4%** |
| B.A.T. International Finance P.L.C. |  |  |
| 5.93%, 02/02/29 | 1300 | 1349 |
| Cornell University |  |  |
| 4.73%, 06/15/35 | 600 | 595 |
| Flora Food Management B.V. |  |  |
| 6.88%, 07/02/29, EUR (b) | 1100 | 1191 |
| 7.50%, 10/31/30, EUR (b) | 3500 | 3991 |
|  |  | 7126 |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| Gartner, Inc. |  |  |
| 5.60%, 11/20/35 | 700 | 665 |
| Jabil Inc. |  |  |
| 4.20%, 02/01/29 | 1900 | 1877 |
|  |  | 2542 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| Boeing Company, The |  |  |
| 6.26%, 05/01/27 (q) | 630 | 641 |
| 6.30%, 05/01/29 (q) | 90 | 94 |
|  |  | 735 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Country Garden Holdings Company Limited |  |  |
| 0.00%, 12/31/31 (c) (n) (r) | 633 | 70 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 32 | 32 |
| 4.95%, 04/15/28 | 90 | 90 |
| GLP Financing, LLC |  |  |
| 5.30%, 01/15/29 | 268 | 270 |
|  |  | 462 |
| Total Corporate Bonds And Notes (cost $237,389) | Total Corporate Bonds And Notes (cost $237,389) | 236111 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.7%** | **SENIOR FLOATING RATE INSTRUMENTS 2.7%** | **SENIOR FLOATING RATE INSTRUMENTS 2.7%** |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| AMSURG LLC |  |  |
| 2023 First Out Term Loan, 11.64%, (3 Month Term SOFR + 4.75%), 07/20/26 (f) (l) | 2679 | 2679 |
| 2023 Last Out Term Loan, 11.64%, (3 Month Term SOFR + 7.88%), 11/03/28 (f) (l) | 16239 | 16726 |
|  |  | 19405 |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| Mercury Aggregator LP |  |  |
| Term Loan, 19.00%, 04/03/26 (f) | 933 |  |
| SVF II Finco Cayman LP |  |  |
| Term Loan, 7.32%, (SOFR + 3.65%), 04/25/29 (f) (l) | 2983 | 3039 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, 6.17%, (1 Month Term SOFR + 2.50%), 02/28/31 (l) | 9552 | 9551 |
|  |  | 12590 |
| **Communication Services 0.5%** | **Communication Services 0.5%** | **Communication Services 0.5%** |
| Altice France S.A. |  |  |
| 2025 USD Term Loan B11, 7.80%, (SOFR + 4.13%), 04/30/28 (l) | 2197 | 2180 |
| 2025 USD Term Loan B14, 0.00%, (3 Month Term SOFR + 6.88%), 05/31/31 (l) (s) | 2900 | 2902 |
| 2025 USD Term Loan B14, 10.55%, (3 Month Term SOFR + 6.88%), 05/31/31 (l) | 1814 | 1815 |
| SubCalidora 2 S.a r.l. |  |  |
| 2024 EUR Term Loan, 7.77%, (3 Month EURIBOR + 5.75%), 08/14/29, EUR (f) (l) | 1200 | 1361 |
| Syniverse Holdings, Inc. |  |  |
| 2022 Term Loan, 10.67%, (3 Month Term SOFR + 7.00%), 05/06/27 (l) | 1481 | 1366 |
|  |  | 9624 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 5.67%, (3 Month Term SOFR + 2.00%), 12/10/31 (l) | 299 | 293 |
| Republic of Panama |  |  |
| Term Loan, 4.55%, 04/01/27, EUR (f) (l) | 3900 | 4553 |
|  |  | 4846 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| SCURAlpha 1503 Gmbh |  |  |
| USD Term Loan B1, 9.17%, (3 Month Term SOFR + 5.00%), 01/04/30 (l) | 2432 | 2098 |
| EUR Term Loan B1, 7.53%, (1 Month EURIBOR + 5.50%), 03/30/30, EUR (l) | 1300 | 1333 |
| Westmoreland Coal Co |  |  |
| PIK Term Loan, 8.00%, 03/15/29 (f) (l) (p) | 22 | 9 |
|  |  | 3440 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Poseidon Bidco SASU |  |  |
| 2024 EUR Term Loan B, 7.02%, (EURIBOR + 5.00%), 07/22/30, EUR (l) | 2100 | 680 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Lealand Finance Company B.V. |  |  |
| 2020 Make Whole Term Loan, 6.79%, (1 Month Term SOFR + 3.00%), 06/30/27 (l) | 21 | 17 |
| 2020 Take Back Term Loan, 7.79%, (1 Month Term SOFR + 4.00%), 12/31/27 (l) (p) | 77 | 63 |
|  |  | 80 |
| Total Senior Floating Rate Instruments (cost $52,568) | Total Senior Floating Rate Instruments (cost $52,568) | 50665 |
| **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| Amsurg Corp. (d) (f) | 101 | 4461 |
| **Communication Services 0.2%** | **Communication Services 0.2%** | **Communication Services 0.2%** |
| Clear Channel Outdoor Holdings, Inc. (d) | 515 | 1221 |
| iHeartMedia, Inc. (d) (f) | 91 | 138 |
| iHeartMedia, Inc. - Class A (d) | 124 | 363 |
| Uniti Group Inc. (d) | 130 | 1224 |
|  |  | 2946 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Country Garden Holdings Company Limited (d) (h) | 301 | 12 |
| Uniti Group Inc. (d) | 24 | 229 |
|  |  | 241 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| UBS Group AG | 4 | 160 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| LuxCo 3 (d) (f) | 7 | 110 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| WestMet Group Holdings (d) (f) | 2 | 1 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Westmoreland Coal Company (d) | 1 |  |
| Total Common Stocks (cost $11,636) | Total Common Stocks (cost $11,636) | 7919 |
| **RIGHTS 0.1%** | **RIGHTS 0.1%** | **RIGHTS 0.1%** |
| SES (d) | 124 | 1802 |
| Total Rights (cost $1,456) | Total Rights (cost $1,456) | 1802 |
| **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) | 1 | 886 |
| Total Preferred Stocks (cost $832) | Total Preferred Stocks (cost $832) | 886 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Windstream Holdings, Inc. (d) (f) | 25 | 238 |
| Total Warrants (cost $155) | Total Warrants (cost $155) | 238 |
| **SHORT TERM INVESTMENTS 15.6%** | **SHORT TERM INVESTMENTS 15.6%** | **SHORT TERM INVESTMENTS 15.6%** |
| **U.S. Treasury Bill 9.0%** | **U.S. Treasury Bill 9.0%** | **U.S. Treasury Bill 9.0%** |
| Treasury, United States Department of |  |  |
| 3.69%, 04/02/26 (t) | 5000 | 4999 |
| 3.69%, 04/07/26 (t) | 4200 | 4197 |
| 3.71%, 04/09/26 (j) (t) | 2502 | 2500 |
| 3.67%, 04/14/26 (t) | 19900 | 19874 |
| 3.72%, 04/16/26 (t) | 500 | 499 |
| 3.68%, 04/21/26 (j) (t) | 20800 | 20758 |
| 3.67%, 04/23/26 (j) (t) | 13296 | 13266 |
| 3.63%, 04/28/26 (j) (t) | 1800 | 1795 |
| 3.69%, 04/30/26 (t) | 20400 | 20340 |
| 3.63%, 05/05/26 (j) (t) | 600 | 598 |
| 3.72%, 05/07/26 (j) (t) | 31700 | 31585 |
| 1.68%, 05/14/26 (j) (t) | 100 | 100 |
| 3.61%, 05/19/26 (t) | 17400 | 17316 |
| 3.76%, 05/21/26 (j) (t) | 1300 | 1293 |
| 3.63%, 05/26/26 (t) | 13200 | 13126 |
| 3.72%, 05/28/26 (j) (t) | 1300 | 1292 |
| 3.68%, 06/04/26 (j) (t) | 400 | 397 |
| 3.63%, 06/11/26 (j) (t) | 5000 | 4964 |
| 3.64%, 06/23/26 (j) (t) | 800 | 793 |
| 3.65%, 07/07/26 (j) (t) | 3500 | 3466 |
| 3.57%, 07/09/26 (j) (t) | 400 | 396 |
| 3.57%, 07/23/26 (j) (t) | 2400 | 2373 |
| 3.57%, 07/30/26 (j) (t) | 500 | 494 |
|  |  | 166421 |
| **Treasury Securities 3.9%** | **Treasury Securities 3.9%** | **Treasury Securities 3.9%** |
| Presidencia da Republica |  |  |
| 12.80%, 07/01/26, BRL (t) | 332900 | 62149 |
| 12.72%, 10/01/26, BRL (t) | 49000 | 8848 |
| Turkiye Cumhuriyet Merkez Bankasi Anonim Sirketi |  |  |
| 37.42%, 04/07/26, TRY (t) | 26000 | 581 |
|  |  | 71578 |
| **Discount Notes 2.6%** | **Discount Notes 2.6%** | **Discount Notes 2.6%** |
| FHLBanks Office of Finance |  |  |
| 3.64%, 04/22/26 (t) (u) | 3600 | 3592 |
| 3.66%, 05/20/26 (t) (u) | 20000 | 19901 |
| 3.57%, 05/26/26 (t) (u) | 1600 | 1591 |
| 3.65%, 05/27/26 (t) (u) | 400 | 398 |
| 3.65%, 06/03/26 (t) (u) | 2600 | 2584 |
| 3.63%, 06/05/26 (t) (u) | 950 | 944 |
| 3.56%, 06/12/26 (t) (u) | 11300 | 11218 |
| 3.69%, 06/22/26 (t) (u) | 4800 | 4760 |
| 3.69%, 06/26/26 (t) (u) | 4100 | 4064 |
|  |  | 49052 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (v) (w) | 1730 | 1730 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 3.53% (v) (w) | 316 | 316 |
| Total Short Term Investments (cost $286,585) | Total Short Term Investments (cost $286,585) | 289097 |
| **Total Investments 150.2% (cost $2,853,965)** | **Total Investments 150.2% (cost $2,853,965)** | **2786875** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **608** |
| **Other Assets and Liabilities, Net (50.2)%** | **Other Assets and Liabilities, Net (50.2)%** | **(931780)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1855703** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $972,735.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $168,689 and 9.1% 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) Non-income producing security.

(e) As of March 31, 2026, 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 0.9% of the Fund's net assets.

(f) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to 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 March 31, 2026.

(h) All or a portion of the security was on loan as of March 31, 2026.

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

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

(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 March 31, 2026. 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) Security issued with a zero coupon. Income is recognized through the accretion of discount.

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

(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 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 March 31, 2026.

(r) Convertible security.

(s) This senior floating rate interest will settle after March 31, 2026. If a reference rate and spread is presented, it will go into effect upon settlement.

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

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

(v) Investment in affiliate.

(w) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 4394 | 75436 | 79514 | 19 |  |  | 316 |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 3975 | 33859 | 36104 | 60 |  |  | 1730 | 0.1 |
|  | 8369 | 109295 | 115618 | 79 |  |  | 2046 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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, 4.31%, 12/15/38 | 02/19/20 | 848 | 831 | 0.1 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.95%, 08/12/31 | 09/25/24 | 6753 | 7511 | 0.4 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 5.40%, 08/12/34 | 09/13/24 | 597 | 663 |  |
| Country Garden Holdings Company Limited, 0.00%, 12/31/31 | 01/06/26 | 85 | 70 |  |
| Eurosail-UK 2007-3BL PLC, Series 2007-C1A-3X, 4.40%, 06/13/45 | 09/02/20 | 14140 | 14304 | 0.8 |
| Eurosail-UK 2007-6NC PLC, Series 2007-A3A-6NCX, 4.55%, 09/13/45 | 10/15/18 | 16 | 16 |  |
| Gaz Capital S.A., 0.00%, 03/23/27 | 01/20/21 | 881 | 700 |  |
| Gaz Finance PLC, 0.00%, 06/29/27 | 02/03/21 | 204 | 168 |  |
| Gaz Finance PLC, 0.00%, 01/27/29 | 01/20/21 | 6400 | 4672 | 0.3 |
| Mansard Mortgages 2006-1 PLC, Series 2006-B1-1X, 4.96%, 10/15/48 | 02/19/20 | 3810 | 3829 | 0.2 |
| 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%, 04/04/42 | 03/31/22 | 1016 | 1890 | 0.1 |
| 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%, 09/16/43 | 09/13/22 | 113 | 135 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 06/23/47 | 04/11/22 | 2633 |  |  |
| Ministry of Finance of the Russian Federation, 0.00%, 06/23/47 | 09/13/22 | 225 |  |  |
| Newgate Funding PLC, Series 2007-A3-2X, 4.06%, 12/15/50 | 11/28/17 | 2540 | 2559 | 0.1 |
| Petroleos de Venezuela, S.A., 0.00%, 05/16/26 | 11/03/17 | 134 | 218 |  |
| Petroleos de Venezuela, S.A., 0.00%, 11/15/26 | 11/21/18 | 529 | 670 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 09/06/18 | 59 | 99 |  |
| Petroleos de Venezuela, S.A., 0.00%, 05/17/35 | 02/04/26 | 38 | 41 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/37 | 09/06/18 | 59 | 100 |  |
| Preferred Residential Securities 05-2 PLC, Series 2005-C1C-2X, 4.47%, 12/15/40 | 10/06/22 | 263 | 319 |  |
| Pryvatne Aktsionerne Tovarystvo Natsionalna Enerhetychna Kompaniia Ukrenerho, 0.00%, 11/09/28 | 09/29/22 | 95 | 367 |  |
| Republica Bolivariana de Venezuela, 0.00%, 10/21/26 | 02/04/26 | 137 | 154 |  |
| Republica Bolivariana de Venezuela, 0.00%, 05/07/28 | 12/13/17 | 1084 | 1257 | 0.1 |
| Republica Bolivariana de Venezuela, 0.00%, 08/05/31 | 09/12/18 | 446 | 714 | 0.1 |
| Republica Bolivariana de Venezuela, 0.00%, 12/31/34 | 12/13/17 | 419 | 655 |  |
| Republica Bolivariana de Venezuela, 0.00%, 12/31/35 | 12/13/17 | 260 | 449 |  |
| Republica Bolivariana de Venezuela, 0.00%, 03/31/38 | 12/13/17 | 93 | 155 |  |
| Republica Bolivariana de Venezuela, 0.00%, 05/07/49 | 12/13/17 | 472 | 832 | 0.1 |
| Republica Bolivariana de Venezuela, 0.00%, 12/09/49 | 12/13/17 | 15 | 23 |  |
| Stichting AK Rabobank Certificaten II, 6.50% | 02/25/20 | 3424 | 2936 | 0.2 |
| Thames Water Super Senior Issuer PLC, 9.75%, 10/10/27 | 11/12/25 | 147 | 145 |  |
|  |  | 49119 | 48778 | 2.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 678 | June 2026 | AUD | 73486 | 474 | (307) |
| Long Gilt | 878 | June 2026 | GBP | 80505 | 767 | (4562) |
| United States 10 Year Note | 3893 | June 2026 |  | 439914 | 911 | (7609) |
| United States 2 Year Note | 537 | July 2026 |  | 111287 | 42 | 111 |
| United States 5 Year Note | 1947 | July 2026 |  | 213659 | 274 | (3032) |
| United States Ultra Bond | 475 | June 2026 |  | 57042 | 104 | (1675) |
|  |  |  |  |  | 2572 | (17074) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| 3 Month SOFR Index | (27) | June 2026 |  | (6603) |  | 101 |
| Euro BOBL | (123) | June 2026 | EUR | (14464) | (65) | 308 |
| Euro Bund | (274) | June 2026 | EUR | (35275) | (288) | 1062 |
| Euro Schatz | (1) | June 2026 | EUR | (107) |  | 2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| United States 10 Year Ultra Bond | (90) | June 2026 | (10450) | (27) | 234 |
| United States Long Bond | (581) | June 2026 | (68176) | (218) | 2014 |
|  |  |  |  | (598) | 3721 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 16 |
| 28-Day MEXIBOR (M) | Paying | 8.99<br> (M) | 12/18/29 | MXN | 7700 | 1 | 11 |
| 28-Day MEXIBOR (M) | Paying | 9.14<br> (M) | 12/27/29 | MXN | 14900 | 2 | 26 |
| 28-Day MEXIBOR (M) | Paying | 9.15<br> (M) | 12/31/29 | MXN | 12800 | 2 | 22 |
| 28-Day MEXIBOR (M) | Paying | 9.11<br> (M) | 03/13/30 | MXN | 39400 | 6 | 67 |
| 3M JIBAR (Q) | Paying | 6.77<br> (Q) | 03/10/28 | ZAR | 6900 | 1 | (4) |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 07/31/28 | ZAR | 2000 |  | 2 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 07/31/28 | ZAR | 1600 |  | 2 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 07/31/28 | ZAR | 6000 | 1 | 7 |
| 3M JIBAR (Q) | Paying | 8.43<br> (Q) | 07/31/28 | ZAR | 4000 | 1 | 5 |
| 3M JIBAR (Q) | Paying | 8.43<br> (Q) | 08/01/28 | ZAR | 2400 |  | 3 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/01/28 | ZAR | 4100 | 1 | 5 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/02/28 | ZAR | 4100 | 1 | 5 |
| 3M JIBAR (Q) | Paying | 8.46<br> (Q) | 08/02/28 | ZAR | 4100 | 1 | 5 |
| 3M JIBAR (Q) | Paying | 8.55<br> (Q) | 08/03/28 | ZAR | 8400 | 2 | 11 |
| 3M JIBAR (Q) | Paying | 8.38<br> (Q) | 08/04/28 | ZAR | 4200 | 1 | 5 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 08/04/28 | ZAR | 10200 | 2 | 12 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 08/04/28 | ZAR | 4200 | 1 | 5 |
| 3M JIBAR (Q) | Paying | 8.42<br> (Q) | 08/04/28 | ZAR | 4300 | 1 | 5 |
| 3M JIBAR (Q) | Paying | 8.54<br> (Q) | 08/04/28 | ZAR | 4300 | 1 | 6 |
| 3M JIBAR (Q) | Paying | 8.36<br> (Q) | 08/07/28 | ZAR | 7700 | 1 | 9 |
| 3M JIBAR (Q) | Paying | 8.40<br> (Q) | 08/07/28 | ZAR | 7700 | 1 | 9 |
| 3M JIBAR (Q) | Paying | 8.41<br> (Q) | 08/07/28 | ZAR | 2300 |  | 3 |
| 3M JIBAR (Q) | Paying | 8.00<br> (Q) | 01/03/31 | ZAR | 5000 | 2 | 3 |
| 3M JIBAR (Q) | Paying | 8.00<br> (Q) | 01/06/31 | ZAR | 5000 | 2 | 3 |
| 3M JIBAR (Q) | Paying | 8.01<br> (Q) | 01/07/31 | ZAR | 4900 | 2 | 3 |
| 3M JIBAR (Q) | Paying | 8.03<br> (Q) | 01/07/31 | ZAR | 4900 | 2 | 4 |
| 3M JIBAR (Q) | Paying | 8.05<br> (Q) | 01/07/31 | ZAR | 4900 | 2 | 4 |
| 3M JIBAR (Q) | Paying | 8.06<br> (Q) | 01/07/31 | ZAR | 4900 | 2 | 4 |
| 3M JIBAR (Q) | Paying | 8.06<br> (Q) | 01/08/31 | ZAR | 14900 | 6 | 12 |
| 3M JIBAR (Q) | Paying | 8.08<br> (Q) | 01/08/31 | ZAR | 6900 | 3 | 6 |
| 3M JIBAR (Q) | Paying | 8.20<br> (Q) | 01/10/31 | ZAR | 24900 | 10 | 27 |
| 3M New Zealand Bank Bill Forward Rate Agreement (Q) | Paying | 4.75<br> (S) | 06/19/29 | NZD | 9300 | 16 | 123 |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.00<br> (S) | 09/18/29 | AUD | 26300 | 132 | (784) |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.50<br> (S) | 06/18/35 | AUD | 46200 | 430 | (1876) |
| 6M EURIBOR (S) | Receiving | 2.59<br> (A) | 08/19/34 | EUR | 2400 | (18) | 81 |
| 6M EURIBOR (S) | Receiving | 2.51<br> (A) | 04/09/35 | EUR | 1300 | (11) | 61 |
| 6M EURIBOR (S) | Receiving | 0.25<br> (A) | 03/18/50 | EUR | 5400 | (38) | 3401 |
| 6M EURIBOR (S) | Receiving | 0.50<br> (A) | 06/17/50 | EUR | 2500 | (18) | 1680 |
| 6M EURIBOR (S) | Receiving | 0.83<br> (A) | 12/09/52 | EUR | 23200 | 31 | 2571 |
| 6M EURIBOR (S) | Receiving | 3.00<br> (A) | 09/16/56 | EUR | 22750 | (283) | 127 |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 04/12/27 | EUR | 8200 | 6 | (147) |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 05/11/27 | EUR | 8200 | 6 | (152) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/13/27 | EUR | 11200 | 8 | (165) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/18/27 | EUR | 5400 | 4 | (82) |
| 6M EURIBOR (S) | Paying | 3.37<br> (A) | 10/09/28 | EUR | 3000 | 7 | 37 |
| 6M EURIBOR (S) | Paying | 3.45<br> (A) | 10/20/28 | EUR | 2800 | 7 | 40 |
| 6M EURIBOR (S) | Paying | 2.77<br> (A) | 04/16/29 | EUR | 2400 | 7 | (8) |
| 6M EURIBOR (S) | Paying | 2.86<br> (A) | 04/24/29 | EUR | 3600 | 10 | (3) |
| 6M EURIBOR (S) | Paying | 2.78<br> (A) | 05/02/29 | EUR | 2400 | 7 | (8) |
| 6M EURIBOR (S) | Paying | 2.95<br> (A) | 06/12/29 | EUR | 1800 | 5 | 4 |
| 6M EURIBOR (S) | Paying | 2.50<br> (A) | 09/16/31 | EUR | 77510 | 418 | (1609) |
| 6M EURIBOR (S) | Paying | 2.00<br> (A) | 09/21/32 | EUR | 25380 | 159 | (1664) |
| 6M EURIBOR (S) | Paying | 2.55<br> (A) | 03/09/33 | EUR | 5800 | 38 | (146) |
| 6M EURIBOR (S) | Paying | 3.27<br> (A) | 08/21/33 | EUR | 1600 | 11 | 35 |
| 6M EURIBOR (S) | Paying | 2.77<br> (A) | 04/29/34 | EUR | 1600 | 12 | (30) |
| 6M EURIBOR (S) | Paying | 2.41<br> (A) | 11/05/34 | EUR | 2800 | 22 | (144) |
| 6M EURIBOR (S) | Paying | 2.22<br> (A) | 01/08/35 | EUR | 1400 | 11 | (94) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2.42<br> (A) | 03/07/35 | EUR | 1300 | 11 | (67) |
| 6M EURIBOR (S) | Paying | 2.52<br> (A) | 03/27/35 | EUR | 1300 | 11 | (59) |
| 6M EURIBOR (S) | Paying | 2.75<br> (A) | 09/16/36 | EUR | 4220 | 40 | (80) |
| 6M PRIBOR (S) | Paying | 4.48<br> (A) | 03/11/36 | CZK | 1600 |  |  |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | (0.02)<br> (S) | 09/20/28 | JPY | 12430000 | (75) | 45 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.00<br> (S) | 03/15/29 | JPY | 6580000 | (49) | 57 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.70<br> (A) | 09/18/29 | JPY | 3190000 | (28) | 71 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.40<br> (A) | 06/15/32 | JPY | 569400 | (9) | 21 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.00<br> (A) | 09/18/34 | JPY | 1640000 | (33) | 85 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 1.25<br> (A) | 06/18/35 | JPY | 382000 | (8) | 22 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.50<br> (A) | 03/15/42 | JPY | 276000 | (4) | 10 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.71<br> (A) | 04/27/42 | JPY | 130000 | (2) | 5 |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 0.18<br> (A) | 04/27/27 | JPY | 520000 | 1 | 3 |
| BRAZIBOR (A) | Paying | 11.70<br> (A) | 01/04/27 | BRL | 100 |  | (1) |
| BRAZIBOR (A) | Paying | 11.26<br> (A) | 01/04/27 | BRL | 300 |  | (4) |
| BRAZIBOR (A) | Paying | 11.25<br> (A) | 01/04/27 | BRL | 300 |  | (4) |
| BRAZIBOR (A) | Paying | 11.22<br> (A) | 01/04/27 | BRL | 600 |  | (8) |
| BRAZIBOR (A) | Paying | 11.72<br> (A) | 01/04/27 | BRL | 600 |  | (5) |
| BRAZIBOR (A) | Paying | 11.87<br> (A) | 01/04/27 | BRL | 1600 |  | (12) |
| BRAZIBOR (A) | Paying | 10.21<br> (A) | 01/04/27 | BRL | 3880 | 1 | (49) |
| BRAZIBOR (A) | Paying | 10.00<br> (A) | 01/04/27 | BRL | 4300 |  | (69) |
| BRAZIBOR (A) | Paying | 10.10<br> (A) | 01/04/27 | BRL | 7300 |  | (113) |
| BRAZIBOR (A) | Paying | 10.07<br> (A) | 01/04/27 | BRL | 7530 | 2 | (101) |
| BRAZIBOR (A) | Paying | 10.18<br> (A) | 01/04/27 | BRL | 11500 | 3 | (148) |
| BRAZIBOR (A) | Paying | 10.17<br> (A) | 01/04/27 | BRL | 11540 | 3 | (150) |
| BRAZIBOR (A) | Paying | 10.00<br> (A) | 01/04/27 | BRL | 15600 |  | (249) |
| BRAZIBOR (A) | Paying | 9.96<br> (A) | 01/04/27 | BRL | 17500 |  | (283) |
| BRAZIBOR (A) | Paying | 10.17<br> (A) | 01/04/27 | BRL | 19260 | 4 | (249) |
| BRAZIBOR (A) | Paying | 10.33<br> (A) | 01/04/27 | BRL | 20480 | 5 | (249) |
| BRAZIBOR (A) | Paying | 14.01<br> (A) | 01/04/27 | BRL | 20500 | 5 | (23) |
| BRAZIBOR (A) | Paying | 10.10<br> (A) | 01/04/27 | BRL | 22760 | 5 | (302) |
| BRAZIBOR (A) | Paying | 10.18<br> (A) | 01/04/27 | BRL | 23090 | 5 | (297) |
| BRAZIBOR (A) | Paying | 10.26<br> (A) | 01/04/27 | BRL | 26920 | 6 | (337) |
| BRAZIBOR (A) | Paying | 10.20<br> (A) | 01/04/27 | BRL | 26950 | 6 | (344) |
| BRAZIBOR (A) | Paying | 13.93<br> (A) | 01/04/27 | BRL | 28900 | 7 | (40) |
| BRAZIBOR (A) | Paying | 10.05<br> (A) | 01/04/27 | BRL | 29400 |  | (462) |
| BRAZIBOR (A) | Paying | 13.29<br> (A) | 01/02/29 | BRL | 19000 | 21 | (50) |
| BRAZIBOR (A) | Paying | 13.35<br> (A) | 01/02/29 | BRL | 37800 | 42 | (94) |
| BRAZIBOR (A) | Paying | 13.44<br> (A) | 01/02/31 | BRL | 800 | 1 | (1) |
| BRAZIBOR (A) | Paying | 13.44<br> (A) | 01/02/31 | BRL | 800 | 1 | (1) |
| BRAZIBOR (A) | Paying | 13.67<br> (A) | 01/02/31 | BRL | 1000 | 1 |  |
| BRAZIBOR (A) | Paying | 13.25<br> (A) | 01/02/31 | BRL | 1100 | 1 | (2) |
| BRAZIBOR (A) | Paying | 13.56<br> (A) | 01/02/31 | BRL | 2000 | 3 | (1) |
| BRAZIBOR (A) | Paying | 13.56<br> (A) | 01/02/31 | BRL | 2300 | 3 | (1) |
| BRAZIBOR (A) | Paying | 13.35<br> (A) | 01/02/31 | BRL | 2400 | 3 | (3) |
| BRAZIBOR (A) | Paying | 13.73<br> (A) | 01/02/31 | BRL | 3900 | 6 | 2 |
| BRAZIBOR (A) | Paying | 13.52<br> (A) | 01/02/31 | BRL | 7800 | 10 | (4) |
| BRAZIBOR (A) | Paying | 13.26<br> (A) | 01/02/31 | BRL | 10400 | 14 | (16) |
| BRAZIBOR (A) | Paying | 12.84<br> (A) | 01/02/31 | BRL | 16600 | 22 | (69) |
| BRAZIBOR (A) | Paying | 12.80<br> (A) | 01/02/31 | BRL | 45400 | 60 | (196) |
| BRAZIBOR (A) | Paying | 13.68<br> (A) | 01/02/31 | BRL | 76600 | 102 | 51 |
| Sterling Overnight Index Average Rate (A) | Receiving | 3.70<br> (A) | 03/28/34 | GBP | 1000 | (6) | 54 |
| Sterling Overnight Index Average Rate (A) | Receiving | 4.50<br> (A) | 03/18/56 | GBP | 1530 | (13) | 91 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.50<br> (A) | 03/18/28 | GBP | 45200 | 117 | 143 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.50<br> (A) | 03/18/31 | GBP | 55800 | 251 | (1145) |
| U.K. Retail Price Index (A) | Paying | 4.06<br> (A) | 09/15/31 | GBP | 1100 | (12) | (197) |
| U.K. Retail Price Index (A) | Paying | 4.00<br> (A) | 09/15/31 | GBP | 1300 | (14) | (237) |
| U.K. Retail Price Index (A) | Paying | 4.07<br> (A) | 09/15/31 | GBP | 2200 | (24) | (354) |
| U.K. Retail Price Index (A) | Paying | 4.40<br> (A) | 10/15/31 | GBP | 1400 | (14) | (174) |
| U.K. Retail Price Index (A) | Paying | 4.02<br> (A) | 10/15/31 | GBP | 1600 | (16) | (277) |
| U.K. Retail Price Index (A) | Paying | 4.14<br> (A) | 10/15/31 | GBP | 3100 | (31) | (480) |
| U.K. Retail Price Index (A) | Paying | 4.25<br> (A) | 11/15/31 | GBP | 3100 | (27) | (378) |
| U.S. SOFR (Q) | Receiving | 0.93<br> (S) | 05/06/26 |  | 3500 |  | 10 |
| U.S. SOFR (Q) | Receiving | 0.50<br> (S) | 06/16/26 |  | 35800 | (1) | (56) |
| U.S. SOFR (Q) | Receiving | 3.00<br> (S) | 06/19/26 |  | 59100 | (11) | 8417 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/21/26 |  | 4040 |  | (12) |
| U.S. SOFR (Q) | Receiving | 1.01<br> (S) | 06/24/26 |  | 5700 |  | 39 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 12/15/26 |  | 1200 |  | 49 |
| U.S. SOFR (Q) | Receiving | 1.74<br> (S) | 12/16/26 |  | 2700 | (1) | 156 |
| U.S. SOFR (Q) | Receiving | 1.35<br> (S) | 01/20/27 |  | 11500 | (4) | 239 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1.45<br> (S) | 02/17/27 | 8300 | (4) | 181 |
| U.S. SOFR (Q) | Receiving | 1.42<br> (S) | 02/24/27 | 6200 | (3) | 140 |
| U.S. SOFR (A) | Receiving | 1.00<br> (A) | 06/15/27 | 8220 | (2) | (17) |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/27 | 2100 | (1) | (90) |
| U.S. SOFR (Q) | Receiving | 1.24<br> (S) | 05/12/28 | 1800 | (1) | 97 |
| U.S. SOFR (Q) | Receiving | 2.25<br> (S) | 06/20/28 | 2000 | (2) | 226 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/21/28 | 2620 | (1) | (19) |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 11/30/28 | 1070 |  | 2 |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 11/30/28 | 1500 | (1) | 3 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/20/28 | 18400 | (8) | (304) |
| U.S. SOFR (Q) | Receiving | 1.50<br> (S) | 01/12/29 | 1980 | (2) | 123 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 02/28/29 | 4340 | (2) | 40 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 03/20/29 | 3680 | (2) | 50 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/29 | 5570 | (3) | 56 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/29 | 53380 | (30) | 143 |
| 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 |  | 9 |
| U.S. SOFR (Q) | Receiving | 1.50<br> (S) | 12/18/29 | 3600 | (5) | 514 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 | 95990 | (62) | 889 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/29 | 6470 | (4) | (184) |
| U.S. SOFR (Q) | Receiving | 1.75<br> (S) | 01/15/30 | 5900 | (9) | 932 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 02/12/30 | 3500 | (6) | 607 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 03/10/30 | 1700 | (3) | 297 |
| U.S. SOFR (Q) | Receiving | 1.43<br> (S) | 03/17/30 | 3800 | (5) | 493 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 06/17/30 | 69000 | (87) | 9599 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/30 | 1670 | (1) | 13 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/30 | 65870 | (43) | 851 |
| U.S. SOFR (Q) | Receiving | 0.71<br> (S) | 07/28/30 | 1700 | (2) | 190 |
| U.S. SOFR (A) | Receiving | 3.41<br> (A) | 08/31/30 | 540 |  | 4 |
| U.S. SOFR (A) | Receiving | 3.42<br> (A) | 08/31/30 | 870 | (1) | 6 |
| U.S. SOFR (A) | Receiving | 3.34<br> (A) | 08/31/30 | 1750 | (1) | 17 |
| U.S. SOFR (A) | Receiving | 3.37<br> (A) | 08/31/30 | 2070 | (1) | 18 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 08/31/30 | 2867 | (2) | 44 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 08/31/30 | 33230 | (22) | 208 |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 10/31/30 | 200 |  | (1) |
| 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 |  | (1) |
| U.S. SOFR (A) | Receiving | 3.74<br> (A) | 10/31/30 | 300 |  | (2) |
| U.S. SOFR (A) | Receiving | 3.72<br> (A) | 10/31/30 | 300 |  | (1) |
| U.S. SOFR (A) | Receiving | 3.66<br> (A) | 10/31/30 | 300 |  | (1) |
| U.S. SOFR (A) | Receiving | 3.73<br> (A) | 10/31/30 | 300 |  | (1) |
| U.S. SOFR (A) | Receiving | 3.72<br> (A) | 10/31/30 | 300 |  | (1) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 10/31/30 | 300 |  | (2) |
| U.S. SOFR (A) | Receiving | 3.74<br> (A) | 10/31/30 | 300 |  | (2) |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 | 400 |  | (1) |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 | 400 |  | 1 |
| U.S. SOFR (A) | Receiving | 3.61<br> (A) | 10/31/30 | 400 |  |  |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 400 |  |  |
| U.S. SOFR (A) | Receiving | 3.62<br> (A) | 10/31/30 | 500 |  |  |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 | 500 |  | (2) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 500 |  |  |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 10/31/30 | 500 |  | 1 |
| U.S. SOFR (A) | Receiving | 3.57<br> (A) | 10/31/30 | 500 |  | 1 |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 |  |  |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 |  | 1 |
| U.S. SOFR (A) | Receiving | 3.69<br> (A) | 10/31/30 | 700 | (1) | (2) |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 10/31/30 | 700 | (1) |  |
| U.S. SOFR (A) | Receiving | 3.58<br> (A) | 10/31/30 | 900 | (1) | 1 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/17/30 | 3260 | (2) | 35 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 12/20/30 | 1630 | (1) | (32) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 12/20/30 | 51190 | (36) | (675) |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 03/18/31 | 20620 | (15) | 181 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 03/20/31 | 6120 | (5) | 110 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 04/30/31 | 990 | (1) | 14 |
| U.S. SOFR (A) | Receiving | 3.43<br> (A) | 04/30/31 | 1750 | (1) | 16 |
| U.S. SOFR (Q) | Receiving | 0.75<br> (S) | 06/16/31 | 33500 | (35) | 3068 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/31 | 8380 | (7) | 43 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 06/20/31 | 16930 | (13) | 37 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 06/30/31 | 3140 | (3) | 51 |
| U.S. SOFR (Q) | Receiving | 1.45<br> (S) | 07/16/31 | 33100 | (54) | 3892 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.75<br> (A) | 05/15/32 | 33644 | (29) | (91) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/32 | 2570 | (2) | 29 |
| U.S. SOFR (A) | Receiving | 3.59<br> (A) | 11/15/32 | 5850 | (5) | 39 |
| U.S. SOFR (A) | Receiving | 3.58<br> (A) | 11/15/32 | 8850 | (7) | 64 |
| U.S. SOFR (A) | Receiving | 3.57<br> (A) | 11/15/32 | 11710 | (10) | 93 |
| U.S. SOFR (A) | Receiving | 3.54<br> (A) | 11/15/32 | 14600 | (12) | 140 |
| U.S. SOFR (A) | Receiving | 3.59<br> (A) | 11/15/32 | 17670 | (15) | 117 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/17/32 | 8510 | (7) | 97 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/32 | 5540 | (5) | 27 |
| U.S. SOFR (A) | Receiving | 3.56<br> (A) | 01/31/33 | 660 | (1) | 6 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 03/18/33 | 9607 | (10) | 118 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 03/18/33 | 49060 | (41) | 414 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 05/22/33 | 107380 | (86) | 546 |
| U.S. SOFR (A) | Receiving | 3.70<br> (A) | 06/06/33 | 63690 | (52) | 663 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/17/33 | 2960 | (2) | (10) |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/33 | 2820 | (2) | 58 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 06/21/33 | 9880 | (10) | 341 |
| U.S. SOFR (A) | Receiving | 4.25<br> (A) | 11/22/33 | 2400 | (2) | (78) |
| U.S. SOFR (A) | Receiving | 4.03<br> (A) | 12/15/33 | 2400 | (2) | (43) |
| U.S. SOFR (A) | Receiving | 3.84<br> (A) | 12/26/33 | 1300 | (1) | (7) |
| U.S. SOFR (A) | Receiving | 3.85<br> (A) | 12/29/33 | 1200 | (1) | (7) |
| U.S. SOFR (A) | Receiving | 3.81<br> (A) | 01/02/34 | 1200 | (1) | (4) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 01/02/34 | 1200 | (1) | 1 |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 01/03/34 | 1200 | (1) | 7 |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 01/08/34 | 2300 | (2) | 18 |
| U.S. SOFR (A) | Receiving | 3.59<br> (A) | 01/09/34 | 2400 | (2) | 28 |
| U.S. SOFR (A) | Receiving | 3.60<br> (A) | 01/17/34 | 1200 | (1) | 14 |
| U.S. SOFR (A) | Receiving | 3.99<br> (A) | 07/02/34 | 3300 | (3) | (48) |
| U.S. SOFR (A) | Receiving | 3.85<br> (A) | 08/05/34 | 4000 | (3) | (16) |
| U.S. SOFR (A) | Receiving | 3.80<br> (A) | 08/06/34 | 3800 | (2) |  |
| U.S. SOFR (A) | Receiving | 3.65<br> (A) | 08/07/34 | 3800 | (3) | 40 |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 08/13/34 | 3800 | (3) | 31 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 08/20/34 | 3800 | (3) | 72 |
| U.S. SOFR (A) | Receiving | 3.56<br> (A) | 08/21/34 | 4300 | (3) | 73 |
| U.S. SOFR (A) | Receiving | 3.61<br> (A) | 08/22/34 | 3800 | (3) | 50 |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 09/04/34 | 2200 | (2) | 45 |
| U.S. SOFR (A) | Receiving | 3.47<br> (A) | 09/04/34 | 2600 | (2) | 61 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 09/04/34 | 2700 | (2) | 53 |
| U.S. SOFR (A) | Receiving | 3.41<br> (A) | 09/05/34 | 2400 | (2) | 67 |
| U.S. SOFR (A) | Receiving | 3.24<br> (A) | 09/16/34 | 1200 | (1) | 49 |
| U.S. SOFR (A) | Receiving | 3.28<br> (A) | 09/16/34 | 4800 | (3) | 181 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 09/18/34 | 3700 | (3) | 148 |
| U.S. SOFR (A) | Receiving | 3.23<br> (A) | 09/18/34 | 3700 | (3) | 152 |
| U.S. SOFR (A) | Receiving | 3.91<br> (A) | 03/04/35 | 2200 | (2) | (15) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/35 | 1620 | (1) | 33 |
| U.S. SOFR (A) | Receiving | 3.71<br> (A) | 11/15/35 | 790 |  | 9 |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 02/15/36 | 1160 | (1) | 18 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 02/15/36 | 2410 | (1) | 22 |
| U.S. SOFR (A) | Receiving | 4.07<br> (A) | 02/15/46 | 450 | 1 | 6 |
| U.S. SOFR (A) | Receiving | 4.08<br> (A) | 02/15/46 | 1000 | 1 | 12 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 11/15/49 | 270 |  | 27 |
| U.S. SOFR (A) | Receiving | 3.37<br> (A) | 11/15/49 | 410 | 1 | 51 |
| U.S. SOFR (A) | Receiving | 3.46<br> (A) | 11/15/49 | 680 | 1 | 74 |
| U.S. SOFR (Q) | Receiving | 2.00<br> (S) | 01/15/50 | 500 | (1) | 273 |
| U.S. SOFR (Q) | Receiving | 1.63<br> (S) | 01/16/50 | 900 | (1) | 456 |
| U.S. SOFR (Q) | Receiving | 1.75<br> (S) | 01/22/50 | 2300 | (3) | 1196 |
| U.S. SOFR (Q) | Receiving | 1.63<br> (S) | 02/03/50 | 11500 | (12) | 5834 |
| U.S. SOFR (Q) | Receiving | 1.88<br> (S) | 02/07/50 | 4300 | (7) | 2292 |
| U.S. SOFR (Q) | Receiving | 1.25<br> (S) | 06/16/51 | 4800 | 1 | 1519 |
| U.S. SOFR (Q) | Receiving | 1.04<br> (S) | 06/28/52 | 600 | 1 | 327 |
| U.S. SOFR (A) | Receiving | 2.75<br> (A) | 06/21/53 | 24300 | 75 | 3303 |
| U.S. SOFR (A) | Receiving | 4.08<br> (A) | 11/15/53 | 300 | 1 | 4 |
| U.S. SOFR (A) | Receiving | 4.02<br> (A) | 11/15/53 | 330 | 1 | 8 |
| U.S. SOFR (A) | Receiving | 4.00<br> (A) | 11/15/53 | 330 | 1 | 9 |
| U.S. SOFR (A) | Receiving | 4.01<br> (A) | 11/15/53 | 330 | 1 | 8 |
| U.S. SOFR (A) | Receiving | 4.08<br> (A) | 11/15/53 | 430 | 1 | 5 |
| U.S. SOFR (A) | Receiving | 3.30<br> (A) | 11/15/53 | 1010 | 3 | 151 |
| U.S. SOFR (A) | Receiving | 4.14<br> (A) | 11/15/53 | 2080 | 7 | 4 |
| U.S. SOFR (A) | Receiving | 3.98<br> (A) | 11/15/53 | 2700 | 8 | 27 |
| U.S. SOFR (A) | Receiving | 4.20<br> (A) | 11/15/53 | 3150 | 11 | (23) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.19<br> (A) | 11/15/53 | 4130 | 14 | (24) |
| U.S. SOFR (A) | Receiving | 4.20<br> (A) | 11/15/53 | 4240 | 14 | (33) |
| U.S. SOFR (A) | Receiving | 4.21<br> (A) | 11/15/53 | 4240 | 14 | (40) |
| U.S. SOFR (A) | Receiving | 4.16<br> (A) | 11/15/53 | 5250 | 18 | (7) |
| U.S. SOFR (A) | Receiving | 4.14<br> (A) | 11/15/53 | 5260 | 17 | 10 |
| U.S. SOFR (A) | Receiving | 4.09<br> (A) | 11/15/53 | 7713 | 23 | 84 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 09/17/55 | 6600 | 24 | 64 |
| U.S. SOFR (A) | Receiving | 4.05<br> (A) | 02/15/56 | 530 | 2 | 8 |
| U.S. SOFR (A) | Receiving | 4.06<br> (A) | 02/15/56 | 540 | 2 | 7 |
| U.S. SOFR (Q) | Paying | 1.38<br> (S) | 01/04/27 | 34000 | 11 | (661) |
| U.S. SOFR (Q) | Paying | 1.43<br> (S) | 01/18/27 | 3400 | 1 | (68) |
| U.S. SOFR (Q) | Paying | 1.44<br> (S) | 01/18/27 | 3600 | 1 | (72) |
| U.S. SOFR (Q) | Paying | 1.55<br> (S) | 01/20/27 | 50900 | 20 | (800) |
| U.S. SOFR (Q) | Paying | 1.58<br> (S) | 02/16/27 | 3500 | 2 | (72) |
| U.S. SOFR (Q) | Paying | 1.70<br> (S) | 02/17/27 | 33200 | 16 | (527) |
| U.S. SOFR (Q) | Paying | 1.65<br> (S) | 02/24/27 | 20600 | 10 | (348) |
| U.S. SOFR (A) | Paying | 1.57<br> (A) | 02/28/27 | 2200 |  | (42) |
| U.S. SOFR (A) | Paying | 1.79<br> (A) | 05/03/27 | 2700 | 1 | (55) |
| U.S. SOFR (A) | Paying | 2.85<br> (A) | 08/30/27 | 3300 | 1 | (38) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/07/27 | 1600 |  | (14) |
| U.S. SOFR (A) | Paying | 2.96<br> (A) | 10/04/27 | 2460 | 1 | (26) |
| U.S. SOFR (Q) | Paying | 0.50<br> (S) | 06/16/28 | 19903 | 9 | (310) |
| U.S. SOFR (A) | Paying | 3.25<br> (A) | 06/21/28 | 13500 | 3 | 75 |
| U.S. SOFR (Q) | Paying | 1.50<br> (S) | 12/15/28 | 10460 | 11 | (869) |
| U.S. SOFR (Q) | Paying | 1.70<br> (S) | 01/12/29 | 7200 | 8 | (380) |
| U.S. SOFR (Q) | Paying | 1.52<br> (S) | 01/20/29 | 1000 | 1 | (62) |
| U.S. SOFR (Q) | Paying | 1.63<br> (S) | 01/26/29 | 1700 | 2 | (101) |
| U.S. SOFR (A) | Paying | 3.94<br> (A) | 02/22/29 | 6800 | 3 | 65 |
| U.S. SOFR (A) | Paying | 3.97<br> (A) | 02/27/29 | 2300 | 1 | 24 |
| U.S. SOFR (A) | Paying | 1.00<br> (A) | 06/15/29 | 127110 | 61 | (4696) |
| 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 | (28) |
| U.S. SOFR (A) | Paying | 3.10<br> (A) | 09/09/29 | 1600 | 1 | (25) |
| U.S. SOFR (A) | Paying | 3.47<br> (A) | 02/22/30 | 4500 | 3 | (20) |
| U.S. SOFR (A) | Paying | 3.34<br> (A) | 02/23/30 | 3800 | 2 | (35) |
| U.S. SOFR (A) | Paying | 3.53<br> (A) | 03/02/30 | 1600 | 1 | (4) |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 06/22/30 | 12600 | 8 | (50) |
| U.S. SOFR (Q) | Paying | 1.00<br> (S) | 12/16/30 | 14824 | 18 | (2117) |
| U.S. SOFR (Q) | Paying | 0.75<br> (S) | 06/16/31 | 59600 | 66 | (3791) |
| U.S. SOFR (Q) | Paying | 1.50<br> (S) | 10/05/31 | 2100 | 4 | (252) |
| U.S. SOFR (Q) | Paying | 1.54<br> (S) | 10/15/31 | 2000 | 4 | (238) |
| U.S. SOFR (Q) | Paying | 1.54<br> (S) | 10/22/31 | 1400 | 2 | (167) |
| U.S. SOFR (Q) | Paying | 1.74<br> (S) | 01/12/32 | 1300 | 3 | (148) |
| U.S. SOFR (Q) | Paying | 1.66<br> (S) | 01/24/32 | 1700 | 3 | (202) |
| U.S. SOFR (Q) | Paying | 2.00<br> (S) | 02/18/32 | 3100 | 7 | (315) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/06/32 | 2500 | 2 | (93) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 09/17/32 | 60 |  | (1) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 02/23/33 | 2810 | 2 | (55) |
| U.S. SOFR (A) | Paying | 3.45<br> (A) | 03/07/33 | 4500 | 4 | (75) |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 06/21/33 | 8400 | 7 | (127) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 07/12/33 | 4200 | 3 | 2 |
| U.S. SOFR (A) | Paying | 3.73<br> (A) | 08/03/33 | 1400 | 1 | (1) |
| U.S. SOFR (A) | Paying | 3.76<br> (A) | 08/23/33 | 4600 | 3 | 3 |
| U.S. SOFR (A) | Paying | 3.80<br> (A) | 08/30/33 | 2300 | 2 | 8 |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 08/30/33 | 2200 | 2 | 21 |
| U.S. SOFR (A) | Paying | 4.03<br> (A) | 10/04/33 | 4700 | 4 | 85 |
| U.S. SOFR (A) | Paying | 4.18<br> (A) | 10/10/33 | 2300 | 2 | 63 |
| U.S. SOFR (A) | Paying | 4.15<br> (A) | 10/12/33 | 2300 | 2 | 60 |
| U.S. SOFR (A) | Paying | 4.22<br> (A) | 10/20/33 | 2300 | 2 | 70 |
| U.S. SOFR (A) | Paying | 4.45<br> (A) | 10/31/33 | 1400 | 1 | 64 |
| U.S. SOFR (A) | Paying | 4.45<br> (A) | 11/01/33 | 3500 | 3 | 160 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 12/20/33 | 900 | 1 | 9 |
| U.S. SOFR (A) | Paying | 3.50<br> (A) | 12/20/33 | 8320 | 6 | 173 |
| U.S. SOFR (A) | Paying | 3.74<br> (A) | 01/23/34 | 1200 | 1 | (3) |
| U.S. SOFR (A) | Paying | 3.74<br> (A) | 01/23/34 | 700 | 1 | (1) |
| U.S. SOFR (A) | Paying | 3.67<br> (A) | 01/24/34 | 2300 | 2 | (16) |
| U.S. SOFR (A) | Paying | 3.69<br> (A) | 01/24/34 | 2300 | 2 | (13) |
| U.S. SOFR (A) | Paying | 3.62<br> (A) | 01/31/34 | 1200 | 1 | (12) |
| U.S. SOFR (A) | Paying | 3.73<br> (A) | 02/07/34 | 1100 | 1 | (3) |
| U.S. SOFR (A) | Paying | 3.86<br> (A) | 02/21/34 | 4600 | 4 | 28 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.70<br> (A) | 03/05/34 | 1200 | 1 | (6) |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 04/10/34 | 2300 | 2 | 20 |
| U.S. SOFR (A) | Paying | 3.95<br> (A) | 04/16/34 | 2500 | 2 | 30 |
| U.S. SOFR (A) | Paying | 4.08<br> (A) | 04/17/34 | 2300 | 2 | 48 |
| U.S. SOFR (A) | Paying | 4.09<br> (A) | 04/22/34 | 2300 | 2 | 49 |
| U.S. SOFR (A) | Paying | 4.13<br> (A) | 05/03/34 | 2200 | 2 | 54 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 06/20/34 | 5530 | 6 | 144 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 06/20/34 | 11230 | 8 | 262 |
| U.S. SOFR (A) | Paying | 3.45<br> (A) | 10/11/34 | 3800 | 3 | (97) |
| U.S. SOFR (A) | Paying | 3.38<br> (A) | 10/15/34 | 3800 | 3 | (119) |
| U.S. SOFR (A) | Paying | 3.39<br> (A) | 10/17/34 | 2500 | 2 | (76) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 10/17/34 | 5200 | 4 | (155) |
| U.S. SOFR (A) | Paying | 3.40<br> (A) | 10/17/34 | 2100 | 1 | (62) |
| U.S. SOFR (A) | Paying | 3.52<br> (A) | 11/06/34 | 7600 | 6 | (162) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 12/18/34 | 460 |  | (9) |
| U.S. SOFR (A) | Paying | 3.85<br> (A) | 01/08/35 | 1100 | 1 | 3 |
| U.S. SOFR (A) | Paying | 3.90<br> (A) | 01/08/35 | 2200 | 2 | 14 |
| U.S. SOFR (A) | Paying | 3.97<br> (A) | 01/15/35 | 2100 | 2 | 25 |
| U.S. SOFR (A) | Paying | 4.07<br> (A) | 01/15/35 | 3500 | 3 | 67 |
| U.S. SOFR (A) | Paying | 4.10<br> (A) | 01/21/35 | 1800 | 1 | 39 |
| U.S. SOFR (A) | Paying | 4.09<br> (A) | 01/22/35 | 4900 | 4 | 101 |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 05/07/35 | 4500 | 3 | (27) |
| U.S. SOFR (Q) | Paying | 1.59<br> (S) | 02/09/51 | 12800 | 10 | (5663) |
| U.S. SOFR (Q) | Paying | 1.82<br> (S) | 01/24/52 | 300 |  | (124) |
| U.S. SOFR (Q) | Paying | 1.87<br> (S) | 01/26/52 | 300 |  | (122) |
| U.S. SOFR (A) | Paying | 3.08<br> (A) | 02/23/53 | 1200 | (4) | (211) |
| U.S. SOFR (A) | Paying | 3.37<br> (A) | 07/12/53 | 2900 | (9) | (374) |
| U.S. SOFR (A) | Paying | 3.83<br> (A) | 10/12/53 | 700 | (2) | (38) |
| U.S. SOFR (A) | Paying | 3.88<br> (A) | 10/16/53 | 700 | (2) | (32) |
| U.S. SOFR (A) | Paying | 3.87<br> (A) | 10/17/53 | 800 | (3) | (38) |
|  |  |  |  |  | 1193 | 22661 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) | 0.37 | 1.00 | 12/20/27 | (1700) | 18 |  | (1) |
| AT&T Inc. (Q) | 0.39 | 1.00 | 06/20/28 | (3700) | 48 | 1 | 87 |
| Bank of America Corporation (Q) | 0.32 | 1.00 | 12/20/26 | (3500) | 17 |  | (27) |
| Boeing Company, The (Q) | 0.71 | 1.00 | 12/20/30 | (3700) | 46 | 1 | (16) |
| CDX.EM.36.V3 (Q) | 0.68 | 1.00 | 12/20/26 | (12236) | 28 | 4 | 574 |
| CDX.EM.38 (Q) | 0.65 | 1.00 | 12/20/27 | (1600) | 9 | 9 | 145 |
| CDX.EM.39 (Q) | 1.30 | 1.00 | 06/20/28 | (300) | (2) | (1) | 19 |
| CDX.EM.40 (Q) | 1.01 | 1.00 | 12/20/28 | (3800) | (1) | 16 | 178 |
| CDX.EM.41 (Q) | 1.11 | 1.00 | 06/20/29 | (1200) | (4) | 5 | 42 |
| CDX.EM.42 (Q) | 1.20 | 1.00 | 12/20/29 | (1700) | (12) | 8 | 38 |
| CDX.EM.43 (Q) | 1.35 | 1.00 | 06/20/30 | (100) | (1) |  | 2 |
| CDX.EM.44 (Q) | 1.47 | 1.00 | 12/20/30 | (500) | (10) | 2 | 1 |
| CDX.EM.45 (Q) | 1.94 | 1.00 | 06/20/31 | (600) | (25) | 3 | 1 |
| CDX.NA.HY.36.V5 (Q) | 4.37 | 5.00 | 06/20/26 | (9024) | 13 | 2 | (831) |
| CDX.NA.HY.37.V5 (Q) | 1.89 | 5.00 | 12/20/26 | (2688) | 60 | 13 | (88) |
| CDX.NA.HY.39.V4 (Q) | 2.47 | 5.00 | 12/20/27 | (485) | 20 | 3 | 26 |
| CDX.NA.HY.43.V3 (Q) | 3.21 | 5.00 | 12/20/29 | (3267) | 189 | 26 | (49) |
| CDX.NA.HY.44.V2 (Q) | 3.37 | 5.00 | 06/20/30 | (396) | 23 | 3 | (7) |
| CDX.NA.HY.45.V2 (Q) | 3.65 | 5.00 | 12/20/30 | (40709) | 2144 | 360 | (1135) |
| CDX.NA.HY.46 (Q) | 3.86 | 5.00 | 06/20/31 | (10700) | 513 | 96 | 93 |
| CDX.NA.IG.45 (Q) | 0.59 | 1.00 | 12/20/30 | (15460) | 274 | 30 | (71) |
| CDX.NA.IG.46 (Q) | 0.63 | 1.00 | 06/20/31 | (10100) | 174 | 22 | 3 |
| Credit Agricole SA (Q) | 0.70 | 1.00 | 12/20/30 | (3900) | 61 |  | (8) |
| EADS Finance (Q) | 0.11 | 1.00 | 06/20/26 | (6500) | 15 | (1) | (154) |
| General Electric Company (Q) | 0.05 | 1.00 | 06/20/26 | (4500) | 10 |  | (43) |
| ITRAXX.EUR.44 (Q) | 0.67 | 1.00 | 12/20/30 | (9770) | 165 | 11 | (84) |
| Morgan Stanley (Q) | 0.30 | 1.00 | 06/20/26 | (7800) | 12 |  | (34) |
| Oracle Corporation (Q) | 1.62 | 1.00 | 06/20/30 | (1100) | (26) | 2 | (50) |
| Rolls-Royce Group Limited (Q) | 0.11 | 1.00 | 12/20/26 | (1300) | 10 |  | 65 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income 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) ($) |
| Rolls-Royce Group Limited (Q) | 0.15 | 1.00 | 06/20/27 | (1500) | 18 |  | 164 |
| Verizon Communications Inc. (Q) | 0.37 | 1.00 | 06/20/28 | (3900) | 53 | 1 | 59 |
| Verizon Communications Inc. (Q) | 0.42 | 1.00 | 12/20/28 | (900) | 13 |  | 16 |
| Warnermedia Holdings, Inc. (Q) | 0.97 | 1.00 | 12/20/26 | (600) |  |  | 2 |
|  |  |  |  |  | 3852 | 616 | (1083) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** |
| **Reference Entity** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **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, May 2026 | EUR | (2259) | (18) | EUR | 125.50 | 04/24/26 | 17 | (12) |
| Euro Bund Future, May 2026 | EUR | (2304) | (18) | EUR | 128.00 | 04/24/26 |  | 4 |
|  |  |  |  |  |  |  | 17 | (8) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income 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, Jun. 2026 | Call | 113.00 | 04/24/26 | 45 | 5085 | (7) |
| United States 10 Year Note Future, Jun. 2026 | Put | 110.00 | 04/24/26 | 45 | 4950 | (16) |
|  |  |  |  |  |  | (23) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | DUB | 04/02/26 | AUD | 3432 | 2368 | 14 |
| AUD/USD | HSB | 04/02/26 | AUD | 1825 | 1259 | (6) |
| BRL/USD | BOA | 04/02/26 | BRL | 3500 | 676 | 8 |
| BRL/USD | GSC | 04/02/26 | BRL | 172671 | 33335 | 368 |
| BRL/USD | JPM | 04/02/26 | BRL | 48400 | 9343 | 183 |
| BRL/USD | BOA | 06/02/26 | BRL | 904 | 172 | 2 |
| BRL/USD | GSC | 06/02/26 | BRL | 28308 | 5392 | 67 |
| BRL/USD | GSC | 07/02/26 | BRL | 56486 | 10683 | 170 |
| CNY/USD | DUB | 04/02/26 | CNY | 194 | 28 |  |
| CNY/USD | JPM | 04/02/26 | CNY | 204 | 30 |  |
| COP/USD | HSB | 04/08/26 | COP | 12121404 | 3294 | 20 |
| COP/USD | CIT | 04/20/26 | COP | 16742166 | 4534 | 46 |
| EUR/USD | BOA | 04/02/26 | EUR | 48924 | 56549 | 320 |
| EUR/USD | JPM | 04/02/26 | EUR | 3961 | 4578 | (71) |
| GBP/USD | BCL | 04/02/26 | GBP | 876 | 1159 | (8) |
| GBP/USD | BOA | 04/02/26 | GBP | 985 | 1304 | (17) |
| GBP/USD | CIT | 04/02/26 | GBP | 3253 | 4306 | (47) |
| GBP/USD | HSB | 04/02/26 | GBP | 4168 | 5517 | (67) |
| IDR/USD | BCL | 06/10/26 | IDR | 780237 | 46 | (1) |
| JPY/USD | BOA | 04/02/26 | JPY | 1041215 | 6561 | (135) |
| JPY/USD | HSB | 04/02/26 | JPY | 6268461 | 39497 | (792) |
| JPY/USD | BOA | 05/07/26 | JPY | 4232973 | 26761 | 150 |
| JPY/USD | CIT | 05/07/26 | JPY | 6 |  |  |
| JPY/USD | HSB | 05/07/26 | JPY | 3051476 | 19292 | 151 |
| JPY/USD | JPM | 05/07/26 | JPY | 3170 | 20 |  |
| MXN/USD | JPM | 04/20/26 | MXN | 31597 | 1760 | (4) |
| MXN/USD | GSC | 06/17/26 | MXN | 8822 | 489 | (6) |
| NGN/USD | DUB | 05/20/26 | NGN | 6462500 | 4566 | (134) |
| NZD/USD | GSC | 04/02/26 | NZD | 6246 | 3589 | (164) |
| PEN/USD | GSC | 06/17/26 | PEN | 3922 | 1123 | 4 |
| PEN/USD | CIT | 09/16/26 | PEN | 3500 | 997 | (15) |
| TRY/USD | BCL | 04/01/26 | TRY | 19376 | 436 | 10 |
| TRY/USD | BCL | 04/02/26 | TRY | 18743 | 421 | 5 |
| TRY/USD | BCL | 04/03/26 | TRY | 17533 | 394 | 12 |
| TRY/USD | BCL | 04/06/26 | TRY | 60993 | 1365 | 30 |
| TRY/USD | BCL | 04/07/26 | TRY | 86958 | 1944 | 51 |
| TRY/USD | BCL | 04/08/26 | TRY | 41753 | 932 | 23 |
| TRY/USD | BCL | 04/09/26 | TRY | 22263 | 496 | 7 |
| TRY/USD | BCL | 04/13/26 | TRY | 16942 | 376 | 3 |
| TRY/USD | BCL | 04/14/26 | TRY | 18880 | 418 | 2 |
| TRY/USD | BCL | 04/17/26 | TRY | 12741 | 281 | 2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| TRY/USD | BCL | 04/20/26 | TRY | 64109 | 1408 | 9 |
| TRY/USD | BCL | 04/21/26 | TRY | 29168 | 640 | 3 |
| TRY/USD | HSB | 04/21/26 | TRY | 21884 | 480 | 1 |
| TRY/USD | BCL | 04/22/26 | TRY | 12819 | 281 | 1 |
| TRY/USD | BCL | 04/24/26 | TRY | 26150 | 571 | 3 |
| TRY/USD | BCL | 04/28/26 | TRY | 11914 | 259 |  |
| TRY/USD | BCL | 05/04/26 | TRY | 21787 | 470 |  |
| TRY/USD | BCL | 05/05/26 | TRY | 37122 | 800 | (3) |
| TRY/USD | BCL | 05/06/26 | TRY | 19188 | 413 | (1) |
| USD/AUD | BCL | 04/02/26 | AUD | (1390) | (959) | 30 |
| USD/AUD | CIT | 04/02/26 | AUD | (1004) | (693) | 11 |
| USD/AUD | HSB | 04/02/26 | AUD | (925) | (638) | 19 |
| USD/AUD | JPM | 04/02/26 | AUD | (1938) | (1337) | 14 |
| USD/AUD | DUB | 05/04/26 | AUD | (3432) | (2367) | (14) |
| USD/AUD | JPM | 05/04/26 | AUD | (1596) | (1101) | (7) |
| USD/BRL | BOA | 04/02/26 | BRL | (892) | (172) | (2) |
| USD/BRL | GSC | 04/02/26 | BRL | (207585) | (40075) | (2287) |
| USD/BRL | JPM | 04/02/26 | BRL | (16100) | (3108) | (392) |
| USD/BRL | BOA | 07/02/26 | BRL | (7100) | (1343) | (116) |
| USD/BRL | GSC | 07/02/26 | BRL | (204500) | (38673) | (2045) |
| USD/BRL | JPM | 07/02/26 | BRL | (122300) | (23127) | (1401) |
| USD/BRL | BOA | 10/02/26 | BRL | (3700) | (684) | (7) |
| USD/BRL | GSC | 10/02/26 | BRL | (26000) | (4809) | (253) |
| USD/BRL | JPM | 10/02/26 | BRL | (19300) | (3570) | (56) |
| USD/CHF | BCL | 04/02/26 | CHF | (568) | (711) | 28 |
| USD/CHF | BCL | 05/04/26 | CHF | (566) | (711) |  |
| USD/CLP | CIT | 09/16/26 | CLP | (987996) | (1067) | 37 |
| USD/CNY | CIT | 04/02/26 | CNY | (1) |  |  |
| USD/CNY | DUB | 04/02/26 | CNY | (397) | (58) |  |
| USD/CNY | DUB | 05/07/26 | CNY | (194) | (28) |  |
| USD/CNY | JPM | 05/07/26 | CNY | (204) | (30) |  |
| USD/COP | CIT | 04/06/26 | COP | (2515662) | (684) | (28) |
| USD/COP | CIT | 04/06/26 | COP | (8) |  |  |
| USD/COP | CIT | 04/08/26 | COP | (12108244) | (3290) | (107) |
| USD/COP | GSC | 04/20/26 | COP | (16573040) | (4488) | (88) |
| USD/COP | BOA | 06/17/26 | COP | (4750401) | (1270) | (12) |
| USD/COP | CIT | 06/17/26 | COP | (15384626) | (4114) | (52) |
| USD/COP | CIT | 07/13/26 | COP | (3425714) | (910) | (14) |
| USD/COP | GSC | 07/13/26 | COP | (101242) | (27) |  |
| USD/COP | CIT | 07/21/26 | COP | (17097113) | (4537) | (50) |
| USD/COP | HSB | 07/21/26 | COP | (12401922) | (3291) | (17) |
| USD/COP | CIT | 08/18/26 | COP | (7260779) | (1914) | (4) |
| USD/EUR | BOA | 04/02/26 | EUR | (14566) | (16836) | 130 |
| USD/EUR | CIT | 04/02/26 | EUR | (37111) | (42895) | 893 |
| USD/EUR | JPM | 04/02/26 | EUR | (1208) | (1396) | 2 |
| USD/EUR | BOA | 05/04/26 | EUR | (48924) | (56640) | (325) |
| USD/GBP | BCL | 04/02/26 | GBP | (24336) | (32211) | 703 |
| USD/GBP | CIT | 04/02/26 | GBP | (2594) | (3433) | 7 |
| USD/GBP | HSB | 04/02/26 | GBP | (3140) | (4156) | 13 |
| USD/GBP | JPM | 04/02/26 | GBP | (3511) | (4647) | 46 |
| USD/GBP | JPM | 05/05/26 | GBP | (24299) | (32161) | 18 |
| USD/JPY | BOA | 04/02/26 | JPY | (4245760) | (26753) | (142) |
| USD/JPY | HSB | 04/02/26 | JPY | (3060724) | (19286) | (145) |
| USD/MXN | JPM | 06/17/26 | MXN | (1012) | (56) |  |
| USD/NZD | BOA | 04/02/26 | NZD | (6316) | (3629) | 133 |
| USD/NZD | HSB | 05/04/26 | NZD | (70) | (40) |  |
| USD/PEN | GSC | 06/17/26 | PEN | (52697) | (15081) | 572 |
| USD/PEN | DUB | 07/08/26 | PEN | (3991) | (1141) | 39 |
| USD/PEN | CIT | 07/24/26 | PEN | (10748) | (3070) | 116 |
| USD/PEN | CIT | 08/19/26 | PEN | (3253) | (928) | (26) |
| USD/PEN | CIT | 11/30/26 | PEN | (12561) | (3564) | 108 |
| USD/TRY | BCL | 04/01/26 | TRY | (18619) | (419) | (5) |
| USD/TRY | BCL | 04/02/26 | TRY | (18792) | (423) | (6) |
| USD/TRY | BCL | 04/03/26 | TRY | (17333) | (390) | (7) |
| USD/TRY | BCL | 04/09/26 | TRY | (17035) | (380) | (7) |
| USD/TRY | BCL | 04/13/26 | TRY | (17127) | (380) | (7) |
| USD/TRY | BCL | 04/14/26 | TRY | (19006) | (421) | (4) |
| USD/TRY | BCL | 04/16/26 | TRY | (19048) | (421) | (4) |
| USD/TRY | BCL | 04/17/26 | TRY | (12902) | (285) | (5) |
| USD/TRY | BCL | 04/20/26 | TRY | (60104) | (1321) | (15) |
| USD/TRY | BCL | 04/21/26 | TRY | (15381) | (337) | (4) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/TRY | BCL | 04/22/26 | TRY | (13009) | (285) | (5) |
| USD/TRY | BCL | 04/24/26 | TRY | (8678) | (190) | (4) |
| USD/TRY | BCL | 04/28/26 | TRY | (19373) | (421) | (4) |
| USD/TRY | BCL | 04/29/26 | TRY | (8743) | (190) | (3) |
| USD/TRY | BCL | 04/30/26 | TRY | (33945) | (735) | (9) |
| USD/TRY | BCL | 05/04/26 | TRY | (23362) | (504) | (4) |
| USD/TRY | BCL | 05/05/26 | TRY | (15541) | (335) | (2) |
| USD/TRY | BCL | 05/05/26 | TRY | (21807) | (470) |  |
| USD/TRY | BCL | 05/06/26 | TRY | (19368) | (417) |  |
| USD/TWD | DUB | 04/13/26 | TWD | (464) | (15) |  |
| USD/TWD | DUB | 06/17/26 | TWD | (201447) | (6334) | (5) |
| USD/ZAR | BOA | 04/20/26 | ZAR | (17917) | (1057) | (5) |
| USD/ZAR | CIT | 04/20/26 | ZAR | (22220) | (1311) | 4 |
| ZAR/USD | BCL | 04/20/26 | ZAR | 50638 | 2988 | (106) |
| ZAR/USD | JPM | 04/20/26 | ZAR | 131444 | 7757 | (115) |
|  |  |  |  |  | (162392) | (4799) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 0.49 | 1.00 | 06/20/26  | (7200)  | 10  | (245)  | 255  |
| Presidencia da Republica (Q)  | GSC | 0.49 | 1.00 | 06/20/26  | (10600)  | 15  | (360)  | 375  |
| ITRAXX.EUR.XO.44 (Q)  | BOA | 0.92 | 5.00 | 12/20/30  | (3793)  | 659  | 753  | (94)  |
| ITRAXX.EUR.XO.44 (Q)  | CIT | 0.92 | 5.00 | 12/20/30  | (575)  | 100  | 113  | (13)  |
| ITRAXX.EUR.XO.44 (Q)  | JPM | 0.92 | 5.00 | 12/20/30  | (2759)  | 480  | 557  | (77)  |
| CMBX.NA.AAA.10 (M)  | GSC | 0.20 | 0.50 | 11/17/59  | (35545)  | 49  | (316)  | 365  |
| CMBX.NA.AAA.11 (M)  | GSC | 0.32 | 0.50 | 11/18/54  | (7797)  | 20  | 60  | (40)  |
| CMBX.NA.AAA.11 (M)  | GSC | 0.32 | 0.50 | 11/18/54  | (7497)  | 19  | (41)  | 60  |
| CMBX.NA.AAA.13 (M)  | GSC | 0.39 | 0.50 | 12/16/72  | (79500)  | 275  | (1365)  | 1640  |
| CMBX.NA.AAA.6 (M)  | GSC | 0.50 | 0.50 | 05/11/63  | (16)  | —  | —  | —  |
| CMBX.NA.AAA.9 (M)  | GSC | 0.50 | 0.50 | 09/17/58  | (622)  | —  | 1  | (1)  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | BCL | 0.87 | 1.00 | 12/20/26  | (1000)  | 2  | (46)  | 48  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | CIT | 1.04 | 1.00 | 06/20/27  | (200)  | —  | (7)  | 7  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | GSC | 1.04 | 1.00 | 06/20/27  | (300)  | —  | (11)  | 11  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | GSC | 1.21 | 1.00 | 12/20/27  | (100)  | —  | (9)  | 9  |
| Departamento Administrativo De La Presidencia De La Republica (Q)  | JPM | 1.04 | 1.00 | 06/20/27  | (300)  | (1)  | (12)  | 11  |
| Ministry of Finance (Q)  | GSC | 0.66 | 1.00 | 12/20/29  | (800)  | 9  | (22)  | 31  |
| Ministry of Finance (Q)  | GSC | 0.33 | 1.00 | 12/20/26  | (6400)  | 33  | 28  | 5  |
| Ministry of Finance (Q)  | JPM | 0.66 | 1.00 | 12/20/29  | (200)  | 2  | (6)  | 8  |
| Pemex Project Funding Master Trust (M)‡  | DUB | 3.98 | 4.75 | 07/06/26  | (1035)  | 1  | —  | 1  |
| Pemex Project Funding Master Trust (M)‡  | DUB | 3.98 | 4.85 | 07/06/26  | (494)  | 1  | —  | 1  |
| SoftBank Group Corp. (Q)  | GSC | 1.66 | 1.00 | 06/20/26  | (1200)  | (1)  | (10)  | 9  |
| South Africa, Parliament of (Q)  | DUB | 0.73 | 1.00 | 12/20/26  | (1200)  | 3  | (53)  | 56  |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | JPM | 2.89 | 1.00 | 12/20/30  | (600)  | (46)  | (38)  | (8)  |
|  |  |  |  |  | (169733) | 1630 | (1029) | 2659 |

---

‡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 March 31, 2026.

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1598626 |  | 1598626 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 601531 |  | 601531 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 236111 |  | 236111 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 22298 | 28367 | 50665 |
| &nbsp;&nbsp;Common Stocks | 3037 | 172 | 4710 | 7919 |
| &nbsp;&nbsp;Rights | 1802 |  |  | 1802 |
| &nbsp;&nbsp;Preferred Stocks |  |  | 886 | 886 |
| &nbsp;&nbsp;Warrants |  |  | 238 | 238 |
| &nbsp;&nbsp;Short Term Investments | 2046 | 287051 |  | 289097 |
|  | 6885 | 2745789 | 34201 | 2786875 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 3832 |  |  | 3832 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 63062 |  | 63062 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 1515 |  | 1515 |
| &nbsp;&nbsp;Exchange Traded Futures Options | 4 |  |  | 4 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 4588 |  | 4588 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 2890 | 2 | 2892 |
|  | 3836 | 72055 | 2 | 75893 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (17185) |  |  | (17185) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (40401) |  | (40401) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (2598) |  | (2598) |
| &nbsp;&nbsp;Exchange Traded Futures Options | (12) |  |  | (12) |
| &nbsp;&nbsp;Exchange Traded Written Options | (23) |  |  | (23) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (9387) |  | (9387) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (233) |  | (233) |
|  | (17220) | (52619) |  | (69839) |

---

<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)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 80.3%** | **CORPORATE BONDS AND NOTES 80.3%** | **CORPORATE BONDS AND NOTES 80.3%** |
| **Financials 32.2%** | **Financials 32.2%** | **Financials 32.2%** |
| ABN AMRO Bank N.V. |  |  |
| 6.38%, (100, 09/22/34), EUR (a) (b) | 600 | 713 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.30%, 01/30/32 | 3700 | 3366 |
| Ally Financial Inc. |  |  |
| 6.99%, 06/13/29 | 500 | 521 |
| American Express Company |  |  |
| 4.01%, 02/09/29 | 1600 | 1590 |
| 5.44%, 01/30/36 | 1300 | 1325 |
| Antares Holdings LP |  |  |
| 3.95%, 07/15/26 (c) | 300 | 299 |
| 3.75%, 07/15/27 (c) | 630 | 612 |
| 7.95%, 08/11/28 (c) | 600 | 623 |
| 6.50%, 02/08/29 (c) | 500 | 501 |
| Apollo Debt Solutions BDC |  |  |
| 6.70%, 07/29/31 | 1200 | 1218 |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | 615 | 440 |
| Ares Capital Corporation |  |  |
| 5.95%, 07/15/29 | 600 | 603 |
| Ares Finance Co. II LLC |  |  |
| 3.25%, 06/15/30 (c) | 1200 | 1128 |
| Ares Finance Co. III LLC |  |  |
| 4.13%, 06/30/51 (c) | 500 | 490 |
| Ares Strategic Income Fund |  |  |
| 5.60%, 02/15/30 | 200 | 195 |
| 5.15%, 01/15/31 (c) | 600 | 567 |
| 6.20%, 03/21/32 | 200 | 196 |
| Assured Guaranty US Holdings Inc. |  |  |
| 6.13%, 09/15/28 | 400 | 413 |
| 3.60%, 09/15/51 | 1700 | 1146 |
| Aviation Capital Group LLC |  |  |
| 3.50%, 11/01/27 (c) | 1400 | 1375 |
| 6.25%, 04/15/28 (c) | 600 | 617 |
| 5.38%, 07/15/29 (c) | 400 | 406 |
| Aviva PLC |  |  |
| 7.75%, (100, 09/30/32), GBP (a) (b) (d) | 300 | 403 |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (c) | 922 | 891 |
| 4.95%, 10/15/32 (c) | 100 | 98 |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima |  |  |
| 4.15%, 03/03/29 | 1600 | 1582 |
| Banco Santander, S.A. |  |  |
| 4.88%, 10/18/31, EUR (b) (d) | 2700 | 3273 |
| Bank of America Corporation |  |  |
| 3.82%, 01/20/28 | 2750 | 2736 |
| 3.97%, 02/07/30 | 6550 | 6462 |
| 1.90%, 07/23/31 | 3900 | 3480 |
| 2.69%, 04/22/32 | 2300 | 2089 |
| 4.57%, 04/27/33 | 800 | 787 |
| 5.29%, 04/25/34 | 3200 | 3239 |
| Barclays PLC |  |  |
| 8.38%, (100, 09/15/31), GBP (a) (b) | 600 | 820 |
| 5.69%, 03/12/30 | 2000 | 2054 |
| 4.22%, 05/24/30 | 1600 | 1576 |
| 6.22%, 05/09/34 | 2900 | 3043 |
| BGC Group, Inc. |  |  |
| 8.00%, 05/25/28 (e) | 600 | 633 |
| 6.15%, 04/02/30 | 300 | 305 |
| Blackstone Holdings Finance Co. L.L.C. |  |  |
| 1.50%, 04/10/29, EUR (c) | 800 | 865 |
| Blackstone Inc. |  |  |
| 2.50%, 01/10/30 (c) | 5700 | 5281 |
| 5.00%, 06/15/44 (c) | 300 | 269 |
| Blackstone Secured Lending Fund |  |  |
| 5.88%, 11/15/27 | 1000 | 1004 |
| Block, Inc. |  |  |
| 5.63%, 08/15/30 (c) | 300 | 298 |
| Blue Owl Finance LLC |  |  |
| 4.13%, 10/07/51 | 3400 | 2249 |
| BNP Paribas |  |  |
| 7.00%, (100, 08/16/28) (a) (c) (d) | 200 | 201 |
| 8.50%, (100, 08/14/28) (a) (c) (d) | 1200 | 1249 |
| Boral Finance Pty Limited |  |  |
| 3.75%, 05/01/28 (c) | 338 | 330 |
| BPCE |  |  |
| 6.61%, 10/19/27 (c) | 900 | 910 |
| 4.76%, 01/13/32 (c) | 600 | 592 |
| 7.00%, 10/19/34 (c) | 400 | 438 |
| Brookfield Capital Finance LLC |  |  |
| 6.09%, 06/14/33 | 300 | 313 |
| Brookfield Financial, Inc. |  |  |
| 5.68%, 01/15/35 | 1400 | 1412 |
| CaixaBank, S.A. |  |  |
| 5.88%, (100, 10/09/27), EUR (a) (b) (d) | 1200 | 1405 |
| Cantor Fitzgerald, L.P. |  |  |
| 7.20%, 12/12/28 (c) | 1000 | 1043 |
| Capital Farm Credit ACA |  |  |
| 8.40%, (5 Year Treasury + 4.52%), (100, 06/15/26) (a) (f) | 3200 | 3185 |
| Capital One Financial Corporation |  |  |
| 3.95%, (100, 09/01/26) (a) | 1100 | 1082 |
| Charles Schwab Corporation, The |  |  |
| 4.00%, (100, 12/01/30) (a) | 2300 | 2129 |
| 5.00%, (100, 12/01/27) (a) | 900 | 882 |
| 1.65%, 03/11/31 | 3700 | 3229 |
| CI Financial Corp. |  |  |
| 7.50%, 05/30/29 (c) | 500 | 525 |
| Citadel Finance LLC |  |  |
| 4.75%, 02/14/29 (c) | 1600 | 1569 |
| 5.90%, 02/10/30 (c) | 1000 | 1004 |
| Citadel Limited Partnership |  |  |
| 6.38%, 01/23/32 (c) (e) | 900 | 936 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (a) | 700 | 698 |
| 6.95%, (100, 02/15/30) (a) | 875 | 881 |
| 5.57%, 04/30/34 | 700 | 725 |
| Citizens Financial Group, Inc. |  |  |
| 4.00%, (100, 10/06/26) (a) | 800 | 787 |
| CNA Financial Corporation |  |  |
| 2.05%, 08/15/30 | 300 | 268 |
| CoBank, ACB |  |  |
| 4.25%, (100, 01/01/27) (a) (c) | 2200 | 2164 |
| COMMERZBANK Aktiengesellschaft |  |  |
| 7.88%, (100, 07/02/29), EUR (a) (b) | 1400 | 1754 |
| Cooperatieve Rabobank U.A. |  |  |
| 4.38%, (100, 06/29/27), EUR (a) (b) | 800 | 926 |
| Corebridge Financial, Inc. |  |  |
| 3.85%, 04/05/29 | 1900 | 1855 |
| Credit Agricole S.A. |  |  |
| 7.25%, (100, 09/23/28), EUR (a) (d) | 600 | 726 |
| Danske Bank A/S |  |  |
| 5.00%, 03/27/32 (c) | 800 | 803 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 3.55%, 09/18/31 | 1600 | 1504 |
| DrillCo Holding Lux S.A. |  |  |
| 7.50%, 06/15/30 (b) | 13 | 13 |
| 7.50%, 06/15/30 (c) | 51 | 50 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (c) | 1800 | 1807 |
| Encore Capital Group, Inc. |  |  |
| 8.50%, 05/15/30 (c) | 300 | 317 |
| Equitable Holdings, Inc. |  |  |
| 6.70%, 03/28/55 | 1000 | 1006 |
| Erste Group Bank AG |  |  |
| 4.25%, (100, 10/15/27), EUR (a) (b) | 2000 | 2271 |
| Essent Group Ltd. |  |  |
| 6.25%, 07/01/29 | 500 | 517 |
| Export-Import Bank of India |  |  |
| 3.25%, 01/15/30 (c) | 600 | 571 |
| Fairfax Financial Holdings Limited |  |  |
| 2.75%, 03/29/28, EUR (c) | 600 | 679 |
| 4.63%, 04/29/30 | 1900 | 1893 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Fidelity National Financial, Inc. |  |  |
| 3.20%, 09/17/51 | 400 | 244 |
| Fidelity National Information Services, Inc. |  |  |
| 4.45%, 03/10/28 | 600 | 598 |
| 4.55%, 03/10/29 | 800 | 795 |
| First American Financial Corporation |  |  |
| 5.45%, 09/30/34 | 400 | 391 |
| Ford Motor Credit Company LLC |  |  |
| 5.85%, 05/17/27 | 500 | 504 |
| 4.13%, 08/17/27 | 300 | 296 |
| 3.82%, 11/02/27 | 1653 | 1621 |
| 5.92%, 03/20/28 | 1300 | 1316 |
| 5.80%, 03/08/29 | 900 | 910 |
| 4.97%, 04/06/29 | 600 | 593 |
| 5.11%, 05/03/29 | 256 | 254 |
| 5.30%, 09/06/29 | 544 | 541 |
| Fortitude Group Holdings, LLC |  |  |
| 6.25%, 04/01/30 (c) | 300 | 305 |
| Franklin Resources, Inc. |  |  |
| 2.95%, 08/12/51 | 1480 | 917 |
| FS KKR Capital Corp. |  |  |
| 7.88%, 01/15/29 | 1400 | 1412 |
| GE Capital Funding LLC |  |  |
| 4.55%, 05/15/32 | 537 | 536 |
| Global Atlantic Financial Company |  |  |
| 6.75%, 03/15/54 (c) | 200 | 187 |
| Global Payments Inc. |  |  |
| 2.90%, 05/15/30 | 400 | 366 |
| 4.88%, 11/15/30 | 1400 | 1377 |
| 4.15%, 08/15/49 | 500 | 357 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.22%, 05/01/29 | 1100 | 1093 |
| 1.99%, 01/27/32 | 3900 | 3425 |
| 2.38%, 07/21/32 | 2000 | 1768 |
| 5.02%, 10/23/35 | 2800 | 2748 |
| 5.54%, 01/28/36 | 1700 | 1731 |
| Goldman Sachs Private Credit Corp. |  |  |
| 5.05%, 02/23/28 (c) | 700 | 689 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.15%, 01/15/31 (g) | 1300 | 1325 |
| 6.38%, 07/01/34 | 1000 | 1008 |
| Hanover Insurance Group Inc, The |  |  |
| 2.50%, 09/01/30 | 500 | 454 |
| HPS Corporate Lending Fund |  |  |
| 5.95%, 04/14/32 | 600 | 580 |
| HSBC Holdings PLC |  |  |
| 7.39%, 11/03/28 | 800 | 834 |
| 4.40%, 03/10/30 | 1200 | 1191 |
| ING Groep N.V. |  |  |
| 4.80%, 03/23/32 | 900 | 896 |
| Intesa Sanpaolo SPA |  |  |
| 6.63%, 06/20/33 (c) | 300 | 325 |
| 7.80%, 11/28/53 (c) | 600 | 706 |
| Itau Unibanco Holding S.A. |  |  |
| 6.00%, 02/27/30 (c) | 1300 | 1334 |
| JAB Holdings B.V. |  |  |
| 2.20%, 11/23/30 (c) | 686 | 613 |
| JPMorgan Chase & Co. |  |  |
| 6.41%, (3 Month Term SOFR + 2.75%), (100, 04/01/26) (a) (f) | 4700 | 4705 |
| 6.50%, (100, 04/01/30) (a) | 1400 | 1432 |
| 6.88%, (100, 06/01/29) (a) | 170 | 178 |
| 3.78%, 02/01/28 | 2350 | 2338 |
| 5.58%, 04/22/30 | 2600 | 2680 |
| 2.74%, 10/15/30 | 2900 | 2730 |
| 4.60%, 10/22/30 | 1000 | 1003 |
| 5.14%, 01/24/31 | 100 | 102 |
| 1.95%, 02/04/32 | 1800 | 1587 |
| 5.35%, 06/01/34 | 1500 | 1530 |
| 6.25%, 10/23/34 | 3000 | 3223 |
| 5.29%, 07/22/35 | 100 | 101 |
| KBC Groep |  |  |
| 6.25%, (100, 09/17/31), EUR (a) (b) (d) | 400 | 469 |
| Lazard Group LLC |  |  |
| 4.50%, 09/19/28 | 1200 | 1192 |
| 4.38%, 03/11/29 | 278 | 275 |
| Lloyds Banking Group PLC |  |  |
| 4.98%, 08/11/33 (g) | 2300 | 2297 |
| 5.68%, 01/05/35 | 1500 | 1541 |
| LSEG US Fin Corp. |  |  |
| 4.25%, 03/23/29 (c) | 400 | 397 |
| Marex Group PLC |  |  |
| 5.83%, 05/08/28 (g) | 200 | 202 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 5.00%, 03/15/35 | 900 | 897 |
| Meiji Yasuda Life Insurance Company |  |  |
| 6.10%, 06/11/55 (c) | 600 | 601 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 4.51%, 01/14/32 | 200 | 197 |
| 5.19%, 09/12/36 (g) | 3600 | 3580 |
| Mizuho Financial Group, Inc. |  |  |
| 1.98%, 09/08/31 | 1900 | 1687 |
| 5.59%, 07/10/35 | 900 | 926 |
| Morgan Stanley |  |  |
| 5.88%, (100, 09/15/26) (a) | 700 | 694 |
| 5.12%, 02/01/29 | 4550 | 4601 |
| 6.41%, 11/01/29 | 2400 | 2504 |
| 5.17%, 01/16/30 | 1600 | 1623 |
| 4.65%, 10/18/30 | 600 | 600 |
| 5.23%, 01/15/31 | 200 | 203 |
| 3.62%, 04/01/31 | 3500 | 3357 |
| 1.79%, 02/13/32 | 900 | 781 |
| 2.24%, 07/21/32 | 1600 | 1403 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.73%, 07/18/31 | 500 | 499 |
| MSCI Inc. |  |  |
| 3.63%, 11/01/31 (c) | 800 | 739 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 2.40%, 03/15/30 | 1500 | 1393 |
| Nationwide Building Society |  |  |
| 6.56%, 10/18/27 (c) | 1450 | 1466 |
| Nationwide Financial Services, Inc. |  |  |
| 3.90%, 11/30/49 (c) (g) | 500 | 371 |
| NatWest Group PLC |  |  |
| 4.60%, (100, 06/28/31) (a) (d) | 800 | 711 |
| 5.58%, 03/01/28 | 1500 | 1515 |
| 5.08%, 01/27/30 | 2800 | 2831 |
| Nomura Holdings, Inc. |  |  |
| 7.00%, (100, 07/15/30) (a) | 600 | 604 |
| 5.84%, 01/18/28 | 1800 | 1839 |
| 2.17%, 07/14/28 | 1900 | 1800 |
| 5.78%, 07/03/34 | 200 | 206 |
| Norinchukin Bank, The |  |  |
| 4.68%, 03/10/31 (c) | 900 | 890 |
| North American Company for Life and Health Insurance |  |  |
| 6.88%, 04/15/34 (c) | 1500 | 1588 |
| Nykredit Realkredit A/S |  |  |
| 1.00%, 10/01/50, DKK (b) | 86 | 10 |
| 1.50%, 10/01/53, DKK (b) | 4337 | 523 |
| OneMain Finance Corporation |  |  |
| 7.88%, 03/15/30 | 900 | 929 |
| Protective Life Corporation |  |  |
| 4.30%, 09/30/28 (c) | 500 | 498 |
| Rexford Industrial Realty, L.P. |  |  |
| 2.13%, 12/01/30 (g) | 800 | 709 |
| Rio Oil Finance Trust |  |  |
| 9.75%, 01/06/27 (c) (h) | 31 | 32 |
| Santander Holdings USA, Inc. |  |  |
| 3.24%, 10/05/26 | 2100 | 2088 |
| Santander UK Group Holdings PLC |  |  |
| 5.69%, 04/15/31 | 600 | 616 |
| 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 (c) | 200 | 189 |
| Sixth Street Lending Partners |  |  |
| 6.50%, 03/11/29 | 600 | 609 |
| 5.75%, 01/15/30 | 100 | 99 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| State Street Corporation |  |  |
| 6.70%, (100, 03/15/29) (a) | 600 | 612 |
| Stichting AK Rabobank Certificaten II |  |  |
| 6.50%, EUR (a) (b) (f) (h) | 630 | 804 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 2.13%, 07/08/30 | 2700 | 2430 |
| 5.42%, 07/09/31 | 2700 | 2769 |
| 5.56%, 07/09/34 | 800 | 821 |
| Takeoff Merger Sub Inc. |  |  |
| 4.40%, 03/24/28 (c) | 900 | 895 |
| UBS Group AG |  |  |
| 6.60%, (100, 08/05/30) (a) (c) (d) | 400 | 388 |
| 6.85%, (100, 09/10/29) (a) (c) (d) | 600 | 594 |
| 7.00%, (100, 02/10/30) (a) (c) (d) | 800 | 792 |
| 9.25%, (100, 11/13/28) (a) (b) (d) | 400 | 424 |
| 4.15%, 12/23/29 (c) | 900 | 889 |
| 4.21%, 04/10/30 (c) | 1600 | 1580 |
| 5.96%, 01/12/34 (c) | 1900 | 1983 |
| Unicredit, Societa' Per Azioni |  |  |
| 7.30%, 04/02/34 (c) | 1000 | 1053 |
| Unigel Netherlands Holding Corporation B.V. |  |  |
| 15.00%, 12/31/44 (c) (i) (j) (l) | 394 | 4 |
| Wells Fargo & Company |  |  |
| 6.85%, (100, 09/15/29) (a) | 1000 | 1036 |
| 7.63%, (100, 09/15/28) (a) | 400 | 421 |
| 3.58%, 05/22/28 | 2600 | 2575 |
| 2.39%, 06/02/28 | 2400 | 2343 |
| 5.57%, 07/25/29 | 500 | 511 |
| 5.20%, 01/23/30 | 1700 | 1730 |
| 2.57%, 02/11/31 | 3700 | 3426 |
| 5.56%, 07/25/34 | 300 | 307 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | 1500 | 1420 |
| | | 244867 |
| **Utilities 9.5%** | **Utilities 9.5%** | **Utilities 9.5%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (c) | 524 | 480 |
| AES Corporation, The |  |  |
| 5.45%, 06/01/28 (g) | 2900 | 2927 |
| 6.95%, 07/15/55 | 700 | 653 |
| Anglian Water Services Financing PLC |  |  |
| 6.00%, 06/20/39, GBP (b) | 100 | 123 |
| Arizona Public Service Company |  |  |
| 2.20%, 12/15/31 | 1700 | 1480 |
| Black Hills Corporation |  |  |
| 2.50%, 06/15/30 | 1400 | 1280 |
| 6.00%, 01/15/35 | 325 | 337 |
| Cameron LNG, LLC |  |  |
| 3.40%, 01/15/38 (c) | 1300 | 1129 |
| Capital Power (US Holdings) Inc. |  |  |
| 6.19%, 06/01/35 (c) | 400 | 411 |
| CenterPoint Energy Houston Electric, LLC |  |  |
| 5.05%, 03/01/35 | 100 | 100 |
| Connecticut Light and Power Company, The |  |  |
| 4.90%, 07/01/33 | 400 | 401 |
| Constellation Energy Generation, LLC |  |  |
| 4.40%, 01/15/31 | 2500 | 2473 |
| DTE Electric Company |  |  |
| 4.85%, 03/01/36 | 1000 | 981 |
| DTE Energy Company |  |  |
| 2.95%, 03/01/30 | 500 | 471 |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 1700 | 1706 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/27 (c) | 1000 | 988 |
| Edison International |  |  |
| 5.45%, 06/15/29 | 1500 | 1513 |
| Electricite de France |  |  |
| 4.88%, 09/21/38 (c) | 1100 | 1019 |
| Entergy Corporation |  |  |
| 2.80%, 06/15/30 | 2600 | 2422 |
| Entergy Texas, Inc. |  |  |
| 5.25%, 04/15/35 | 700 | 707 |
| EPH Financing International, a.s. |  |  |
| 5.88%, 11/30/29, EUR (b) | 700 | 851 |
| Evergy Metro, Inc. |  |  |
| 2.25%, 06/01/30 | 1000 | 916 |
| Eversource Energy |  |  |
| 4.45%, 12/15/30 | 800 | 789 |
| Florida Power & Light Company |  |  |
| 4.80%, 05/15/33 (g) | 2000 | 2002 |
| Georgia Power Company |  |  |
| 3.70%, 01/30/50 | 400 | 293 |
| 3.25%, 03/15/51 | 2300 | 1537 |
| IPALCO Enterprises, Inc. |  |  |
| 5.75%, 04/01/34 | 200 | 198 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30 (c) | 1750 | 1638 |
| Mid-Atlantic Interstate Transmission, LLC |  |  |
| 4.10%, 05/15/28 (c) | 1200 | 1194 |
| National Grid Electricity Transmission PLC |  |  |
| 2.00%, 04/17/40, GBP (b) | 1400 | 1122 |
| National Grid PLC |  |  |
| 5.81%, 06/12/33 | 900 | 940 |
| New York State Electric & Gas Corporation |  |  |
| 3.30%, 09/15/49 (c) | 100 | 68 |
| Oklahoma Gas and Electric Company |  |  |
| 5.40%, 01/15/33 | 400 | 412 |
| PacifiCorp |  |  |
| 5.30%, 02/15/31 | 900 | 913 |
| 6.25%, 10/15/37 | 1087 | 1125 |
| 7.38%, 09/15/55 | 700 | 668 |
| PECO Energy Company |  |  |
| 3.00%, 09/15/49 | 800 | 517 |
| PG&E Company |  |  |
| 3.30%, 03/15/27 - 08/01/40 | 5100 | 4493 |
| 3.75%, 07/01/28 | 250 | 246 |
| 3.25%, 06/01/31 | 1400 | 1290 |
| 4.60%, 06/15/43 | 600 | 494 |
| 4.30%, 03/15/45 | 200 | 156 |
| 4.25%, 03/15/46 | 1200 | 913 |
| 4.95%, 07/01/50 (g) | 500 | 415 |
| 5.25%, 03/01/52 | 2300 | 1956 |
| Piedmont Natural Gas Company, Inc. |  |  |
| 3.50%, 06/01/29 | 800 | 777 |
| Public Service Company of Colorado |  |  |
| 3.70%, 06/15/28 | 1040 | 1027 |
| 1.88%, 06/15/31 | 2700 | 2360 |
| Public Service Company of Oklahoma |  |  |
| 5.45%, 01/15/36 | 1650 | 1661 |
| Public Service Electric And Gas Company |  |  |
| 4.85%, 08/01/34 | 500 | 497 |
| ReNew Treasury IFSC Private Limited |  |  |
| 6.50%, 02/02/31 (c) | 800 | 776 |
| San Diego Gas & Electric Company |  |  |
| 5.40%, 04/15/35 | 1500 | 1527 |
| 4.10%, 06/15/49 | 200 | 153 |
| Southern California Edison Company |  |  |
| 5.30%, 03/01/28 | 2100 | 2130 |
| 5.65%, 10/01/28 | 1100 | 1127 |
| 5.25%, 03/15/30 | 700 | 711 |
| 6.05%, 03/15/39 | 400 | 407 |
| 3.60%, 02/01/45 | 400 | 284 |
| 4.00%, 04/01/47 | 1100 | 818 |
| Southern California Gas Company |  |  |
| 2.55%, 02/01/30 | 1500 | 1405 |
| 5.20%, 06/01/33 | 1800 | 1833 |
| SPP - distribucia, a.s. |  |  |
| 1.00%, 06/09/31, EUR (b) | 300 | 298 |
| SW (Finance) I PLC |  |  |
| 7.00%, 04/16/40, GBP (b) | 1000 | 1279 |
| System Energy Resources, Inc. |  |  |
| 5.30%, 12/15/34 | 700 | 697 |
| Thames Water Super Senior Issuer PLC |  |  |
| 9.75%, 10/10/27, GBP (c) | 151 | 219 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (c) | 2870 | 2813 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vistra Operations Company LLC |  |  |
| 4.70%, 01/31/31 (c) | 1000 | 985 |
| 6.00%, 04/15/34 (c) | 900 | 926 |
| Yorkshire Water Finance PLC |  |  |
| 1.75%, 10/27/32, GBP (b) | 700 | 718 |
| | | 72175 |
| **Energy 9.0%** | **Energy 9.0%** | **Energy 9.0%** |
| Aker BP ASA |  |  |
| 4.00%, 01/15/31 (c) | 2950 | 2831 |
| Canadian Natural Resources Limited |  |  |
| 6.45%, 06/30/33 | 500 | 538 |
| 6.25%, 03/15/38 | 1100 | 1160 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.13%, 06/30/27 | 1400 | 1408 |
| 3.70%, 11/15/29 | 800 | 778 |
| Cheniere Energy Partners, L.P. |  |  |
| 5.75%, 08/15/34 | 800 | 824 |
| 5.55%, 10/30/35 (g) | 1850 | 1885 |
| Cheniere Energy, Inc. |  |  |
| 5.65%, 04/15/34 | 100 | 103 |
| Columbia Pipelines Holding Company LLC |  |  |
| 5.10%, 10/01/31 (c) | 300 | 302 |
| Devon Energy Corporation |  |  |
| 5.20%, 09/15/34 (g) | 400 | 401 |
| DT Midstream, Inc. |  |  |
| 5.80%, 12/15/34 (c) | 350 | 359 |
| Enbridge Inc. |  |  |
| 6.20%, 11/15/30 | 1500 | 1591 |
| 5.70%, 03/08/33 | 1700 | 1761 |
| Energy Transfer LP |  |  |
| 4.20%, 04/15/27 | 700 | 698 |
| 6.55%, 12/01/33 | 650 | 702 |
| 4.90%, 03/15/35 | 554 | 537 |
| 6.05%, 06/01/41 | 1300 | 1302 |
| Energy Transfer Operating, L.P. |  |  |
| 6.25%, 04/15/49 | 3000 | 2946 |
| Eni S.P.A. |  |  |
| 5.95%, 05/15/54 (c) | 700 | 697 |
| Enterprise Products Operating LLC |  |  |
| 4.95%, 02/15/35 | 2300 | 2294 |
| 5.20%, 01/15/36 | 900 | 905 |
| 6.90%, (3 Month Term SOFR + 3.25%), 08/16/77 (f) | 250 | 249 |
| EQT Corporation |  |  |
| 4.50%, 01/15/29 | 142 | 142 |
| Flex Intermediate Holdco, LLC |  |  |
| 3.36%, 06/30/31 (c) | 2200 | 1998 |
| Florida Gas Transmission Company, LLC |  |  |
| 2.55%, 07/01/30 (c) | 800 | 739 |
| Gaz Finance PLC |  |  |
| 0.00%, 01/27/29 (b) (i) (j) | 1800 | 1314 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (c) | 1500 | 1505 |
| Kinder Morgan, Inc. |  |  |
| 5.95%, 08/01/54 | 900 | 893 |
| Midwest Connector Capital Company LLC |  |  |
| 4.63%, 04/01/29 (c) | 500 | 497 |
| MPLX LP |  |  |
| 2.65%, 08/15/30 | 3500 | 3228 |
| 5.20%, 12/01/47 | 1638 | 1437 |
| 4.90%, 04/15/58 | 300 | 242 |
| Occidental Petroleum Corporation |  |  |
| 7.88%, 09/15/31 | 2050 | 2330 |
| 6.20%, 03/15/40 | 10 | 10 |
| ONEOK, Inc. |  |  |
| 4.95%, 07/13/47 | 2250 | 1917 |
| Petrobras Global Finance B.V. |  |  |
| 5.13%, 09/10/30 | 2200 | 2156 |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/30 (g) | 400 | 400 |
| 6.70%, 02/16/32 | 100 | 98 |
| QatarEnergy LNG |  |  |
| 5.84%, 09/30/27 (c) | 96 | 96 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.90%, 09/15/37 | 944 | 998 |
| Santos Finance Ltd. |  |  |
| 3.65%, 04/29/31 (c) | 400 | 375 |
| 6.88%, 09/19/33 (c) | 2300 | 2507 |
| Saudi Arabian Oil Company |  |  |
| 2.25%, 11/24/30 (c) | 200 | 177 |
| 5.75%, 07/17/54 (c) | 400 | 367 |
| Schlumberger Holdings Corporation |  |  |
| 5.00%, 06/01/34 (c) | 500 | 500 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | 1300 | 1231 |
| 6.13%, 03/15/33 | 1100 | 1163 |
| Tennessee Gas Pipeline Company, L.L.C. |  |  |
| 2.90%, 03/01/30 (c) | 5100 | 4782 |
| Var Energi ASA |  |  |
| 8.00%, 11/15/32 (c) | 500 | 569 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 - 11/01/33 (c) | 2400 | 2202 |
| 6.25%, 01/15/30 (c) | 600 | 614 |
| 4.13%, 08/15/31 (c) | 300 | 280 |
| Venture Global LNG, Inc. |  |  |
| 9.88%, 02/01/32 (c) | 1100 | 1186 |
| Vine Energy Holdings LLC |  |  |
| 6.75%, 04/15/29 (c) | 300 | 301 |
| Viper Energy Partners LLC |  |  |
| 5.70%, 08/01/35 | 1400 | 1408 |
| Weatherford International Ltd. |  |  |
| 6.75%, 10/15/33 (c) | 200 | 203 |
| Williams Companies, Inc., The |  |  |
| 5.65%, 03/15/33 | 300 | 310 |
| 5.60%, 03/15/35 | 1400 | 1432 |
| 5.30%, 09/30/35 | 1700 | 1699 |
| Woodside Finance Limited |  |  |
| 4.50%, 03/04/29 (c) | 2000 | 1991 |
| 5.10%, 09/12/34 | 500 | 493 |
|  |  | 68061 |
| **Real Estate 7.6%** | **Real Estate 7.6%** | **Real Estate 7.6%** |
| American Assets Trust, L.P. |  |  |
| 3.38%, 02/01/31 | 2600 | 2348 |
| American Homes 4 Rent, L.P. |  |  |
| 4.25%, 02/15/28 | 1200 | 1194 |
| American Tower Corporation |  |  |
| 5.65%, 03/15/33 | 1200 | 1241 |
| 5.90%, 11/15/33 | 1700 | 1781 |
| 3.70%, 10/15/49 | 2100 | 1511 |
| Broadstone Net Lease, LLC |  |  |
| 5.00%, 11/01/32 | 200 | 197 |
| Canary Wharf Group Investment Holdings PLC |  |  |
| 1.75%, 04/07/26, EUR (b) | 637 | 736 |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/29 | 200 | 205 |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 (c) | 1100 | 995 |
| Crown Castle Inc. |  |  |
| 2.50%, 07/15/31 | 500 | 441 |
| 5.20%, 09/01/34 | 1700 | 1680 |
| Digital Dutch Finco B.V. |  |  |
| 1.50%, 03/15/30, EUR (b) | 1400 | 1480 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 200 | 200 |
| 3.60%, 11/15/31 | 1800 | 1637 |
| Equinix, Inc. |  |  |
| 2.15%, 07/15/30 | 1700 | 1529 |
| Essex Portfolio, L.P. |  |  |
| 2.65%, 03/15/32 | 3862 | 3403 |
| Extra Space Storage LP |  |  |
| 2.20%, 10/15/30 | 900 | 806 |
| Fideicomiso Fibra Uno |  |  |
| 7.38%, 02/13/34 (c) | 231 | 244 |
| GLP Financing, LLC |  |  |
| 5.75%, 06/01/28 | 300 | 305 |
| 5.30%, 01/15/29 | 700 | 706 |
| 4.00%, 01/15/31 | 5600 | 5296 |
| Goodman US Finance Six, LLC |  |  |
| 5.13%, 10/07/34 (c) | 2000 | 1994 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Highwoods Realty Limited Partnership |  |  |
| 3.05%, 02/15/30 | 400 | 369 |
| Host Hotels & Resorts, L.P. |  |  |
| 3.38%, 12/15/29 | 3600 | 3416 |
| 3.50%, 09/15/30 (e) | 3400 | 3198 |
| Hudson Pacific Properties, L.P. |  |  |
| 5.95%, 02/15/28 | 500 | 474 |
| Invitation Homes Operating Partnership LP |  |  |
| 4.15%, 04/15/32 | 3100 | 2915 |
| Kaisa Group Holdings Ltd. |  |  |
| 0.00%, 12/31/26 - 12/31/32 (c) (d) (m) | 2154 | 1 |
| 5.00%, 11/30/27 (b) | 42 | 3 |
| 5.00%, 11/30/27 (c) | 10 | 1 |
| 6.72%, 12/28/27 (b) (h) (l) | 155 | 3 |
| 5.25%, 12/28/28 (b) (l) | 227 | 4 |
| 5.50%, 12/28/29 (b) (l) | 380 | 7 |
| 5.75%, 12/28/30 (b) (l) | 458 | 8 |
| 6.00%, 12/28/31 (b) (l) | 689 | 12 |
| 6.25%, 12/28/32 (b) (l) | 649 | 11 |
| Kilroy Realty, L.P. |  |  |
| 3.05%, 02/15/30 | 1000 | 913 |
| 6.25%, 01/15/36 | 700 | 693 |
| Newmark Group, Inc. |  |  |
| 7.50%, 01/12/29 (e) | 700 | 733 |
| Next Properties Trust 2401 |  |  |
| 7.38%, 02/13/34 (c) | 569 | 602 |
| Omega Healthcare Investors, Inc. |  |  |
| 3.25%, 04/15/33 (g) | 2100 | 1848 |
| Phillips Edison Grocery Center Operating Partnership I, L.P. |  |  |
| 5.25%, 08/15/32 | 925 | 930 |
| ProLogis, L.P. |  |  |
| 4.20%, 02/15/33, CAD (b) | 700 | 501 |
| Realty Income Corporation |  |  |
| 4.75%, 04/15/33 | 400 | 397 |
| 3.88%, 06/20/35, EUR | 700 | 773 |
| Safehold GL Holdings LLC |  |  |
| 5.65%, 01/15/35 | 300 | 304 |
| Store Capital LLC |  |  |
| 5.40%, 04/30/30 | 800 | 806 |
| VICI Properties Inc. |  |  |
| 5.75%, 02/01/27 (c) | 400 | 402 |
| 3.88%, 02/15/29 (c) | 2500 | 2430 |
| 4.13%, 08/15/30 (c) | 1300 | 1245 |
| Welltower OP LLC |  |  |
| 4.50%, 07/01/30 | 1300 | 1301 |
| Weyerhaeuser Company |  |  |
| 4.00%, 11/15/29 | 2000 | 1957 |
| 4.00%, 04/15/30 (g) | 2000 | 1948 |
| Yango Justice International Limited |  |  |
| 0.00%, 04/15/49 (b) (i) (j) | 600 |  |
| | | 58134 |
| **Health Care 6.5%** | **Health Care 6.5%** | **Health Care 6.5%** |
| AbbVie Inc. |  |  |
| 5.20%, 03/15/35 (g) | 800 | 814 |
| 4.40%, 11/06/42 | 1381 | 1217 |
| Adventist Health System/West |  |  |
| 2.95%, 03/01/29 | 1000 | 950 |
| Alcon Finance Corporation |  |  |
| 2.60%, 05/27/30 (c) | 700 | 648 |
| Amgen Inc. |  |  |
| 5.25%, 03/02/30 - 03/02/33 | 3000 | 3081 |
| 5.60%, 03/02/43 | 2700 | 2664 |
| 5.65%, 03/02/53 | 800 | 776 |
| Bausch Health Companies Inc. |  |  |
| 11.00%, 09/30/28 (c) | 270 | 276 |
| 14.00%, 10/15/30 (c) | 53 | 51 |
| Bayer US Finance LLC |  |  |
| 6.38%, 11/21/30 (c) | 4800 | 5053 |
| 6.50%, 11/21/33 (c) | 800 | 851 |
| Becton, Dickinson and Company |  |  |
| 1.96%, 02/11/31 | 2600 | 2292 |
| Boston Scientific Corporation |  |  |
| 4.70%, 03/01/49 | 1483 | 1306 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 1100 | 1025 |
| 3.00%, 10/15/30 | 3700 | 3238 |
| 2.50%, 03/01/31 | 300 | 252 |
| Cigna Group, The |  |  |
| 2.40%, 03/15/30 | 1041 | 962 |
| CommonSpirit Health |  |  |
| 4.35%, 09/01/30 | 400 | 394 |
| 4.98%, 09/01/35 | 100 | 98 |
| CVS Health Corporation |  |  |
| 5.00%, 01/30/29 | 500 | 506 |
| 7.51%, 01/10/32 (c) | 29 | 31 |
| 5.25%, 02/21/33 | 1100 | 1113 |
| 4.78%, 03/25/38 | 1700 | 1567 |
| 5.05%, 03/25/48 | 1300 | 1116 |
| 5.88%, 06/01/53 | 500 | 473 |
| 6.05%, 06/01/54 | 100 | 97 |
| 6.20%, 09/15/55 | 100 | 99 |
| Elevance Health, Inc. |  |  |
| 4.10%, 05/15/32 (g) | 200 | 192 |
| 4.75%, 02/15/33 | 3400 | 3350 |
| 6.10%, 10/15/52 | 900 | 904 |
| Grifols, S.A. |  |  |
| 7.50%, 05/01/30, EUR (b) | 800 | 955 |
| HCA Inc. |  |  |
| 3.63%, 03/15/32 | 4900 | 4556 |
| 5.50%, 06/01/33 - 06/15/47 | 2600 | 2561 |
| Illumina, Inc. |  |  |
| 5.75%, 12/13/27 | 100 | 102 |
| 2.55%, 03/23/31 | 200 | 179 |
| INTEGRIS Baptist Medical Center, Inc. |  |  |
| 3.88%, 08/15/50 | 700 | 507 |
| Mars, Incorporated |  |  |
| 5.65%, 05/01/45 (c) | 1300 | 1283 |
| Stryker Corporation |  |  |
| 4.63%, 09/11/34 | 500 | 489 |
| Sutter Health |  |  |
| 5.16%, 08/15/33 | 300 | 305 |
| UnitedHealth Group Incorporated |  |  |
| 4.95%, 01/15/32 | 1643 | 1661 |
| 5.50%, 07/15/44 | 500 | 482 |
| 5.63%, 07/15/54 | 1000 | 953 |
|  |  | 49429 |
| **Communication Services 4.3%** | **Communication Services 4.3%** | **Communication Services 4.3%** |
| AT&T Inc. |  |  |
| 4.40%, 04/30/31 | 1200 | 1188 |
| 4.75%, 04/30/33 (g) | 400 | 396 |
| Beignet Investments, LLC |  |  |
| 6.58%, 05/30/49 (c) | 7129 | 7365 |
| Charter Communications Operating, LLC |  |  |
| 5.85%, 12/01/35 (g) | 300 | 295 |
| 3.50%, 03/01/42 | 3000 | 2054 |
| 5.75%, 04/01/48 | 300 | 250 |
| 4.80%, 03/01/50 | 2000 | 1488 |
| 3.85%, 04/01/61 | 200 | 117 |
| 3.95%, 06/30/62 | 1500 | 885 |
| Comcast Corporation |  |  |
| 5.50%, 05/15/64 (g) | 700 | 620 |
| Fox Corporation |  |  |
| 6.50%, 10/13/33 | 900 | 965 |
| Live Nation Entertainment, Inc. |  |  |
| 3.75%, 01/15/28 (c) (g) | 200 | 195 |
| Netflix, Inc. |  |  |
| 3.88%, 11/15/29, EUR (b) | 1400 | 1642 |
| NTT Finance Corporation |  |  |
| 5.17%, 07/16/32 (c) | 1000 | 1008 |
| Oi S.A. – Em Recuperacao Judicial |  |  |
| 10.00%, 06/30/27 (c) (i) (j) (l) | 129 | 59 |
| 8.50%, 12/31/28 (c) (i) (j) (l) | 268 | 2 |
| Omnicom Group Inc. |  |  |
| 4.20%, 03/02/29 | 900 | 890 |
| Orange |  |  |
| 4.25%, 01/13/31 (c) | 1500 | 1473 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Paramount Global |  |  |
| 3.70%, 06/01/28 | 800 | 774 |
| T-Mobile USA, Inc. |  |  |
| 5.15%, 04/15/34 | 100 | 101 |
| 4.70%, 01/15/35 | 2300 | 2224 |
| 4.95%, 11/15/35 | 2000 | 1963 |
| 3.30%, 02/15/51 | 3500 | 2290 |
| 5.75%, 01/15/54 | 2100 | 2016 |
| Verizon Communications Inc. |  |  |
| 5.00%, 01/15/36 | 1900 | 1865 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/30 (c) | 700 | 621 |
| | | 32746 |
| **Consumer Discretionary 3.7%** | **Consumer Discretionary 3.7%** | **Consumer Discretionary 3.7%** |
| BMW US Capital, LLC |  |  |
| 4.30%, 03/17/28 (c) | 600 | 599 |
| 4.55%, (SOFR + 0.92%), 03/21/28 (c) (f) | 1700 | 1706 |
| Burberry Group PLC |  |  |
| 5.75%, 06/20/30, GBP (b) | 400 | 530 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (c) | 1100 | 1074 |
| 5.13%, 05/01/29 (c) | 100 | 99 |
| Choice Hotels International, Inc. |  |  |
| 5.85%, 08/01/34 | 400 | 403 |
| Ferguson Finance PLC |  |  |
| 3.25%, 06/02/30 (c) | 3900 | 3679 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.88%, 04/01/29 (c) | 500 | 503 |
| Hyatt Hotels Corporation |  |  |
| 5.38%, 12/15/31 | 500 | 506 |
| Hyundai Capital America |  |  |
| 4.25%, 01/08/29 (c) | 400 | 396 |
| 5.10%, 06/24/30 (c) | 1300 | 1310 |
| Las Vegas Sands Corp. |  |  |
| 3.50%, 08/18/26 | 600 | 597 |
| 3.90%, 08/08/29 | 1100 | 1060 |
| 6.00%, 08/15/29 | 3225 | 3313 |
| 6.20%, 08/15/34 (g) | 1100 | 1128 |
| Marriott International, Inc. |  |  |
| 5.45%, 09/15/26 | 1000 | 1002 |
| 4.63%, 06/15/30 (e) | 200 | 200 |
| Nissan Motor Acceptance Company LLC |  |  |
| 1.85%, 09/16/26 (c) | 1400 | 1374 |
| NVR, Inc. |  |  |
| 3.00%, 05/15/30 | 4400 | 4144 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.50%, 04/01/28 (c) | 400 | 404 |
| 5.63%, 09/30/31 (c) | 400 | 405 |
| 5.38%, 01/15/36 | 400 | 394 |
| Spectrum Management Holding Company, LLC |  |  |
| 4.50%, 09/15/42 | 300 | 225 |
| Tapestry, Inc. |  |  |
| 5.50%, 03/11/35 | 400 | 401 |
| Volkswagen Group of America Finance, LLC |  |  |
| 5.05%, 03/27/28 (c) | 1300 | 1308 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 1700 | 1079 |
|  |  | 27839 |
| **Information Technology 3.2%** | **Information Technology 3.2%** | **Information Technology 3.2%** |
| Booz Allen Hamilton Inc. |  |  |
| 5.95%, 08/04/33 | 600 | 613 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35 (c) | 1622 | 1380 |
| 3.19%, 11/15/36 (c) | 1093 | 915 |
| 4.93%, 05/15/37 (c) | 2858 | 2777 |
| CDW Finance Corporation |  |  |
| 3.25%, 02/15/29 | 800 | 761 |
| 3.57%, 12/01/31 | 1400 | 1279 |
| Chorus Limited |  |  |
| 4.95%, 03/14/30 | 400 | 402 |
| Gartner, Inc. |  |  |
| 4.95%, 03/20/31 | 1200 | 1172 |
| Jabil Inc. |  |  |
| 4.20%, 02/01/29 | 1500 | 1482 |
| NXP B.V. |  |  |
| 3.40%, 05/01/30 | 899 | 858 |
| Oracle Corporation |  |  |
| 2.30%, 03/25/28 | 6000 | 5716 |
| 5.20%, 09/26/35 | 1800 | 1686 |
| 4.00%, 07/15/46 | 900 | 607 |
| 6.00%, 08/03/55 | 600 | 504 |
| Synopsys, Inc. |  |  |
| 5.00%, 04/01/32 | 1300 | 1312 |
| VMware LLC |  |  |
| 4.70%, 05/15/30 (e) | 3100 | 3117 |
|  |  | 24581 |
| **Industrials 2.6%** | **Industrials 2.6%** | **Industrials 2.6%** |
| Air Lease Corporation |  |  |
| 5.30%, 06/25/26 | 1100 | 1102 |
| Aircastle Limited |  |  |
| 2.85%, 01/26/28 (c) | 2700 | 2616 |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/30 (c) | 300 | 288 |
| Boeing Company, The |  |  |
| 6.13%, 02/15/33 | 300 | 320 |
| 3.60%, 05/01/34 | 1525 | 1364 |
| 5.81%, 05/01/50 (e) | 4100 | 3961 |
| 5.93%, 05/01/60 (e) | 2000 | 1922 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.13%, 06/01/26 | 500 | 499 |
| Equifax Inc. |  |  |
| 5.10%, 06/01/28 | 1000 | 1012 |
| GATX Corporation |  |  |
| 3.50%, 03/15/28 | 500 | 491 |
| Heathrow Finance PLC |  |  |
| 4.13%, 09/01/29, GBP (b) (e) (h) | 300 | 370 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.75%, 01/15/35 | 1125 | 1165 |
| IRB Infrastructure Developers Limited |  |  |
| 7.11%, 03/11/32 (c) | 400 | 400 |
| Lockheed Martin Corporation |  |  |
| 4.80%, 08/15/34 | 900 | 899 |
| RTX Corporation |  |  |
| 6.10%, 03/15/34 | 1000 | 1077 |
| 5.38%, 02/27/53 | 900 | 846 |
| Textron Inc. |  |  |
| 3.38%, 03/01/28 | 1000 | 982 |
| Verisk Analytics, Inc. |  |  |
| 4.13%, 03/15/29 | 400 | 398 |
|  |  | 19712 |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |
| Ashtead Capital, Inc. |  |  |
| 4.00%, 05/01/28 (c) | 400 | 394 |
| 5.80%, 04/15/34 (c) | 1100 | 1124 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.50%, 07/10/31, EUR (c) | 500 | 495 |
| Conagra Brands, Inc. |  |  |
| 5.00%, 08/01/30 | 300 | 300 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | 950 | 862 |
| Greene King Finance PLC |  |  |
| 5.32%, 09/15/31, GBP (b) (h) | 252 | 329 |
| Haleon US Capital LLC |  |  |
| 3.63%, 03/24/32 | 1250 | 1178 |
| JDE Peet's N.V. |  |  |
| 1.13%, 06/16/33, EUR (b) | 100 | 92 |
| Kraft Heinz Foods Company |  |  |
| 6.88%, 01/26/39 | 1200 | 1301 |
| Massachusetts Institute of Technology |  |  |
| 4.68%, 07/01/14 | 200 | 165 |
| Philip Morris International Inc. |  |  |
| 1.75%, 11/01/30 | 200 | 177 |
| 5.38%, 02/15/33 | 1500 | 1541 |
| Transurban Finance Company Pty Ltd. |  |  |
| 2.45%, 03/16/31 (c) | 950 | 858 |
|  |  | 8816 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Joint Stock Company Alrosa (Public Joint Stock Company) |  |  |
| 0.00%, 04/09/49 (b) (c) (i) (j) (k) | 900 |  |
| Synthos Spolka Akcyjna |  |  |
| 2.50%, 06/07/28, EUR (b) | 400 | 423 |
| Unigel Luxembourg S.A. |  |  |
| 13.50%, 12/31/27 (c) (i) (j) (l) | 160 | 3 |
| 11.00%, 12/31/28 (c) (i) (j) (l) | 411 | 4 |
| Vale Overseas Ltd. |  |  |
| 6.13%, 06/12/33 | 3100 | 3225 |
|  |  | 3655 |
| Total Corporate Bonds And Notes (cost $635,812) | Total Corporate Bonds And Notes (cost $635,812) | 610015 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 20.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 20.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 20.8%** |
| **Mortgage-Backed Securities 8.9%** | **Mortgage-Backed Securities 8.9%** | **Mortgage-Backed Securities 8.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 10/01/39 - 06/01/48 | 356 | 337 |
| 4.50%, 09/01/48 - 09/01/53 | 863 | 836 |
| 3.00%, 05/01/52 | 415 | 365 |
| 6.50%, 02/01/54 | 2025 | 2092 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.00%, 07/01/43 - 08/01/43 | 161 | 147 |
| 4.50%, 08/01/48 - 01/01/49 | 150 | 148 |
| 4.00%, 03/01/49 - 05/01/50 | 1314 | 1250 |
| 6.00%, 11/01/53 | 302 | 309 |
| TBA, 4.50%, 04/15/56 - 06/15/56 (n) | 3800 | 3662 |
| TBA, 5.00%, 04/15/56 - 05/15/56 (n) | 27800 | 27376 |
| TBA, 4.00%, 05/15/56 (n) | 11900 | 11206 |
| Government National Mortgage Association |  |  |
| 4.00%, 07/20/55 | 4642 | 4345 |
| TBA, 4.00%, 04/15/56 (n) | 9000 | 8420 |
| TBA, 5.00%, 05/15/56 (n) | 2900 | 2864 |
| TBA, 6.00%, 05/15/56 (n) | 1600 | 1624 |
| TBA, 4.50%, 06/15/56 (n) | 2600 | 2502 |
|  |  | 67483 |
| **Sovereign 6.5%** | **Sovereign 6.5%** | **Sovereign 6.5%** |
| Cabinet of Ministers of Ukraine |  |  |
| 4.50%, 02/01/29 - 02/01/34 (c) (h) | 144 | 94 |
| 0.00%, 02/01/30 - 02/01/36 (c) (h) | 83 | 40 |
| Cabinet Office, Government of Japan |  |  |
| 2.00%, 12/20/44, JPY | 390000 | 2044 |
| 2.40%, 03/20/45 - 03/20/55, JPY | 313800 | 1702 |
| 2.70%, 09/20/45, JPY | 16250 | 94 |
| 2.10%, 09/20/54, JPY | 20650 | 95 |
| 2.30%, 12/20/54, JPY | 8850 | 42 |
| 3.20%, 09/20/55, JPY | 378000 | 2192 |
| 2.20%, 03/20/64, JPY | 164000 | 715 |
| Cassa Depositi E Prestiti Societa Per Azioni |  |  |
| 5.88%, 04/30/29 (c) | 1000 | 1042 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.95%, 08/12/31, PEN (b) | 2543 | 796 |
| 6.15%, 08/12/32, PEN (b) | 100 | 30 |
| 6.15%, 08/12/32, PEN (c) | 1922 | 582 |
| 7.30%, 08/12/33, PEN | 5400 | 1723 |
| 5.40%, 08/12/34, PEN (b) | 12600 | 3479 |
| Departamento Administrativo De La Presidencia De La Republica |  |  |
| 5.38%, 01/21/29 | 500 | 496 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.63%, 02/09/34 | 600 | 588 |
| 4.50%, 03/19/34, EUR | 1500 | 1685 |
| 6.00%, 05/07/36 | 700 | 695 |
| Government of Saudi Arabia |  |  |
| 5.13%, 01/13/28 (c) | 1800 | 1814 |
| 4.13%, 01/12/29 (c) | 600 | 590 |
| 4.75%, 01/16/30 (c) | 200 | 199 |
| 2.25%, 02/02/33 (c) | 5100 | 4275 |
| 3.75%, 03/05/37, EUR (c) | 300 | 328 |
| HM Treasury |  |  |
| 4.38%, 07/31/54, GBP (b) | 4427 | 4930 |
| Israel, State of |  |  |
| 5.38%, 03/12/29 (g) | 2700 | 2735 |
| 5.38%, 02/19/30 | 400 | 406 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 06/24/28 (b) (i) (j) | 200 | 193 |
| 0.00%, 04/04/42 (b) (c) (i) (j) | 200 | 135 |
| New South Wales Treasury Corporation |  |  |
| 1.75%, 03/20/34, AUD | 200 | 105 |
| 4.75%, 02/20/37, AUD | 200 | 128 |
| 3.50%, 11/20/37, AUD (b) | 700 | 390 |
| Presidencia da Republica |  |  |
| 7.25%, 01/12/56 | 700 | 686 |
| Queensland Treasury Corporation |  |  |
| 1.50%, 08/20/32, AUD (c) | 1300 | 716 |
| Republic of Indonesia, The Government of, The |  |  |
| 4.10%, 03/04/34, EUR | 400 | 447 |
| Romania, Government of |  |  |
| 2.13%, 03/07/28, EUR (c) | 200 | 224 |
| 5.38%, 03/22/31, EUR (c) | 500 | 581 |
| 5.25%, 05/30/32, EUR (c) | 1000 | 1141 |
| 3.75%, 02/07/34, EUR (c) | 800 | 798 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 2.85%, 02/01/31, EUR | 700 | 796 |
| South Africa, Parliament of |  |  |
| 8.88%, 02/28/35, ZAR | 82390 | 4781 |
| 8.50%, 01/31/37, ZAR | 73200 | 4041 |
| Treasury Corporation of Victoria |  |  |
| 2.00%, 11/20/37, AUD | 1000 | 466 |
|  |  | 49039 |
| **U.S. Treasury Note 2.4%** | **U.S. Treasury Note 2.4%** | **U.S. Treasury Note 2.4%** |
| Treasury, United States Department of |  |  |
| 2.75%, 08/15/32 (o) | 3800 | 3515 |
| 4.13%, 11/15/32 (o) | 2500 | 2501 |
| 4.00%, 02/15/34 (n) (o) | 11000 | 10854 |
| 4.13%, 02/15/36 (n) | 1310 | 1289 |
|  |  | 18159 |
| **U.S. Treasury Bond 2.2%** | **U.S. Treasury Bond 2.2%** | **U.S. Treasury Bond 2.2%** |
| Treasury, United States Department of |  |  |
| 4.38%, 05/15/41 - 08/15/43 | 5448 | 5206 |
| 3.38%, 08/15/42 | 250 | 209 |
| 4.00%, 11/15/42 (o) | 2014 | 1823 |
| 4.88%, 08/15/45 | 3543 | 3532 |
| 4.63%, 02/15/46 - 11/15/55 | 5400 | 5162 |
| 4.75%, 02/15/56 | 525 | 512 |
|  |  | 16444 |
| **U.S. Treasury Inflation Indexed Securities 0.5%** | **U.S. Treasury Inflation Indexed Securities 0.5%** | **U.S. Treasury Inflation Indexed Securities 0.5%** |
| Treasury, United States Department of |  |  |
| 1.00%, 02/15/46 (p) | 412 | 305 |
| 2.13%, 02/15/54 (n) (p) | 1367 | 1204 |
| 2.38%, 02/15/55 (n) (p) | 1381 | 1283 |
| 2.38%, 02/15/56 (p) | 1505 | 1397 |
|  |  | 4189 |
| **Municipal 0.2%** | **Municipal 0.2%** | **Municipal 0.2%** |
| GC Education, Inc. |  |  |
| 7.38%, 10/01/29 | 500 | 527 |
| Texas Natural Gas Securitization Finance Corporation |  |  |
| 5.10%, 04/01/35 | 1005 | 1029 |
|  |  | 1556 |
| **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 (f) (q) | 900 | 689 |
| Total Government And Agency Obligations (cost $158,831) | Total Government And Agency Obligations (cost $158,831) | 157559 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.8%** |
| Air Canada |  |  |
| Series 2015-A-1, 3.60%, 03/15/27 | 100 | 99 |
| Series 2020-A-2, 5.25%, 04/01/29 | 42 | 42 |
| Series 2017-A-1, 3.55%, 01/15/30 | 308 | 285 |
| Alaska Air Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 4.80%, 08/15/27 | 626 | 624 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A6-25T1, REMIC, 5.75%, 07/25/35 | 1592 | 942 |
| Series 2005-2A1-27, REMIC, 4.31%, (12 Month Treasury Average + 1.35%), 08/25/35 (f) (r) | 43 | 35 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2005-A14-46CB, REMIC, 5.50%, 10/25/35 | 1171 | 799 |
| Alternative Loan Trust 2006-15CB |  |  |
| Series 2006-1A11-23CB, REMIC, 6.00%, 08/25/36 | 664 | 651 |
| Alternative Loan Trust 2006-43CB |  |  |
| Series 2006-1A10-43CB, REMIC, 6.00%, 02/25/37 | 478 | 227 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2005-A4-86CB, REMIC, 5.50%, 02/25/36 | 2864 | 1558 |
| American Airlines, Inc. |  |  |
| Series 2014-A-1, 3.70%, 10/01/26 | 439 | 435 |
| Series 2015-AA-2, 3.60%, 09/22/27 | 526 | 516 |
| Series 2016-AA-1, 3.58%, 01/15/28 | 164 | 161 |
| Series 2016-AA-2, 3.20%, 06/15/28 | 1111 | 1082 |
| Series 2017-AA-2, 3.35%, 10/15/29 | 1604 | 1536 |
| American Airlines, Inc. Class AA Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, REMIC, 3.15%, 02/15/32 | 135 | 125 |
| American Home Mortgage Assets Trust 2006-3 |  |  |
| Series 2006-2A11-3, REMIC, 3.48%, (12 Month Treasury Average + 0.94%), 10/25/46 (f) (h) (r) | 288 | 202 |
| Apidos CLO XXXIV LLC |  |  |
| Series 2021-A-35A, 4.98%, (3 Month Term SOFR + 1.31%), 04/20/34 (f) | 2500 | 2500 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2005-4A1-10, REMIC, 5.75%, 11/25/35 | 8 | 6 |
| Banc of America Mortgage 2006-B Trust |  |  |
| Series 2006-4A2-B, REMIC, 3.59%, 11/20/36 (f) | 1191 | 1016 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-2A3-2, REMIC, 4.90%, 04/25/35 (f) | 206 | 188 |
| Bear Stearns ARM Trust 2005-6 |  |  |
| Series 2005-2A2-3, REMIC, 4.81%, 06/25/35 (f) | 190 | 173 |
| Bear Stearns ARM Trust 2006-2 |  |  |
| Series 2006-4A1-2, REMIC, 3.78%, 07/25/36 (f) | 502 | 438 |
| Bear Stearns Asset Backed Securities I Trust 2006-HE9 |  |  |
| Series 2006-1A3-HE9, REMIC, 4.25%, (1 Month Term SOFR + 0.34%), 11/25/36 (f) (h) (r) | 1000 | 967 |
| Bluemountain CLO XXX Ltd. |  |  |
| Series 2018-A1R-3A, 4.60%, (3 Month Term SOFR + 1.19%), 10/25/30 (f) | 546 | 547 |
| British Airways PLC |  |  |
| Series 2021-A-1, 2.90%, 03/15/35 | 1173 | 1071 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 4.69%, (1 Month Term SOFR + 1.01%), 02/15/39 (f) | 71 | 71 |
| C-BASS 2007-CB1 Trust |  |  |
| Series 2007-AF4-CB1, REMIC, 0.13%, 01/25/37 (f) (h) (r) | 536 | 143 |
| Centex Corporation |  |  |
| Series 2004-MV1-D, REMIC, 4.72%, (1 Month Term SOFR + 1.04%), 09/25/34 (f) (h) | 15 | 15 |
| CHL Mortgage Pass-Through Trust 2007-HY3 |  |  |
| Series 2007-A2-13, REMIC, 6.00%, 08/25/37 | 550 | 246 |
| Countrywide Home Loans, Inc. |  |  |
| Series 2004-1AF2-R2, REMIC, 5.00%, (1 Month Term SOFR + 0.53%), 11/25/34 (f) (r) | 229 | 213 |
| CSMC 2021-ADV |  |  |
| Series 2021-A-ADV, REMIC, 5.19%, (1 Month Term SOFR + 1.51%), 07/15/38 (f) | 1700 | 1509 |
| CSWF Trust 2021-SOP2 |  |  |
| Series 2021-A-SOP2, 4.76%, (1 Month Term SOFR + 1.18%), 06/15/34 (f) (h) | 65 | 64 |
| CWABS Asset-Backed Certificates Trust 2006-24 |  |  |
| Series 2006-1A-24, REMIC, 4.07%, (1 Month Term SOFR + 0.25%), 07/25/35 (f) (h) | 44 | 40 |
| CWABS Asset-Backed Certificates Trust 2007-12 |  |  |
| Series 2007-1A1-12, REMIC, 4.53%, (1 Month Term SOFR + 0.85%), 06/25/37 (f) (h) | 362 | 356 |
| CWABS, Inc. |  |  |
| Series 2005-1A-AB4, REMIC, 3.72%, (1 Month Term SOFR + 0.59%), 03/25/36 (f) (h) (r) | 15 | 14 |
| DC Office Trust 2019-MTC |  |  |
| Series 2019-A-MTC, REMIC, 2.97%, 10/15/29 | 2250 | 2024 |
| Delta Air Lines, Inc. |  |  |
| Series 2020-1, 2.00%, 06/10/28 | 537 | 519 |
| First Franklin Mortgage Loan Trust 2004-FF10 Asset-Backed Certificates, Series 2004-FF10 |  |  |
| Series 2004-M3-FF8, REMIC, 5.21%, (1 Month Term SOFR + 1.54%), 10/25/34 (f) (h) | 335 | 327 |
| GS Mortgage Securities Corp. |  |  |
| Series 2005-1A1-15, REMIC, 1.47%, (1 Month Term SOFR + 0.62%), 01/25/36 (f) (h) (r) | 233 | 192 |
| GSAMP Trust 2006-FM2 |  |  |
| Series 2006-A1-FM2, REMIC, 1.41%, (1 Month Term SOFR + 0.39%), 09/25/36 (f) (h) (r) | 2463 | 777 |
| HarborView Mortgage Loan Trust 2006-12 |  |  |
| Series 2006-1A1A-12, REMIC, 3.28%, (1 Month Term SOFR + 0.52%), 12/19/36 (f) (h) (r) | 354 | 293 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-2A1A-AR12, REMIC, 3.78%, (1 Month Term SOFR + 0.59%), 07/25/35 (f) (h) (r) | 201 | 182 |
| J.P. Morgan Mortgage Acquisition Trust 2006-CW2 |  |  |
| Series 2006-AF3-CW2, REMIC, 2.35%, 08/25/36 (f) (h) (r) | 926 | 557 |
| J.P. Morgan Mortgage Acquisition Trust 2006-NC2 |  |  |
| Series 2006-M1-NC2, REMIC, 4.13%, (1 Month Term SOFR + 0.52%), 07/25/36 (f) (h) (r) | 119 | 116 |
| JetBlue Airways Corporation |  |  |
| Series 2019-AA-1, 2.75%, 05/15/32 | 216 | 191 |
| Series 2020-1A-1, 4.00%, 11/15/32 | 1951 | 1837 |
| Long Beach Mortgage Loan Trust 2006-8 |  |  |
| Series 2006-2A3-8, REMIC, 1.09%, (1 Month Term SOFR + 0.43%), 09/25/36 (f) (h) (r) | 871 | 210 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M1-NC1, REMIC, 3.59%, (1 Month Term SOFR + 0.83%), 12/25/34 (f) (h) (r) | 553 | 515 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2005-M1-WMC1, REMIC, 4.54%, (1 Month Term SOFR + 0.86%), 09/25/35 (f) (h) | 451 | 432 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.02%, (1 Month Term SOFR + 1.35%), 02/20/37 (f) | 375 | 375 |
| Morgan Stanley Home Equity Loan Trust 2007-2 |  |  |
| Series 2007-A1-2, REMIC, 1.30%, (1 Month Term SOFR + 0.21%), 04/25/37 (f) (h) (r) | 8 | 4 |
| MortgageIT Mortgage Loan Trust 2006-1 |  |  |
| Series 2006-1A2-1, REMIC, 4.76%, (1 Month Term SOFR + 0.51%), 04/25/36 (f) (h) (r) | 250 | 189 |
| New Century Home Equity Loan Trust |  |  |
| Series 2005-M2-D, REMIC, 2.55%, (1 Month Term SOFR + 0.82%), 02/25/36 (f) (h) (r) | 300 | 248 |
| New Century Home Equity Loan Trust 2006-2 |  |  |
| Series 2006-A2B-2, REMIC, 6.82%, (1 Month Term SOFR + 0.27%), 08/25/36 (f) (h) (r) | 124 | 122 |
| New Residential Mortgage Loan Trust 2018-3 |  |  |
| Series 2018-A1-3A, REMIC, 4.50%, 05/25/58 (f) | 280 | 274 |
| Northwoods Capital 25 Ltd. |  |  |
| Series 2021-AR-25A, 4.53%, (3 Month Term SOFR + 0.86%), 07/20/34 (f) | 1000 | 999 |
| RALI Series 2007-QS3 Trust |  |  |
| Series 2007-A2-QS3, REMIC, 6.00%, 02/25/37 | 27 | 22 |
| Renaissance Home Equity Loan Trust 2007-3 |  |  |
| Series 2007-AF3-3, REMIC, 2.96%, 09/25/37 (f) (h) (r) | 135 | 50 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2005-A10-QS17, REMIC, 6.00%, 12/25/35 | 21 | 18 |
| Residential Asset Mortgage Products, Inc. |  |  |
| Series 2005-A2-EFC7, REMIC, 4.25%, (1 Month Term SOFR + 0.57%), 12/25/35 (f) (h) | 120 | 92 |
| SMRT 2022-MINI |  |  |
| Series 2022-A-MINI, REMIC, 4.67%, (1 Month Term SOFR + 1.00%), 01/15/27 (f) | 1600 | 1599 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Spirit Airlines, LLC |  |  |
| Series 2015-A-1, 0.00%, 04/01/28 (i) (j) | 467 | 457 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-2A4-2, REMIC, 4.81%, 08/25/35 (f) (r) | 1 | 1 |
| Tesco Property Finance 5 PLC |  |  |
| Series BN-5, 5.66%, 10/13/41, GBP (b) | 536 | 687 |
| United Airlines 2014-2 Pass-Through Trust |  |  |
| Series 2014-A-2, 3.75%, 09/03/26 | 42 | 42 |
| United Airlines Pass Through Certificates, Series 2016-2 |  |  |
| Series 2024-AA-1, 5.45%, 02/15/37 | 752 | 761 |
| United Airlines Pass Through Trust 2019-2AA |  |  |
| Series 2019-AA-2, REMIC, 2.70%, 05/01/32 | 3364 | 3078 |
| United Airlines, Inc. |  |  |
| Series 2014-A-1, 4.00%, 04/11/26 | 386 | 386 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $40,117) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $40,117) | 36472 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.6%** | **SENIOR FLOATING RATE INSTRUMENTS 0.6%** | **SENIOR FLOATING RATE INSTRUMENTS 0.6%** |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Bausch & Lomb Corporation |  |  |
| 2025 Repriced Term Loan, 7.42%, (1 Month Term SOFR + 3.75%), 01/15/31 (f) | 2090 | 2092 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Republic of Panama |  |  |
| Term Loan, 3.89%, (3 Month EURIBOR + 1.75%), 03/07/27, EUR (f) (k) | 1400 | 1626 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Live Nation Entertainment, Inc. |  |  |
| 2025 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 10/19/32 (f) | 1000 | 999 |
| Total Senior Floating Rate Instruments (cost $4,615) | Total Senior Floating Rate Instruments (cost $4,615) | 4717 |
| **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 | 861 |
| Total Preferred Stocks (cost $865) | Total Preferred Stocks (cost $865) | 861 |
| **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 | 26 |
| DrillCo Holding Lux S.A. (i) (k) |  | 9 |
| DrillCo Holding Lux S.A. (i) (k) | 3 | 77 |
| Stichting Administratiekantoor Unigel Creditors (i) (k) | 1 |  |
| SVB Financial Group (i) | 104 | 2 |
|  |  | 117 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Kaisa Group Holdings Ltd. (i) | 3623 | 42 |
| Total Common Stocks (cost $79) | Total Common Stocks (cost $79) | 159 |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** |
| JNL Government Money Market Fund - Class SL, 3.63% (s) (t) | 10285 | 10285 |
| **U.S. Treasury Bill 1.0%** | **U.S. Treasury Bill 1.0%** | **U.S. Treasury Bill 1.0%** |
| Treasury, United States Department of |  |  |
| 3.69%, 04/02/26 (u) | 8000 | 7999 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.53% (s) (t) | 1229 | 1229 |
| Total Short Term Investments (cost $19,513) | Total Short Term Investments (cost $19,513) | 19513 |
| **Total Investments 109.2% (cost $859,832)** | **Total Investments 109.2% (cost $859,832)** | **829296** |
| **Other Derivative Instruments 0.5%** | **Other Derivative Instruments 0.5%** | **3883** |
| **Other Assets and Liabilities, Net (9.7)%** | **Other Assets and Liabilities, Net (9.7)%** | **(73695)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **759484** |

---

(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) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $149,840 and 19.7% of the Fund.

(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 March 31, 2026.

(f) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(g) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

(i) Non-income producing security.

(j) As of March 31, 2026, 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) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $72,878.

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

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

(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 March 31, 2026.

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

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 198 | 16669 | 15638 | 3 |  |  | 1229 | 0.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 7545 | 22344 | 19604 | 75 |  |  | 10285 | 1.3 |
|  | 7743 | 39013 | 35242 | 78 |  |  | 11514 | 1.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 641 | 713 | 0.1 |
| Anglian Water Services Financing PLC, 6.00%, 06/20/39 | 07/10/24 | 130 | 123 |  |
| Aviva PLC, 7.75% (callable at 100, 09/30/32) | 03/24/25 | 388 | 403 | 0.1 |
| Banco Santander, S.A., 4.88%, 10/18/31 | 09/25/24 | 3207 | 3273 | 0.4 |
| Barclays PLC, 8.38% (callable at 100, 09/15/31) | 09/25/25 | 843 | 820 | 0.1 |
| Burberry Group PLC, 5.75%, 06/20/30 | 07/30/25 | 533 | 530 | 0.1 |
| CaixaBank, S.A., 5.88% (callable at 100, 10/09/27) | 01/22/25 | 1272 | 1405 | 0.2 |
| Canary Wharf Group Investment Holdings PLC, 1.75%, 04/07/26 | 06/25/25 | 742 | 736 | 0.1 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.95%, 08/12/31 | 04/19/24 | 710 | 796 | 0.1 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.15%, 08/12/32 | 02/26/25 | 28 | 30 |  |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 5.40%, 08/12/34 | 10/23/24 | 3118 | 3479 | 0.5 |
| COMMERZBANK Aktiengesellschaft, 7.88% (callable at 100, 07/02/29) | 01/22/25 | 1573 | 1754 | 0.2 |
| Cooperatieve Rabobank U.A., 4.38% (callable at 100, 06/29/27) | 03/10/25 | 862 | 926 | 0.1 |
| Digital Dutch Finco B.V., 1.50%, 03/15/30 | 10/08/24 | 1424 | 1480 | 0.2 |
| DrillCo Holding Lux S.A., 7.50%, 06/15/30 | 06/12/23 | 12 | 13 |  |
| EPH Financing International, a.s., 5.88%, 11/30/29 | 03/05/25 | 794 | 851 | 0.1 |
| Erste Group Bank AG, 4.25% (callable at 100, 10/15/27) | 01/27/21 | 2446 | 2271 | 0.3 |
| Gaz Finance PLC, 0.00%, 01/27/29 | 01/20/21 | 1800 | 1314 | 0.2 |
| Greene King Finance PLC, 5.32%, 09/15/31 | 04/02/19 | 356 | 329 |  |
| Grifols, S.A., 7.50%, 05/01/30 | 08/20/25 | 971 | 955 | 0.1 |
| Heathrow Finance PLC, 4.13%, 09/01/29 | 03/05/25 | 361 | 370 |  |
| HM Treasury, 4.38%, 07/31/54 | 03/21/25 | 5244 | 4930 | 0.7 |
| JDE Peet's N.V., 1.13%, 06/16/33 | 02/21/24 | 89 | 92 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company), 0.00%, 04/09/49 | 04/02/19 | 900 |  |  |
| Kaisa Group Holdings Ltd., 5.00%, 11/30/27 | 10/20/25 |  | 3 |  |
| Kaisa Group Holdings Ltd., 6.72%, 12/28/27 | 09/24/25 | 25 | 3 |  |
| Kaisa Group Holdings Ltd., 5.25%, 12/28/28 | 09/24/25 | 34 | 4 |  |
| Kaisa Group Holdings Ltd., 5.50%, 12/28/29 | 09/24/25 | 53 | 7 |  |
| Kaisa Group Holdings Ltd., 5.75%, 12/28/30 | 09/24/25 | 64 | 8 |  |
| Kaisa Group Holdings Ltd., 6.00%, 12/28/31 | 09/24/25 | 94 | 12 |  |
| Kaisa Group Holdings Ltd., 6.25%, 12/28/32 | 09/24/25 | 88 | 11 |  |
| KBC Groep, 6.25% (callable at 100, 09/17/31) | 03/06/25 | 445 | 469 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 06/24/28 | 04/04/22 | 87 | 193 |  |
| 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 | 1192 | 1122 | 0.1 |
| Netflix, Inc., 3.88%, 11/15/29 | 04/24/19 | 1789 | 1642 | 0.2 |
| New South Wales Treasury Corporation, 3.50%, 11/20/37 | 01/14/26 | 388 | 390 | 0.1 |
| Nykredit Realkredit A/S, 1.00%, 10/01/50 | 11/10/21 | 13 | 10 |  |
| Nykredit Realkredit A/S, 1.50%, 10/01/53 | 10/15/21 | 242 | 193 |  |
| Nykredit Realkredit A/S, 1.50%, 10/01/53 | 10/13/21 | 417 | 330 |  |
| ProLogis, L.P., 4.20%, 02/15/33 | 01/28/25 | 485 | 501 | 0.1 |
| SB Capital S.A., 0.00%, 05/23/49 | 09/19/19 | 615 |  |  |
| 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 | 271 | 298 |  |
| Stichting AK Rabobank Certificaten II, 6.50% | 01/17/17 | 755 | 804 | 0.1 |
| SW (Finance) I PLC, 7.00%, 04/16/40 | 07/09/24 | 1205 | 1279 | 0.2 |
| Synthos Spolka Akcyjna, 2.50%, 06/07/28 | 03/06/25 | 409 | 423 | 0.1 |
| Tesco Property Finance 5 PLC, Series BN-5, 5.66%, 10/13/41 | 01/31/17 | 662 | 687 | 0.1 |
| UBS Group AG, 9.25% (callable at 100, 11/13/28) | 03/11/25 | 436 | 424 | 0.1 |
| Yango Justice International Limited, 0.00%, 04/15/49 | 11/05/21 | 119 |  |  |
| 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 | 706 | 718 | 0.1 |
|  |  | 44464 | 37259 | 4.9 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 330 | December 2027 |  | 79218 | 16 | 424 |
| 3 Month SOFR Index | 231 | March 2028 |  | 55400 | 11 | 384 |
| Australia 10 Year Bond | 58 | June 2026 | AUD | 6279 | 41 | (21) |
| Euro BOBL | 4 | June 2026 | EUR | 469 | 2 | (8) |
| Euro Bund | 2 | June 2026 | EUR | 257 | 2 | (7) |
| Long Gilt | 65 | June 2026 | GBP | 6018 | 57 | (416) |
| United States 10 Year Note | 483 | June 2026 |  | 54484 | 113 | (849) |
| United States 10 Year Ultra Bond | 4 | June 2026 |  | 459 | 1 | (5) |
| United States 2 Year Note | 766 | July 2026 |  | 160051 | 60 | (1148) |
| United States Ultra Bond | 908 | June 2026 |  | 109328 | 199 | (3489) |
|  |  |  |  |  | 502 | (5135) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 5 Year Note | (404) | July 2026 |  | (44310) | (61) | 606 |
| United States Long Bond | (1) | June 2026 |  | (117) |  | 3 |
|  |  |  |  |  | (61) | 609 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 172 | (751) |
| 6M Australian Bank Bill Short Term Rate (S) | Paying | 4.00<br> (S) | 12/17/35 | AUD | 7200 | 70 | (297) |
| 6M EURIBOR (S) | Receiving | 3.00<br> (A) | 09/16/56 | EUR | 4730 | (59) | 21 |
| 6M EURIBOR (S) | Paying | 2.50<br> (A) | 09/16/31 | EUR | 10 |  |  |
| 6M EURIBOR (S) | Paying | 2.75<br> (A) | 09/16/36 | EUR | 100 | 1 | (3) |
| BRAZIBOR (A) | Paying | 12.03<br> (A) | 01/04/27 | BRL | 60600 | 14 | (319) |
| BRAZIBOR (A) | Paying | 13.32<br> (A) | 01/02/29 | BRL | 3400 | 4 | (9) |
| BRAZIBOR (A) | Paying | 13.36<br> (A) | 01/02/29 | BRL | 20100 | 22 | (43) |
| BRAZIBOR (A) | Paying | 13.29<br> (A) | 01/02/29 | BRL | 32000 | 36 | (86) |
| BRAZIBOR (A) | Paying | 13.40<br> (A) | 01/02/29 | BRL | 45000 | 50 | (94) |
| BRAZIBOR (A) | Paying | 13.73<br> (A) | 01/02/31 | BRL | 100 |  |  |
| BRAZIBOR (A) | Paying | 13.90<br> (A) | 01/02/31 | BRL | 900 | 1 | 1 |
| BRAZIBOR (A) | Paying | 13.68<br> (A) | 01/02/31 | BRL | 3300 | 5 | 3 |
| BRAZIBOR (A) | Paying | 13.66<br> (A) | 01/02/31 | BRL | 11800 | 16 | 6 |
| Sterling Overnight Index Average Rate (A) | Receiving | 4.00<br> (A) | 09/16/36 | GBP | 8500 | (52) | 165 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.50<br> (A) | 03/18/31 | GBP | 11120 | 50 | (317) |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/18/29 |  | 36700 | (24) | 621 |
| U.S. SOFR (A) | Receiving | 3.00<br> (A) | 03/19/30 |  | 13400 | (9) | 84 |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/30 |  | 10700 | (7) | (7) |
| U.S. SOFR (A) | Receiving | 3.42<br> (A) | 08/31/30 |  | 400 |  | 3 |
| U.S. SOFR (A) | Receiving | 3.34<br> (A) | 08/31/30 |  | 800 | (1) | 8 |
| U.S. SOFR (A) | Receiving | 3.37<br> (A) | 08/31/30 |  | 900 | (1) | 8 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 08/31/30 |  | 1585 | (1) | 24 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 08/31/30 |  | 23270 | (15) | 149 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 03/18/31 |  | 1500 | (1) | 20 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 03/18/31 |  | 2500 | (2) | 16 |
| U.S. SOFR (A) | Receiving | 3.56<br> (A) | 01/31/33 |  | 300 |  | 3 |
| 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 | (1) | 23 |
| U.S. SOFR (A) | Receiving | 3.53<br> (A) | 09/04/34 |  | 200 |  | 4 |
| U.S. SOFR (A) | Receiving | 3.51<br> (A) | 09/04/34 |  | 1400 | (1) | 29 |
| U.S. SOFR (A) | Receiving | 3.87<br> (A) | 03/05/35 |  | 10600 | (8) | (12) |
| U.S. SOFR (A) | Receiving | 3.93<br> (A) | 03/24/35 |  | 1400 | (1) | (12) |
| U.S. SOFR (A) | Receiving | 3.70<br> (A) | 08/15/35 |  | 3700 | (2) | 43 |
| U.S. SOFR (A) | Receiving | 3.64<br> (A) | 08/15/35 |  | 3700 | (2) | 50 |
| U.S. SOFR (A) | Receiving | 3.72<br> (A) | 08/15/35 |  | 6432 | (4) | 46 |
| U.S. SOFR (A) | Receiving | 3.55<br> (A) | 09/17/35 |  | 600 |  | 14 |
| U.S. SOFR (A) | Receiving | 3.71<br> (A) | 11/15/35 |  | 400 |  | 4 |
| U.S. SOFR (A) | Receiving | 3.68<br> (A) | 02/15/36 |  | 400 |  | 6 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 02/15/36 |  | 900 | (1) | 8 |
| U.S. SOFR (A) | Receiving | 3.78<br> (A) | 03/03/36 |  | 1000 | (1) | 8 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 03/03/36 |  | 1000 | (1) | 10 |
| U.S. SOFR (A) | Receiving | 4.00<br> (A) | 03/18/36 |  | 800 | (1) | 17 |
| U.S. SOFR (A) | Receiving | 4.07<br> (A) | 02/15/46 |  | 200 |  | 3 |
| U.S. SOFR (A) | Receiving | 4.08<br> (A) | 11/15/53 |  | 200 | 1 | 2 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.02<br> (A) | 11/15/53 | 200 | 1 | 5 |
| U.S. SOFR (A) | Receiving | 4.01<br> (A) | 11/15/53 | 200 | 1 | 5 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/20/54 | 12110 | 41 | 1115 |
| U.S. SOFR (A) | Receiving | 4.05<br> (A) | 02/15/56 | 200 | 1 | 3 |
| U.S. SOFR (A) | Receiving | 4.06<br> (A) | 02/15/56 | 300 | 1 | 4 |
| U.S. SOFR (A) | Receiving | 4.00<br> (A) | 06/17/56 | 6500 | 24 | 38 |
|  |  |  |  |  | 316 | 619 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1400 | (213) | (4) | 20 |
| **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) | 0.66 | 5.00 | 12/20/28 | (300) | 34 |  | (3) |
| American International Group, Inc. (Q) | 0.19 | 1.00 | 12/20/26 | (1000) | 6 |  | (15) |
| AT&T Inc. (Q) | 0.23 | 1.00 | 06/20/26 | (2100) | 4 |  | (28) |
| AT&T Inc. (Q) | 0.25 | 1.00 | 12/20/26 | (800) | 4 |  | (5) |
| AT&T Inc. (Q) | 0.37 | 1.00 | 12/20/27 | (1100) | 12 |  | (1) |
| AT&T Inc. (Q) | 0.39 | 1.00 | 06/20/28 | (500) | 6 |  | 9 |
| Bank of America Corporation (Q) | 0.32 | 1.00 | 12/20/26 | (200) | 1 |  | (2) |
| Boeing Company, The (Q) | 0.32 | 1.00 | 06/20/27 | (1000) | 8 |  | 43 |
| CDX.NA.IG.44 (Q) | 0.54 | 1.00 | 06/20/30 | (1100) | 20 | 2 | (5) |
| CDX.NA.IG.45 (Q) | 0.59 | 1.00 | 12/20/30 | (104960) | 1860 | 203 | (400) |
| CDX.NA.IG.46 (Q) | 0.63 | 1.00 | 06/20/31 | (84625) | 1461 | 178 | 48 |
| Credit Agricole SA (Q) | 0.70 | 1.00 | 12/20/30 | (1400) | 22 |  | (2) |
| Electricite de France (Q) | 0.62 | 1.00 | 06/20/30 | (700) | 12 |  | 2 |
| General Electric Company (Q) | 0.05 | 1.00 | 06/20/26 | (1000) | 2 |  | (6) |
| General Motors Company (Q) | 0.29 | 5.00 | 12/20/26 | (320) | 11 |  | (42) |
| Glencore Finance (Europe) S.A. (Q) | 1.05 | 5.00 | 06/20/31 | (600) | 131 |  | (15) |
| Hess Corporation (Q) | 0.08 | 1.00 | 12/20/26 | (1800) | 12 |  | 36 |
| ITRAXX.EUR.44 (Q) | 0.67 | 1.00 | 12/20/30 | (1600) | 27 | 2 | (4) |
| MetLife, Inc. (Q) | 0.45 | 1.00 | 06/20/28 | (800) | 9 |  | 25 |
| Morgan Stanley (Q) | 0.30 | 1.00 | 06/20/26 | (1700) | 3 |  | (6) |
| Oracle Corporation (Q) | 1.62 | 1.00 | 06/20/30 | (400) | (9) | 1 | (18) |
| Prudential Financial, Inc. (Q) | 0.93 | 1.00 | 12/20/30 | (1200) | 3 | 1 | (3) |
| Tesco PLC (Q) | 0.21 | 1.00 | 12/20/27 | (1700) | 26 | (1) | 28 |
| Verizon Communications Inc. (Q) | 0.24 | 1.00 | 12/20/26 | (1400) | 8 |  | (25) |
|  |  |  |  |  | 3673 | 386 | (389) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<sup>1</sup>** | **Notional<sup>1</sup>** | **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, May 2026 | EUR | (628) | (5) | EUR | 125.50 | 04/24/26 | 5 | (3) |
| Euro Bund Future, May 2026 | EUR | (640) | (5) | EUR | 128.00 | 04/24/26 |  | 1 |
|  |  |  |  |  |  |  | 5 | (2) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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, Jun. 2026 | Call | 113.00 | 04/24/26 | 10 | 1130 | (1) |
| United States 10 Year Note Future, Jun. 2026 | Put | 110.00 | 04/24/26 | 10 | 1100 | (4) |
|  |  |  |  |  |  | (5) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **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.IG.45, 12/20/30 | GSC | Put | 0.85 | 05/20/26 | 2200000 | 2200 | (2) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options (continued)** | **JNL/PIMCO Investment Grade Credit Bond 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 ($)** |
| CDX.NA.IG.45, 12/20/30 | GSC | Put |  | 0.80 | 06/17/26 | 3800000 |  | 3800 | (6) |
| ITRAXX.EUR.45, 06/20/31 | BOA | Put |  | 1.05 | 05/20/26 | 1000000 | EUR | 1000 | (1) |
|  |  |  |  |  |  |  |  |  | (9) |
| **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** |
| USD/KRW Spot Rate | BOA | Put | KRW | 1350.00 | 07/09/26 | 672427 |  | 672 |  |
| USD/KRW Spot Rate | BOA | Put | KRW | 1350.00 | 07/13/26 | 1191572 |  | 1192 | (1) |
| USD/KRW Spot Rate | HSB | Put | KRW | 1350.00 | 07/09/26 | 1732500 |  | 1733 | (1) |
| USD/KRW Spot Rate | HSB | Put | KRW | 1350.00 | 07/10/26 | 1727000 |  | 1727 | (1) |
|  |  |  |  |  |  |  |  |  | (3) |
| **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 EURIBOR, 04/20/31 | MSC | Call |  | 2.54 | 04/16/26 | 400000 | EUR | 400 |  |
| 6M EURIBOR, 04/20/31 | MSC | Put |  | 2.92 | 04/16/26 | 400000 | EUR | 400 | (1) |
| U.S. SOFR, 04/22/36 | BOA | Call |  | 3.62 | 04/20/26 | 500000 |  | 500 | (3) |
| U.S. SOFR, 04/20/36 | GSC | Call |  | 3.60 | 04/16/26 | 900000 |  | 900 |  |
| U.S. SOFR, 04/29/36 | GSC | Call |  | 3.70 | 04/27/26 | 900000 |  | 900 | (3) |
| U.S. SOFR, 05/04/36 | GSC | Call |  | 3.67 | 04/30/26 | 1700000 |  | 1700 | (5) |
| U.S. SOFR, 04/22/36 | BOA | Put |  | 3.90 | 04/20/26 | 500000 |  | 500 | (1) |
| U.S. SOFR, 04/20/36 | GSC | Put |  | 3.90 | 04/16/26 | 900000 |  | 900 | (4) |
| U.S. SOFR, 04/29/36 | GSC | Put |  | 4.06 | 04/27/26 | 900000 |  | 900 | (2) |
| U.S. SOFR, 05/04/36 | GSC | Put |  | 4.07 | 04/30/26 | 1700000 |  | 1700 | (5) |
|  |  |  |  |  |  |  |  |  | (24) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | DUB | 04/02/26 | AUD | 7604 | 5246 | 30 |
| AUD/USD | HSB | 04/02/26 | AUD | 1170 | 807 | (4) |
| BRL/USD | BNP | 04/02/26 | BRL | 11852 | 2289 | 48 |
| BRL/USD | BOA | 04/02/26 | BRL | 5 | 1 |  |
| BRL/USD | GSC | 04/02/26 | BRL | 49470 | 9550 | 235 |
| BRL/USD | BNP | 05/05/26 | BRL | 2205 | 423 | 3 |
| BRL/USD | GSC | 07/02/26 | BRL | 60512 | 11443 | 266 |
| CAD/USD | SCB | 04/02/26 | CAD | 9837 | 7071 | (34) |
| CHF/USD | HSB | 04/02/26 | CHF | 337 | 421 | (7) |
| CNY/USD | BOA | 04/02/26 | CNY | 482 | 70 |  |
| CNY/USD | CIT | 04/02/26 | CNY | 1444 | 209 | (1) |
| CNY/USD | DUB | 04/02/26 | CNY | 7720 | 1117 | 1 |
| CNY/USD | GSC | 04/02/26 | CNY | 1264 | 183 | (1) |
| CNY/USD | JPM | 04/02/26 | CNY | 8123 | 1176 | 2 |
| DKK/USD | JPM | 04/07/26 | DKK | 3395 | 525 | 2 |
| EUR/USD | BOA | 04/02/26 | EUR | 31229 | 36096 | 205 |
| GBP/USD | ANZ | 04/02/26 | GBP | 9776 | 12940 | 1 |
| GBP/USD | CIT | 04/02/26 | GBP | 662 | 876 | (7) |
| IDR/USD | BNP | 04/09/26 | IDR | 6442014 | 379 | (1) |
| IDR/USD | BNP | 04/13/26 | IDR | 5190464 | 305 | (2) |
| IDR/USD | GSC | 04/13/26 | IDR | 1074117 | 63 |  |
| IDR/USD | BNP | 04/16/26 | IDR | 4868476 | 286 | (2) |
| IDR/USD | BNP | 04/17/26 | IDR | 4402574 | 259 | (1) |
| IDR/USD | BNP | 04/27/26 | IDR | 15518790 | 913 | (6) |
| IDR/USD | BNP | 04/27/26 | IDR | 9900657 | 583 |  |
| IDR/USD | BNP | 05/04/26 | IDR | 9204033 | 541 |  |
| IDR/USD | BNP | 06/10/26 | IDR | 13574341 | 798 | (9) |
| IDR/USD | BOA | 06/10/26 | IDR | 124199 | 7 |  |
| IDR/USD | HSB | 06/10/26 | IDR | 6460040 | 380 |  |
| ILS/USD | BNP | 04/06/26 | ILS | 755 | 240 | 2 |
| ILS/USD | BOA | 04/06/26 | ILS | 557 | 177 | (3) |
| ILS/USD | BOA | 06/10/26 | ILS | 63 | 20 |  |
| INR/USD | CIT | 04/07/26 | INR | 379884 | 4004 | (164) |
| INR/USD | DUB | 04/07/26 | INR | 17282 | 182 | (6) |
| INR/USD | SCB | 04/07/26 | INR | 65565 | 691 | (30) |
| INR/USD | BNP | 04/09/26 | INR | 217417 | 2291 | (69) |
| INR/USD | BNP | 04/24/26 | INR | 216404 | 2276 | (16) |
| INR/USD | BOA | 04/24/26 | INR | 34686 | 365 | (4) |
| INR/USD | CIT | 04/24/26 | INR | 264692 | 2784 | (43) |
| INR/USD | DUB | 04/24/26 | INR | 33588 | 353 | (5) |
| INR/USD | DUB | 04/24/26 | INR | 64768 | 681 |  |
| INR/USD | JPM | 04/24/26 | INR | 54881 | 577 | (5) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| JPY/USD | BNP | 04/02/26 | JPY | 132600 | 836 | 4 |
| JPY/USD | BOA | 04/02/26 | JPY | 265 | 2 |  |
| JPY/USD | HSB | 04/02/26 | JPY | 25740 | 162 | (3) |
| JPY/USD | MSC | 04/02/26 | JPY | 2939 | 19 |  |
| JPY/USD | SCB | 04/02/26 | JPY | 10790 | 68 | (1) |
| JPY/USD | BOA | 05/07/26 | JPY | 99797 | 631 | 4 |
| JPY/USD | HSB | 05/07/26 | JPY | 71942 | 455 | 4 |
| KRW/USD | JPM | 04/09/26 | KRW | 400469 | 262 | (3) |
| KRW/USD | BNP | 04/13/26 | KRW | 82478 | 54 | (2) |
| KRW/USD | BNP | 04/15/26 | KRW | 1025699 | 670 | (31) |
| KRW/USD | BNP | 04/15/26 | KRW | 82837 | 54 |  |
| KRW/USD | CIT | 04/15/26 | KRW | 1108832 | 724 | (34) |
| KRW/USD | BNP | 04/16/26 | KRW | 88958 | 58 | (2) |
| KRW/USD | BNP | 04/17/26 | KRW | 29820 | 19 | (1) |
| KRW/USD | BNP | 04/20/26 | KRW | 60809 | 40 | (1) |
| KRW/USD | BNP | 04/23/26 | KRW | 59963 | 39 | (1) |
| MXN/USD | JPM | 04/09/26 | MXN | 1676 | 93 | 2 |
| MXN/USD | GSC | 04/10/26 | MXN | 2906 | 162 | 5 |
| MXN/USD | JPM | 04/10/26 | MXN | 1697 | 95 | 3 |
| MXN/USD | BOA | 04/13/26 | MXN | 1041 | 58 | 2 |
| MXN/USD | GSC | 04/13/26 | MXN | 2600 | 145 | 4 |
| MXN/USD | GSC | 04/15/26 | MXN | 3487 | 194 | 5 |
| MXN/USD | HSB | 04/15/26 | MXN | 2718 | 151 | 4 |
| MXN/USD | CIT | 06/10/26 | MXN | 47317 | 2624 | (11) |
| MXN/USD | CIT | 06/17/26 | MXN | 67460 | 3739 | (139) |
| MXN/USD | CIT | 09/17/26 | MXN | 2639 | 145 | (2) |
| NOK/USD | HSB | 04/07/26 | NOK | 1019 | 105 | 1 |
| NZD/USD | ANZ | 04/02/26 | NZD | 7365 | 4232 | 22 |
| PLN/USD | BCL | 04/15/26 | PLN | 2254 | 607 | (19) |
| PLN/USD | BNP | 04/15/26 | PLN | 3862 | 1040 | (32) |
| PLN/USD | BOA | 04/15/26 | PLN | 5462 | 1471 | (7) |
| PLN/USD | SCB | 04/15/26 | PLN | 612 | 165 | (4) |
| PLN/USD | UBS | 04/15/26 | PLN | 5603 | 1509 | (38) |
| SEK/USD | BNP | 04/02/26 | SEK | 5055 | 534 | (13) |
| SGD/USD | BNP | 04/02/26 | SGD | 24 | 19 |  |
| SGD/USD | DUB | 04/02/26 | SGD | 9431 | 7336 | (48) |
| SGD/USD | HSB | 04/02/26 | SGD | 12 | 9 |  |
| SGD/USD | JPM | 04/02/26 | SGD | 15 | 12 |  |
| THB/USD | GSC | 04/09/26 | THB | 9216 | 280 | (4) |
| THB/USD | DUB | 04/16/26 | THB | 7675 | 233 | (2) |
| THB/USD | GSC | 04/16/26 | THB | 7556 | 229 | (1) |
| THB/USD | GSC | 04/16/26 | THB | 1281 | 39 |  |
| THB/USD | DUB | 04/17/26 | THB | 8109 | 246 | (2) |
| THB/USD | BNP | 04/20/26 | THB | 19 | 1 |  |
| THB/USD | BNP | 05/05/26 | THB | 3545 | 108 |  |
| TRY/USD | BCL | 04/01/26 | TRY | 103461 | 2328 | 71 |
| TRY/USD | BCL | 04/02/26 | TRY | 2175 | 49 | 1 |
| TRY/USD | BCL | 04/09/26 | TRY | 10855 | 242 | 3 |
| TRY/USD | BCL | 04/13/26 | TRY | 5029 | 112 |  |
| TRY/USD | BCL | 04/14/26 | TRY | 2203 | 49 |  |
| TRY/USD | BCL | 04/17/26 | TRY | 3795 | 84 | 1 |
| TRY/USD | BCL | 04/20/26 | TRY | 31258 | 687 | 5 |
| TRY/USD | BCL | 04/21/26 | TRY | 1780 | 39 |  |
| TRY/USD | BCL | 04/22/26 | TRY | 3819 | 84 |  |
| TRY/USD | BCL | 04/24/26 | TRY | 2545 | 56 |  |
| TWD/USD | BNP | 04/13/26 | TWD | 1656 | 52 |  |
| TWD/USD | BNP | 04/16/26 | TWD | 1912 | 60 |  |
| TWD/USD | BNP | 04/17/26 | TWD | 641 | 20 |  |
| TWD/USD | BNP | 04/20/26 | TWD | 8634 | 270 |  |
| TWD/USD | BNP | 04/23/26 | TWD | 8633 | 270 |  |
| TWD/USD | BNP | 04/27/26 | TWD | 17939 | 562 |  |
| TWD/USD | BNP | 06/17/26 | TWD | 1573 | 49 |  |
| USD/AUD | CIT | 04/02/26 | AUD | (1839) | (1269) | 21 |
| USD/AUD | HSB | 04/02/26 | AUD | (6935) | (4785) | 135 |
| USD/AUD | DUB | 05/04/26 | AUD | (7604) | (5244) | (30) |
| USD/AUD | JPM | 05/04/26 | AUD | (345) | (238) | (1) |
| USD/BRL | BNP | 04/02/26 | BRL | (1967) | (380) | (4) |
| USD/BRL | BNP | 04/02/26 | BRL | (871) | (168) |  |
| USD/BRL | GSC | 04/02/26 | BRL | (59287) | (11446) | (268) |
| USD/BRL | BOA | 06/02/26 | BRL | (5) | (1) |  |
| USD/BRL | GSC | 06/02/26 | BRL | (14) | (3) |  |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/BRL | GSC | 07/02/26 | BRL | (13) | (2) |  |
| USD/CAD | ANZ | 04/02/26 | CAD | (7692) | (5529) | 86 |
| USD/CAD | JPM | 04/02/26 | CAD | (2133) | (1533) | 30 |
| USD/CAD | SCB | 05/04/26 | CAD | (9824) | (7072) | 33 |
| USD/CHF | BCL | 04/02/26 | CHF | (598) | (748) | 29 |
| USD/CHF | HSB | 04/02/26 | CHF | (304) | (380) | 8 |
| USD/CHF | BCL | 05/04/26 | CHF | (563) | (707) |  |
| USD/CNY | BNP | 04/02/26 | CNY | (483) | (70) |  |
| USD/CNY | BOA | 04/02/26 | CNY | (1324) | (192) |  |
| USD/CNY | CIT | 04/02/26 | CNY | (452) | (66) |  |
| USD/CNY | DUB | 04/02/26 | CNY | (15879) | (2299) | 19 |
| USD/CNY | JPM | 04/02/26 | CNY | (897) | (130) |  |
| USD/CNY | DUB | 05/07/26 | CNY | (7701) | (1118) | (1) |
| USD/CNY | JPM | 05/07/26 | CNY | (8103) | (1176) | (2) |
| USD/DKK | HSB | 04/07/26 | DKK | (3409) | (527) | 11 |
| USD/DKK | JPM | 05/04/26 | DKK | (3390) | (525) | (2) |
| USD/EUR | BNP | 04/02/26 | EUR | (29629) | (34247) | 783 |
| USD/EUR | BOA | 04/02/26 | EUR | (830) | (959) | 7 |
| USD/EUR | CIT | 04/02/26 | EUR | (571) | (660) | 3 |
| USD/EUR | HSB | 04/02/26 | EUR | (199) | (230) | (1) |
| USD/EUR | BOA | 05/04/26 | EUR | (31229) | (36154) | (207) |
| USD/GBP | BCL | 04/02/26 | GBP | (6305) | (8345) | 182 |
| USD/GBP | BOA | 04/02/26 | GBP | (98) | (130) | 2 |
| USD/GBP | CIT | 04/02/26 | GBP | (1507) | (1995) | 26 |
| USD/GBP | HSB | 04/02/26 | GBP | (2528) | (3346) | 62 |
| USD/GBP | ANZ | 05/05/26 | GBP | (9776) | (12939) | (1) |
| USD/IDR | HSB | 04/09/26 | IDR | (6444801) | (379) |  |
| USD/IDR | CIT | 06/10/26 | IDR | (646313) | (38) |  |
| USD/IDR | DUB | 06/10/26 | IDR | (452430) | (27) |  |
| USD/ILS | BNP | 04/06/26 | ILS | (1276) | (406) | 7 |
| USD/ILS | DUB | 04/06/26 | ILS | (1290) | (410) | 6 |
| USD/ILS | DUB | 04/13/26 | ILS | (1285) | (409) | 7 |
| USD/ILS | GSC | 04/13/26 | ILS | (1381) | (440) | 5 |
| USD/ILS | BNP | 05/05/26 | ILS | (754) | (240) | (2) |
| USD/ILS | BCL | 06/10/26 | ILS | (792) | (252) | 5 |
| USD/ILS | BOA | 06/10/26 | ILS | (659) | (210) | 4 |
| USD/ILS | CIT | 06/10/26 | ILS | (5036) | (1605) | 29 |
| USD/ILS | JPM | 06/10/26 | ILS | (401) | (128) | 1 |
| USD/ILS | UBS | 06/10/26 | ILS | (1204) | (383) | 6 |
| USD/ILS | BOA | 06/17/26 | ILS | (1129) | (360) | 6 |
| USD/ILS | JPM | 06/17/26 | ILS | (412) | (131) | 3 |
| USD/ILS | UBS | 06/17/26 | ILS | (671) | (214) | 5 |
| USD/INR | BOA | 04/07/26 | INR | (34624) | (365) | 4 |
| USD/INR | CIT | 04/07/26 | INR | (264253) | (2785) | 43 |
| USD/INR | DUB | 04/07/26 | INR | (105533) | (1112) | 8 |
| USD/INR | GSC | 04/07/26 | INR | (3629) | (38) | 2 |
| USD/INR | JPM | 04/07/26 | INR | (54787) | (577) | 5 |
| USD/INR | BNP | 04/09/26 | INR | (215760) | (2273) | 19 |
| USD/INR | BNP | 05/06/26 | INR | (102490) | (1077) | 6 |
| USD/JPY | BOA | 04/02/26 | JPY | (100098) | (631) | (3) |
| USD/JPY | HSB | 04/02/26 | JPY | (72160) | (455) | (3) |
| USD/KRW | BNP | 04/09/26 | KRW | (400255) | (261) | 9 |
| USD/KRW | BNP | 04/13/26 | KRW | (82842) | (54) |  |
| USD/KRW | JPM | 04/15/26 | KRW | (400411) | (262) | 3 |
| USD/KRW | BNP | 04/27/26 | KRW | (290442) | (189) | 5 |
| USD/MXN | BNP | 04/06/26 | MXN | (3415) | (190) |  |
| USD/MXN | BOA | 06/17/26 | MXN | (6795) | (376) | 3 |
| USD/MXN | GSC | 06/17/26 | MXN | (1248) | (69) | 1 |
| USD/MXN | HSB | 06/17/26 | MXN | (864) | (48) |  |
| USD/MXN | JPM | 06/17/26 | MXN | (7593) | (421) | 3 |
| USD/MXN | UBS | 06/17/26 | MXN | (1102) | (61) |  |
| USD/NOK | CIT | 04/07/26 | NOK | (1020) | (105) | (1) |
| USD/NOK | HSB | 05/04/26 | NOK | (1019) | (105) | (1) |
| USD/NZD | HSB | 04/02/26 | NZD | (2149) | (1235) | 29 |
| USD/NZD | SCB | 04/02/26 | NZD | (5216) | (2997) | 121 |
| USD/NZD | ANZ | 05/04/26 | NZD | (7365) | (4237) | (22) |
| USD/PEN | CIT | 05/26/26 | PEN | (8815) | (2526) | (53) |
| USD/PEN | BOA | 06/17/26 | PEN | (3621) | (1036) | 40 |
| USD/PEN | GSC | 06/17/26 | PEN | (3078) | (881) | 33 |
| USD/PEN | DUB | 07/08/26 | PEN | (2991) | (855) | 29 |
| USD/PEN | BOA | 07/15/26 | PEN | (2436) | (696) | 25 |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/PEN | CIT | 08/03/26 | PEN | (1991) | (569) | 11 |
| USD/PLN | BNP | 04/15/26 | PLN | (416) | (112) |  |
| USD/PLN | BOA | 04/15/26 | PLN | (701) | (189) | 1 |
| USD/PLN | JPM | 04/15/26 | PLN | (724) | (195) | (1) |
| USD/PLN | JPM | 04/15/26 | PLN | (1358) | (366) | 5 |
| USD/PLN | MSC | 04/15/26 | PLN | (141) | (38) | 2 |
| USD/PLN | UBS | 04/15/26 | PLN | (1041) | (280) | 2 |
| USD/SEK | CIT | 04/02/26 | SEK | (1035) | (109) | 2 |
| USD/SEK | HSB | 04/02/26 | SEK | (3690) | (390) | 5 |
| USD/SGD | BOA | 04/02/26 | SGD | (3022) | (2350) | 14 |
| USD/SGD | JPM | 04/02/26 | SGD | (6460) | (5025) | 102 |
| USD/SGD | BNP | 05/04/26 | SGD | (24) | (19) |  |
| USD/SGD | DUB | 05/04/26 | SGD | (9410) | (7337) | 46 |
| USD/SGD | HSB | 05/04/26 | SGD | (12) | (9) |  |
| USD/SGD | JPM | 05/04/26 | SGD | (15) | (12) |  |
| USD/THB | BNP | 04/09/26 | THB | (9216) | (280) | 10 |
| USD/THB | BNP | 04/16/26 | THB | (20468) | (621) | 19 |
| USD/THB | SCB | 04/16/26 | THB | (1343) | (41) | 1 |
| USD/THB | BNP | 04/17/26 | THB | (8085) | (245) | 5 |
| USD/THB | BNP | 04/20/26 | THB | (11187) | (339) | 4 |
| USD/THB | CIT | 04/20/26 | THB | (20) | (1) |  |
| USD/THB | GSC | 04/20/26 | THB | (9216) | (280) | 3 |
| USD/THB | HSB | 04/20/26 | THB | (13157) | (399) | 15 |
| USD/THB | BNP | 04/23/26 | THB | (5620) | (171) | (1) |
| USD/THB | DUB | 06/17/26 | THB | (15751) | (481) | 2 |
| USD/THB | GSC | 06/17/26 | THB | (8821) | (269) |  |
| USD/TRY | BCL | 04/01/26 | TRY | (2173) | (49) | (1) |
| USD/TRY | BCL | 04/02/26 | TRY | (2193) | (49) | (1) |
| USD/TRY | BCL | 04/03/26 | TRY | (5163) | (116) | (2) |
| USD/TRY | BCL | 04/09/26 | TRY | (5074) | (113) | (2) |
| USD/TRY | BCL | 04/13/26 | TRY | (5102) | (113) | (2) |
| USD/TRY | BCL | 04/14/26 | TRY | (2218) | (49) | (1) |
| USD/TRY | BCL | 04/16/26 | TRY | (2223) | (49) |  |
| USD/TRY | BCL | 04/17/26 | TRY | (3843) | (85) | (2) |
| USD/TRY | BCL | 04/20/26 | TRY | (10287) | (226) | (4) |
| USD/TRY | BCL | 04/20/26 | TRY | (11933) | (263) |  |
| USD/TRY | BCL | 04/21/26 | TRY | (1795) | (39) | (1) |
| USD/TRY | BCL | 04/22/26 | TRY | (3875) | (85) | (2) |
| USD/TRY | BCL | 04/24/26 | TRY | (2585) | (56) | (1) |
| USD/TRY | BCL | 04/28/26 | TRY | (2261) | (49) | (1) |
| USD/TRY | BCL | 04/29/26 | TRY | (2604) | (57) | (1) |
| USD/TRY | BCL | 04/30/26 | TRY | (6340) | (138) | (2) |
| USD/TRY | BCL | 05/04/26 | TRY | (2726) | (59) |  |
| USD/TRY | BCL | 05/05/26 | TRY | (1814) | (39) |  |
| USD/TRY | BCL | 05/06/26 | TRY | (2260) | (49) |  |
| USD/TWD | CIT | 04/13/26 | TWD | (1561) | (49) |  |
| USD/TWD | BNP | 05/04/26 | TWD | (23394) | (733) | (7) |
| USD/TWD | DUB | 06/17/26 | TWD | (4194) | (132) |  |
| USD/ZAR | BCL | 04/20/26 | ZAR | (18823) | (1111) | 39 |
| USD/ZAR | BNP | 04/20/26 | ZAR | (5841) | (345) |  |
| USD/ZAR | JPM | 04/20/26 | ZAR | (6969) | (411) | (3) |
| USD/ZAR | JPM | 04/20/26 | ZAR | (57596) | (3398) | 46 |
|  |  |  |  |  | (59866) | 1721 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| ITRAXX.EUR.XO.44 (Q)  | BOA | 0.92 | 5.00 | 12/20/30  | (1954)  | 340  | 385  | (45)  |
| ITRAXX.EUR.XO.44 (Q)  | BPC | 0.92 | 5.00 | 12/20/30  | (1379)  | 240  | 259  | (19)  |
| ITRAXX.EUR.XO.44 (Q)  | CIT | 0.92 | 5.00 | 12/20/30  | (230)  | 40  | 45  | (5)  |
| ITRAXX.EUR.XO.44 (Q)  | GSC | 0.92 | 5.00 | 12/20/30  | (575)  | 100  | 102  | (2)  |
| ITRAXX.EUR.XO.44 (Q)  | JPM | 0.92 | 5.00 | 12/20/30  | (1954)  | 340  | 372  | (32)  |
| Pemex Project Funding Master Trust (M)‡  | DUB | 398.46 | 4.75 | 07/06/26  | (306)  | —  | —  | —  |
| SoftBank Group Corp. (Q)  | GSC | 1.66 | 1.00 | 06/20/26  | (200)  | (1)  | (2)  | 1  |
|  |  |  |  |  | (6598) | 1059 | 1161 | (102) |

---

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

‡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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 610015 |  | 610015 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 157559 |  | 157559 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 36472 |  | 36472 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 3091 | 1626 | 4717 |
| &nbsp;&nbsp;Preferred Stocks | 861 |  |  | 861 |
| &nbsp;&nbsp;Common Stocks | 2 | 42 | 115 | 159 |
| &nbsp;&nbsp;Short Term Investments | 11514 | 7999 |  | 19513 |
|  | 12377 | 815178 | 1741 | 829296 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1417 |  |  | 1417 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 2569 |  | 2569 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 211 |  | 211 |
| &nbsp;&nbsp;Exchange Traded Futures Options | 1 |  |  | 1 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 3179 |  | 3179 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 1 |  | 1 |
|  | 1418 | 5960 |  | 7378 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (5943) |  |  | (5943) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (1950) |  | (1950) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (580) |  | (580) |
| &nbsp;&nbsp;Exchange Traded Futures Options | (3) |  |  | (3) |
| &nbsp;&nbsp;Exchange Traded Written Options | (5) |  |  | (5) |
| &nbsp;&nbsp;OTC Written Options |  | (36) |  | (36) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1458) |  | (1458) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (103) |  | (103) |
|  | (5951) | (4127) |  | (10078) |

---

<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.

500

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 133.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 133.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 133.4%** |
| **U.S. Treasury Inflation Indexed Securities 106.7%** | **U.S. Treasury Inflation Indexed Securities 106.7%** | **U.S. Treasury Inflation Indexed Securities 106.7%** |
| Treasury, United States Department of |  |  |
| 0.38%, 01/15/27 - 07/15/27 (a) (b) | 88860 | 88911 |
| 2.38%, 01/15/27 (a) (c) | 419 | 427 |
| 0.13%, 04/15/27 - 02/15/52 (a) (c) | 17367 | 14317 |
| 1.63%, 10/15/27 - 04/15/30 (a) (b) | 75812 | 76746 |
| 0.50%, 01/15/28 (a) | 53274 | 52853 |
| 1.75%, 01/15/28 (a) | 15036 | 15251 |
| 1.25%, 04/15/28 (a) (c) | 18976 | 19047 |
| 3.63%, 04/15/28 (a) (b) | 37631 | 39566 |
| 0.75%, 07/15/28 - 02/15/45 (a) (b) | 80877 | 66798 |
| 2.38%, 10/15/28 - 02/15/55 (a) (b) | 53527 | 53949 |
| 0.88%, 01/15/29 - 02/15/47 (a) | 35668 | 29232 |
| 2.50%, 01/15/29 (a) | 17720 | 18384 |
| 2.13%, 04/15/29 - 01/15/35 (a) (b) | 56691 | 57845 |
| 3.88%, 04/15/29 (a) | 14548 | 15695 |
| 0.25%, 07/15/29 (a) (b) | 23838 | 23187 |
| 1.63%, 10/15/29 (a) (c) | 51994 | 52809 |
| 0.13%, 01/15/30 - 01/15/32 (a) (b) | 87169 | 81805 |
| 0.13%, 07/15/30 - 02/15/51 (a) | 43742 | 35624 |
| 1.13%, 10/15/30 (a) | 17496 | 17338 |
| 0.63%, 07/15/32 (a) (b) | 88884 | 83853 |
| 1.13%, 01/15/33 (a) (b) | 42147 | 40610 |
| 1.38%, 07/15/33 (a) (b) | 51191 | 50061 |
| 1.75%, 01/15/34 (a) (b) | 45922 | 45728 |
| 1.88%, 07/15/34 - 07/15/35 (a) | 77372 | 77441 |
| 1.88%, 01/15/36 (a) (c) | 1501 | 1483 |
| 2.13%, 02/15/40 - 02/15/54 (a) | 32664 | 30502 |
| 0.63%, 02/15/43 (a) | 5574 | 4102 |
| 1.38%, 02/15/44 (a) | 22120 | 18263 |
| 1.00%, 02/15/46 - 02/15/49 (a) | 35740 | 26054 |
| 0.25%, 02/15/50 (a) | 11006 | 6228 |
| 1.50%, 02/15/53 (a) | 6346 | 4864 |
|  |  | 1148973 |
| **Mortgage-Backed Securities 17.2%** | **Mortgage-Backed Securities 17.2%** | **Mortgage-Backed Securities 17.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.04%, (FTSE USD IBOR Consumer Cash Fallbacks Term 6M + 1.80%), 07/01/36 (d) | 35 | 36 |
| 6.19%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.45%), 09/01/36 (d) | 12 | 12 |
| 6.18%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.60%), 10/01/36 (d) | 13 | 13 |
| Federal National Mortgage Association, Inc. |  |  |
| 5.93%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.27%), 11/01/35 (d) | 10 | 10 |
| 6.00%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.81%), 03/01/36 (d) | 22 | 23 |
| 4.50%, 09/01/52 - 11/01/52 | 820 | 794 |
| 5.00%, 06/01/53 | 317 | 314 |
| 6.50%, 12/01/53 | 487 | 504 |
| TBA, 4.00%, 04/15/56 - 05/15/56 (b) | 18600 | 17524 |
| TBA, 6.50%, 05/15/56 (b) | 19000 | 19636 |
| TBA, 4.50%, 06/15/56 (b) | 44800 | 43117 |
| TBA, 5.50%, 06/15/56 (b) | 17100 | 17127 |
| TBA, 6.00%, 06/15/56 (b) | 39800 | 40467 |
| Government National Mortgage Association |  |  |
| 3.50%, 12/20/54 - 03/20/55 | 1300 | 1192 |
| TBA, 3.50%, 03/15/56 - 04/15/56 (b) | 43000 | 39580 |
| Government National Mortgage Association II |  |  |
| 3.50%, 05/20/52 - 08/20/54 | 4772 | 4403 |
|  |  | 184752 |
| **Treasury Inflation Indexed Securities 3.6%** | **Treasury Inflation Indexed Securities 3.6%** | **Treasury Inflation Indexed Securities 3.6%** |
| Cabinet Office, Government of Japan |  |  |
| 0.10%, 03/10/28 - 03/10/29, JPY (a) | 3546128 | 22348 |
| 0.01%, 03/10/34 - 03/10/35, JPY (a) | 862838 | 5203 |
| Gouvernement De France |  |  |
| 0.10%, 07/25/38, EUR (a) | 120 | 115 |
| Government of Canada |  |  |
| 4.25%, 12/01/26, CAD (a) | 7143 | 5297 |
| Republique Francaise Presidence |  |  |
| 0.10%, 07/25/31, EUR (a) | 2441 | 2740 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 0.40%, 05/15/30, EUR (a) (e) | 2104 | 2411 |
| 1.80%, 05/15/36, EUR (a) (f) | 828 | 964 |
|  |  | 39078 |
| **Collateralized Mortgage Obligations 3.3%** | **Collateralized Mortgage Obligations 3.3%** | **Collateralized Mortgage Obligations 3.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series F1-278, 4.24%, (SOFR 30-Day Average + 0.56%), 09/15/42 (d) | 815 | 805 |
| Series WF-4779, REMIC, 4.15%, (SOFR 30-Day Average + 0.46%), 07/15/44 (d) | 446 | 441 |
| Series T-1A1-62, REMIC, 5.12%, (12 Month Treasury Average + 1.20%), 10/25/44 (d) | 70 | 63 |
| Series T-1A1-63, REMIC, 5.12%, (12 Month Treasury Average + 1.20%), 02/25/45 (d) | 54 | 51 |
| Series MF-5513, REMIC, 4.60%, (SOFR 30-Day Average + 0.94%), 11/25/54 (d) | 2383 | 2399 |
| Series FG-5511, REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 03/25/55 (d) | 887 | 890 |
| Series BF-5512, REMIC, 5.06%, (SOFR 30-Day Average + 1.40%), 03/25/55 (d) | 2096 | 2114 |
| REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 08/25/55 (d) | 1045 | 1054 |
| Series PF-4851, REMIC, 4.19%, (SOFR 30-Day Average + 0.51%), 08/15/57 (d) | 3882 | 3806 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2007-A1-73, REMIC, 3.84%, (SOFR 30-Day Average + 0.17%), 07/25/37 (d) | 15 | 15 |
| Series 2024-CF-46, REMIC, 4.81%, (SOFR 30-Day Average + 1.15%), 07/25/54 (d) | 2096 | 2111 |
| Government National Mortgage Association |  |  |
| Series 2017-FB-H10, REMIC, 5.59%, (12 Month Term SOFR + 1.47%), 04/20/67 (d) | 478 | 483 |
| Series 2018-FG-H15, REMIC, 4.93%, (12 Month Term SOFR + 0.87%), 08/20/68 (d) | 1376 | 1383 |
| Series 2022-F-H22, REMIC, 4.57%, (SOFR 30-Day Average + 0.90%), 10/20/72 (d) | 2229 | 2246 |
| Government National Mortgage Association Guaranteed Remic Pass-Through Securities, The |  |  |
| Series 2025-FJ-47, REMIC, 4.69%, (SOFR 30-Day Average + 1.03%), 06/25/55 (d) | 4882 | 4939 |
| Series 2033-F-53, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 07/25/55 (d) | 1632 | 1648 |
| Series 2025-FK-66, REMIC, 4.84%, (SOFR 30-Day Average + 1.18%), 08/25/55 (d) | 772 | 778 |
| Series 2025-F-H22, REMIC, 4.44%, (SOFR 30-Day Average + 0.78%), 10/20/75 (d) (g) | 10508 | 10499 |
|  |  | 35725 |
| **Sovereign 2.6%** | **Sovereign 2.6%** | **Sovereign 2.6%** |
| Cabinet Office, Government of Japan |  |  |
| 3.40%, 12/20/55, JPY | 890000 | 5364 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.85%, 07/02/32 | 300 | 303 |
| 6.63%, 01/29/38 | 300 | 305 |
| HM Treasury |  |  |
| 4.00%, 10/22/31, GBP | 17200 | 22270 |
|  |  | 28242 |
| **U.S. Treasury Note 0.0%** | **U.S. Treasury Note 0.0%** | **U.S. Treasury Note 0.0%** |
| Treasury, United States Department of |  |  |
| 4.25%, 08/15/35 (c) | 129 | 129 |
| **U.S. Treasury Bond 0.0%** | **U.S. Treasury Bond 0.0%** | **U.S. Treasury Bond 0.0%** |
| Treasury, United States Department of |  |  |
| 4.88%, 08/15/45 (c) | 91 | 91 |
| **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 | 27 | 27 |
| Total Government And Agency Obligations (cost $1,457,528) | Total Government And Agency Obligations (cost $1,457,528) | 1437017 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.1%** |
| 522 Funding CLO 2018-3(A), Ltd. |  |  |
| Series 2018-AR-3A, 4.97%, (3 Month Term SOFR + 1.30%), 10/20/31 (d) | 8 | 8 |

---

501

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASAP1 |  |  |
| Series 2007-A2B-ASP1, REMIC, 0.73%, (1 Month Term SOFR + 0.51%), 03/25/37 (d) (g) (h) | 313 | 116 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A4-29CB, REMIC, 5.00%, 07/25/35 | 59 | 30 |
| Alternative Loan Trust 2006-HY11 |  |  |
| Series 2006-A1-HY11, REMIC, 4.50%, (1 Month Term SOFR + 0.35%), 06/25/36 (d) (g) (h) | 207 | 191 |
| Alternative Loan Trust 2007-1T1 |  |  |
| Series 2007-1A1-1T1, REMIC, 6.00%, 03/25/37 | 2158 | 681 |
| Alternative Loan Trust 2007-4CB |  |  |
| Series 2007-1A35-4CB, REMIC, 6.00%, 04/25/37 | 182 | 153 |
| Anchorage Capital CLO 20, Ltd. |  |  |
| Series 2021-A1R-20A, 4.77%, (3 Month Term SOFR + 1.10%), 01/22/35 (d) | 900 | 899 |
| Arbor Realty Commercial Real Estate Notes 2022-Fl1, Ltd. |  |  |
| Series 2022-A-FL1, 5.12%, (SOFR 30-Day Average + 1.45%), 01/15/37 (d) | 419 | 419 |
| Arbour CLO VI Designated Activity Company |  |  |
| Series AR-6A, 3.13%, 11/15/37, EUR (d) (f) | 1000 | 1157 |
| Atlas Senior Loan Fund XV Ltd. |  |  |
| Series 2019-A1R-15A, 4.89%, (3 Month Term SOFR + 1.22%), 10/23/32 (d) | 240 | 240 |
| Banc of America Mortgage Securities, Inc. |  |  |
| Series 2005-2A1-E, REMIC, 5.30%, 06/25/35 (d) | 8 | 7 |
| BCAP LLC Trust 2011-RR5 |  |  |
| Series 2011-12A1-RR5, REMIC, 4.45%, 03/26/37 (d) | 73 | 71 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-24A1-10, REMIC, 5.04%, 01/25/36 (d) | 64 | 60 |
| Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Series 2006-4 |  |  |
| Series 2006-21A1-4, REMIC, 4.48%, 08/25/36 (d) | 76 | 43 |
| Bear Stearns ARM Trust 2004-1 |  |  |
| Series 2003-3A2-3, REMIC, 6.08%, 05/25/33 (d) | 4 | 3 |
| Series 2003-2A1-9, REMIC, 5.56%, 02/25/34 (d) | 26 | 25 |
| Series 2004-22A1-9, REMIC, 5.61%, 11/25/34 (d) | 19 | 18 |
| Series 2004-22A1-10, REMIC, 5.12%, 01/25/35 (d) | 23 | 20 |
| Bear Stearns ARM Trust 2005-6 |  |  |
| Series 2005-2A1-1, REMIC, 4.50%, 03/25/35 (d) | 52 | 48 |
| Bear Stearns Structured Products Inc. Trust 2007-R6 |  |  |
| Series 2007-2A1-R6, REMIC, 4.44%, 12/26/46 (d) | 150 | 115 |
| Black Diamond CLO 2019-1 Designated Activity Company |  |  |
| Series 2019-A1R-1A, 3.04%, (3 Month EURIBOR + 0.98%), 05/15/32, EUR (d) (f) | 81 | 94 |
| Bluemountain CLO XXIII LLC |  |  |
| Series 2018-A1-22A, 5.01%, (3 Month Term SOFR + 1.34%), 07/15/31 (d) | 161 | 161 |
| Bosphorus CLO IX DAC |  |  |
| Series AR-9A, 0.00%, 04/15/38, EUR (d) | 3800 | 4392 |
| Bosphorus CLO VI Designated Activity Company |  |  |
| Series A-6A, 2.88%, (3 Month EURIBOR + 0.85%), 05/25/34, EUR (d) (f) | 4018 | 4629 |
| Capital Four CLO X Designated Activity Company |  |  |
| Series A-10A, 3.28%, (3 Month EURIBOR + 1.25%), 10/25/38, EUR (d) (f) | 2400 | 2766 |
| Capital Four US CLO II Ltd. |  |  |
| Series 2022-AR-1A, 5.57%, (3 Month Term SOFR + 1.90%), 01/21/37 (d) | 500 | 500 |
| C-Bass Mortgage Loan Asset Backed Certificates Series 2002-CB2 |  |  |
| Series 2005-M4-CB3, REMIC, 3.82%, (1 Month Term SOFR + 1.16%), 08/25/34 (d) (g) (h) | 151 | 145 |
| Chase Mortgage Finance Trust Series 2007-A1 |  |  |
| Series 2007-5A1-A1, REMIC, 6.00%, 02/25/37 (d) | 6 | 6 |
| CHL Mortgage Pass-Through Trust 2007-1 |  |  |
| Series 2007-A1-1, REMIC, 6.00%, 03/25/37 | 698 | 302 |
| CIT Mortgage Loan Trust 2007-1 |  |  |
| Series 2007-1M1-1, REMIC, 5.29%, (1 Month Term SOFR + 1.61%), 10/26/37 (d) | 1143 | 1137 |
| Citigroup Mortgage Loan Trust 2006-AMC1 |  |  |
| Series 2006-A1-AMC1, REMIC, 3.69%, (1 Month Term SOFR + 0.40%), 09/25/36 (d) (g) (h) | 973 | 950 |
| Citigroup Mortgage Loan Trust 2007-10 |  |  |
| Series 2007-22AA-10, REMIC, 4.45%, 09/25/37 (d) | 190 | 176 |
| Citigroup Mortgage Loan Trust 2007-AMC2 |  |  |
| Series 2007-A3A-AMC2, REMIC, 3.78%, (1 Month Term SOFR + 0.19%), 01/25/37 (d) (g) (h) | 39 | 28 |
| Citigroup Mortgage Loan Trust 2007-AMC3 |  |  |
| Series 2007-A2B-AMC3, REMIC, 4.34%, (1 Month Term SOFR + 0.29%), 03/25/37 (d) (g) (h) | 872 | 759 |
| Citigroup Mortgage Loan Trust 2007-AMC4 |  |  |
| Series 2007-M1-AMC4, REMIC, 4.19%, (1 Month Term SOFR + 0.38%), 05/25/37 (d) (h) | 1200 | 1105 |
| Citigroup Mortgage Loan Trust 2007-AR4 |  |  |
| Series 2007-1A1A-AR4, REMIC, 4.45%, 03/25/37 (d) | 722 | 629 |
| Citigroup Mortgage Loan Trust Inc. |  |  |
| Series 2004-1CB1-NCM2, REMIC, 5.50%, 08/25/34 | 4 | 4 |
| Series 2005-2A2B-3, REMIC, 5.39%, 08/25/35 (d) | 16 | 17 |
| Series 2005-A1-6, REMIC, 5.78%, (1 Year Treasury + 2.10%), 09/25/35 (d) | 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, 3.33%, (1 Month Term SOFR + 0.80%), 10/25/35 (d) (g) (h) | 3422 | 3169 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 2.96%, (1 Month Term SOFR + 0.17%), 07/25/45 (d) (g) (h) | 80 | 55 |
| Credit-Based Asset Servicing and Securitization LLC |  |  |
| Series 2007-A1-CB6, REMIC, 1.92%, (1 Month Term SOFR + 0.23%), 07/25/37 (d) (g) (h) | 60 | 40 |
| Series 2007-A3-CB6, REMIC, 1.92%, (1 Month Term SOFR + 0.33%), 07/25/37 (d) (g) (h) | 1765 | 1163 |
| CSMC Mortgage-Backed Trust 2007-1 |  |  |
| Series 2007-1A6A-1, REMIC, 1.26%, 02/25/37 (d) (g) (h) | 566 | 119 |
| CSMC Series 2015-12R |  |  |
| Series 2015-2A2-12R, REMIC, 3.08%, 12/03/37 (d) | 1565 | 1428 |
| CWABS Asset-Backed Certificates Trust 2007-12 |  |  |
| Series 2007-1A1-12, REMIC, 4.53%, (1 Month Term SOFR + 0.85%), 06/25/37 (d) (h) | 50 | 49 |
| CWABS Asset-Backed Certificates Trust 2007-8 |  |  |
| Series 2007-1A1-8, REMIC, 3.98%, (1 Month Term SOFR + 0.30%), 02/25/36 (d) (h) | 2710 | 2559 |
| Dryden 44 Euro CLO 2015 B.V. |  |  |
| Series 2015-A1RR-44A, 2.91%, (3 Month EURIBOR + 0.88%), 04/17/34, EUR (d) (f) | 452 | 522 |
| Dryden 52 Euro CLO 2017 B.V. In Liquidatie |  |  |
| Series 2017-AR-52A, 2.84%, (3 Month EURIBOR + 0.86%), 05/15/34, EUR (d) (f) | 155 | 179 |
| Dryden 64 CLO, Ltd. |  |  |
| Series 2018-A-64A, 4.90%, (3 Month Term SOFR + 1.23%), 04/18/31 (d) | 148 | 148 |
| Elevation CLO 2022-16 Ltd. |  |  |
| Series 2022-A1AR-16A, 4.80%, (3 Month Term SOFR + 1.13%), 07/25/34 (d) | 600 | 598 |

---

502

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Eurosail-UK 2007-3BL PLC |  |  |
| Series 2007-A3A-3X, 4.80%, (SONIA + 1.07%), 06/13/45, GBP (d) (e) | 139 | 183 |
| Series 2007-A3C-3A, 4.80%, (SONIA + 1.07%), 06/13/45, GBP (d) (f) | 48 | 63 |
| First Franklin Mortgage Loan Trust 2006-FF10 |  |  |
| Series 2006-A5-FF10, REMIC, 4.10%, (1 Month Term SOFR + 0.42%), 07/25/36 (d) (h) | 933 | 908 |
| First Franklin Mortgage Loan Trust 2006-FF17 |  |  |
| Series 2006-A2-FF17, REMIC, 4.25%, (1 Month Term SOFR + 0.23%), 12/25/36 (d) (g) (h) | 4334 | 3885 |
| First NLC Trust |  |  |
| Series 2007-A1-1, REMIC, 3.86%, (1 Month Term SOFR + 0.18%), 08/25/37 (d) | 178 | 84 |
| Gallatin CLO VIII 2017-1 Ltd. |  |  |
| Series 2017-A1R-1A, 5.02%, (3 Month Term SOFR + 1.35%), 07/15/31 (d) | 418 | 418 |
| GCBSL 2020-50A A1R2 TSFR3 |  |  |
| Series 2020-A-50, 4.78%, (3 Month Term SOFR + 1.11%), 04/20/35 (d) | 3600 | 3595 |
| Greenpoint M F T S 2006-AR4 |  |  |
| Series 2006-A-A6, REMIC, 4.40%, (1 Month Term SOFR + 0.47%), 09/25/46 (d) (g) (h) | 182 | 167 |
| Grifonas Finance No.1 PLC |  |  |
| Series A-1, 2.42%, (6 Month EURIBOR + 0.28%), 08/28/39, EUR (d) (e) (h) | 179 | 203 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-AF4A-7, REMIC, 1.85%, 03/25/46 (d) (g) (h) | 198 | 102 |
| GSR Mortgage Loan Trust 2005-AR1 |  |  |
| Series 2005-1A1-AR1, REMIC, 6.45%, 01/25/35 (d) | 12 | 12 |
| HarborView Mortgage Loan Trust |  |  |
| Series 2004-2A-1, REMIC, 5.46%, 04/19/34 (d) | 43 | 42 |
| HarborView Mortgage Loan Trust 2007-5 |  |  |
| Series 2007-A1A-5, REMIC, 3.11%, (1 Month Term SOFR + 0.49%), 09/19/37 (d) (g) (h) | 12 | 11 |
| Harvest CLO XXI Designated Activity Company |  |  |
| Series A1R-21A, 2.78%, (3 Month EURIBOR + 0.76%), 07/15/31, EUR (d) (f) | 203 | 234 |
| Home Equity Asset Trust |  |  |
| Series 2005-M2-8, REMIC, 4.17%, (1 Month Term SOFR + 0.56%), 02/25/36 (d) (g) (h) | 596 | 579 |
| IndyMac MBS, Inc. |  |  |
| Series 2003-A2-A5, REMIC, 5.50%, 06/25/33 | 5 | 5 |
| Series 2005-2A1-AR1, REMIC, 5.04%, 11/25/35 (d) | 9 | 11 |
| Series 2005-A1-16IP, REMIC, 5.17%, (1 Month Term SOFR + 0.75%), 07/25/45 (d) (g) (h) | 52 | 39 |
| J.P. Morgan Mortgage Acquisition Trust 2006-Ch2 |  |  |
| Series 2006-AV5-CH2, REMIC, 4.09%, (1 Month Term SOFR + 0.53%), 10/25/36 (d) (h) | 4 | 4 |
| J.P. Morgan Mortgage Trust 2005-A1 |  |  |
| Series 2005-7A1-A6, REMIC, 5.09%, 08/25/35 (d) | 34 | 33 |
| Series 2005-2A1-A6, REMIC, 5.94%, 08/25/35 (d) | 21 | 21 |
| Series 2005-4A1-A6, REMIC, 5.18%, 09/25/35 (d) | 4 | 3 |
| J.P. Morgan Mortgage Trust 2007-A1 |  |  |
| Series 2007-1A1-A1, REMIC, 6.22%, 07/25/35 (d) | 4 | 4 |
| J.P. Morgan Mortgage Trust, Series 2008-R2 |  |  |
| Series 2008-1A1-R2, REMIC, 3.94%, 07/27/37 (d) | 115 | 106 |
| KKR CLO 11 Ltd. |  |  |
| Series AR-11, 5.11%, (3 Month Term SOFR + 1.44%), 01/15/31 (d) | 56 | 56 |
| LCM 36 Ltd. |  |  |
| Series A1R-36A, 4.74%, (3 Month Term SOFR + 1.07%), 01/15/34 (d) | 2000 | 1995 |
| Lehman XS Trust, Series 2007-15N |  |  |
| Series 2007-2A1-15N, REMIC, 4.29%, (1 Month Term SOFR + 0.61%), 08/25/47 (d) (h) | 265 | 248 |
| LoanCore 2021-CRE7 Issuer Ltd. |  |  |
| Series 2022-A-CRE7, 5.22%, (SOFR 30-Day Average + 1.55%), 01/21/37 (d) | 274 | 273 |
| Long Beach Mortgage Loan Trust 2006-7 |  |  |
| Series 2006-2A2-7, REMIC, 1.50%, (1 Month Term SOFR + 0.35%), 08/25/36 (d) (g) (h) | 363 | 139 |
| Man GLG Euro CLO V Designated Activity Company |  |  |
| Series A1R-5A, 2.84%, (3 Month EURIBOR + 0.69%), 12/15/31, EUR (d) (f) | 9 | 10 |
| MASTR Adjustable Rate Mortgages Trust 2004-10 |  |  |
| Series 2003-2A1-6, REMIC, 5.07%, 12/25/33 (d) | 28 | 27 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M1-FRE1, REMIC, 1.63%, (1 Month Term SOFR + 0.86%), 10/25/35 (d) (g) (h) | 39 | 37 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2004-2A2-A1, REMIC, 5.84%, 02/25/34 (d) | 28 | 27 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2003-C |  |  |
| Series 2003-1A1-A2, REMIC, 5.90%, 02/25/33 (d) | 15 | 14 |
| MF1 2022-FL9 LLC |  |  |
| Series 2022-A-FL9, 5.82%, (1 Month Term SOFR + 2.15%), 06/22/37 (d) | 908 | 908 |
| Mill City Mortgage Loan Trust 2019-GS2 |  |  |
| Series 2019-A1-GS2, REMIC, 2.75%, 08/25/59 (d) | 120 | 117 |
| Morgan Stanley ABS Capital I Inc. Trust 2006-HE8 |  |  |
| Series 2006-A2D-HE8, REMIC, 1.87%, (1 Month Term SOFR + 0.33%), 10/25/36 (d) (g) (h) | 1118 | 468 |
| Morgan Stanley ABS Capital I Inc. Trust 2007-HE6 |  |  |
| Series 2007-A1-HE6, REMIC, 4.27%, (1 Month Term SOFR + 0.17%), 05/25/37 (d) (g) (h) | 30 | 27 |
| Morgan Stanley ABS Capital Trust I Inc. |  |  |
| Series 2004-M3-NC7, REMIC, 4.21%, (1 Month Term SOFR + 1.09%), 07/25/34 (d) (g) (h) | 234 | 249 |
| Series 2005-M2-HE2, REMIC, 3.54%, (1 Month Term SOFR + 0.77%), 01/25/35 (d) (g) (h) | 632 | 613 |
| Series 2005-M3-HE5, REMIC, 3.56%, (1 Month Term SOFR + 0.79%), 09/25/35 (d) (g) (h) | 897 | 855 |
| Mortgageit Trust 2004-2 |  |  |
| Series 2004-M2-2, REMIC, 4.79%, (1 Month Term SOFR + 1.12%), 12/25/34 (d) (h) | 85 | 83 |
| Mountain View CLO 2016-1 LLC |  |  |
| Series 2016-AR3-1A, 4.55%, (3 Month Term SOFR + 0.88%), 04/14/33 (d) | 2100 | 2100 |
| Nelnet Student Loan Trust 2026-A |  |  |
| Series 2026-A1B-A, REMIC, 4.97%, (SOFR 30-Day Average + 1.30%), 02/21/61 (d) | 2685 | 2686 |
| New Century Home Equity Loan Trust |  |  |
| Series 2004-M1-4, REMIC, 4.56%, (1 Month Term SOFR + 0.88%), 02/25/35 (d) | 173 | 169 |
| New Residential Mortgage Loan Trust 2019-RPL3 |  |  |
| Series 2019-A1-RPL3, REMIC, 2.75%, 07/25/59 (d) | 836 | 809 |
| Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2005-FM1 |  |  |
| Series 2005-M3-FM1, REMIC, 4.55%, (1 Month Term SOFR + 0.88%), 05/25/35 (d) (h) | 1362 | 1335 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-A1RR-1A, 4.71%, (3 Month Term SOFR + 1.04%), 01/20/35 (d) | 700 | 698 |
| OZLM XXIV, Ltd. |  |  |
| Series 2019-A1AR-24A, 5.09%, (3 Month Term SOFR + 1.42%), 07/20/32 (d) | 124 | 124 |
| Palmer Square European Loan Funding 2023-3 Designated Activity Company |  |  |
| Series 2023-AR-3A, 2.95%, (3 Month EURIBOR + 0.97%), 05/15/33, EUR (d) (f) | 277 | 321 |
| Palmer Square European Loan Funding 2024-1 Designated Activity Company |  |  |
| Series 2024-AR-1A, 2.95%, (3 Month EURIBOR + 0.97%), 08/15/33, EUR (d) (f) | 763 | 881 |
| Palmer Square European Loan Funding 2024-2 Designated Activity Company |  |  |
| Series 2024-A-2A, 2.97%, (3 Month EURIBOR + 0.99%), 05/15/34, EUR (d) (f) | 997 | 1151 |

---

503

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Project Cashmere |  |  |
| Series A1, 4.54%, 12/30/57, AUD (i) | 17200 | 11867 |
| Providus CLO IV Designated Activity Company |  |  |
| Series AR-4A, 2.85%, (3 Month EURIBOR + 0.82%), 04/20/34, EUR (d) (f) | 1818 | 2102 |
| RALI Series 2007-QH8 Trust |  |  |
| Series 2007-A-QH8, REMIC, 4.75%, 10/25/37 (d) | 391 | 326 |
| RASC Series 2006-EMX1 Trust |  |  |
| Series 2006-A4-EMX4, REMIC, 4.25%, (1 Month Term SOFR + 0.57%), 06/25/36 (d) (h) | 1671 | 1633 |
| Residential Asset Mortgage Products, Inc. |  |  |
| Series 2004-MII1-RS2, REMIC, 4.66%, (1 Month Term SOFR + 0.98%), 02/25/34 (d) (h) | 85 | 87 |
| Residential Asset Securities Corporation |  |  |
| Series 2006-M1-KS3, REMIC, 4.28%, (1 Month Term SOFR + 0.61%), 04/25/36 (d) (h) | 37 | 37 |
| Residential Asset Securitization Trust 2006-A10 |  |  |
| Series 2006-A5-A10, REMIC, 6.50%, 09/25/36 | 182 | 53 |
| RMRK 2021-5A AR 144A TSFR3M+119BP |  |  |
| Series 2021-AR-5A, 4.86%, 01/15/35 (d) | 4100 | 4096 |
| Romark Credit Funding Ltd. |  |  |
| Series 2025-A-4A, 5.42%, 07/22/43 | 1000 | 1007 |
| Saxon Asset Securities Trust 2004-3 |  |  |
| Series 2005-M3-4, REMIC, 3.37%, (1 Month Term SOFR + 0.59%), 11/25/37 (d) (g) (h) | 2000 | 1712 |
| Saxon Asset Securities Trust 2007-3 |  |  |
| Series 2007-1A-3, REMIC, 3.65%, (1 Month Term SOFR + 0.42%), 09/25/47 (d) (g) (h) | 211 | 203 |
| Securitized Asset Backed Receivables LLC Trust 2006-HE1 |  |  |
| Series 2006-A2C-HE1, REMIC, 0.00%, (1 Month Term SOFR + 0.43%), 07/25/36 (d) (g) (h) | 2444 | 788 |
| Securitized Asset Backed Receivables LLC Trust 2006-HE2 |  |  |
| Series 2006-A2C-HE2, REMIC, 1.51%, (1 Month Term SOFR + 0.41%), 07/25/36 (d) (g) (h) | 342 | 123 |
| Shackleton 2019-XIV CLO Ltd. |  |  |
| Series 2019-A1RR-14A, 4.87%, (3 Month Term SOFR + 1.20%), 07/20/34 (d) | 1000 | 999 |
| SLM Student Loan Trust 2004-1 |  |  |
| Series 2004-A6B-3A, 4.70%, (SOFR 90-Day Average + 0.81%), 10/25/64 (d) | 1060 | 1045 |
| Sound Point CLO IV-R, Ltd. |  |  |
| Series 2013-A-3RA, 5.08%, (3 Month Term SOFR + 1.41%), 04/18/31 (d) (f) | 73 | 73 |
| Sound Point CLO IX Ltd. |  |  |
| Series 2015-ARRR-2A, 5.14%, (3 Month Term SOFR + 1.47%), 07/20/32 (d) | 606 | 606 |
| Sound Point CLO XXVIII, Ltd. |  |  |
| Series 2020-A1R-3A, 4.95%, (3 Month Term SOFR + 1.28%), 01/26/32 (d) | 597 | 598 |
| Soundview Home Loan Trust 2007-OPT1 |  |  |
| Series 2007-1A1-OPT1, REMIC, 2.10%, (1 Month Term SOFR + 0.31%), 06/25/37 (d) (g) (h) | 1220 | 840 |
| St. Paul's CLO II Designated Activity Company |  |  |
| Series AR4-2A, 3.01%, 10/25/35, EUR (d) (f) | 600 | 692 |
| St. Paul's CLO X Designated Activity Company |  |  |
| Series AR-10A, 2.83%, (3 Month EURIBOR + 0.80%), 04/22/35, EUR (d) (f) | 562 | 647 |
| Structured Asset Mortgage Investments II Inc. |  |  |
| Series 2004-1A1-AR5, REMIC, 4.44%, (1 Month Term SOFR + 0.77%), 10/19/34 (d) (g) (h) | 3 | 3 |
| Structured Asset Securities Corporation |  |  |
| Series 2004-4A1-1, REMIC, 5.94%, 02/25/34 (d) | 38 | 36 |
| SYMP 2021-29A AR TSFR3M+1 |  |  |
| Series 2021-AR-29A, 4.82%, (3 Month Term SOFR + 1.15%), 10/15/35 (d) | 1200 | 1199 |
| TBW Mortgage-Backed Trust Series 2006-4 |  |  |
| Series 2006-A6-4, REMIC, 0.62%, 09/25/36 (d) (g) (h) | 473 | 12 |
| TCW CLO 2019-1 AMR Ltd. |  |  |
| Series 2019-ASNR-1A, 5.13%, (3 Month Term SOFR + 1.30%), 08/16/34 (d) | 600 | 600 |
| Thornburg Mortgage Securities Trust |  |  |
| Series 2006-A2B-4, REMIC, 5.55%, (1 Month Term SOFR + 0.23%), 07/25/36 (d) | 1445 | 1172 |
| Series 2005-A3-1, REMIC, 5.27%, 04/25/45 (d) | 29 | 29 |
| Toro European CLO 7 Designated Activity Company |  |  |
| Series ARE-7A, 2.79%, (3 Month EURIBOR + 0.81%), 02/15/34, EUR (d) (f) | 1403 | 1615 |
| Towd Point Mortgage Trust 2019-HY3 |  |  |
| Series 2019-A1A-HY3, REMIC, 4.79%, (1 Month Term SOFR + 1.11%), 07/25/27 (d) | 224 | 224 |
| Trinitas CLO XIX Ltd. |  |  |
| Series 2022-A1R-19A, 4.78%, (3 Month Term SOFR + 1.11%), 10/20/33 (d) | 1159 | 1159 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.32%, (1 Month Term SOFR + 1.65%), 02/17/39 (d) (h) | 153 | 153 |
| Voya CLO 2019-2 Ltd. |  |  |
| Series 2019-AR-2A, 4.87%, (3 Month Term SOFR + 1.20%), 07/20/32 (d) | 289 | 289 |
| Voya Euro CLO IV Designated Activity Company |  |  |
| Series AR-4A, 2.99%, (3 Month EURIBOR + 0.97%), 10/15/34, EUR (d) (f) | 1600 | 1845 |
| WaMu Mortgage Pass-Through Certificates Series 2007-OA4 Trust |  |  |
| Series 2007-1A-OA4, REMIC, 3.30%, (12 Month Treasury Average + 0.77%), 05/25/47 (d) (g) | 124 | 106 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR17 Trust |  |  |
| Series 2003-A7-AR5, REMIC, 5.69%, 06/25/33 (d) (g) | 26 | 25 |
| Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR9 Trust |  |  |
| Series 2003-2A-AR9, REMIC, 5.63%, 09/25/33 (d) | 13 | 12 |
| Series 2005-2A1-AR14, REMIC, 4.69%, 12/25/35 (d) | 20 | 18 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR9 Trust |  |  |
| Series 2006-1A-AR9, REMIC, 3.66%, (12 Month Treasury Average + 1.00%), 08/25/46 (d) (g) | 601 | 568 |
| Washington Mutual Mortgage Securities Corp. |  |  |
| Series 2003-A5-AR1, REMIC, 5.36%, 03/25/33 (d) | 13 | 12 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $100,887) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $100,887) | 97881 |
| **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 (f) | 5700 | 5889 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (f) | 40 | 39 |
| Bank of America Corporation |  |  |
| 5.88%, (100, 03/15/28) (j) | 1160 | 1162 |
| Credicorp Capital Sociedad Titularizada S.A. |  |  |
| 9.70%, 03/05/45, PEN (f) | 700 | 215 |
| Credit Suisse Group AG |  |  |
| 1.00%, 06/24/27, EUR (e) | 100 | 115 |
| 7.00%, 09/30/27, GBP (e) | 100 | 134 |
|  |  | 1665 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (f) | 300 | 292 |
| Total Corporate Bonds And Notes (cost $7,624) | Total Corporate Bonds And Notes (cost $7,624) | 7846 |
| **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% (j) (k) |  | 578 |
| Total Preferred Stocks (cost $500) | Total Preferred Stocks (cost $500) | 578 |

---

504

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Discount Notes 0.4%** | **Discount Notes 0.4%** | **Discount Notes 0.4%** |
| FHLBanks Office of Finance |  |  |
| 3.58%, 04/01/26 (l) (m) | 4300 | 4300 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.53% (n) (o) | 2744 | 2744 |
| **Treasury Securities 0.1%** | **Treasury Securities 0.1%** | **Treasury Securities 0.1%** |
| Turkiye Cumhuriyet Merkez Bankasi Anonim Sirketi |  |  |
| 37.42%, 04/07/26, TRY (l) | 40000 | 893 |
| **U.S. Treasury Bill 0.0%** | **U.S. Treasury Bill 0.0%** | **U.S. Treasury Bill 0.0%** |
| Treasury, United States Department of |  |  |
| 3.68%, 04/21/26 (c) (l) | 9 | 9 |
| Total Short Term Investments (cost $7,956) | Total Short Term Investments (cost $7,956) | 7946 |
| **Total Investments 144.0% (cost $1,574,495)** | **Total Investments 144.0% (cost $1,574,495)** | **1551268** |
| **Other Derivative Instruments 0.2%** | **Other Derivative Instruments 0.2%** | **2100** |
| **Other Assets and Liabilities, Net (44.2)%** | **Other Assets and Liabilities, Net (44.2)%** | **(476114)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1077254** |

---

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

(b) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $886,766.

(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 March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(e) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $26,380 and 2.4% of the Fund.

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

(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 March 31, 2026.

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

(k) Convertible security.

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

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

(n) Investment in affiliate.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 1485 | 28736 | 27477 | 8 |  |  | 2744 | 0.3 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 755 | 755 |  |  |  |  |  |
|  | 1485 | 29491 | 28232 | 8 |  |  | 2744 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Credit Suisse Group AG, 1.00%, 06/24/27 | 03/21/23 | 103 | 115 |  |
| Credit Suisse Group AG, 7.00%, 09/30/27 | 03/21/23 | 121 | 134 |  |
| Eurosail-UK 2007-3BL PLC, Series 2007-A3A-3X, 4.80%, 06/13/45 | 06/29/16 | 172 | 183 |  |
| Grifonas Finance No.1 PLC, Series A-1, 2.42%, 08/28/39 | 02/10/15 | 163 | 203 |  |
| Segretariato Generale Della Presidenza Della Repubblica, 0.40%, 05/15/30 | 09/24/21 | 2545 | 2411 | 0.3 |
|  |  | 3104 | 3046 | 0.3 |

---

505

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Aluminum | 8 | July 2026 |  | 665 |  | 25 |
| Australia 10 Year Bond | 187 | June 2026 | AUD | 20269 | 133 | (85) |
| Brent Crude | 4 | October 2026 |  | 314 | (17) | 5 |
| California Carbon Allowance Vintage | 185 | December 2026 |  | 5497 | (6) | (108) |
| Cocoa | 6 | July 2026 |  | 198 | 7 | 4 |
| Coffee C | 2 | September 2026 |  | 205 | 2 | 3 |
| Copper | 1 | July 2026 |  | 140 | 1 | 1 |
| Crude Oil, WTI | 3 | September 2026 |  | 192 | (14) | 42 |
| Euro BOBL | 1 | June 2026 | EUR | 117 |  | (2) |
| Euro Buxl 30 Year Bond | 121 | June 2026 | EUR | 13501 | 285 | (184) |
| Euro Schatz | 170 | June 2026 | EUR | 17963 | 79 | 17 |
| Gasoline, RBOB | 4 | September 2026 |  | 344 | (15) | 100 |
| Iron Ore | 4 | May 2026 |  | 43 |  |  |
| Iron Ore | 3 | July 2026 |  | 32 |  | (1) |
| Italy Government BTP Bond | 306 | June 2026 | EUR | 36657 | 495 | (1242) |
| KC HRW Wheat | 6 | September 2026 |  | 186 | 2 | 13 |
| Live Cattle | 10 | July 2026 |  | 941 | 13 | 32 |
| Milling Wheat No. 2 | 10 | September 2026 | EUR | 106 | 2 | 2 |
| New York Harbor ULSD | 2 | September 2026 |  | 188 | (9) | 78 |
| Silver | 1 | July 2026 |  | 346 | 22 | 32 |
| Soybean | 14 | July 2026 |  | 828 | 7 | 2 |
| Soybean | 18 | November 2026 |  | 1013 | 12 | 28 |
| Soybean Meal | 5 | May 2026 |  | 149 | 1 | 9 |
| Soybean Meal | 46 | July 2026 |  | 1454 | 6 | (8) |
| Soybean Meal | 8 | December 2026 |  | 252 | 2 | (3) |
| Soybean Oil | 1 | December 2026 |  | 35 |  | 4 |
| United States 10 Year Ultra Bond | 299 | June 2026 |  | 34372 | 67 | (431) |
| United States 5 Year Note | 3 | July 2026 |  | 327 |  | (2) |
| United States Long Bond | 3 | June 2026 |  | 341 | (3) | 1 |
| United States Ultra Bond | 73 | June 2026 |  | 8515 | 34 | (6) |
| Zinc | 10 | July 2026 |  | 804 |  | 5 |
|  |  |  |  |  | 1106 | (1669) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Carbon Emission | (1) | December 2026 | EUR | (70) | (1) | (3) |
| Cocoa | (1) | July 2026 | GBP | (25) | (1) |  |
| Cocoa | (8) | September 2026 |  | (269) | (11) | (4) |
| Coffee C | (1) | July 2026 |  | (109) | (1) | (1) |
| Corn | (66) | July 2026 |  | (1536) | (4) | (9) |
| Corn | (25) | September 2026 |  | (560) | 1 | (28) |
| Cotton No. 2 | (9) | July 2026 |  | (311) | 2 | (13) |
| Cotton No. 2 | (9) | December 2026 |  | (316) | 2 | (18) |
| Euro Bund | (114) | June 2026 | EUR | (14424) | (120) | 150 |
| Euro OAT | (340) | June 2026 | EUR | (41644) | (432) | 1491 |
| Japan 10 Year Bond | (24) | June 2026 | JPY | (3154660) | (38) | 171 |
| KC HRW Wheat | (10) | July 2026 |  | (312) | (3) | (13) |
| Lead | (19) | July 2026 |  | (919) |  | 11 |
| Lean Hogs | (14) | June 2026 |  | (608) | 5 | 20 |
| Natural Gas | (5) | June 2026 | EUR | (195) | 16 | 15 |
| Natural Gas | (22) | July 2026 |  | (744) | 13 | 32 |
| Natural Gas | (3) | September 2026 |  | (104) | 2 | 5 |
| Nickel | (3) | July 2026 |  | (309) |  |  |
| Soybean Oil | (4) | July 2026 |  | (160) | (1) | (5) |
| Sugar No. 11 | (40) | December 2026 |  | (631) | 5 | (88) |
| United States 10 Year Note | (229) | June 2026 |  | (25551) | (54) | 122 |
| United States 2 Year Note | (891) | July 2026 |  | (185947) | (56) | 1113 |
| Wheat | (20) | July 2026 |  | (603) | (6) | (24) |
| Wheat | (12) | September 2026 |  | (347) | (4) | (36) |
| White Sugar | (2) | September 2026 |  | (42) |  | (4) |
|  |  |  |  |  | (686) | 2884 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 3M JIBAR (A) | Paying | 2.59<br> (A) | 12/15/52 | EUR | 2000 | 17 | 132 |

---

506

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 6M EURIBOR (S) | Receiving | 0.19<br> (A) | 11/04/52 | EUR | 4600 | (30) | 2448 |
| 6M EURIBOR (S) | Receiving | 0.20<br> (A) | 11/08/52 | EUR | 13300 | (85) | 7238 |
| 6M EURIBOR (S) | Receiving | 3.05<br> (A) | 01/13/56 | EUR | 7530 | (91) | (240) |
| 6M EURIBOR (S) | Receiving | 3.00<br> (A) | 09/16/56 | EUR | 29250 | (364) | 185 |
| 6M EURIBOR (S) | Paying | 2.75<br> (A) | 09/16/36 | EUR | 90740 | 853 | (2108) |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.30<br> (S) | 03/20/28 | JPY | 60000 |  |  |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.55<br> (A) | 09/14/28 | JPY | 1400000 | (8) | 15 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.45<br> (S) | 03/20/29 | JPY | 792690 | (6) | 11 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.50<br> (A) | 12/15/31 | JPY | 1021000 | (15) | 37 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 2.00<br> (A) | 02/15/27 | EUR | 1600 | 2 | 20 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 1.64<br> (A) | 06/15/27 | EUR | 13700 | 18 | 307 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 2.05<br> (A) | 08/15/34 | EUR | 8500 | (1) | 126 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Receiving | 2.03<br> (A) | 09/15/34 | EUR | 5000 |  | 97 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.70<br> (A) | 04/15/53 | EUR | 1700 | 17 | 176 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.76<br> (A) | 09/15/53 | EUR | 800 | 8 | 100 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.68<br> (A) | 10/15/53 | EUR | 900 | 8 | 96 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.74<br> (A) | 10/15/53 | EUR | 1300 | 12 | 148 |
| France CPI Excluding Tobacco (A) | Paying | 1.91<br> (A) | 01/15/38 | EUR | 410 |  | (22) |
| HICP (A) | Receiving | 3.00<br> (A) | 05/15/27 | EUR | 2700 | 4 | 103 |
| HICP (A) | Receiving | 3.13<br> (A) | 05/15/27 | EUR | 1100 | 2 | 33 |
| HICP (A) | Paying | 1.38<br> (A) | 03/15/31 | EUR | 8920 | (17) | (2045) |
| HICP (A) | Paying | 2.49<br> (A) | 05/15/37 | EUR | 10 |  |  |
| HICP (A) | Paying | 2.58<br> (A) | 03/15/52 | EUR | 800 | 6 | 6 |
| HICP (A) | Paying | 2.59<br> (A) | 03/15/52 | EUR | 1000 | 8 | 38 |
| HICP (A) | Paying | 2.55<br> (A) | 04/15/52 | EUR | 300 | 2 | 2 |
| HICP (A) | Paying | 2.42<br> (A) | 05/15/52 | EUR | 570 | 4 | (13) |
| Sterling Overnight Index Average Rate (A) | Paying | 3.50<br> (A) | 03/18/28 | GBP | 21800 | 56 | 47 |
| Sterling Overnight Index Average Rate (A) | Paying | 3.50<br> (A) | 03/18/31 | GBP | 33980 | 153 | (954) |
| U.K. Retail Price Index (A) | Receiving | 3.37<br> (A) | 09/15/27 | GBP | 8200 | 4 | 163 |
| U.K. Retail Price Index (A) | Paying | 3.50<br> (A) | 08/15/34 | GBP | 5800 | (39) | (106) |
| U.K. Retail Price Index (A) | Paying | 3.47<br> (A) | 09/15/34 | GBP | 2400 | (20) | (45) |
| U.S. CPURNSA (A) | Receiving | 2.77<br> (A) | 05/13/26 |  | 6500 | 7 | 634 |
| U.S. CPURNSA (A) | Receiving | 2.81<br> (A) | 05/14/26 |  | 3000 | 4 | 285 |
| U.S. CPURNSA (A) | Receiving | 2.70<br> (A) | 05/25/26 |  | 4850 | 13 | 500 |
| U.S. CPURNSA (A) | Receiving | 2.69<br> (A) | 06/01/26 |  | 900 | 3 | 94 |
| U.S. CPURNSA (A) | Receiving | 1.80<br> (A) | 08/25/27 |  | 3700 | (4) | 676 |
| U.S. CPURNSA (A) | Receiving | 1.89<br> (A) | 08/27/27 |  | 4500 | (5) | 790 |
| U.S. CPURNSA (A) | Receiving | 2.57<br> (A) | 08/26/28 |  | 800 |  | 69 |
| U.S. CPURNSA (A) | Receiving | 2.65<br> (A) | 09/10/28 |  | 1900 | (1) | 147 |
| U.S. CPURNSA (A) | Receiving | 2.31<br> (A) | 02/24/31 |  | 16800 | (11) | 2148 |
| U.S. CPURNSA (A) | Paying | 3.30<br> (A) | 06/04/26 |  | 5600 | (14) | (2) |
| U.S. CPURNSA (A) | Paying | 3.44<br> (A) | 08/01/26 |  | 6800 | 8 | (27) |
| U.S. CPURNSA (A) | Paying | 3.43<br> (A) | 08/27/26 |  | 11200 | 12 | (28) |
| U.S. CPURNSA (A) | Paying | 2.34<br> (A) | 02/05/28 |  | 10040 | 6 | (1242) |
| U.S. CPURNSA (A) | Paying | 2.37<br> (A) | 06/06/28 |  | 8700 | 6 | (1007) |
| U.S. CPURNSA (A) | Paying | 2.38<br> (A) | 07/09/28 |  | 7900 | 5 | (893) |
| U.S. CPURNSA (A) | Paying | 2.00<br> (A) | 07/25/29 |  | 6100 | 4 | (954) |
| U.S. CPURNSA (A) | Paying | 1.76<br> (A) | 11/04/29 |  | 14500 | 7 | (2638) |
| U.S. CPURNSA (A) | Paying | 1.28<br> (A) | 05/19/30 |  | 2200 | 1 | (507) |
| U.S. SOFR (A) | Receiving | 3.41<br> (A) | 08/31/30 |  | 300 |  | 2 |
| U.S. SOFR (A) | Receiving | 3.34<br> (A) | 08/31/30 |  | 1600 | (1) | 16 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 08/31/30 |  | 3026 | (2) | 47 |
| U.S. SOFR (A) | Receiving | 3.33<br> (A) | 08/31/30 |  | 44790 | (29) | 287 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 05/15/32 |  | 29167 | (25) | (79) |
| U.S. SOFR (A) | Receiving | 3.25<br> (A) | 06/18/34 |  | 7700 | (5) | (50) |
| U.S. SOFR (A) | Receiving | 3.76<br> (A) | 08/15/35 |  | 7700 | (5) | 48 |
| U.S. SOFR (A) | Receiving | 3.77<br> (A) | 08/15/35 |  | 9500 | (6) | 52 |
| U.S. SOFR (A) | Receiving | 3.78<br> (A) | 08/15/35 |  | 10300 | (7) | 49 |
| U.S. SOFR (A) | Receiving | 3.80<br> (A) | 08/15/35 |  | 11700 | (8) | 35 |
| U.S. SOFR (A) | Receiving | 4.00<br> (A) | 11/15/53 |  | 200 | 1 | 5 |
| U.S. SOFR (A) | Receiving | 4.02<br> (A) | 11/15/53 |  | 400 | 1 | 9 |
| U.S. SOFR (A) | Receiving | 4.08<br> (A) | 11/15/53 |  | 7443 | 25 | 40 |
| U.S. SOFR (A) | Receiving | 4.01<br> (A) | 11/15/53 |  | 8300 | 28 | 80 |
| U.S. SOFR (Q) | Receiving | 2.24<br> (S) | 11/21/53 |  | 10490 | 38 | 3800 |
| U.S. SOFR (A) | Receiving | 2.87<br> (A) | 02/13/54 |  | 21700 | 71 | 4181 |
| U.S. SOFR (A) | Receiving | 3.50<br> (A) | 06/20/54 |  | 7700 | 24 | 641 |
| U.S. SOFR (Q) | Paying | 2.34<br> (S) | 11/21/28 |  | 50860 | 14 | (1968) |
|  |  |  |  |  |  | 653 | 11235 |

---

507

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **JNL/PIMCO Real Return Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| **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.IG.45, 12/20/30 | GSC | Put | 0.85 | 05/20/26 | 3700000 |  | 3700 | (3) |
| **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, 01/27/29 | BCL | Call | 2.44 | 01/25/27 | 51900000 | EUR | 51900 | (165) |
| 6M EURIBOR, 01/27/29 | BCL | Put | 2.44 | 01/25/27 | 51900000 | EUR | 51900 | (695) |
|  |  |  |  |  |  |  |  | (860) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | BNP | 04/02/26 | AUD | 1547 | 1067 | (10) |
| AUD/USD | DUB | 04/02/26 | AUD | 8437 | 5821 | 33 |
| AUD/USD | HSB | 04/02/26 | AUD | 2011 | 1387 | (30) |
| BRL/USD | BOA | 04/02/26 | BRL | 7764 | 1499 | 10 |
| BRL/USD | GSC | 04/02/26 | BRL | 72646 | 14025 | 548 |
| BRL/USD | BNP | 05/05/26 | BRL | 4199 | 805 | 5 |
| BRL/USD | GSC | 07/02/26 | BRL | 72621 | 13733 | 319 |
| CAD/USD | SCB | 04/02/26 | CAD | 19702 | 14163 | (68) |
| CAD/USD | BCL | 05/04/26 | CAD | 24 | 17 |  |
| CHF/USD | HSB | 04/02/26 | CHF | 888 | 1111 | (23) |
| CHF/USD | SGS | 04/02/26 | CHF | 1449 | 1813 | 5 |
| CNY/USD | BOA | 04/02/26 | CNY | 896 | 130 |  |
| CNY/USD | CIT | 04/02/26 | CNY | 2630 | 381 | (1) |
| CNY/USD | DUB | 04/02/26 | CNY | 1763 | 255 |  |
| CNY/USD | GSC | 04/02/26 | CNY | 2363 | 342 | (2) |
| CNY/USD | JPM | 04/02/26 | CNY | 1855 | 269 |  |
| COP/USD | CIT | 08/18/26 | COP | 4262736 | 1124 | 2 |
| COP/USD | CIT | 09/16/26 | COP | 4227986 | 1107 | 15 |
| EUR/USD | BOA | 04/02/26 | EUR | 12836 | 14837 | (334) |
| EUR/USD | HSB | 04/02/26 | EUR | 795 | 919 | 6 |
| EUR/USD | SGS | 04/02/26 | EUR | 1046 | 1209 | (29) |
| EUR/USD | SGS | 04/02/26 | EUR | 25486 | 29458 | 47 |
| GBP/USD | ANZ | 04/02/26 | GBP | 14135 | 18709 | 1 |
| GBP/USD | CIT | 04/02/26 | GBP | 1180 | 1562 | (4) |
| IDR/USD | BNP | 04/13/26 | IDR | 9647491 | 568 | (4) |
| IDR/USD | GSC | 04/13/26 | IDR | 1996431 | 117 | (1) |
| IDR/USD | BNP | 04/16/26 | IDR | 9028818 | 531 | (3) |
| IDR/USD | BNP | 04/17/26 | IDR | 8127829 | 478 | (2) |
| IDR/USD | BNP | 04/27/26 | IDR | 47722206 | 2806 | (13) |
| IDR/USD | BNP | 05/04/26 | IDR | 17497774 | 1029 | 1 |
| IDR/USD | BNP | 06/10/26 | IDR | 38832226 | 2281 | (28) |
| IDR/USD | CIT | 06/10/26 | IDR | 1847479 | 109 | (1) |
| IDR/USD | SCB | 06/10/26 | IDR | 713361 | 42 |  |
| ILS/USD | BNP | 04/06/26 | ILS | 2618 | 833 | 6 |
| ILS/USD | BOA | 06/10/26 | ILS | 434 | 138 | (1) |
| ILS/USD | BOA | 06/10/26 | ILS | 126 | 40 |  |
| ILS/USD | JPM | 06/10/26 | ILS | 530 | 169 | (2) |
| INR/USD | BNP | 04/07/26 | INR | 50881 | 536 | (15) |
| INR/USD | CIT | 04/07/26 | INR | 988923 | 10422 | (428) |
| INR/USD | DUB | 04/07/26 | INR | 48206 | 508 | (15) |
| INR/USD | SCB | 04/07/26 | INR | 173033 | 1824 | (76) |
| INR/USD | BOA | 04/24/26 | INR | 94506 | 994 | (11) |
| INR/USD | CIT | 04/24/26 | INR | 721189 | 7587 | (118) |
| INR/USD | DUB | 04/24/26 | INR | 91515 | 963 | (14) |
| INR/USD | DUB | 04/24/26 | INR | 176468 | 1856 | 1 |
| INR/USD | JPM | 04/24/26 | INR | 149530 | 1573 | (15) |
| JPY/USD | BOA | 04/02/26 | JPY | 2995539 | 18875 | 100 |
| JPY/USD | HSB | 04/02/26 | JPY | 2322753 | 14636 | 108 |
| KRW/USD | BNP | 04/13/26 | KRW | 153173 | 100 | (4) |
| KRW/USD | BNP | 04/15/26 | KRW | 153840 | 100 | (1) |
| KRW/USD | BNP | 04/16/26 | KRW | 177915 | 116 | (4) |
| KRW/USD | BNP | 04/17/26 | KRW | 59641 | 39 | (1) |
| KRW/USD | BNP | 04/20/26 | KRW | 114016 | 74 | (1) |
| KRW/USD | BNP | 04/23/26 | KRW | 104935 | 69 | (1) |
| MXN/USD | JPM | 04/09/26 | MXN | 4481 | 250 | 6 |
| MXN/USD | GSC | 04/10/26 | MXN | 7768 | 433 | 12 |
| MXN/USD | JPM | 04/10/26 | MXN | 4535 | 253 | 7 |

---

508

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| MXN/USD | BOA | 04/13/26 | MXN | 2863 | 160 | 4 |
| MXN/USD | GSC | 04/13/26 | MXN | 7149 | 399 | 10 |
| MXN/USD | GSC | 04/15/26 | MXN | 9334 | 520 | 14 |
| MXN/USD | HSB | 04/15/26 | MXN | 7274 | 405 | 11 |
| MXN/USD | JPM | 04/20/26 | MXN | 85967 | 4789 | (12) |
| MXN/USD | CIT | 06/10/26 | MXN | 15180 | 841 | (3) |
| MXN/USD | BNP | 06/17/26 | MXN | 39858 | 2209 | (80) |
| MXN/USD | CIT | 06/17/26 | MXN | 11673 | 647 | (24) |
| MXN/USD | GSC | 06/17/26 | MXN | 38267 | 2120 | (76) |
| MXN/USD | UBS | 06/17/26 | MXN | 29672 | 1645 | (56) |
| MXN/USD | CIT | 09/17/26 | MXN | 7072 | 389 | (7) |
| NOK/USD | BCL | 04/07/26 | NOK | 205 | 21 |  |
| NOK/USD | HSB | 04/07/26 | NOK | 1107 | 114 | (1) |
| NOK/USD | HSB | 04/07/26 | NOK | 2271 | 235 | 2 |
| NZD/USD | ANZ | 04/02/26 | NZD | 13832 | 7949 | 41 |
| PLN/USD | BCL | 04/15/26 | PLN | 3286 | 885 | (28) |
| PLN/USD | BNP | 04/15/26 | PLN | 7613 | 2051 | (61) |
| PLN/USD | SCB | 04/15/26 | PLN | 1695 | 457 | (12) |
| PLN/USD | UBS | 04/15/26 | PLN | 8168 | 2200 | (55) |
| PLN/USD | DUB | 04/22/26 | PLN | 7684 | 2070 | (45) |
| PLN/USD | UBS | 04/22/26 | PLN | 4426 | 1192 | (33) |
| SEK/USD | BCL | 04/02/26 | SEK | 9868 | 1042 | (45) |
| SEK/USD | SGS | 05/04/26 | SEK | 3344 | 354 | 3 |
| SGD/USD | BNP | 04/02/26 | SGD | 43 | 33 |  |
| SGD/USD | DUB | 04/02/26 | SGD | 16780 | 13051 | (85) |
| SGD/USD | HSB | 04/02/26 | SGD | 21 | 16 |  |
| SGD/USD | JPM | 04/02/26 | SGD | 27 | 21 |  |
| THB/USD | DUB | 04/16/26 | THB | 14300 | 434 | (4) |
| THB/USD | GSC | 04/16/26 | THB | 14080 | 427 | (2) |
| THB/USD | GSC | 04/16/26 | THB | 2386 | 72 |  |
| THB/USD | DUB | 04/17/26 | THB | 15245 | 463 | (4) |
| THB/USD | BNP | 04/20/26 | THB | 23 | 1 |  |
| THB/USD | BNP | 05/05/26 | THB | 6697 | 204 |  |
| TWD/USD | BNP | 04/13/26 | TWD | 7148 | 224 | 1 |
| TWD/USD | SCB | 04/13/26 | TWD | 6079 | 190 |  |
| TWD/USD | BNP | 04/16/26 | TWD | 3585 | 112 |  |
| TWD/USD | BNP | 04/17/26 | TWD | 1282 | 40 |  |
| TWD/USD | BNP | 04/20/26 | TWD | 16309 | 511 | 1 |
| TWD/USD | BNP | 04/23/26 | TWD | 16307 | 511 | 1 |
| TWD/USD | BNP | 04/27/26 | TWD | 33595 | 1053 | 2 |
| USD/AUD | HSB | 04/02/26 | AUD | (11995) | (8276) | 245 |
| USD/AUD | DUB | 05/04/26 | AUD | (8437) | (5819) | (33) |
| USD/BRL | BNP | 04/02/26 | BRL | (4040) | (780) | (9) |
| USD/BRL | BNP | 04/02/26 | BRL | (6652) | (1284) | 1 |
| USD/BRL | GSC | 04/02/26 | BRL | (71150) | (13736) | (322) |
| USD/BRL | BOA | 06/02/26 | BRL | (6) | (1) |  |
| USD/BRL | GSC | 06/02/26 | BRL | (17) | (3) |  |
| USD/BRL | GSC | 07/02/26 | BRL | (15) | (3) |  |
| USD/CAD | ANZ | 04/02/26 | CAD | (19678) | (14145) | 220 |
| USD/CAD | BCL | 04/02/26 | CAD | (24) | (17) |  |
| USD/CAD | SCB | 05/04/26 | CAD | (19675) | (14163) | 67 |
| USD/CHF | HSB | 04/02/26 | CHF | (316) | (396) | 5 |
| USD/CHF | SGS | 04/02/26 | CHF | (2018) | (2524) | 90 |
| USD/CHF | SGS | 05/04/26 | CHF | (1444) | (1813) | (5) |
| USD/CNY | BNP | 04/02/26 | CNY | (828) | (120) | 1 |
| USD/CNY | BOA | 04/02/26 | CNY | (2524) | (365) |  |
| USD/CNY | CIT | 04/02/26 | CNY | (862) | (125) |  |
| USD/CNY | DUB | 04/02/26 | CNY | (3638) | (527) | 4 |
| USD/CNY | JPM | 04/02/26 | CNY | (1656) | (240) |  |
| USD/CNY | DUB | 05/07/26 | CNY | (1759) | (255) |  |
| USD/CNY | JPM | 05/07/26 | CNY | (1850) | (269) |  |
| USD/COP | CIT | 06/17/26 | COP | (3828638) | (1024) | (38) |
| USD/COP | UBS | 06/17/26 | COP | (4394907) | (1175) | (42) |
| USD/EUR | CIT | 04/02/26 | EUR | (4804) | (5553) | 8 |
| USD/EUR | HSB | 04/02/26 | EUR | (577) | (667) | 1 |
| USD/EUR | SGS | 04/02/26 | EUR | (34782) | (40203) | 968 |
| USD/EUR | SGS | 05/04/26 | EUR | (25486) | (29506) | (49) |
| USD/GBP | BCL | 04/02/26 | GBP | (14571) | (19286) | 421 |
| USD/GBP | BOA | 04/02/26 | GBP | (331) | (438) | 7 |
| USD/GBP | CIT | 04/02/26 | GBP | (413) | (547) | 6 |
| USD/GBP | ANZ | 05/05/26 | GBP | (14135) | (18708) | (1) |

---

509

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/IDR | BNP | 06/10/26 | IDR | (1843224) | (108) | 1 |
| USD/IDR | CIT | 06/10/26 | IDR | (1754381) | (103) | 1 |
| USD/IDR | DUB | 06/10/26 | IDR | (1228023) | (72) | 1 |
| USD/ILS | BNP | 04/06/26 | ILS | (3464) | (1102) | 20 |
| USD/ILS | DUB | 04/06/26 | ILS | (3501) | (1114) | 15 |
| USD/ILS | DUB | 04/13/26 | ILS | (3488) | (1110) | 19 |
| USD/ILS | GSC | 04/13/26 | ILS | (3400) | (1082) | 12 |
| USD/ILS | BNP | 05/05/26 | ILS | (2615) | (833) | (6) |
| USD/ILS | BCL | 06/10/26 | ILS | (134) | (43) | 1 |
| USD/ILS | BOA | 06/10/26 | ILS | (1393) | (444) | 8 |
| USD/ILS | CIT | 06/10/26 | ILS | (872) | (278) | 5 |
| USD/ILS | JPM | 06/10/26 | ILS | (1084) | (345) | 3 |
| USD/ILS | UBS | 06/10/26 | ILS | (2571) | (819) | 12 |
| USD/ILS | BOA | 06/17/26 | ILS | (2563) | (817) | 12 |
| USD/ILS | JPM | 06/17/26 | ILS | (1142) | (364) | 8 |
| USD/ILS | SGS | 06/17/26 | ILS | (2694) | (859) | 17 |
| USD/ILS | UBS | 06/17/26 | ILS | (1420) | (453) | 10 |
| USD/INR | BOA | 04/07/26 | INR | (94337) | (994) | 11 |
| USD/INR | CIT | 04/07/26 | INR | (719990) | (7588) | 117 |
| USD/INR | DUB | 04/07/26 | INR | (287726) | (3033) | 23 |
| USD/INR | GSC | 04/07/26 | INR | (9978) | (105) | 4 |
| USD/INR | JPM | 04/07/26 | INR | (149274) | (1573) | 15 |
| USD/INR | BNP | 05/06/26 | INR | (193759) | (2035) | 12 |
| USD/JPY | BOA | 04/02/26 | JPY | (11922) | (75) | 2 |
| USD/JPY | HSB | 04/02/26 | JPY | (861500) | (5428) | (11) |
| USD/JPY | HSB | 04/02/26 | JPY | (1155259) | (7280) | 147 |
| USD/JPY | MSC | 04/02/26 | JPY | (132090) | (832) | 16 |
| USD/JPY | SCB | 04/02/26 | JPY | (484953) | (3056) | 53 |
| USD/JPY | SGS | 04/02/26 | JPY | (2674822) | (16854) | 337 |
| USD/JPY | BOA | 05/07/26 | JPY | (2986518) | (18881) | (106) |
| USD/JPY | CIT | 05/07/26 | JPY | (4) |  |  |
| USD/JPY | HSB | 05/07/26 | JPY | (2152928) | (13611) | (107) |
| USD/JPY | JPM | 05/07/26 | JPY | (2236) | (14) |  |
| USD/KRW | BNP | 04/13/26 | KRW | (153849) | (100) | 1 |
| USD/KRW | BNP | 04/15/26 | KRW | (2356946) | (1539) | 72 |
| USD/KRW | BNP | 04/27/26 | KRW | (532964) | (348) | 8 |
| USD/MXN | BNP | 04/06/26 | MXN | (41372) | (2308) | (2) |
| USD/MXN | BOA | 06/17/26 | MXN | (13022) | (722) | 5 |
| USD/MXN | GSC | 06/17/26 | MXN | (2628) | (146) | 2 |
| USD/MXN | HSB | 06/17/26 | MXN | (1649) | (91) |  |
| USD/MXN | JPM | 06/17/26 | MXN | (14089) | (780) | 4 |
| USD/MXN | UBS | 06/17/26 | MXN | (2104) | (117) | 1 |
| USD/NOK | CIT | 04/07/26 | NOK | (1890) | (195) | (1) |
| USD/NOK | CIT | 04/07/26 | NOK | (1695) | (175) |  |
| USD/NOK | HSB | 05/04/26 | NOK | (2271) | (235) | (2) |
| USD/NZD | BNP | 04/02/26 | NZD | (3093) | (1777) | 52 |
| USD/NZD | SCB | 04/02/26 | NZD | (10739) | (6171) | 249 |
| USD/NZD | ANZ | 05/04/26 | NZD | (13832) | (7958) | (41) |
| USD/PEN | CIT | 05/26/26 | PEN | (2831) | (811) | (17) |
| USD/PLN | BNP | 04/15/26 | PLN | (748) | (201) | (1) |
| USD/PLN | BOA | 04/15/26 | PLN | (1967) | (530) | 2 |
| USD/PLN | JPM | 04/15/26 | PLN | (1355) | (365) | (2) |
| USD/PLN | JPM | 04/15/26 | PLN | (3033) | (816) | 16 |
| USD/PLN | MSC | 04/15/26 | PLN | (424) | (114) | 6 |
| USD/PLN | UBS | 04/15/26 | PLN | (1971) | (531) | 5 |
| USD/SEK | CIT | 04/02/26 | SEK | (1975) | (209) | 4 |
| USD/SEK | HSB | 04/02/26 | SEK | (4550) | (481) | 3 |
| USD/SEK | SGS | 04/02/26 | SEK | (3349) | (354) | (3) |
| USD/SGD | ANZ | 04/02/26 | SGD | (12) | (9) |  |
| USD/SGD | JPM | 04/02/26 | SGD | (16858) | (13112) | 265 |
| USD/SGD | BNP | 05/04/26 | SGD | (43) | (33) |  |
| USD/SGD | DUB | 05/04/26 | SGD | (16742) | (13054) | 82 |
| USD/SGD | HSB | 05/04/26 | SGD | (21) | (16) |  |
| USD/SGD | JPM | 05/04/26 | SGD | (27) | (21) |  |
| USD/THB | BNP | 04/16/26 | THB | (38156) | (1158) | 37 |
| USD/THB | SCB | 04/16/26 | THB | (2486) | (75) | 3 |
| USD/THB | BNP | 04/17/26 | THB | (15199) | (461) | 9 |
| USD/THB | BNP | 04/20/26 | THB | (25765) | (783) | 7 |
| USD/THB | CIT | 04/20/26 | THB | (85) | (3) |  |
| USD/THB | HSB | 04/20/26 | THB | (26857) | (816) | 26 |
| USD/THB | BNP | 04/23/26 | THB | (10579) | (321) | (1) |

---

510

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/THB | DUB | 06/17/26 | THB | (29485) | (899) | 5 |
| USD/THB | GSC | 06/17/26 | THB | (16437) | (502) |  |
| USD/TRY | BCL | 04/02/26 | TRY | (13437) | (302) | (5) |
| USD/TRY | BCL | 04/03/26 | TRY | (4496) | (101) | (2) |
| USD/TRY | BCL | 04/09/26 | TRY | (4419) | (99) | (2) |
| USD/TRY | BCL | 04/13/26 | TRY | (4443) | (99) | (2) |
| USD/TRY | BCL | 04/14/26 | TRY | (13590) | (301) | (3) |
| USD/TRY | BCL | 04/16/26 | TRY | (13620) | (301) | (3) |
| USD/TRY | BCL | 04/17/26 | TRY | (3347) | (74) | (1) |
| USD/TRY | BCL | 04/20/26 | TRY | (8958) | (197) | (3) |
| USD/TRY | BCL | 04/21/26 | TRY | (10997) | (241) | (3) |
| USD/TRY | BCL | 04/22/26 | TRY | (3374) | (74) | (1) |
| USD/TRY | BCL | 04/24/26 | TRY | (2251) | (49) | (1) |
| USD/TRY | BCL | 04/28/26 | TRY | (13852) | (301) | (3) |
| USD/TRY | BCL | 04/29/26 | TRY | (2268) | (49) | (1) |
| USD/TRY | BCL | 04/30/26 | TRY | (18290) | (397) | (4) |
| USD/TRY | BCL | 05/04/26 | TRY | (16704) | (360) | (3) |
| USD/TRY | BCL | 05/05/26 | TRY | (11112) | (239) | (1) |
| USD/TRY | BCL | 05/06/26 | TRY | (13849) | (298) |  |
| USD/TWD | CIT | 04/13/26 | TWD | (4058) | (127) |  |
| USD/TWD | BNP | 05/04/26 | TWD | (44467) | (1394) | (14) |
| USD/ZAR | BNP | 04/20/26 | ZAR | (12011) | (709) |  |
| USD/ZAR | JPM | 04/20/26 | ZAR | (13256) | (783) | (4) |
| USD/ZAR | JPM | 04/20/26 | ZAR | (10247) | (605) | 1 |
| ZAR/USD | BCL | 04/20/26 | ZAR | 22904 | 1352 | (48) |
| ZAR/USD | JPM | 04/20/26 | ZAR | 57646 | 3402 | (50) |
|  |  |  |  |  | (87807) | 2267 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) | Fixed Rate of 3.78% (S) | MSC | 04/20/26 | 56942 |  | (506) |

---

511

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1437017 |  | 1437017 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 86014 | 11867 | 97881 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 7846 |  | 7846 |
| &nbsp;&nbsp;Preferred Stocks | 578 |  |  | 578 |
| &nbsp;&nbsp;Short Term Investments | 2744 | 5202 |  | 7946 |
|  | 3322 | 1536079 | 11867 | 1551268 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 3533 |  |  | 3533 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 26163 |  | 26163 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 5113 |  | 5113 |
|  | 3533 | 31276 |  | 34809 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (2210) |  | (108) | (2318) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (14928) |  | (14928) |
| &nbsp;&nbsp;OTC Written Options |  | (863) |  | (863) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (2846) |  | (2846) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (506) |  | (506) |
|  | (2210) | (19143) | (108) | (21461) |

---

<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.

512

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 87.0%** | **CORPORATE BONDS AND NOTES 87.0%** | **CORPORATE BONDS AND NOTES 87.0%** |
| **Financials 14.5%** | **Financials 14.5%** | **Financials 14.5%** |
| Acrisure, LLC |  |  |
| 8.25%, 02/01/29 (a) | 7808 | 7726 |
| 7.50%, 11/06/30 (a) | 1968 | 1963 |
| 6.75%, 07/01/32 (a) | 4214 | 4052 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.50%, 10/01/31 (a) | 4379 | 4287 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/28) (b) (c) | 2290 | 2110 |
| 4.70%, (100, 05/15/26) (c) | 4240 | 4199 |
| 6.65%, 01/17/40 | 4301 | 4151 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (a) | 3301 | 3507 |
| Aretec Group, Inc. |  |  |
| 7.50%, 04/01/29 (a) (b) | 3573 | 3540 |
| Barclays PLC |  |  |
| 9.63%, (100, 12/15/29) (c) (d) | 2361 | 2568 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 (a) | 3530 | 3474 |
| Bread Financial Payments, Inc. |  |  |
| 8.38%, 06/15/35 (a) (b) | 3372 | 3406 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.13%, 01/27/32 (a) | 3200 | 3181 |
| 5.75%, 03/27/36 (a) | 3200 | 3162 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (c) | 4620 | 4608 |
| Credit Acceptance Corporation |  |  |
| 9.25%, 12/15/28 (a) | 485 | 504 |
| 6.63%, 03/15/30 (a) | 11394 | 11073 |
| CrossCountry Intermediate HoldCo, LLC |  |  |
| 6.50%, 10/01/30 (a) | 6333 | 6037 |
| 6.75%, 12/01/32 (a) | 2004 | 1885 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 3.73%, 01/14/32 | 3269 | 3027 |
| Encore Capital Group, Inc. |  |  |
| 9.25%, 04/01/29 (a) | 3160 | 3306 |
| Ford Motor Credit Company LLC |  |  |
| 7.35%, 11/04/27 | 2138 | 2206 |
| Freedom Mortgage Corporation |  |  |
| 6.63%, 01/15/27 (a) | 1455 | 1452 |
| 12.25%, 10/01/30 (a) | 2962 | 3195 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32 (a) | 7641 | 7522 |
| Global Atlantic Financial Company |  |  |
| 7.95%, 10/15/54 (a) | 4005 | 3853 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 (a) | 6572 | 6669 |
| Goldman Sachs Group, Inc., The |  |  |
| 7.50%, (100, 05/10/29) (c) | 4640 | 4833 |
| Howden UK Refinance 2 PLC |  |  |
| 8.13%, 02/15/32 (a) | 6267 | 5875 |
| Jane Street Group, LLC |  |  |
| 7.13%, 04/30/31 (a) | 6743 | 6916 |
| OneMain Finance Corporation |  |  |
| 5.38%, 11/15/29 | 1944 | 1867 |
| 6.13%, 05/15/30 | 3521 | 3436 |
| 4.00%, 09/15/30 | 1759 | 1582 |
| 7.13%, 09/15/32 | 5941 | 5852 |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/32 (a) | 2596 | 2596 |
| 8.00%, 08/01/33 (a) | 6810 | 6725 |
| PennyMac Financial Services, Inc. |  |  |
| 5.75%, 09/15/31 (a) | 2711 | 2504 |
| 6.88%, 05/15/32 (a) | 3883 | 3741 |
| PHH Escrow Issuer LLC |  |  |
| 9.88%, 11/01/29 (a) | 8429 | 8113 |
| PRA Group, Inc. |  |  |
| 8.38%, 02/01/28 (a) | 2951 | 2969 |
| Rocket Companies, Inc. |  |  |
| 6.13%, 08/01/30 (a) | 2883 | 2908 |
| 6.38%, 08/01/33 (a) | 3321 | 3351 |
| Toronto-Dominion Bank, The |  |  |
| 8.13%, 10/31/82 (d) | 4407 | 4574 |
| UBS Group AG |  |  |
| 4.88%, (100, 02/12/27) (a) (b) (c) | 5602 | 5531 |
| VistaJet Group Holding S.A. |  |  |
| 9.50%, 06/01/28 (a) (b) | 5092 | 4971 |
| Washington Mutual Bank, FA |  |  |
| 0.00%, 06/15/11 (e) (f) | 1500 |  |
|  |  | 185007 |
| **Consumer Discretionary 13.5%** | **Consumer Discretionary 13.5%** | **Consumer Discretionary 13.5%** |
| Advance Auto Parts, Inc. |  |  |
| 7.00%, 08/01/30 (a) | 1843 | 1866 |
| 7.38%, 08/01/33 (a) (b) | 1843 | 1867 |
| Beach Acquisition Bidco, LLC |  |  |
| 10.00%, 07/15/33 (a) (g) | 6096 | 6478 |
| BRE RC Pitney Road PA LP |  |  |
| 6.63%, 01/15/32 (a) | 6382 | 6302 |
| Brightstar Lottery PLC |  |  |
| 5.75%, 01/15/33 (a) | 6564 | 6373 |
| Caesars Entertainment, Inc. |  |  |
| 6.50%, 02/15/32 (a) | 3370 | 3329 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (a) | 19439 | 18987 |
| 5.13%, 05/01/29 (a) | 2988 | 2955 |
| 5.75%, 08/01/32 (a) | 12738 | 12738 |
| 6.13%, 02/15/33 (a) | 2708 | 2727 |
| Champ Acquisition Corporation |  |  |
| 8.38%, 12/01/31 (a) | 2819 | 2952 |
| EG Global Finance PLC |  |  |
| 12.00%, 11/30/28 (a) | 6115 | 6535 |
| Ford Motor Company |  |  |
| 9.63%, 04/22/30 | 1826 | 2080 |
| IHOL-Verwaltungs-GmbH |  |  |
| 6.38%, 05/15/29 (a) (g) | 1573 | 1567 |
| 7.75%, 11/15/30 (a) (g) | 2657 | 2704 |
| Jacobs Entertainment, Inc. |  |  |
| 6.75%, 02/15/29 (a) | 4344 | 4065 |
| Las Vegas Sands Corp. |  |  |
| 6.20%, 08/15/34 | 494 | 506 |
| Macy's Retail Holdings, LLC |  |  |
| 4.50%, 12/15/34 | 1179 | 1005 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (a) (b) | 3699 | 2734 |
| MCE Finance Limited |  |  |
| 5.38%, 12/04/29 (a) | 3003 | 2879 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 01/15/31 (a) | 648 | 630 |
| 6.75%, 02/01/32 (a) | 3062 | 3039 |
| PetSmart, LLC |  |  |
| 7.50%, 09/15/32 (a) | 4650 | 4673 |
| 10.00%, 09/15/33 (a) | 3634 | 3625 |
| Resorts World Las Vegas LLC |  |  |
| 4.63%, 04/16/29 (a) | 1608 | 1377 |
| 8.45%, 07/27/30 (a) | 3093 | 2952 |
| Rivers Enterprise Borrower, LLC |  |  |
| 6.25%, 10/15/30 (a) | 3472 | 3459 |
| Royal Caribbean Cruises Ltd. |  |  |
| 6.00%, 02/01/33 (a) | 2957 | 2988 |
| Sabre GLBL Inc. |  |  |
| 10.75%, 11/15/29 (a) (b) | 906 | 775 |
| 10.75%, 03/15/30 (a) | 1830 | 1514 |
| Staples, Inc. |  |  |
| 10.75%, 09/01/29 (a) | 5815 | 5396 |
| Tenneco LLC |  |  |
| 8.00%, 11/17/28 (a) | 4093 | 4074 |
| TKC Holdings, Inc. |  |  |
| 8.50%, 08/15/30 (a) | 6427 | 6459 |
| 12.00%, 02/15/31 (a) | 2806 | 2894 |
| Univision Communications Inc. |  |  |
| 8.50%, 07/31/31 (a) | 5502 | 5516 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (a) | 6361 | 6601 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 | 5143 | 4552 |

---

513

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.05%, 03/15/42 | 4660 | 3096 |
| Wynn Macau, Limited |  |  |
| 5.13%, 12/15/29 (a) | 4848 | 4635 |
| 6.75%, 02/15/34 (a) | 5399 | 5251 |
| ZF North America Capital, Inc. |  |  |
| 6.75%, 04/23/30 (a) | 4479 | 4328 |
| 7.50%, 03/24/31 (a) | 4174 | 4096 |
| | | 172579 |
| **Industrials 11.6%** | **Industrials 11.6%** | **Industrials 11.6%** |
| ADT Security Corporation, The |  |  |
| 5.88%, 10/15/33 (a) | 4674 | 4528 |
| Air Canada |  |  |
| 3.88%, 08/15/26 (a) | 6407 | 6374 |
| Boeing Company, The |  |  |
| 7.01%, 05/01/64 (h) | 3105 | 3439 |
| Bombardier Inc. |  |  |
| 8.75%, 11/15/30 (a) | 2904 | 3091 |
| 7.25%, 07/01/31 (a) | 2852 | 2985 |
| 7.00%, 06/01/32 (a) (b) | 3356 | 3475 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| 7.50%, 02/01/32 (a) | 5107 | 5155 |
| Cimpress NV |  |  |
| 7.38%, 09/15/32 (a) (b) | 6317 | 6263 |
| Columbus McKinnon Corporation |  |  |
| 7.13%, 02/01/33 (a) (b) | 3155 | 3146 |
| Corporation De Securite Garda World |  |  |
| 8.38%, 11/15/32 (a) | 3155 | 3165 |
| Cyprium Corporation |  |  |
| 6.13%, 04/15/31 (a) | 2992 | 2955 |
| 6.38%, 04/15/34 (a) | 262 | 254 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 7.00%, 05/01/31 - 06/15/32 (a) | 4323 | 4417 |
| Genesee & Wyoming Inc. |  |  |
| 6.25%, 04/15/32 (a) | 4229 | 4278 |
| Herc Holdings Inc. |  |  |
| 7.00%, 06/15/30 (a) | 1942 | 1989 |
| 7.25%, 06/15/33 (a) | 2243 | 2296 |
| 6.00%, 03/15/34 (a) (b) | 1985 | 1916 |
| JH North America Holdings Inc. |  |  |
| 5.88%, 01/31/31 (a) | 211 | 209 |
| 6.13%, 07/31/32 (a) | 306 | 305 |
| Lightning Power, LLC |  |  |
| 7.25%, 08/15/32 (a) | 4805 | 5001 |
| Manitowoc Company, Inc., The |  |  |
| 9.25%, 10/01/31 (a) | 4220 | 4408 |
| Maxam Prill S.a r.l. |  |  |
| 7.75%, 07/15/30 (a) | 4206 | 4269 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (a) | 3895 | 4018 |
| Queen Mergerco, Inc. |  |  |
| 6.75%, 04/30/32 (a) | 3093 | 3156 |
| Rand Parent, LLC |  |  |
| 8.50%, 02/15/30 (a) | 6829 | 7010 |
| Regal Rexnord Corporation |  |  |
| 6.40%, 04/15/33 (h) | 3831 | 4049 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| 8.88%, 11/15/31 (a) | 7974 | 8159 |
| SRM Escrow Issuer, LLC |  |  |
| 6.00%, 11/01/28 (a) | 1236 | 1227 |
| Stonepeak Nile Parent LLC |  |  |
| 7.25%, 03/15/32 (a) | 3674 | 3809 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 (a) | 1833 | 1851 |
| 6.38%, 03/01/29 (a) | 3751 | 3825 |
| 6.63%, 03/01/32 (a) | 4281 | 4374 |
| 6.00%, 01/15/33 (a) | 860 | 860 |
| Trivium Packaging Finance B.V. |  |  |
| 8.25%, 07/15/30 (a) | 2266 | 2371 |
| United Airlines Holdings, Inc. |  |  |
| 4.88%, 03/01/29 | 3067 | 3009 |
| 5.38%, 03/01/31 (b) | 3280 | 3212 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (a) | 1721 | 1691 |
| Watco Companies, L.L.C. |  |  |
| 7.13%, 08/01/32 (a) | 3361 | 3447 |
| Weekley Homes, LLC |  |  |
| 6.75%, 01/15/34 (a) | 6650 | 6369 |
| Wesco Distribution, Inc. |  |  |
| 6.38%, 03/15/29 - 03/15/33 (a) | 5472 | 5567 |
| 6.63%, 03/15/32 (a) | 2813 | 2871 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (a) | 3365 | 3410 |
|  |  | 148203 |
| **Communication Services 11.1%** | **Communication Services 11.1%** | **Communication Services 11.1%** |
| A + N Real Estate & Business Management Corporation |  |  |
| 5.63%, 08/15/29 (a) | 4403 | 4195 |
| Altice Financing S.A. |  |  |
| 5.75%, 08/15/29 (a) | 4653 | 3187 |
| Altice France |  |  |
| 9.50%, 11/01/29 (a) | 4592 | 4618 |
| 6.50%, 04/15/32 (a) | 3273 | 3105 |
| 10.00%, 01/15/33 (a) (b) | 1598 | 1448 |
| Cable One, Inc. |  |  |
| 4.00%, 11/15/30 (a) (b) | 4283 | 2977 |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (a) | 5267 | 5191 |
| 4.25%, 02/01/31 (a) | 3973 | 3609 |
| 4.75%, 02/01/32 (a) (b) | 2844 | 2568 |
| 4.50%, 05/01/32 (b) | 1355 | 1211 |
| 7.00%, 02/01/33 (a) (b) | 3290 | 3302 |
| 4.25%, 01/15/34 (a) (b) | 3753 | 3211 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 (a) | 6925 | 7176 |
| CMG Media Corporation |  |  |
| 8.88%, 06/18/29 (a) | 8855 | 7680 |
| Connect Finco S.a.r.l. |  |  |
| 9.00%, 09/15/29 (a) | 3254 | 3415 |
| CSC Holdings, LLC |  |  |
| 5.50%, 04/15/27 (a) (b) | 6025 | 5227 |
| 11.75%, 01/31/29 (a) | 3925 | 2840 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (a) | 4796 | 4796 |
| 8.88%, 02/01/30 (a) | 3234 | 3219 |
| Frontier Communications Holdings, LLC |  |  |
| 8.75%, 05/15/30 (a) | 2065 | 2120 |
| Frontier Communications Parent, Inc. |  |  |
| 6.75%, 05/01/29 (a) | 4132 | 4139 |
| Gray Media, Inc. |  |  |
| 5.38%, 11/15/31 (a) | 7477 | 5509 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (a) | 3521 | 3581 |
| 8.50%, 01/15/36 (a) | 3303 | 3447 |
| Liberty Media Corporation |  |  |
| 8.25%, 02/01/30 | 5487 | 216 |
| Maya |  |  |
| 7.00%, 10/15/28 - 04/15/32 (a) | 3146 | 3149 |
| 8.50%, 04/15/31 (a) | 2277 | 2382 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (a) | 1768 | 1766 |
| Nexstar Media Group, Inc. |  |  |
| 4.75%, 11/01/28 (a) | 505 | 497 |
| 6.50%, 09/15/33 (a) | 4231 | 4220 |
| 7.25%, 04/15/34 (a) | 2501 | 2507 |
| Optics BidCo S.p.A. |  |  |
| 7.72%, 06/04/38 (a) | 8241 | 8223 |
| SV RNO Property Owner 1 LLC |  |  |
| 5.88%, 03/01/31 (a) | 4547 | 4502 |
| Telesat Canada |  |  |
| 5.63%, 12/06/26 (a) | 5533 | 4433 |
| Virgin Media O2 Vendor Financing Notes VI Designated Activity Company |  |  |
| 8.50%, 03/15/33 (a) | 6641 | 5783 |
| Wayfair LLC |  |  |
| 6.75%, 11/15/32 (a) | 4672 | 4707 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (a) | 6682 | 7063 |
|  |  | 141219 |

---

514

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Energy 9.8%** | **Energy 9.8%** | **Energy 9.8%** |
| Aethon United BR LP |  |  |
| 7.50%, 10/01/29 (a) | 4428 | 4627 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (a) | 6663 | 6488 |
| Borr IHC Limited |  |  |
| 10.00%, 11/15/28 (a) | 3445 | 3518 |
| Citgo Petroleum Corporation |  |  |
| 8.38%, 01/15/29 (a) | 12023 | 12414 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (a) | 6569 | 6867 |
| Energy Transfer LP |  |  |
| 8.00%, 05/15/54 | 2518 | 2634 |
| 6.75%, 02/15/56 | 3500 | 3485 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (a) | 3022 | 3152 |
| Hilcorp Energy I, L.P. |  |  |
| 6.88%, 05/15/34 (a) | 3248 | 3167 |
| Infinity Natural Resources, Inc. |  |  |
| 7.63%, 04/01/31 (a) | 3370 | 3388 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (a) | 6523 | 6344 |
| Kimmeridge Texas Gas, LLC |  |  |
| 8.50%, 02/15/30 (a) | 6685 | 6930 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (a) | 3351 | 3358 |
| Kodiak Gas Services, LLC |  |  |
| 6.75%, 10/01/35 (a) | 3012 | 3059 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 02/15/29 (a) | 5078 | 5222 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (a) | 3388 | 3514 |
| 6.25%, 02/01/33 (a) | 2573 | 2623 |
| Phillips 66 |  |  |
| 5.88%, 03/15/56 | 5044 | 4973 |
| 6.20%, 03/15/56 | 1895 | 1882 |
| SM Energy Company |  |  |
| 6.63%, 04/15/34 (a) | 6481 | 6473 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (a) (c) | 6017 | 6094 |
| Transmontaigne Partners LLC |  |  |
| 8.50%, 06/15/30 (a) | 3163 | 3187 |
| Transocean Aquila Limited |  |  |
| 8.00%, 09/30/28 (a) | 711 | 727 |
| Transportadora de Gas del Sur S.A. |  |  |
| 7.75%, 11/20/35 (a) | 4258 | 4299 |
| Venture Global LNG, Inc. |  |  |
| 9.00%, (100, 09/30/29) (a) (c) | 4460 | 4443 |
| 8.13%, 06/01/28 (a) | 2720 | 2791 |
| 9.50%, 02/01/29 (a) | 4531 | 4898 |
| 9.88%, 02/01/32 (a) (b) | 2 | 2 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (a) | 1011 | 1040 |
| 7.50%, 05/01/33 (a) | 1335 | 1467 |
| 7.75%, 05/01/35 (a) | 1462 | 1638 |
|  |  | 124704 |
| **Information Technology 7.9%** | **Information Technology 7.9%** | **Information Technology 7.9%** |
| Ahead DB Holdings, LLC |  |  |
| 6.63%, 05/01/28 (a) (b) | 9865 | 9657 |
| AMS-Osram AG |  |  |
| 12.25%, 03/30/29 (a) | 3770 | 4010 |
| Athenahealth Group Inc. |  |  |
| 6.50%, 02/15/30 (a) | 8714 | 8191 |
| Central Parent Inc. |  |  |
| 8.00%, 06/15/29 (a) (b) | 4209 | 3129 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/29 (a) | 6850 | 6652 |
| 9.00%, 09/30/29 (a) | 8876 | 8565 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (a) | 1909 | 1886 |
| 5.95%, 06/15/30 (a) | 7036 | 7096 |
| Entegris, Inc. |  |  |
| 4.38%, 04/15/28 (a) | 4302 | 4204 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.50%, 06/01/31 (a) | 7602 | 7551 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (a) | 9039 | 8788 |
| Oak-Eagle Acquireco, Inc. |  |  |
| 7.25%, 07/01/33 (a) | 748 | 775 |
| 8.75%, 07/01/34 (a) | 740 | 775 |
| Open Text Corporation |  |  |
| 6.90%, 12/01/27 (a) | 705 | 724 |
| 3.88%, 02/15/28 (a) | 5998 | 5773 |
| 4.13%, 02/15/30 (a) | 5173 | 4613 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/32 (a) | 2535 | 2531 |
| Rocket Software, Inc. |  |  |
| 9.00%, 11/28/28 (a) | 2624 | 2620 |
| 6.50%, 02/15/29 (a) (b) | 8642 | 7778 |
| ViaSat, Inc. |  |  |
| 6.50%, 07/15/28 (a) (b) | 2880 | 2844 |
| 7.50%, 05/30/31 (a) (b) | 1956 | 1933 |
|  |  | 100095 |
| **Health Care 5.3%** | **Health Care 5.3%** | **Health Care 5.3%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (a) | 5815 | 5960 |
| Bausch Health Companies Inc. |  |  |
| 4.88%, 06/01/28 (a) (b) | 1227 | 1124 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (a) | 3920 | 3876 |
| 6.13%, 04/01/30 (a) (b) | 2605 | 2260 |
| 10.88%, 01/15/32 (a) | 5485 | 5879 |
| 9.75%, 01/15/34 (a) | 2100 | 2179 |
| Global Medical Response, Inc. |  |  |
| 7.38%, 10/01/32 (a) | 4851 | 5034 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (a) (b) | 5349 | 5241 |
| Lifepoint Health, Inc. |  |  |
| 5.38%, 01/15/29 (a) (b) | 2871 | 2755 |
| 9.88%, 08/15/30 (a) | 6185 | 6549 |
| MPH Acquisition Holdings LLC |  |  |
| 5.75%, 12/31/30 (a) | 5806 | 4557 |
| Radiology Partners, Inc. |  |  |
| 8.50%, 07/15/32 (a) | 8445 | 8562 |
| Star Parent, Inc. |  |  |
| 9.00%, 10/01/30 (a) | 2980 | 3084 |
| Tenet Healthcare Corporation |  |  |
| 4.25%, 06/01/29 | 1858 | 1798 |
| 4.38%, 01/15/30 | 2480 | 2390 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 3.15%, 10/01/26 | 2488 | 2464 |
| 4.75%, 05/09/27 (b) | 3567 | 3549 |
|  |  | 67261 |
| **Consumer Staples 4.3%** | **Consumer Staples 4.3%** | **Consumer Staples 4.3%** |
| Allied Universal Holdco LLC |  |  |
| 4.63%, 06/01/28 (a) | 3610 | 3520 |
| 6.88%, 06/15/30 (a) | 4751 | 4810 |
| Coty Inc. |  |  |
| 6.63%, 07/15/30 (a) | 3646 | 3615 |
| Grupo Nutresa S.A. |  |  |
| 8.00%, 05/12/30 (a) (b) | 2590 | 2732 |
| 9.00%, 05/12/35 (a) | 2513 | 2795 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 2970 | 3266 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (a) (b) | 12721 | 11191 |
| Pilgrim's Pride Corporation |  |  |
| 4.25%, 04/15/31 | 5298 | 5047 |
| 3.50%, 03/01/32 | 1488 | 1351 |
| Raven Acquisition Holding LLC |  |  |
| 6.88%, 11/15/31 (a) (b) | 8724 | 8406 |
| Synergy Infrastructure Holdings, LLC |  |  |
| 7.88%, 12/01/30 (a) | 3372 | 3439 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/28 (a) | 5347 | 5347 |
|  |  | 55519 |

---

515

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Materials 3.7%** | **Materials 3.7%** | **Materials 3.7%** |
| Celanese US Holdings LLC |  |  |
| 7.00%, 02/15/31 (b) | 2770 | 2836 |
| 7.38%, 02/15/34 (b) | 2247 | 2300 |
| Commercial Metals Company |  |  |
| 6.00%, 12/15/35 (a) | 5223 | 5148 |
| First Quantum Minerals Ltd. |  |  |
| 8.63%, 06/01/31 (a) (b) | 3020 | 3114 |
| 7.25%, 02/15/34 (a) | 1461 | 1479 |
| 6.38%, 02/15/36 (a) | 7026 | 6723 |
| FMC Corporation |  |  |
| 4.50%, 10/01/49 | 5285 | 3257 |
| Fortescue Treasury Pty Ltd. |  |  |
| 4.38%, 04/01/31 (a) | 3274 | 3094 |
| Mineral Resources Limited |  |  |
| 9.25%, 10/01/28 (a) | 8936 | 9251 |
| Vale Overseas Ltd. |  |  |
| 6.00%, 02/25/56 (a) | 4576 | 4511 |
| W. R. Grace Holdings LLC |  |  |
| 7.00%, 08/01/33 (a) | 5160 | 5016 |
|  |  | 46729 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| Edison International |  |  |
| 4.13%, 03/15/28 | 527 | 518 |
| 6.25%, 03/15/30 | 698 | 724 |
| PG&E Corporation |  |  |
| 6.85%, 09/15/56 | 6450 | 6353 |
| Sempra |  |  |
| 6.40%, 10/01/54 | 5027 | 4998 |
| Talen Energy Supply, LLC |  |  |
| 6.25%, 02/01/34 (a) | 4472 | 4421 |
| 6.50%, 02/01/36 (a) | 3808 | 3835 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (a) (c) | 4328 | 4369 |
| 8.88%, (100, 01/15/29) (c) (i) | 3150 | 3382 |
| Vistra Operations Company LLC |  |  |
| 5.00%, 07/31/27 (a) | 2859 | 2850 |
| 4.38%, 05/01/29 (a) | 1018 | 993 |
| 6.88%, 04/15/32 (a) | 6596 | 6823 |
|  |  | 39266 |
| **Real Estate 2.2%** | **Real Estate 2.2%** | **Real Estate 2.2%** |
| Five Point Operating Company, LP |  |  |
| 8.00%, 10/01/30 (a) | 6458 | 6424 |
| Greystar Real Estate Partners, LLC |  |  |
| 7.75%, 09/01/30 (a) | 4361 | 4534 |
| Howard Hughes Corporation, The |  |  |
| 5.88%, 03/01/32 (a) | 852 | 820 |
| 6.13%, 03/01/34 (a) | 3552 | 3414 |
| RHP Hotel Properties, LP |  |  |
| 6.50%, 04/01/32 - 06/15/33 (a) | 6254 | 6363 |
| 5.75%, 03/15/34 (a) | 2065 | 2038 |
| Service Properties Trust |  |  |
| 0.00%, 09/30/27 (a) (j) | 4477 | 4080 |
|  |  | 27673 |
| Total Corporate Bonds And Notes (cost $1,114,799) | Total Corporate Bonds And Notes (cost $1,114,799) | 1108255 |
| **SENIOR FLOATING RATE INSTRUMENTS 6.5%** | **SENIOR FLOATING RATE INSTRUMENTS 6.5%** | **SENIOR FLOATING RATE INSTRUMENTS 6.5%** |
| **Communication Services 1.9%** | **Communication Services 1.9%** | **Communication Services 1.9%** |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.35%, (3 Month Term SOFR + 5.50%), 02/10/27 (g) (k) | 2952 | 1837 |
| Aventiv Technologies, LLC |  |  |
| 2024 Incremental Second Out Term Loan, 11.43%, (3 Month Term SOFR + 7.50%), 09/30/26 (k) (l) | 174 | 174 |
| 2025 5th Amendment Incremental Bridge Loan, 13.94%, (3 Month Term SOFR + 10.00%), 09/30/26 (k) | 70 | 72 |
| 2024 Bridge Term Loan, 13.95%, (3 Month Term SOFR + 10.00%), 09/30/26 (k) | 134 | 139 |
| CMG Media Corporation |  |  |
| 2024 Term Loan, 7.27%, (3 Month Term SOFR + 3.50%), 06/18/29 (k) | 4853 | 4532 |
| Eagle Broadband Investments LLC |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 10/19/27 (k) (m) | 3390 | 3224 |
| GOGO Intermediate Holdings LLC |  |  |
| Term Loan B, 7.54%, (1 Month Term SOFR + 3.75%), 04/21/28 (k) | 5160 | 4486 |
| Gray Television, Inc. |  |  |
| 2024 Term Loan B, 8.92%, (1 Month Term SOFR + 5.25%), 05/22/29 (k) | 81 | 81 |
| Iridium Satellite LLC |  |  |
| 2024 Term Loan B, 5.92%, (1 Month Term SOFR + 2.25%), 09/20/30 (k) | 6930 | 6770 |
| ViaSat, Inc. |  |  |
| 2023 Term Loan, 8.29%, (1 Month Term SOFR + 4.50%), 05/30/30 (k) | 3364 | 3363 |
|  |  | 24678 |
| **Information Technology 1.3%** | **Information Technology 1.3%** | **Information Technology 1.3%** |
| Ahead DB Holdings, LLC |  |  |
| 2024 Term Loan B4, 6.17%, (3 Month Term SOFR + 2.50%), 01/24/31 (k) | 3456 | 3401 |
| Bingo Holdings I LLC |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 4.75%), 06/11/32 (k) (m) | 2330 | 2268 |
| Term Loan B, 8.42%, (3 Month Term SOFR + 4.75%), 06/11/32 (k) | 1012 | 985 |
| MPH Acquisition Holdings LLC |  |  |
| 2025 Second Out Term Loan, 0.00%, (3 Month Term SOFR + 4.60%), 12/31/30 (k) (m) | 2206 | 1948 |
| 2025 Second Out Term Loan, 8.53%, (3 Month Term SOFR + 4.60%), 12/31/30 (k) | 1301 | 1149 |
| Rocket Software, Inc. |  |  |
| 2023 USD Term Loan B, 7.42%, (1 Month Term SOFR + 3.75%), 11/28/28 (k) | 6808 | 6517 |
|  |  | 16268 |
| **Industrials 0.9%** | **Industrials 0.9%** | **Industrials 0.9%** |
| Pitney Bowes Inc. |  |  |
| 2025 Term Loan B, 0.00%, (3 Month Term SOFR + 3.75%), 01/31/32 (k) (m) | 5 | 5 |
| 2025 Term Loan B, 7.42%, (3 Month Term SOFR + 3.75%), 01/31/32 (k) | 3221 | 3194 |
| Vantor Holdings Inc |  |  |
| 1st Lien Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 02/26/33 (k) | 6600 | 6460 |
| VistaJet Malta Finance P.L.C. |  |  |
| 2025 Term Loan B, 7.41%, (3 Month Term SOFR + 3.75%), 03/27/31 (k) | 1484 | 1466 |
|  |  | 11125 |
| **Financials 0.8%** | **Financials 0.8%** | **Financials 0.8%** |
| Aretec Group, Inc. |  |  |
| 2025 Repriced Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 08/09/30 (k) | 3432 | 3385 |
| Cotiviti Corporation |  |  |
| 2024 Fixed Term Loan B, 0.00%, 02/21/31 (m) | 4480 | 4166 |
| 2024 Fixed Term Loan B, 7.63%, 02/21/31 | 2625 | 2441 |
|  |  | 9992 |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |
| Autokiniton US Holdings, Inc. |  |  |
| 2024 Term Loan B, 7.79%, (1 Month Term SOFR + 4.00%), 04/06/28 (k) | 3610 | 3558 |
| Sabre GLBL Inc. |  |  |
| 2024 Term Loan B1, 9.77%, (1 Month Term SOFR + 6.00%), 11/15/29 (k) | 2015 | 1575 |
|  |  | 5133 |
| **Energy 0.4%** | **Energy 0.4%** | **Energy 0.4%** |
| Blackfin Pipeline LLC |  |  |
| Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 09/29/32 (k) | 4452 | 4470 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| Upfield B.V. |  |  |
| 2025 USD Term Loan B12, 0.00%, (6 Month Term SOFR + 3.75%), 01/03/28 (k) (m) | 4450 | 4347 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 09/24/32 (k) | 3750 | 3631 |

---

516

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| Amneal Pharmaceuticals LLC |  |  |
| 2026 Term Loan, 6.67%, (1 Month Term SOFR + 3.00%), 08/01/32 (k) | 2572 | 2578 |
| Total Senior Floating Rate Instruments (cost $84,814) | Total Senior Floating Rate Instruments (cost $84,814) | 82222 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 0.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 0.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 0.8%** |
| **Sovereign 0.8%** | **Sovereign 0.8%** | **Sovereign 0.8%** |
| Federal Government of Nigeria |  |  |
| 8.63%, 01/13/36 (a) | 3054 | 3172 |
| Gobierno de la Provincia de Buenos Aires |  |  |
| 6.63%, 09/01/37 (a) (n) | 3876 | 2913 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 8.08%, 04/01/36 (a) | 4639 | 4697 |
| Total Government And Agency Obligations (cost $10,996) | Total Government And Agency Obligations (cost $10,996) | 10782 |
| **COMMON STOCKS 0.6%** | **COMMON STOCKS 0.6%** | **COMMON STOCKS 0.6%** |
| **Energy 0.4%** | **Energy 0.4%** | **Energy 0.4%** |
| MPLX LP | 87 | 4976 |
| Prairie Provident Resources Inc. (b) (e) | 7 | 2 |
| Vantage Drilling International (b) (l) | 2 | 21 |
|  |  | 4999 |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| LuxCo 3 (e) (l) | 118 | 1936 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Clear Channel Outdoor Holdings, Inc. (e) | 335 | 795 |
| iHeartMedia, Inc. - Class A (b) (e) | 141 | 411 |
|  |  | 1206 |
| **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) (l) |  |  |
| Total Common Stocks (cost $9,663) | Total Common Stocks (cost $9,663) | 8145 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Altice Financing S.A. (e) (l) | 7 | 93 |
| Total Rights (cost $68) | Total Rights (cost $68) | 93 |
| **SHORT TERM INVESTMENTS 8.4%** | **SHORT TERM INVESTMENTS 8.4%** | **SHORT TERM INVESTMENTS 8.4%** |
| **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** | **Securities Lending Collateral 4.3%** |
| JNL Government Money Market Fund - Class SL, 3.63% (o) (p) | 54906 | 54906 |
| **Investment Companies 4.1%** | **Investment Companies 4.1%** | **Investment Companies 4.1%** |
| JNL Government Money Market Fund - Class I, 3.53% (o) (p) | 51426 | 51426 |
| Total Short Term Investments (cost $106,332) | Total Short Term Investments (cost $106,332) | 106332 |
| **Total Investments 103.3% (cost $1,326,672)** | **Total Investments 103.3% (cost $1,326,672)** | **1315829** |
| **Other Assets and Liabilities, Net (3.3)%** | **Other Assets and Liabilities, Net (3.3)%** | **(42250)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1273579** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $990,442 and 77.8% of the Fund.

(b) All or a portion of the security was on loan as of March 31, 2026.

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

(d) Convertible security.

(e) Non-income producing security.

(f) As of March 31, 2026, 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 March 31, 2026.

(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 March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(l) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Notes to Schedules of Investments.

(m) This senior floating rate interest will settle after March 31, 2026. If a reference rate and spread is presented, it will go into effect upon settlement.

(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 March 31, 2026.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 57537 | 115725 | 121836 | 521 |  |  | 51426 | 4.0 |
| JNL Government Money Market Fund, 3.63% - Class SL | 76204 | 72861 | 94159 | 603 |  |  | 54906 | 4.3 |
|  | 133741 | 188586 | 215995 | 1124 |  |  | 106332 | 8.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 3382 | 0.3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see 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 March 31, 2026.

517

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 1108255 |  | 1108255 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 82048 | 174 | 82222 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 10782 |  | 10782 |
| &nbsp;&nbsp;Common Stocks | 6188 |  | 1957 | 8145 |
| &nbsp;&nbsp;Rights |  |  | 93 | 93 |
| &nbsp;&nbsp;Short Term Investments | 106332 |  |  | 106332 |
|  | 112520 | 1201085 | 2224 | 1315829 |

---

518

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 90.1%** | **CORPORATE BONDS AND NOTES 90.1%** | **CORPORATE BONDS AND NOTES 90.1%** |
| **Financials 33.8%** | **Financials 33.8%** | **Financials 33.8%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.00%, 10/29/28 | 700 | 674 |
| AIG Global Funding |  |  |
| 5.20%, 06/24/29 (a) | 500 | 506 |
| American Express Company |  |  |
| 4.35%, 07/20/29 | 600 | 600 |
| Athene Holding Ltd. |  |  |
| 6.63%, 05/19/55 | 150 | 144 |
| Avolon Holdings Funding Limited |  |  |
| 4.95%, 01/15/28 (a) | 400 | 402 |
| Banco Santander, S.A. |  |  |
| 6.53%, 11/07/27 | 880 | 891 |
| Bank of America Corporation |  |  |
| 3.71%, 04/24/28 | 830 | 824 |
| 5.82%, 09/15/29 | 2240 | 2311 |
| 2.97%, 02/04/33 | 1180 | 1069 |
| 5.47%, 01/23/35 | 950 | 969 |
| Bank of New York Mellon Corporation, The |  |  |
| 6.32%, 10/25/29 | 450 | 471 |
| 5.83%, 10/25/33 | 800 | 849 |
| 5.32%, 06/06/36 | 400 | 406 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27 | 500 | 492 |
| 5.86%, 08/11/46 | 430 | 424 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 (a) | 100 | 98 |
| Berkshire Hathaway Finance Corporation |  |  |
| 4.20%, 08/15/48 | 280 | 228 |
| 3.85%, 03/15/52 | 260 | 197 |
| BlackRock Finance, Inc. |  |  |
| 2.10%, 02/25/32 | 380 | 332 |
| BlackRock, Inc. |  |  |
| 5.25%, 03/14/54 | 160 | 150 |
| 5.35%, 01/08/55 | 438 | 415 |
| Blackstone Secured Lending Fund |  |  |
| 5.30%, 06/30/30 | 200 | 194 |
| Blue Owl Credit Income Corp. |  |  |
| 6.60%, 09/15/29 | 240 | 240 |
| Blue Owl Finance LLC |  |  |
| 6.25%, 04/18/34 | 75 | 72 |
| Brookfield Asset Management Ltd. |  |  |
| 5.80%, 04/24/35 | 324 | 330 |
| 6.08%, 09/15/55 | 120 | 119 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/32 | 145 | 145 |
| Caterpillar Financial Services Corporation |  |  |
| 4.15%, 01/08/31 | 350 | 347 |
| Citigroup Inc. |  |  |
| 6.95%, (100, 02/15/30) (b) | 500 | 503 |
| 4.50%, 09/11/31 | 570 | 564 |
| 3.79%, 03/17/33 | 900 | 846 |
| 6.02%, 01/24/36 | 200 | 204 |
| 5.17%, 09/11/36 | 300 | 297 |
| CNO Financial Group, Inc. |  |  |
| 6.45%, 06/15/34 | 180 | 186 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/34 | 380 | 390 |
| 4.40%, 04/05/52 | 240 | 186 |
| Credit Agricole S.A. |  |  |
| 4.66%, 01/12/32 (a) | 701 | 692 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 3.55%, 09/18/31 | 500 | 470 |
| Equitable Financial Life Global Funding |  |  |
| 4.95%, 06/09/30 (a) | 1540 | 1543 |
| European Bank for Reconstruction and Development |  |  |
| 4.13%, 01/25/29 | 500 | 504 |
| European Investment Bank |  |  |
| 4.25%, 08/16/32 | 718 | 723 |
| Fidelity National Information Services, Inc. |  |  |
| 4.55%, 03/10/29 | 834 | 829 |
| First Citizens BancShares, Inc. |  |  |
| 5.60%, 09/05/35 | 400 | 391 |
| Five Corners Funding Trust II |  |  |
| 2.85%, 05/15/30 (a) | 500 | 467 |
| Ford Motor Credit Company LLC |  |  |
| 5.92%, 03/20/28 | 300 | 304 |
| 6.80%, 11/07/28 | 190 | 197 |
| 5.42%, 04/09/31 | 200 | 197 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.69%, 10/23/30 | 580 | 581 |
| 4.37%, 10/21/31 | 1600 | 1570 |
| 5.56%, 11/19/45 | 500 | 480 |
| 5.54%, 01/21/47 | 230 | 220 |
| Goldman Sachs Private Credit Corp. |  |  |
| 5.88%, 01/31/31 (a) | 318 | 308 |
| Golub Capital Private Credit Fund |  |  |
| 5.88%, 05/01/30 | 330 | 324 |
| 5.60%, 04/15/31 (a) | 166 | 159 |
| Guardian Life Insurance Co. |  |  |
| 4.33%, 10/06/30 (a) | 330 | 327 |
| Guardian Life Insurance Company of America, The |  |  |
| 3.70%, 01/22/70 (a) | 200 | 131 |
| HSBC Holdings PLC |  |  |
| 5.13%, 11/19/28 | 300 | 302 |
| 6.16%, 03/09/29 | 600 | 617 |
| 4.68%, 03/10/32 | 655 | 647 |
| International Bank for Reconstruction and Development |  |  |
| 3.88%, 10/16/29 - 02/14/30 | 2900 | 2901 |
| 4.00%, 07/25/30 | 600 | 602 |
| 4.50%, 04/10/31 | 520 | 533 |
| 4.38%, 08/27/35 | 800 | 804 |
| JPMorgan Chase & Co. |  |  |
| 5.04%, 01/23/28 | 1000 | 1005 |
| 4.51%, 10/22/28 | 1640 | 1642 |
| 4.92%, 01/24/29 | 357 | 361 |
| 2.07%, 06/01/29 | 1223 | 1164 |
| 5.35%, 06/01/34 | 460 | 469 |
| 4.95%, 10/22/35 | 500 | 494 |
| 5.57%, 04/22/36 | 400 | 411 |
| 5.58%, 07/23/36 | 300 | 304 |
| 3.11%, 04/22/41 | 300 | 229 |
| 5.53%, 11/29/45 | 800 | 785 |
| 3.96%, 11/15/48 | 450 | 350 |
| Lloyds Banking Group PLC |  |  |
| 3.75%, 03/18/28 | 153 | 152 |
| 5.72%, 06/05/30 | 207 | 214 |
| LPL Holdings, Inc. |  |  |
| 5.65%, 03/15/35 | 60 | 60 |
| Manulife Financial Corporation |  |  |
| 4.99%, 12/11/35 | 300 | 293 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| 4.53%, 09/12/31 | 538 | 532 |
| 5.57%, 01/16/36 | 1400 | 1436 |
| Morgan Stanley |  |  |
| 5.66%, 04/18/30 | 830 | 854 |
| 4.65%, 10/18/30 | 1350 | 1350 |
| 5.19%, 04/17/31 | 800 | 812 |
| 4.49%, 01/16/32 | 463 | 456 |
| 5.25%, 04/21/34 | 1290 | 1297 |
| 5.59%, 01/18/36 | 300 | 306 |
| 5.07%, 01/30/37 | 700 | 686 |
| 5.95%, 01/19/38 | 280 | 287 |
| 5.90%, 03/13/47 | 800 | 797 |
| 5.52%, 11/19/55 | 580 | 551 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.47%, 11/19/31 | 1090 | 1075 |
| NatWest Group PLC |  |  |
| 5.12%, 05/23/31 | 450 | 455 |
| North Haven Private Income Fund LLC |  |  |
| 5.13%, 09/25/28 (a) | 110 | 107 |
| Northwestern Mutual Life Foundation, Inc. |  |  |
| 6.17%, 05/29/55 (a) | 210 | 217 |

---

519

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Protective Life Corporation |  |  |
| 4.70%, 01/15/31 (a) | 371 | 368 |
| Royal Bank of Canada |  |  |
| 4.97%, 08/02/30 | 800 | 811 |
| 6.35%, 11/24/84 (c) | 150 | 143 |
| S&P Global Inc. |  |  |
| 5.25%, 09/15/33 | 200 | 206 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.50%, 09/03/30 (a) | 400 | 398 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 4.49%, 01/15/32 | 400 | 394 |
| The PNC Financial Services Group, Inc. |  |  |
| 6.04%, 10/28/33 | 685 | 725 |
| 5.58%, 01/29/36 | 300 | 306 |
| Toyota Motor Credit Corporation |  |  |
| 4.60%, 03/11/33 | 633 | 624 |
| U.S. Bancorp |  |  |
| 5.08%, 05/15/31 | 300 | 305 |
| U.S. Bank National Association |  |  |
| 4.73%, 05/15/28 (d) | 600 | 602 |
| UBS AG |  |  |
| 4.30%, 03/16/29 | 500 | 499 |
| UBS Group AG |  |  |
| 6.25%, 09/22/29 (a) | 500 | 519 |
| Wells Fargo & Company |  |  |
| 5.24%, 01/24/31 | 600 | 612 |
| 5.15%, 04/23/31 | 400 | 407 |
| 5.43%, 01/23/47 | 800 | 759 |
| | | 60727 |
| **Health Care 11.7%** | **Health Care 11.7%** | **Health Care 11.7%** |
| 180 Medical, Inc. |  |  |
| 5.30%, 10/08/35 (a) | 200 | 196 |
| Abbott Laboratories |  |  |
| 4.00%, 03/15/31 | 920 | 906 |
| 5.50%, 03/15/56 | 920 | 903 |
| AbbVie Inc. |  |  |
| 4.80%, 03/15/29 | 800 | 812 |
| 4.75%, 03/15/36 | 391 | 383 |
| 4.25%, 11/21/49 | 1000 | 812 |
| 5.55%, 03/15/56 | 408 | 400 |
| Advocate Health and Hospitals Corporation |  |  |
| 3.01%, 06/15/50 | 200 | 130 |
| Alcon Finance Corporation |  |  |
| 3.00%, 09/23/29 (a) | 300 | 285 |
| 2.60%, 05/27/30 (a) | 480 | 445 |
| Amgen Inc. |  |  |
| 5.25%, 03/02/30 | 970 | 997 |
| 5.65%, 03/02/53 | 570 | 553 |
| Augusta SpinCo Corporation |  |  |
| 4.95%, 03/23/33 | 313 | 313 |
| Bayer US Finance II LLC |  |  |
| 4.63%, 06/25/38 (a) | 270 | 241 |
| Cencora, Inc. |  |  |
| 5.15%, 02/15/35 | 400 | 403 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 400 | 361 |
| Cigna Group, The |  |  |
| 2.38%, 03/15/31 | 340 | 306 |
| 5.25%, 01/15/36 | 660 | 661 |
| CVS Health Corporation |  |  |
| 4.78%, 03/25/38 | 780 | 719 |
| Elevance Health, Inc. |  |  |
| 5.00%, 01/15/36 | 600 | 588 |
| 6.10%, 10/15/52 | 100 | 100 |
| Eli Lilly and Company |  |  |
| 5.05%, 08/14/54 | 500 | 459 |
| EMD Finance LLC |  |  |
| 4.38%, 10/15/30 (a) | 600 | 593 |
| 4.63%, 10/15/32 (a) | 243 | 240 |
| Gilead Sciences, Inc. |  |  |
| 4.80%, 04/01/44 | 400 | 361 |
| HCA Inc. |  |  |
| 4.60%, 11/15/32 | 200 | 195 |
| 5.45%, 09/15/34 | 326 | 329 |
| 4.63%, 03/15/52 | 400 | 320 |
| 6.20%, 03/01/55 | 470 | 467 |
| Humana Inc. |  |  |
| 5.75%, 04/15/54 | 150 | 135 |
| Indiana University Health, Inc. |  |  |
| 2.85%, 11/01/51 | 200 | 125 |
| Labcorp Holdings Inc. |  |  |
| 4.35%, 04/01/30 | 960 | 952 |
| Mars, Incorporated |  |  |
| 3.88%, 04/01/39 (a) | 610 | 530 |
| 5.65%, 05/01/45 (a) | 260 | 257 |
| 5.70%, 05/01/55 (a) | 70 | 68 |
| McKesson Corporation |  |  |
| 4.65%, 05/30/30 | 600 | 604 |
| Merck & Co., Inc. |  |  |
| 5.50%, 03/15/46 | 688 | 674 |
| 5.00%, 05/17/53 | 140 | 126 |
| Novartis Capital Corporation |  |  |
| 4.60%, 03/18/33 | 503 | 501 |
| 5.70%, 03/18/56 | 271 | 273 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.30%, 05/19/53 | 340 | 316 |
| Roche Holdings, Inc. |  |  |
| 5.59%, 11/13/33 (a) | 300 | 317 |
| Royalty Pharma PLC |  |  |
| 3.30%, 09/02/40 | 900 | 683 |
| STERIS Irish FinCo Unlimited Company |  |  |
| 3.75%, 03/15/51 | 240 | 172 |
| Takeda Pharmaceutical Company Limited |  |  |
| 5.30%, 07/05/34 | 560 | 567 |
| UnitedHealth Group Incorporated |  |  |
| 4.95%, 01/15/32 | 500 | 505 |
| 4.25%, 06/15/48 | 720 | 573 |
| 5.38%, 04/15/54 | 240 | 221 |
|  |  | 21077 |
| **Utilities 8.2%** | **Utilities 8.2%** | **Utilities 8.2%** |
| American Water Capital Corp. |  |  |
| 5.70%, 09/01/55 | 220 | 216 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 6.05%, 01/28/34 (a) | 270 | 262 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.45%, 03/15/44 | 350 | 299 |
| Constellation Energy Generation, LLC |  |  |
| 4.40%, 01/15/31 | 220 | 218 |
| 6.50%, 10/01/53 | 180 | 191 |
| Duke Energy Corporation |  |  |
| 4.25%, 12/15/41 | 290 | 249 |
| Duke Energy Florida, LLC |  |  |
| 5.95%, 11/15/52 | 390 | 395 |
| Duke Energy Progress, LLC |  |  |
| 4.10%, 03/15/43 | 320 | 263 |
| 5.55%, 03/15/55 | 540 | 521 |
| Entergy Corporation |  |  |
| 5.88%, 06/15/56 | 500 | 493 |
| 6.10%, 06/15/56 | 330 | 325 |
| Entergy Utility Assets, LLC |  |  |
| 5.15%, 09/15/34 | 200 | 202 |
| Essential Utilities, Inc. |  |  |
| 2.70%, 04/15/30 | 500 | 465 |
| 5.13%, 03/15/36 | 93 | 92 |
| Exelon Corporation |  |  |
| 5.60%, 03/15/53 | 210 | 198 |
| 6.50%, 03/15/55 | 500 | 509 |
| Florida Power & Light Company |  |  |
| 5.30%, 06/15/34 | 256 | 263 |
| 3.95%, 03/01/48 | 610 | 474 |
| 5.70%, 03/15/55 | 67 | 67 |
| 5.60%, 02/15/66 | 272 | 262 |
| Indiana Michigan Power Company |  |  |
| 5.60%, 03/15/56 | 362 | 348 |
| Interstate Power and Light Company |  |  |
| 5.60%, 06/29/35 | 354 | 363 |
| Niagara Mohawk Power Corporation |  |  |
| 6.00%, 07/03/55 (a) | 230 | 226 |

---

520

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NiSource Inc. |  |  |
| 5.85%, 04/01/55 | 250 | 243 |
| NSTAR Electric Company |  |  |
| 1.95%, 08/15/31 | 250 | 219 |
| Oncor Electric Delivery Company LLC |  |  |
| 3.10%, 09/15/49 | 430 | 280 |
| PacifiCorp |  |  |
| 5.80%, 04/15/36 | 282 | 284 |
| PECO Energy Company |  |  |
| 2.85%, 09/15/51 | 320 | 196 |
| PG&E Company |  |  |
| 4.50%, 07/01/40 | 500 | 427 |
| 6.75%, 01/15/53 | 330 | 344 |
| 6.70%, 04/01/53 | 230 | 238 |
| 6.00%, 05/01/56 | 290 | 276 |
| Piedmont Natural Gas Company, Inc. |  |  |
| 5.05%, 05/15/52 | 210 | 185 |
| PT. Perusahaan Listrik Negara |  |  |
| 4.75%, 02/03/31 (a) | 924 | 900 |
| Public Service Company of Colorado |  |  |
| 5.15%, 09/15/35 | 1000 | 996 |
| Public Service Electric And Gas Company |  |  |
| 5.45%, 03/01/54 | 250 | 239 |
| Public Service Enterprise Group Incorporated |  |  |
| 5.88%, 10/15/28 | 500 | 516 |
| San Diego Gas & Electric Company |  |  |
| 5.35%, 04/01/53 | 360 | 332 |
| 5.95%, 03/15/56 | 89 | 89 |
| Sempra |  |  |
| 5.25%, 03/15/36 | 173 | 170 |
| 6.40%, 10/01/54 | 650 | 646 |
| Southern California Edison Company |  |  |
| 4.88%, 02/01/27 | 250 | 251 |
| 4.65%, 10/01/43 | 350 | 293 |
| 5.88%, 12/01/53 | 210 | 199 |
| Southern California Gas Company |  |  |
| 6.00%, 06/15/55 | 491 | 492 |
| | | 14716 |
| **Information Technology 7.4%** | **Information Technology 7.4%** | **Information Technology 7.4%** |
| Apple Inc. |  |  |
| 3.45%, 02/09/45 | 330 | 253 |
| 4.38%, 05/13/45 | 120 | 105 |
| 4.65%, 02/23/46 | 420 | 378 |
| 3.95%, 08/08/52 | 500 | 389 |
| Applied Materials, Inc. |  |  |
| 4.60%, 01/15/36 | 625 | 606 |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 360 | 362 |
| 5.38%, 12/01/31 | 580 | 585 |
| Broadcom Inc. |  |  |
| 5.05%, 07/12/29 | 908 | 926 |
| 4.35%, 02/15/30 | 470 | 469 |
| 4.60%, 07/15/30 - 01/15/33 | 656 | 655 |
| 4.90%, 07/15/32 | 456 | 460 |
| 3.47%, 04/15/34 | 420 | 379 |
| Cisco Systems, Inc. |  |  |
| 4.85%, 02/26/29 | 460 | 468 |
| 5.30%, 02/26/54 | 260 | 245 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (a) | 470 | 492 |
| Intel Corporation |  |  |
| 4.80%, 10/01/41 | 200 | 175 |
| Microsoft Corporation |  |  |
| 2.53%, 06/01/50 | 830 | 498 |
| NXP B.V. |  |  |
| 3.15%, 05/01/27 | 570 | 562 |
| Oracle Corporation |  |  |
| 4.95%, 02/04/31 | 482 | 472 |
| 5.70%, 02/04/36 | 200 | 192 |
| 3.65%, 03/25/41 | 450 | 321 |
| 5.88%, 09/26/45 | 620 | 536 |
| 4.00%, 11/15/47 | 340 | 225 |
| 6.00%, 08/03/55 | 200 | 168 |
| 6.10%, 09/26/65 | 490 | 406 |
| Salesforce, Inc. |  |  |
| 5.20%, 03/15/33 | 910 | 908 |
| 5.55%, 03/15/36 | 610 | 608 |
| Synopsys, Inc. |  |  |
| 4.85%, 04/01/30 | 968 | 976 |
| Wipro IT Services, LLC |  |  |
| 1.50%, 06/23/26 (a) | 400 | 397 |
|  |  | 13216 |
| **Industrials 7.1%** | **Industrials 7.1%** | **Industrials 7.1%** |
| Aircastle Limited |  |  |
| 6.50%, 07/18/28 (a) | 250 | 260 |
| Amcor Finance (USA), Inc. |  |  |
| 5.63%, 05/26/33 | 280 | 287 |
| Amrize Finance US LLC |  |  |
| 4.95%, 04/07/30 | 391 | 396 |
| Boeing Company, The |  |  |
| 6.30%, 05/01/29 (e) | 660 | 693 |
| 6.53%, 05/01/34 (e) | 370 | 403 |
| 5.81%, 05/01/50 (e) | 330 | 319 |
| Burlington Northern Santa Fe, LLC |  |  |
| 5.40%, 06/01/41 | 340 | 340 |
| 5.20%, 04/15/54 | 700 | 645 |
| 5.50%, 03/15/55 | 330 | 318 |
| Canadian Pacific Kansas City Limited |  |  |
| 3.10%, 12/02/51 | 170 | 111 |
| 5.50%, 03/15/56 | 339 | 324 |
| CRH America Finance, Inc. |  |  |
| 4.40%, 02/09/31 | 612 | 604 |
| 5.00%, 02/09/36 | 216 | 212 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/30 (a) | 460 | 464 |
| GATX Corporation |  |  |
| 6.90%, 05/01/34 | 290 | 318 |
| 5.50%, 06/15/35 | 150 | 151 |
| GE Vernova Inc. |  |  |
| 4.88%, 02/04/36 | 250 | 248 |
| Honeywell Aerospace Inc. |  |  |
| 4.60%, 03/16/33 (a) | 181 | 179 |
| 4.95%, 03/16/36 (a) | 348 | 345 |
| Jacobs Solutions Inc. |  |  |
| 4.75%, 03/03/31 | 742 | 732 |
| Norfolk Southern Corporation |  |  |
| 3.16%, 05/15/55 | 580 | 367 |
| Paychex, Inc. |  |  |
| 5.35%, 04/15/32 | 345 | 347 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 04/15/28 (e) | 400 | 410 |
| 6.40%, 04/15/33 (e) | 350 | 370 |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/29 | 100 | 102 |
| RTX Corporation |  |  |
| 6.00%, 03/15/31 | 500 | 532 |
| 6.10%, 03/15/34 | 400 | 431 |
| 5.38%, 02/27/53 | 220 | 207 |
| Smurfit Kappa Treasury Unlimited Company |  |  |
| 5.78%, 04/03/54 | 200 | 193 |
| Smurfit Westrock Financing Designated Activity Company |  |  |
| 5.19%, 01/15/36 | 500 | 492 |
| UL Solutions Inc. |  |  |
| 6.50%, 10/20/28 | 700 | 733 |
| Union Pacific Corporation |  |  |
| 3.60%, 09/15/37 | 440 | 385 |
| 3.95%, 08/15/59 | 170 | 123 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (a) | 157 | 154 |
| Waste Connections, Inc. |  |  |
| 5.00%, 03/01/34 | 510 | 513 |
|  |  | 12708 |
| **Communication Services 6.1%** | **Communication Services 6.1%** | **Communication Services 6.1%** |
| Alphabet Inc. |  |  |
| 4.40%, 02/15/33 | 530 | 522 |
| 1.90%, 08/15/40 | 270 | 180 |

---

521

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.50%, 02/15/46 | 780 | 774 |
| 5.45%, 11/15/55 | 70 | 68 |
| 5.30%, 05/15/65 | 112 | 103 |
| AT&T Inc. |  |  |
| 5.25%, 03/01/37 | 355 | 353 |
| 4.85%, 03/01/39 | 740 | 689 |
| 4.30%, 12/15/42 | 730 | 607 |
| 5.85%, 04/30/46 | 550 | 536 |
| 3.65%, 06/01/51 | 1150 | 791 |
| Charter Communications Operating, LLC |  |  |
| 3.50%, 06/01/41 - 03/01/42 | 510 | 354 |
| 5.38%, 05/01/47 | 300 | 241 |
| Comcast Corporation |  |  |
| 3.75%, 04/01/40 | 530 | 430 |
| 2.89%, 11/01/51 | 390 | 225 |
| Cox Communications, Inc. |  |  |
| 5.95%, 09/01/54 (a) | 200 | 174 |
| Meta Platforms, Inc. |  |  |
| 5.50%, 11/15/45 | 450 | 426 |
| 5.60%, 05/15/53 | 200 | 186 |
| 5.63%, 11/15/55 | 350 | 329 |
| 5.55%, 08/15/64 | 210 | 189 |
| SoftBank Corp. |  |  |
| 5.33%, 07/09/35 (a) (f) | 620 | 610 |
| T-Mobile USA, Inc. |  |  |
| 4.95%, 03/15/28 | 660 | 667 |
| 2.25%, 11/15/31 | 330 | 290 |
| 5.75%, 01/15/34 | 710 | 741 |
| 5.65%, 01/15/53 | 200 | 189 |
| 5.70%, 01/15/56 | 280 | 267 |
| Verizon Communications Inc. |  |  |
| 4.75%, 01/15/33 | 283 | 280 |
| 5.75%, 11/30/45 | 350 | 342 |
| 5.88%, 11/30/55 | 420 | 410 |
| | | 10973 |
| **Consumer Staples 5.2%** | **Consumer Staples 5.2%** | **Consumer Staples 5.2%** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | 1190 | 1210 |
| Ashtead Capital, Inc. |  |  |
| 4.00%, 05/01/28 (a) | 350 | 345 |
| B.A.T Capital Corporation |  |  |
| 7.08%, 08/02/53 | 330 | 366 |
| Bunge Limited Finance Corp. |  |  |
| 5.15%, 08/04/35 | 622 | 620 |
| Cargill, Incorporated |  |  |
| 2.13%, 11/10/31 (a) | 460 | 406 |
| 5.38%, 10/23/55 (a) | 329 | 311 |
| Coca-Cola Company, The |  |  |
| 5.30%, 05/13/54 | 350 | 336 |
| CSL Finance PLC |  |  |
| 4.25%, 04/27/32 (a) | 200 | 194 |
| 5.11%, 04/03/34 (a) | 300 | 303 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 6.25%, 03/01/56 | 270 | 264 |
| 6.38%, 04/15/66 | 300 | 294 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 270 | 297 |
| Keurig Dr Pepper Inc. |  |  |
| 3.95%, 04/15/29 | 560 | 549 |
| Nestle Capital Corporation |  |  |
| 4.88%, 03/12/34 (a) | 210 | 212 |
| Philip Morris International Inc. |  |  |
| 4.00%, 10/29/30 | 800 | 784 |
| 4.75%, 11/01/31 | 700 | 703 |
| Southern California, University of |  |  |
| 3.84%, 10/01/47 | 450 | 353 |
| Trustees of Columbia University In The City of New York, The |  |  |
| 4.36%, 10/01/35 | 447 | 431 |
| Tyson Foods, Inc. |  |  |
| 5.70%, 03/15/34 | 360 | 373 |
| Unilever Capital Corporation |  |  |
| 5.00%, 12/08/33 | 300 | 307 |
| University of Chicago, The |  |  |
| 2.76%, 04/01/45 | 350 | 275 |
| Walmart Inc. |  |  |
| 4.50%, 04/15/53 | 420 | 364 |
|  |  | 9297 |
| **Energy 4.7%** | **Energy 4.7%** | **Energy 4.7%** |
| BP Capital Markets America Inc. |  |  |
| 2.94%, 06/04/51 | 300 | 189 |
| Cheniere Energy, Inc. |  |  |
| 5.20%, 07/30/36 (a) | 103 | 102 |
| ConocoPhillips Company |  |  |
| 5.30%, 05/15/53 | 220 | 203 |
| Energy Transfer LP |  |  |
| 5.70%, 04/01/35 | 210 | 216 |
| 5.80%, 06/15/38 | 270 | 273 |
| 5.00%, 05/15/50 | 500 | 415 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/15/31 | 313 | 314 |
| 5.20%, 01/15/36 | 170 | 171 |
| 5.70%, 02/15/42 | 550 | 553 |
| Exxon Mobil Corporation |  |  |
| 4.23%, 03/19/40 | 400 | 362 |
| MPLX LP |  |  |
| 6.20%, 09/15/55 | 300 | 296 |
| Ovintiv Canada ULC |  |  |
| 5.65%, 05/15/28 | 280 | 287 |
| 6.25%, 07/15/33 | 70 | 74 |
| Pioneer Natural Resources Company |  |  |
| 1.90%, 08/15/30 | 300 | 270 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.00%, 03/15/27 | 570 | 571 |
| 4.50%, 05/15/30 | 850 | 845 |
| Shell Finance US Inc. |  |  |
| 3.00%, 11/26/51 (a) | 250 | 159 |
| Targa Resources Corp. |  |  |
| 6.15%, 03/01/29 | 850 | 886 |
| TotalEnergies SE |  |  |
| 5.64%, 04/05/64 | 300 | 288 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 (a) | 600 | 571 |
| Williams Companies, Inc., The |  |  |
| 5.30%, 09/30/35 - 08/15/52 | 840 | 806 |
| 5.15%, 03/15/36 (f) | 594 | 586 |
|  |  | 8437 |
| **Materials 2.8%** | **Materials 2.8%** | **Materials 2.8%** |
| Amcor Flexibles North America, Inc. |  |  |
| 5.50%, 03/17/35 | 250 | 253 |
| Anglo American Capital PLC |  |  |
| 5.00%, 03/21/33 (a) | 1061 | 1049 |
| Antofagasta PLC |  |  |
| 5.63%, 09/09/35 (a) | 340 | 338 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 5.53%, 01/30/37 (a) | 459 | 449 |
| 6.78%, 01/13/55 (a) | 430 | 451 |
| Ecolab Inc. |  |  |
| 5.00%, 09/01/35 (f) | 150 | 150 |
| Glencore Funding LLC |  |  |
| 5.19%, 04/01/30 (a) | 164 | 166 |
| 5.67%, 04/01/35 (a) | 150 | 153 |
| Mosaic Company, The |  |  |
| 4.35%, 01/15/29 | 400 | 398 |
| Newmont Corporation |  |  |
| 5.35%, 03/15/34 | 800 | 823 |
| Nutrien Ltd. |  |  |
| 5.40%, 06/21/34 | 300 | 305 |
| Sonoco Products Company |  |  |
| 4.45%, 09/01/26 | 143 | 143 |
| 4.60%, 09/01/29 | 370 | 369 |
|  |  | 5047 |
| **Consumer Discretionary 2.2%** | **Consumer Discretionary 2.2%** | **Consumer Discretionary 2.2%** |
| Amazon.com, Inc. |  |  |
| 3.88%, 08/22/37 | 500 | 451 |
| 2.50%, 06/03/50 | 200 | 117 |
| 5.80%, 03/13/56 | 310 | 310 |
| 5.95%, 03/13/66 | 550 | 554 |

---

522

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Flutter Treasury Designated Activity Company |  |  |
| 5.88%, 06/04/31 (a) | 330 | 327 |
| General Motors Company |  |  |
| 5.63%, 04/15/30 | 490 | 504 |
| Honda Motor Co., Ltd. |  |  |
| 5.34%, 07/08/35 | 300 | 297 |
| Hyundai Capital America |  |  |
| 4.75%, 04/06/29 (a) | 587 | 587 |
| Lowe`s Companies, Inc. |  |  |
| 3.00%, 10/15/50 | 300 | 185 |
| McDonald's Corporation |  |  |
| 5.45%, 08/14/53 | 180 | 171 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/36 | 260 | 256 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.75%, 06/15/39 | 120 | 119 |
| | | 3878 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 (a) | 480 | 434 |
| ERP Operating Limited Partnership |  |  |
| 4.95%, 06/15/32 | 140 | 141 |
| National Health Investors, Inc. |  |  |
| 5.35%, 02/01/33 | 250 | 246 |
| ProLogis, L.P. |  |  |
| 5.25%, 06/15/53 | 170 | 158 |
| Realty Income Corporation |  |  |
| 4.75%, 04/15/33 | 304 | 301 |
| VICI Properties Inc. |  |  |
| 4.13%, 08/15/30 (a) | 450 | 431 |
|  |  | 1711 |
| Total Corporate Bonds And Notes (cost $161,956) | Total Corporate Bonds And Notes (cost $161,956) | 161787 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.6%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.6%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.6%** |
| American Airlines, Inc. |  |  |
| Series 2016-AA-2, 3.20%, 06/15/28 | 234 | 228 |
| Series 2016-A-2, 3.65%, 06/15/28 | 193 | 186 |
| British Airways PLC |  |  |
| Series 2018-AA-1, 3.80%, 09/20/31 | 203 | 197 |
| Series 2019-1, 3.30%, 12/15/32 | 281 | 264 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2025-A1-2A, 4.93%, 11/25/30 | 661 | 655 |
| DLLAD 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.50%, 06/20/26 | 239 | 239 |
| GreatAmerica Financial Services Corporation |  |  |
| Series 2025-A2-2, 4.22%, 11/15/27 | 665 | 667 |
| Greatamerica Leasing Receivables Funding, L.L.C. |  |  |
| Series 2025-A2-1, 4.52%, 04/15/27 | 716 | 718 |
| J.P. Morgan Mortgage Trust 2025-NQM1 |  |  |
| Series 2025-A1-NQM4, REMIC, 4.95%, 10/25/29 (g) (h) | 535 | 532 |
| OBX 2025-NQM20 Trust |  |  |
| Series 2025-A1-NQM20, REMIC, 5.02%, 10/25/65 (g) (h) | 488 | 487 |
| OBX 2026-NQM4 Trust |  |  |
| Series 2026-A1-NQM4, REMIC, 5.17%, 02/25/66 (g) | 400 | 399 |
| QTS Issuer ABS I LLC |  |  |
| Series 2025-A2-1A, 5.44%, 05/28/30 | 690 | 685 |
| QTS Issuer ABS II LLC |  |  |
| Series 2026-A2-4A, 5.70%, 03/06/56 | 599 | 599 |
| RIDE 2025-SHRE |  |  |
| Series 2025-A-SHRE, REMIC, 5.62%, 02/14/30 (g) | 210 | 213 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| Series 2023-1, 5.80%, 01/15/36 | 1320 | 1360 |
| United Airlines Pass Through Certificates, Series 2016-2 |  |  |
| Series 2024-AA-1, 5.45%, 02/15/37 | 599 | 606 |
| United Airlines Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, 4.15%, 08/25/31 | 263 | 256 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $8,233) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $8,233) | 8291 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 2.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 2.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 2.7%** |
| **Sovereign 2.2%** | **Sovereign 2.2%** | **Sovereign 2.2%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 5.38%, 03/22/33 | 513 | 500 |
| 6.34%, 05/04/53 | 460 | 427 |
| Israel, State of |  |  |
| 5.50%, 03/12/34 | 520 | 525 |
| Republic of Indonesia, The Government of, The |  |  |
| 4.30%, 04/16/31 | 800 | 778 |
| ROP Sukuk Trust |  |  |
| 5.05%, 06/06/29 (a) | 960 | 967 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 3.88%, 05/06/51 | 200 | 145 |
| The Philippines, Government of |  |  |
| 5.95%, 10/13/47 | 250 | 252 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 03/18/54 | 400 | 368 |
|  |  | 3962 |
| **Municipal 0.5%** | **Municipal 0.5%** | **Municipal 0.5%** |
| Metropolitan Transportation Authority |  |  |
| 6.81%, 11/15/40 | 125 | 136 |
| New Jersey Turnpike Authority |  |  |
| 7.10%, 01/01/41 | 250 | 288 |
| Texas, State of |  |  |
| 5.52%, 04/01/39 | 234 | 240 |
| The University of Texas System |  |  |
| 4.79%, 08/15/46 | 230 | 217 |
|  |  | 881 |
| Total Government And Agency Obligations (cost $4,869) | Total Government And Agency Obligations (cost $4,869) | 4843 |
| **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** |
| **Investment Companies 1.9%** | **Investment Companies 1.9%** | **Investment Companies 1.9%** |
| JNL Government Money Market Fund - Class I, 3.53% (i) (j) | 3417 | 3417 |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 3.63% (i) (j) | 1383 | 1383 |
| Total Short Term Investments (cost $4,800) | Total Short Term Investments (cost $4,800) | 4800 |
| **Total Investments 100.1% (cost $179,858)** | **Total Investments 100.1% (cost $179,858)** | **179721** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **2** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (229) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **179494** |

---

523

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $21,832 and 12.2% of the Fund.

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

(c) Convertible security.

(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) 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 March 31, 2026.

(f) All or a portion of the security was on loan as of March 31, 2026.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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 March 31, 2026.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 910 | 22742 | 20235 | 18 |  |  | 3417 | 1.9 |
| JNL Government Money Market Fund, 3.63% - Class SL | 2846 | 4199 | 5662 | 13 |  |  | 1383 | 0.8 |
|  | 3756 | 26941 | 25897 | 31 |  |  | 4800 | 2.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 600 | 602 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 10 Year Ultra Bond | 8 | June 2026 | 907 | 2 |  |
| United States 2 Year Note | 28 | July 2026 | 5817 | 3 | (9) |
| United States Long Bond | 10 | June 2026 | 1129 | 4 | 10 |
|  |  |  |  | 9 | 1 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (5) | June 2026 | (556) | (2) | 1 |
| United States 5 Year Note | (19) | July 2026 | (2072) | (3) | 17 |
| United States Ultra Bond | (8) | June 2026 | (928) | (2) | (4) |
|  |  |  |  | (7) | 14 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 161787 |  | 161787 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 8291 |  | 8291 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 4843 |  | 4843 |
| &nbsp;&nbsp;Short Term Investments | 4800 |  |  | 4800 |
|  | 4800 | 174921 |  | 179721 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 28 |  |  | 28 |
|  | 28 |  |  | 28 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (13) |  |  | (13) |
|  | (13) |  |  | (13) |

---

524

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

<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.

525

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 56.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 56.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 56.7%** |
| **U.S. Treasury Note 24.5%** | **U.S. Treasury Note 24.5%** | **U.S. Treasury Note 24.5%** |
| Treasury, United States Department of |  |  |
| 3.75%, 08/15/27 - 05/15/28 | 77060 | 76968 |
| 4.63%, 04/30/29 - 09/30/30 | 11400 | 11683 |
| 4.13%, 11/30/29 - 05/31/32 | 36730 | 36974 |
| 3.50%, 04/30/30 - 11/30/30 | 46360 | 45544 |
| 3.88%, 06/30/30 | 62380 | 62295 |
| 4.88%, 10/31/30 | 3750 | 3896 |
| 2.88%, 05/15/32 | 45388 | 42456 |
| 4.38%, 05/15/34 | 19655 | 19865 |
| 4.25%, 08/15/35 | 20620 | 20546 |
|  |  | 320227 |
| **Mortgage-Backed Securities 18.9%** | **Mortgage-Backed Securities 18.9%** | **Mortgage-Backed Securities 18.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 2.50%, 08/01/31 - 11/01/51 | 2795 | 2416 |
| 3.00%, 05/01/34 - 06/01/52 | 12489 | 11177 |
| 2.00%, 04/01/36 - 09/01/51 | 17863 | 15401 |
| 4.00%, 10/01/37 - 06/01/48 | 6198 | 5963 |
| 5.00%, 02/01/38 - 03/01/55 | 13785 | 13649 |
| 4.50%, 07/01/38 - 11/01/48 | 1037 | 1032 |
| 3.50%, 04/01/42 - 05/01/48 | 6615 | 6164 |
| 5.50%, 10/01/53 - 09/01/54 | 21152 | 21280 |
| 6.00%, 11/01/53 - 03/01/54 | 8412 | 8604 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/01/31 - 01/01/52 | 11313 | 10066 |
| 3.00%, 04/01/31 - 05/01/53 | 23669 | 21319 |
| 5.00%, 06/01/35 - 04/01/53 | 9640 | 9579 |
| 2.00%, 10/01/35 - 03/01/52 | 30237 | 24759 |
| 4.00%, 10/01/37 - 09/01/49 | 9474 | 9077 |
| 4.50%, 05/01/38 - 09/01/52 | 5337 | 5239 |
| 3.50%, 11/01/42 - 08/01/49 | 7444 | 6938 |
| 5.50%, 02/01/53 | 2399 | 2424 |
| 6.00%, 10/01/53 | 2088 | 2136 |
| TBA, 5.00%, 04/15/56 (a) | 2880 | 2839 |
| Government National Mortgage Association |  |  |
| 5.00%, 08/20/41 - 01/20/55 | 2438 | 2419 |
| 3.50%, 06/20/43 - 03/20/50 | 7680 | 7193 |
| 4.00%, 05/20/44 - 03/20/50 | 3886 | 3707 |
| 3.00%, 07/20/45 - 04/20/50 | 3968 | 3578 |
| 4.50%, 12/20/48 - 05/20/49 | 1168 | 1147 |
| 2.50%, 08/20/50 - 09/20/50 | 6961 | 5999 |
| TBA, 5.00%, 04/15/56 (a) | 4600 | 4552 |
| Government National Mortgage Association II |  |  |
| 2.50%, 03/20/51 - 04/20/52 | 11508 | 9888 |
| 3.00%, 03/20/51 - 06/20/52 | 5140 | 4593 |
| 2.00%, 10/20/51 - 01/20/52 | 5906 | 4869 |
| 3.50%, 05/20/52 | 377 | 348 |
| 4.50%, 08/20/52 - 06/20/53 | 11838 | 11501 |
| 4.00%, 10/20/52 - 04/20/53 | 3194 | 3013 |
| 5.00%, 10/20/52 - 04/20/53 | 4589 | 4570 |
|  |  | 247439 |
| **U.S. Treasury Bond 12.8%** | **U.S. Treasury Bond 12.8%** | **U.S. Treasury Bond 12.8%** |
| Treasury, United States Department of |  |  |
| 3.75%, 08/15/41 - 11/15/43 | 18998 | 16743 |
| 3.13%, 11/15/41 | 11200 | 9161 |
| 4.13%, 08/15/44 | 19330 | 17535 |
| 2.50%, 02/15/45 - 02/15/46 | 51398 | 35813 |
| 4.75%, 02/15/45 - 05/15/55 | 32890 | 32152 |
| 3.00%, 02/15/48 | 16488 | 12152 |
| 2.88%, 05/15/49 | 20310 | 14435 |
| 2.25%, 08/15/49 | 23095 | 14359 |
| 4.00%, 11/15/52 | 16510 | 14190 |
|  |  | 166540 |
| **U.S. Government Agency Obligations 0.5%** | **U.S. Government Agency Obligations 0.5%** | **U.S. Government Agency Obligations 0.5%** |
| Federal National Mortgage Association, Inc. |  |  |
| 0.88%, 08/05/30 (b) | 7104 | 6243 |
| Total Government And Agency Obligations (cost $777,344) | Total Government And Agency Obligations (cost $777,344) | 740449 |
| **CORPORATE BONDS AND NOTES 28.6%** | **CORPORATE BONDS AND NOTES 28.6%** | **CORPORATE BONDS AND NOTES 28.6%** |
| **Financials 12.6%** | **Financials 12.6%** | **Financials 12.6%** |
| American Express Company |  |  |
| 4.60%, (SOFR + 0.93%), 07/26/28 (c) | 2694 | 2700 |
| 5.67%, 04/25/36 | 1267 | 1308 |
| 4.80%, 10/24/36 | 1358 | 1313 |
| Athene Holding Ltd. |  |  |
| 6.63%, 05/19/55 | 2074 | 1996 |
| Atlas Warehouse Lending Company, L.P. |  |  |
| 4.63%, 11/15/28 (d) | 900 | 886 |
| 5.25%, 01/15/33 (d) | 541 | 523 |
| Bank of America Corporation |  |  |
| 5.52%, 10/25/35 | 4205 | 4210 |
| Barclays PLC |  |  |
| 7.63%, (100, 03/15/35) (e) (f) | 1772 | 1785 |
| Blackstone Reg Finance Co. L.L.C. |  |  |
| 4.95%, 02/15/36 | 1136 | 1101 |
| Blue Owl Technology Finance Corp. |  |  |
| 6.10%, 03/15/28 (g) | 1958 | 1935 |
| Capital One Financial Corporation |  |  |
| 6.38%, 06/08/34 | 1732 | 1825 |
| 6.18%, 01/30/36 | 2627 | 2671 |
| Citadel Limited Partnership |  |  |
| 6.38%, 01/23/32 (d) (h) | 2402 | 2498 |
| Citigroup Inc. |  |  |
| 6.88%, (100, 08/15/30) (e) | 3550 | 3541 |
| 6.02%, 01/24/36 | 2776 | 2837 |
| Credit Agricole S.A. |  |  |
| 5.26%, 01/12/37 (d) | 2279 | 2237 |
| Daimler Trucks Finance North America LLC |  |  |
| 4.59%, (SOFR + 0.96%), 09/25/27 (c) (d) | 3995 | 4002 |
| First Citizens BancShares, Inc. |  |  |
| 4.87%, 03/03/32 | 3380 | 3271 |
| Ford Motor Credit Company LLC |  |  |
| 4.13%, 08/17/27 | 632 | 625 |
| 7.35%, 11/04/27 | 3456 | 3566 |
| 6.05%, 11/05/31 | 1340 | 1346 |
| Freedom Mortgage Holdings LLC |  |  |
| 8.38%, 04/01/32 (d) | 1859 | 1830 |
| Gabx Leasing LLC |  |  |
| 4.63%, 04/15/31 (d) | 2018 | 1990 |
| 5.30%, 04/15/36 (d) | 1529 | 1500 |
| General Motors Financial Company, Inc. |  |  |
| 5.01%, (SOFR + 1.35%), 05/08/27 (c) | 4700 | 4728 |
| Global Atlantic Financial Company |  |  |
| 7.95%, 10/15/54 (d) | 4874 | 4689 |
| Goldman Sachs Group, Inc., The |  |  |
| 5.56%, 11/19/45 | 2724 | 2618 |
| 5.73%, 01/28/56 | 1681 | 1642 |
| Goldman Sachs Private Credit Corp. |  |  |
| 5.05%, 02/23/28 (d) | 759 | 748 |
| Golub Capital Private Credit Fund |  |  |
| 5.45%, 08/15/28 (d) | 967 | 954 |
| 5.80%, 09/12/29 | 3890 | 3825 |
| 5.60%, 04/15/31 (d) | 1216 | 1162 |
| Henneman Trust |  |  |
| 6.58%, 05/15/55 (d) | 1646 | 1657 |
| HSBC Holdings PLC |  |  |
| 6.75%, (100, 03/24/31) (e) (f) | 3305 | 3264 |
| Huntington Bancshares Incorporated |  |  |
| 5.61%, 01/28/41 | 2242 | 2185 |
| ING Groep N.V. |  |  |
| 5.42%, 03/23/37 | 3178 | 3165 |
| Jane Street Group, LLC |  |  |
| 6.75%, 05/01/33 (d) | 2366 | 2402 |
| JPMorgan Chase & Co. |  |  |
| 5.50%, 01/24/36 | 2743 | 2809 |
| 5.57%, 04/22/36 | 8605 | 8852 |
| 5.58%, 07/23/36 | 2571 | 2604 |
| Macquarie AirFinance Holdings Limited |  |  |
| 6.40%, 03/26/29 (d) | 4199 | 4351 |
| MassMutual Global Funding II |  |  |
| 4.41%, (SOFR + 0.74%), 04/09/27 (c) (d) | 7690 | 7714 |

---

526

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Morgan Stanley |  |  |
| 4.69%, (SOFR + 1.02%), 04/13/28 (c) | 6000 | 6016 |
| 4.49%, 01/16/32 | 3398 | 3347 |
| 6.63%, 11/01/34 | 2880 | 3138 |
| 5.66%, 04/17/36 | 4122 | 4225 |
| 5.31%, 01/18/41 | 2430 | 2347 |
| 5.90%, 03/13/47 | 3330 | 3318 |
| Morgan Stanley Bank, N.A. |  |  |
| 4.52%, (SOFR + 0.86%), 05/26/28 (c) (i) | 2005 | 2007 |
| Morgan Stanley Private Bank, National Association |  |  |
| 4.73%, 07/18/31 | 4993 | 4982 |
| New York Life Global Funding |  |  |
| 5.00%, 01/09/34 (d) | 4628 | 4666 |
| North Haven Private Income Fund LLC |  |  |
| 5.13%, 09/25/28 (d) | 1211 | 1179 |
| Northern Trust Corporation |  |  |
| 5.12%, 11/19/40 | 4831 | 4717 |
| Protective Life Corporation |  |  |
| 5.35%, 12/15/35 (d) | 3322 | 3261 |
| Stripe Global Holdings Inc. |  |  |
| 4.88%, 03/26/29 (j) | 2000 | 1974 |
| 5.17%, 03/26/31 (j) | 2000 | 1965 |
| Wells Fargo & Company |  |  |
| 4.74%, (SOFR + 1.07%), 04/22/28 (c) | 3523 | 3534 |
| Western-Southern Global Funding |  |  |
| 4.25%, 01/29/29 (d) | 3541 | 3508 |
| | | 165049 |
| **Consumer Discretionary 2.9%** | **Consumer Discretionary 2.9%** | **Consumer Discretionary 2.9%** |
| Advance Auto Parts, Inc. |  |  |
| 7.00%, 08/01/30 (d) | 1863 | 1886 |
| 7.38%, 08/01/33 (d) | 1863 | 1887 |
| Amazon.com, Inc. |  |  |
| 4.25%, 03/13/31 | 3332 | 3310 |
| 5.65%, 03/13/46 | 2179 | 2178 |
| 5.80%, 03/13/56 | 1430 | 1431 |
| Brightstar Lottery PLC |  |  |
| 5.75%, 01/15/33 (d) | 2085 | 2024 |
| Carnival Corporation |  |  |
| 5.13%, 05/01/29 (d) | 2003 | 1981 |
| 5.75%, 08/01/32 (d) | 2910 | 2910 |
| 6.13%, 02/15/33 (d) | 2983 | 3004 |
| Hyundai Capital America |  |  |
| 4.67%, (SOFR + 1.04%), 06/24/27 (c) (d) | 4450 | 4462 |
| 4.75%, 04/06/29 (d) | 4260 | 4261 |
| Resorts World Las Vegas LLC |  |  |
| 8.45%, 07/27/30 (d) | 1410 | 1346 |
| 4.63%, 04/06/31 (d) | 1700 | 1343 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 09/30/31 (d) | 1480 | 1497 |
| 5.38%, 01/15/36 | 2024 | 1993 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (d) | 1839 | 1908 |
|  |  | 37421 |
| **Industrials 2.4%** | **Industrials 2.4%** | **Industrials 2.4%** |
| Boeing Company, The |  |  |
| 7.01%, 05/01/64 (h) | 1318 | 1460 |
| Cyprium Corporation |  |  |
| 6.13%, 04/15/31 (d) | 271 | 268 |
| 6.38%, 04/15/34 (d) | 271 | 263 |
| Element Fleet Management Corp. |  |  |
| 4.64%, 11/24/30 (d) | 4600 | 4538 |
| GE Vernova Inc. |  |  |
| 5.50%, 02/04/56 | 586 | 566 |
| Groupe WSP Global Inc. |  |  |
| 5.04%, 09/18/31 (d) | 1782 | 1769 |
| 5.71%, 09/18/36 (d) | 2341 | 2322 |
| Herc Holdings Inc. |  |  |
| 5.75%, 03/15/31 (d) | 1373 | 1349 |
| 6.00%, 03/15/34 (d) | 797 | 769 |
| Honeywell Aerospace Inc. |  |  |
| 4.60%, 03/16/33 (d) | 657 | 649 |
| 4.95%, 03/16/36 (d) | 1262 | 1252 |
| 5.73%, 03/16/56 (d) | 3340 | 3309 |
| 5.85%, 03/16/66 (d) | 1515 | 1501 |
| Triton Container International Limited |  |  |
| 5.15%, 02/15/33 | 1035 | 1012 |
| United Airlines Holdings, Inc. |  |  |
| 4.88%, 03/01/29 | 2066 | 2027 |
| 5.38%, 03/01/31 | 941 | 922 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (d) | 2842 | 2792 |
| Vertiv Holdings Co |  |  |
| 5.65%, 03/15/46 | 1790 | 1716 |
| XPO, Inc. |  |  |
| 6.25%, 06/01/28 (d) | 2506 | 2539 |
|  |  | 31023 |
| **Communication Services 2.4%** | **Communication Services 2.4%** | **Communication Services 2.4%** |
| Alphabet Inc. |  |  |
| 4.40%, 02/15/33 | 8556 | 8427 |
| 5.50%, 02/15/46 | 2065 | 2050 |
| 5.45%, 11/15/55 | 1358 | 1315 |
| 5.65%, 02/15/56 | 3269 | 3261 |
| 5.30%, 05/15/65 | 1267 | 1170 |
| APLD ComputeCo 2 LLC |  |  |
| 6.75%, 03/15/31 (d) | 1557 | 1551 |
| AT&T Inc. |  |  |
| 6.00%, 04/30/56 | 3491 | 3416 |
| Charter Communications Operating, LLC |  |  |
| 6.48%, 10/23/45 | 2280 | 2103 |
| Meta Platforms, Inc. |  |  |
| 5.40%, 08/15/54 | 2552 | 2319 |
| Nexstar Media Group, Inc. |  |  |
| 6.50%, 09/15/33 (d) | 4350 | 4339 |
| SV RNO Property Owner 1 LLC |  |  |
| 5.88%, 03/01/31 (d) | 856 | 847 |
|  |  | 30798 |
| **Materials 1.5%** | **Materials 1.5%** | **Materials 1.5%** |
| Anglo American Capital PLC |  |  |
| 5.25%, 03/19/36 (d) | 3106 | 3052 |
| Antofagasta PLC |  |  |
| 5.63%, 09/09/35 (d) | 306 | 304 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 6.78%, 01/13/55 (d) | 1092 | 1145 |
| First Quantum Minerals Ltd. |  |  |
| 8.00%, 03/01/33 (d) | 340 | 351 |
| 6.38%, 02/15/36 (d) | 1052 | 1007 |
| Glencore Funding LLC |  |  |
| 5.63%, 04/04/34 (d) | 4420 | 4523 |
| 5.67%, 04/01/35 (d) | 4597 | 4693 |
| 5.51%, 04/01/36 (d) | 3270 | 3278 |
| Mineral Resources Limited |  |  |
| 7.00%, 04/01/31 (d) | 1168 | 1188 |
|  |  | 19541 |
| **Utilities 1.5%** | **Utilities 1.5%** | **Utilities 1.5%** |
| Duke Energy Progress, LLC |  |  |
| 5.05%, 03/15/35 | 2402 | 2410 |
| Entergy Corporation |  |  |
| 6.10%, 06/15/56 | 3166 | 3118 |
| Essential Utilities, Inc. |  |  |
| 5.13%, 03/15/36 | 682 | 673 |
| Exelon Corporation |  |  |
| 6.50%, 03/15/55 | 2199 | 2239 |
| PG&E Company |  |  |
| 5.90%, 06/15/32 | 2943 | 3049 |
| 6.75%, 01/15/53 | 1419 | 1477 |
| Sempra |  |  |
| 5.25%, 03/15/36 | 1259 | 1241 |
| Talen Energy Supply, LLC |  |  |
| 6.25%, 02/01/34 (d) | 558 | 552 |
| 6.50%, 02/01/36 (d) | 930 | 937 |
| Vistra Operations Company LLC |  |  |
| 6.95%, 10/15/33 (d) | 3532 | 3838 |
|  |  | 19534 |
| **Consumer Staples 1.5%** | **Consumer Staples 1.5%** | **Consumer Staples 1.5%** |
| Bunge Limited Finance Corp. |  |  |
| 5.15%, 03/19/36 | 4155 | 4095 |

---

527

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Grupo Nutresa S.A. |  |  |
| 9.00%, 05/12/35 (d) | 1842 | 2049 |
| JBS USA Food Company |  |  |
| 5.63%, 03/10/37 (d) | 3250 | 3252 |
| JBS USA Lux S.A. |  |  |
| 7.25%, 11/15/53 | 4465 | 4910 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (d) | 3470 | 3053 |
| Synergy Infrastructure Holdings, LLC |  |  |
| 7.88%, 12/01/30 (d) | 1694 | 1728 |
| | | 19087 |
| **Information Technology 1.4%** | **Information Technology 1.4%** | **Information Technology 1.4%** |
| AppLovin Corporation |  |  |
| 5.95%, 12/01/54 | 1080 | 978 |
| Autodesk, Inc. |  |  |
| 5.30%, 06/15/35 | 1980 | 1983 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/34 (d) | 2810 | 2856 |
| Oracle Corporation |  |  |
| 4.30%, 07/08/34 | 2910 | 2591 |
| 4.13%, 05/15/45 | 1600 | 1110 |
| 6.85%, 02/04/66 | 1110 | 1021 |
| Salesforce, Inc. |  |  |
| 5.55%, 03/15/36 | 2660 | 2653 |
| 2.70%, 07/15/41 | 2820 | 1923 |
| 6.55%, 03/15/56 | 3860 | 3874 |
|  |  | 18989 |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| Augusta SpinCo Corporation |  |  |
| 4.95%, 03/23/33 | 2302 | 2299 |
| Cencora, Inc. |  |  |
| 4.90%, 02/13/36 | 1333 | 1306 |
| Eli Lilly and Company |  |  |
| 4.90%, 10/15/35 | 3057 | 3058 |
| Humana Inc. |  |  |
| 6.63%, 09/15/56 | 3350 | 3219 |
| Mars, Incorporated |  |  |
| 3.74%, 10/11/27 (i) (j) | 1200 | 1187 |
| Royalty Pharma PLC |  |  |
| 3.30%, 09/02/40 | 3660 | 2776 |
|  |  | 13845 |
| **Energy 0.9%** | **Energy 0.9%** | **Energy 0.9%** |
| Energy Transfer LP |  |  |
| 6.50%, (100, 08/15/26) (e) | 565 | 564 |
| 7.13%, (100, 05/15/30) (e) | 2573 | 2605 |
| Kodiak Gas Services, LLC |  |  |
| 5.88%, 04/01/31 (d) | 1838 | 1849 |
| Phillips 66 |  |  |
| 5.88%, 03/15/56 | 2575 | 2539 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (d) (e) | 1828 | 1851 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.13%, 12/15/30 (d) | 1112 | 1143 |
| 6.50%, 01/15/34 (d) | 1314 | 1370 |
|  |  | 11921 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| FIBRA Prologis |  |  |
| 5.50%, 11/26/35 (d) | 370 | 357 |
| National Health Investors, Inc. |  |  |
| 5.35%, 02/01/33 | 1855 | 1822 |
| Realty Income Corporation |  |  |
| 4.75%, 04/15/33 | 1659 | 1645 |
| VICI Properties Inc. |  |  |
| 3.75%, 02/15/27 (d) | 1679 | 1666 |
|  |  | 5490 |
| Total Corporate Bonds And Notes (cost $373,947) | Total Corporate Bonds And Notes (cost $373,947) | 372698 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.3%** |
| ALA Trust 2025-OANA |  |  |
| Series 2025-A-OANA, REMIC, 5.42%, (1 Month Term SOFR + 1.74%), 06/15/27 (c) | 1100 | 1103 |
| Series 2025-B-OANA, REMIC, 5.51%, (1 Month Term SOFR + 1.84%), 06/15/27 (c) | 1470 | 1474 |
| American Airlines, Inc. |  |  |
| Series 2016-AA-2, 3.20%, 06/15/28 | 3382 | 3294 |
| Angel Oak Mortgage Trust 2025-13 |  |  |
| Series 2025-A1-13, REMIC, 4.93%, 10/25/29 (k) | 2564 | 2546 |
| ARDN 2025-ARCP Mortgage Trust |  |  |
| Series 2025-A-ARCP, REMIC, 5.42%, (1 Month Term SOFR + 1.75%), 06/15/27 (c) | 2839 | 2827 |
| ARES Commercial Mortgage Trust 2026-GCP |  |  |
| Series 2026-A-GCP, 4.92%, (1 Month Term SOFR + 1.25%), 02/16/43 (c) | 3429 | 3419 |
| Atlas Senior Loan Fund XXII, Ltd. |  |  |
| Series 2023-A1R-22A, 4.99%, (3 Month Term SOFR + 1.30%), 04/20/39 (c) | 4470 | 4470 |
| Bain Capital CLO 2024-1 Ltd. |  |  |
| Series 2024-BR-1A, 5.28%, (3 Month Term SOFR + 1.60%), 04/16/39 (c) | 2000 | 2002 |
| Bank 2017-Bnk5 |  |  |
| Series 2017-AS-BNK5, REMIC, 3.62%, 06/17/27 | 2286 | 2239 |
| Barings CLO Ltd. 2025-III |  |  |
| Series 2025-B-3A, 5.32%, (3 Month Term SOFR + 1.65%), 03/31/38 (c) | 5000 | 5000 |
| BX Commercial Mortgage Trust 2026-CSMO |  |  |
| Series 2026-A-CSMO, REMIC, 5.07%, (1 Month Term SOFR + 1.40%), 02/15/31 (c) | 3110 | 3109 |
| BX Trust 2025-DELC |  |  |
| Series 2025-A-DELC, REMIC, 5.22%, (1 Month Term SOFR + 1.55%), 12/15/27 (c) | 1654 | 1654 |
| Castlelake Aircraft Structured Trust 2026-1 |  |  |
| Series 2026-A-1A, 5.07%, 03/15/33 (k) | 2007 | 1989 |
| CIM Trust 2021-J2 |  |  |
| Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (c) | 4491 | 3723 |
| Compass Datacenters Issuer II, LLC |  |  |
| Series 2025-A1-2A, 4.93%, 11/25/30 | 2535 | 2511 |
| Consolidated Communications LLC/Fidium Fiber Finan |  |  |
| Series 2025-A2-4A, 5.52%, 12/20/55 | 2641 | 2670 |
| CSMC 2017-HL1 Trust |  |  |
| Series 2017-A1-HL1, REMIC, 3.50%, 05/25/39 (c) | 318 | 289 |
| DataBank Issuer II LLC |  |  |
| Series 2025-A2-1A, 5.18%, 10/25/28 | 1845 | 1809 |
| Databank Issuer, LLC |  |  |
| Series 2026-A2-1A, REMIC, 5.81%, 02/25/31 | 2895 | 2850 |
| DB Master Finance LLC |  |  |
| Series 2025-A2I-1A, 4.89%, 11/20/30 | 999 | 998 |
| Series 2025-A2II-1A, 5.17%, 11/22/32 | 1225 | 1222 |
| Diameter Capital CLO 12 Ltd. |  |  |
| Series 2025-A-12A, 5.16%, (3 Month Term SOFR + 1.24%), 10/20/38 (c) | 2850 | 2845 |
| Extended Stay America Trust 2025-ESH |  |  |
| Series 2025-A-ESH, REMIC, 4.97%, (1 Month Term SOFR + 1.30%), 10/15/30 (c) | 1175 | 1175 |
| Flexential Issuer 2021-1 |  |  |
| Series 2025-A2-1A, 6.03%, 10/25/30 | 2767 | 2756 |
| Garnet CLO 2 Ltd. |  |  |
| Series 2025-A-2A, 5.50%, (3 Month Term SOFR + 1.35%), 10/20/38 (c) | 3500 | 3497 |
| GM Financial Consumer Automobile Receivables Trust 2022-2 |  |  |
| Series 2022-B-2, 3.77%, 04/17/28 | 3441 | 3439 |
| Grace Trust |  |  |
| Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30 | 5550 | 4952 |
| GreatAmerica Financial Services Corporation |  |  |
| Series 2025-A2-2, 4.22%, 11/15/27 | 2041 | 2048 |
| Hilton Grand Vacations Trust 2020-A |  |  |
| Series 2020-A-AA, 2.74%, 02/25/39 | 533 | 525 |
| HOMES 2026-NQM1 Trust |  |  |
| Series 2026-A1-NQM1, REMIC, 4.80%, 09/25/70 (k) | 1180 | 1169 |
| Houston Galleria Mall Trust 2025-HGLR |  |  |
| Series 2025-A-HGLR, REMIC, 5.64%, 02/07/35 (c) | 3137 | 3192 |

---

528

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| HPEFS Equipment Trust 2025-1 |  |  |
| Series 2025-A3-1A, 4.43%, 11/22/27 | 2955 | 2969 |
| Hyundai Auto Lease Securitization Trust 2024-C |  |  |
| Series 2024-A3-C, 4.62%, 02/16/27 | 1700 | 1705 |
| Hyundai Auto Lease Securitization Trust 2026-A |  |  |
| Series 2026-A3-A, 3.97%, 04/17/28 | 2991 | 2982 |
| J.P. Morgan Mortgage Acquisition Corp. |  |  |
| Series 2016-2A1-3, REMIC, 2.92%, 01/25/29 (c) (l) | 221 | 209 |
| J.P. Morgan Mortgage Trust 2022-4 |  |  |
| Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (c) | 4510 | 3897 |
| J.P. Morgan Mortgage Trust 2025-NQM1 |  |  |
| Series 2025-A1-NQM4, REMIC, 4.95%, 10/25/29 (c) (k) | 3289 | 3268 |
| J.P. Morgan Mortgage Trust 2026-NQX1 |  |  |
| Series 2026-A1-NQX1, REMIC, 5.50%, 07/25/66 (c) | 1993 | 1993 |
| JPMorgan Chase & Co. |  |  |
| Series 2014-A1-5, REMIC, 2.53%, 10/25/26 (c) | 54 | 54 |
| LEX 2024-BBG Mortgage Trust |  |  |
| Series 2024-A-BBG, REMIC, 5.04%, 10/13/33 (c) | 2500 | 2484 |
| M&T Equipment (2025-LEAF1), LLC |  |  |
| Series 2025-A2-1A, 4.70%, 12/16/27 | 4113 | 4128 |
| Manhattan West 2020-1MW Mortgage Trust |  |  |
| Series 2020-A-OMW, REMIC, 2.13%, 09/10/27 | 1843 | 1774 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2026-A2-1A, 5.27%, 04/20/31 | 2921 | 2922 |
| Series 2025-A2-4A, 5.16%, 12/22/55 | 1848 | 1838 |
| MLTI Trust 2026-SF75 |  |  |
| Series 2026-A-SF75, REMIC, 5.07%, (1 Month Term SOFR + 1.40%), 03/15/28 (c) | 3377 | 3360 |
| Morgan Stanley Residential Mortgage Loan Trust 2026-NQM3 |  |  |
| Series 2026-A1-NQM3, REMIC, 5.21%, 03/25/71 (c) | 3023 | 3014 |
| MVW 2024-2 LLC |  |  |
| Series 2024-A-2A, 4.43%, 03/20/42 | 4410 | 4408 |
| NYC Commercial Mortgage Trust 2025-3BP |  |  |
| Series 2025-A-77C, REMIC, 4.95%, 01/10/31 (c) | 1051 | 1039 |
| NYC Commercial Mortgage Trust 2026-7W34 |  |  |
| Series 2026-A-1PARK, REMIC, 4.92%, (1 Month Term SOFR + 1.25%), 02/15/28 (c) | 1534 | 1528 |
| OBX 2025-NQM11 Trust |  |  |
| Series 2025-A1-NQM11, REMIC, 5.42%, 05/25/65 (k) | 1990 | 1994 |
| OBX 2025-NQM13 Trust |  |  |
| Series 2025-A1-NQM13, REMIC, 5.44%, 05/25/65 (k) | 2782 | 2788 |
| OBX 2025-NQM20 Trust |  |  |
| Series 2025-A1-NQM20, REMIC, 5.02%, 10/25/65 (c) (k) | 2282 | 2273 |
| OBX 2026-NQM2 Trust |  |  |
| Series 2026-A1-NQM2, REMIC, 4.82%, 01/25/30 (c) (k) | 2544 | 2523 |
| OBX 2026-NQM5 Trust |  |  |
| Series 2026-A1-NQM5, 5.32%, 03/25/30 (c) | 2390 | 2390 |
| OHA Credit Funding 5 Ltd. |  |  |
| Series 2026-A1-25A, 0.00%, (3 Month Term SOFR + 1.13%), 04/20/38 (c) | 2000 | 1999 |
| PK Alift Loan Funding 7 LP |  |  |
| Series 2025-A-2, 4.75%, 02/17/32 | 1356 | 1341 |
| QTS Issuer ABS I LLC |  |  |
| Series 2025-A2-1A, 5.44%, 05/28/30 | 2850 | 2830 |
| QTS Issuer ABS II LLC |  |  |
| Series 2026-A2-5A, 6.18%, 03/06/56 | 2557 | 2557 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2024-A2-1A, 4.99%, 09/15/29 | 2800 | 2770 |
| RIDE 2025-SHRE |  |  |
| Series 2025-A-SHRE, REMIC, 5.62%, 02/14/30 (c) | 1340 | 1358 |
| Series 2025-B-SHRE, REMIC, 6.02%, 02/14/30 (c) | 660 | 672 |
| SBNA Auto Lease Trust 2024-C |  |  |
| Series 2024-A3-C, 4.56%, 02/22/28 | 1374 | 1376 |
| Sequoia Mortgage Trust 2020-4 |  |  |
| Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (c) | 2271 | 1890 |
| Shentel Issuer LLC |  |  |
| Series 2025-A2-1A, 5.64%, 12/01/55 | 981 | 986 |
| Silver Point CLO 12 Ltd. |  |  |
| Series 2025-A1-12A, 5.29%, (3 Month Term SOFR + 1.31%), 10/15/38 (c) | 5000 | 4996 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-B |  |  |
| Series 2025-A3-BA, 4.27%, 11/22/27 | 3625 | 3636 |
| VTR Commercial Mortgage Trust 2025-STEM |  |  |
| Series 2025-B-STEM, 5.50%, 10/15/29 (c) | 900 | 887 |
| Wells Fargo Mortgage Backed Securities Trust |  |  |
| Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (c) | 892 | 772 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $163,218) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $163,218) | 160406 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.7%** | **SENIOR FLOATING RATE INSTRUMENTS 0.7%** | **SENIOR FLOATING RATE INSTRUMENTS 0.7%** |
| **Financials 0.5%** | **Financials 0.5%** | **Financials 0.5%** |
| Hudson River Trading LLC |  |  |
| 2026 Repriced Term Loan B, 6.18%, (1 Month Term SOFR + 2.50%), 03/18/30 (c) | 2485 | 2472 |
| Jane Street Group, LLC |  |  |
| 2024 Term Loan B1, 5.67%, (3 Month Term SOFR + 2.00%), 12/10/31 (c) | 4035 | 3957 |
|  |  | 6429 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Stonepeak Bayou Holdings LP |  |  |
| Term Loan B, 6.42%, (3 Month Term SOFR + 2.75%), 09/24/32 (c) | 1826 | 1768 |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| VistaJet Malta Finance P.L.C. |  |  |
| 2025 Term Loan B, 7.41%, (3 Month Term SOFR + 3.75%), 03/27/31 (c) | 1493 | 1475 |
| Total Senior Floating Rate Instruments (cost $9,953) | Total Senior Floating Rate Instruments (cost $9,953) | 9672 |
| **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** |
| **Investment Companies 1.7%** | **Investment Companies 1.7%** | **Investment Companies 1.7%** |
| JNL Government Money Market Fund - Class I, 3.53% (m) (n) | 22576 | 22576 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (m) (n) | 1701 | 1701 |
| Total Short Term Investments (cost $24,277) | Total Short Term Investments (cost $24,277) | 24277 |
| **Total Investments 100.2% (cost $1,348,739)** | **Total Investments 100.2% (cost $1,348,739)** | **1307502** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (54) |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(2092)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1305356** |

---

529

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

(a) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $7,456.

(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 March 31, 2026. 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) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $156,365 and 12.0% of the Fund.

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

(f) Convertible security.

(g) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

(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 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.

(k) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2026.

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

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 21501 | 157276 | 156201 | 172 |  |  | 22576 | 1.7 |
| JNL Government Money Market Fund, 3.63% - Class SL | 1838 | 13233 | 13370 | 26 |  |  | 1701 | 0.2 |
|  | 23339 | 170509 | 169571 | 198 |  |  | 24277 | 1.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 1187 | 0.1 |
| Morgan Stanley Bank, N.A., 4.52%, 05/26/28 | 05/28/24 | 2005 | 2007 | 0.1 |
|  |  | 3205 | 3194 | 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 10 Year Note | 124 | June 2026 | 13792 | 20 | (22) |
| United States 2 Year Note | 519 | July 2026 | 108338 | 45 | (673) |
| United States 5 Year Note | 141 | July 2026 | 15241 | 20 | 12 |
| United States Ultra Bond | 83 | June 2026 | 9671 | 13 | 3 |
|  |  |  |  | 98 | (680) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (305) | June 2026 | (34902) | (91) | 279 |
| United States Long Bond | (153) | June 2026 | (17649) | (61) | 227 |
|  |  |  |  | (152) | 506 |

---

**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 March 31, 2026.

530

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 740449 |  | 740449 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 367572 | 5126 | 372698 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 160406 |  | 160406 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 9672 |  | 9672 |
| &nbsp;&nbsp;Short Term Investments | 24277 |  |  | 24277 |
|  | 24277 | 1278099 | 5126 | 1307502 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 521 |  |  | 521 |
|  | 521 |  |  | 521 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (695) |  |  | (695) |
|  | (695) |  |  | (695) |

---

<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.

531

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 19.9%** | **Industrials 19.9%** | **Industrials 19.9%** |
| A. O. Smith Corporation | 10 | 687 |
| AAON, Inc. |  | 36 |
| AAR Corp. (a) | 3 | 319 |
| ABM Industries Incorporated | 7 | 272 |
| ACCO Brands Corporation | 8 | 25 |
| Acuity Brands, Inc. | 3 | 744 |
| Advanced Drainage Systems, Inc. | 4 | 490 |
| Air Lease Corporation - Class A | 11 | 725 |
| Alamo Group Inc. | 1 | 157 |
| Alaska Air Group, Inc. (a) | 14 | 524 |
| Albany International Corp. - Class A | 4 | 193 |
| Alight, Inc. - Class A | 117 | 68 |
| Allegiant Travel Company (a) | 3 | 211 |
| Allegion Public Limited Company | 1 | 142 |
| Allison Systems, Inc. | 8 | 936 |
| Amentum Holdings, Inc. (a) | 7 | 180 |
| American Airlines Group Inc. (a) | 19 | 204 |
| American Woodmark Corporation (a) | 2 | 82 |
| API Group Corporation (a) | 11 | 445 |
| Apogee Enterprises, Inc. | 3 | 108 |
| Applied Industrial Technologies, Inc. | 2 | 465 |
| Arcbest Corporation | 5 | 463 |
| Arcosa, Inc. | 4 | 376 |
| Armstrong World Industries, Inc. | 2 | 252 |
| Astec Industries, Inc. | 2 | 115 |
| ATI Inc. (a) | 4 | 523 |
| Atkore Inc. | 6 | 368 |
| Axon Enterprise, Inc. (a) |  | 194 |
| AZZ Inc. |  | 41 |
| BlueLinx Holdings Inc. (a) | 1 | 75 |
| Boise Cascade Company | 5 | 393 |
| Booz Allen Hamilton Holding Corporation - Class A | 10 | 755 |
| Brady Corporation - Class A | 3 | 205 |
| BrightView Holdings, Inc. (a) | 9 | 108 |
| Brink's Company, The | 3 | 281 |
| Broadridge Financial Solutions, Inc. | 4 | 603 |
| BWXT Government Group, Inc. | 2 | 441 |
| CACI International Inc. - Class A (a) | 1 | 813 |
| Carpenter Technology Corporation | 1 | 400 |
| CBIZ, Inc. (a) | 5 | 123 |
| Chart Industries, Inc. (a) | 2 | 321 |
| Cimpress Public Limited Company (a) |  | 37 |
| Clarivate PLC (a) | 69 | 174 |
| Clean Harbors, Inc. (a) | 2 | 579 |
| Comfort Systems USA, Inc. | 1 | 702 |
| Concentrix Corporation | 12 | 321 |
| Conduent Incorporated (a) | 10 | 13 |
| Copart, Inc. (a) | 19 | 646 |
| Core & Main, Inc. - Class A (a) | 8 | 372 |
| CoreCivic, Inc. (a) | 14 | 262 |
| Costamare Inc. | 2 | 27 |
| Crane Company | 2 | 321 |
| CSG Systems International, Inc. | 3 | 237 |
| Curtiss-Wright Corporation | 1 | 766 |
| Deluxe Corporation | 5 | 139 |
| DNOW Inc. (a) | 21 | 248 |
| Donaldson Company, Inc. | 7 | 553 |
| Dycom Industries, Inc. (a) | 1 | 451 |
| EMCOR Group, Inc. | 1 | 1028 |
| EnerSys | 3 | 609 |
| Enpro Inc. | 1 | 248 |
| Equifax Inc. | 4 | 726 |
| ESAB Corporation | 3 | 278 |
| Everus Construction Group, Inc. (a) | 5 | 539 |
| ExlService Holdings, Inc. (a) | 7 | 218 |
| Federal Signal Corporation | 2 | 237 |
| Flowserve Corporation | 8 | 597 |
| Fluor Corporation (a) | 15 | 707 |
| Fortune Brands Innovations, Inc. | 17 | 682 |
| Forward Air Corporation (a) | 7 | 110 |
| Franklin Electric Co., Inc. | 3 | 259 |
| FTAI Aviation Ltd. | 1 | 319 |
| FTI Consulting, Inc. (a) | 3 | 532 |
| Gates Industrial Corporation PLC (a) | 24 | 533 |
| GATX Corporation | 2 | 388 |
| Generac Holdings Inc. (a) | 4 | 745 |
| Genpact Limited | 17 | 625 |
| GEO Group, Inc., The (a) | 17 | 292 |
| Gibraltar Industries, Inc. (a) | 4 | 143 |
| Global Industrial Company | 2 | 48 |
| Global Ship Lease, Inc. - Class A | 1 | 42 |
| Graco Inc. | 7 | 612 |
| GrafTech International Ltd. (a) | 3 | 22 |
| Granite Construction Incorporated | 3 | 363 |
| Greenbrier Companies, Inc., The | 6 | 290 |
| Griffon Corporation | 3 | 209 |
| GXO Logistics Inc. (a) | 13 | 651 |
| Hayward Holdings, Inc. (a) | 12 | 162 |
| Healthcare Services Group, Inc. (a) | 10 | 178 |
| HEICO Corporation | 1 | 404 |
| Herc Holdings Inc. | 3 | 317 |
| Hexcel Corporation | 6 | 446 |
| HNI Corporation | 7 | 245 |
| Hub Group, Inc. - Class A | 8 | 272 |
| Hubbell Incorporated | 2 | 1015 |
| Hyster-Yale, Inc. - Class A | 1 | 25 |
| ICF International, Inc. | 2 | 139 |
| IDEX Corporation | 4 | 852 |
| IES Holdings, Inc. (a) |  | 28 |
| Insperity, Inc. | 5 | 147 |
| ITT Inc. | 4 | 763 |
| JBT Marel Corporation | 2 | 209 |
| JELD-WEN Holding, Inc. (a) | 19 | 23 |
| JetBlue Airways Corporation (a) | 80 | 355 |
| KBR, Inc. | 12 | 460 |
| Kelly Services, Inc. - Class A | 5 | 41 |
| Kennametal Inc. | 11 | 404 |
| Kforce Inc. | 2 | 72 |
| Kirby Corporation (a) | 4 | 574 |
| Korn Ferry | 5 | 343 |
| Landstar System, Inc. | 5 | 850 |
| Lennox International Inc. | 1 | 453 |
| Leonardo DRS, Inc. | 3 | 113 |
| Lincoln Electric Holdings, Inc. | 3 | 700 |
| Lyft, Inc. - Class A (a) | 29 | 384 |
| Manitowoc Company, Inc., The (a) | 3 | 37 |
| Marten Transport, Ltd. | 9 | 115 |
| MasTec, Inc. (a) | 3 | 981 |
| Masterbrand, Inc. (a) | 16 | 137 |
| Matson Intermodal - Paragon, Inc. | 5 | 848 |
| Maximus, Inc. | 7 | 434 |
| McGrath RentCorp |  | 42 |
| Mercury Systems, Inc. (a) | 3 | 251 |
| Middleby Corporation, The (a) | 4 | 596 |
| Millerknoll, Inc. | 7 | 106 |
| Mine Safety Appliances Company, LLC | 2 | 274 |
| Modine Manufacturing Company (a) | 2 | 341 |
| MOOG Inc. - Class A | 2 | 534 |
| MSC Industrial Direct Co., Inc. - Class A | 6 | 563 |
| Mueller Industries, Inc. | 6 | 696 |
| Mueller Water Products, Inc. - Class A | 8 | 209 |
| MYR Group Inc. (a) | 1 | 317 |
| NextPower LLC - Class A (a) | 1 | 67 |
| Nordson Corporation | 3 | 694 |
| Nvent Electric Public Limited Company | 8 | 893 |
| Openlane, Inc. (a) | 9 | 249 |
| Oshkosh Corporation | 8 | 1209 |
| Parsons Corporation (a) | 3 | 184 |
| Paycom Software, Inc. | 2 | 223 |
| Pentair Public Limited Company | 8 | 693 |
| Plug Power Inc. (a) | 146 | 331 |
| Primoris Services Corporation | 3 | 427 |
| Qxo, Inc. (a) | 2 | 41 |
| RBC Bearings Incorporated (a) | 1 | 348 |
| Regal Rexnord Corporation | 7 | 1275 |
| Resideo Technologies, Inc. (a) | 16 | 537 |

---

532

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rollins, Inc. | 6 | 345 |
| Rush Enterprises, Inc. - Class A | 8 | 512 |
| RXO Inc (a) | 24 | 358 |
| Saia, Inc. (a) | 1 | 518 |
| Schneider National, Inc. - Class B | 9 | 232 |
| Science Applications International Corporation | 7 | 631 |
| Sensata Technologies Holding PLC | 21 | 751 |
| Simpson Manufacturing Co., Inc. | 2 | 415 |
| SiteOne Landscape Supply, Inc. (a) | 3 | 363 |
| SkyWest, Inc. (a) | 4 | 358 |
| SPX Technologies, Inc. (a) | 1 | 192 |
| StandardAero, Inc. (a) | 3 | 81 |
| Sunrun Inc. (a) | 23 | 314 |
| Terex Corporation | 13 | 746 |
| Tetra Tech, Inc. | 12 | 369 |
| TIC Solutions, Inc. (a) (b) | 4 | 28 |
| Timken Company, The | 8 | 756 |
| Titan Machinery Inc. (a) | 3 | 46 |
| Toro Company, The | 8 | 791 |
| TransUnion | 8 | 539 |
| Trex Company, Inc. (a) | 7 | 250 |
| Trinet Group, Inc. | 5 | 187 |
| Trinity Industries, Inc. | 8 | 266 |
| TrueBlue, Inc. (a) | 2 | 9 |
| TTEC Holdings, Inc. (a) (b) | 6 | 14 |
| Tutor Perini Corporation | 5 | 349 |
| UFP Industries, Inc. | 6 | 517 |
| U-Haul Holding Company - Series N | 7 | 315 |
| UL Solutions Inc. - Class A | 1 | 128 |
| Unifirst Corporation | 2 | 422 |
| V2X, Inc. (a) | 2 | 155 |
| Valmont Industries, Inc. | 1 | 492 |
| Veralto Corporation | 7 | 656 |
| Verisk Analytics, Inc. | 5 | 890 |
| Vertiv Holdings Co - Class A | 3 | 819 |
| Vestis Corporation (a) | 27 | 209 |
| Wabash National Corporation | 9 | 79 |
| Watsco, Inc. | 2 | 784 |
| Watts Water Technologies, Inc. - Class A | 1 | 333 |
| Werner Enterprises, Inc. | 14 | 422 |
| Willscot Holdings Corporation - Class A | 27 | 469 |
| Woodward, Inc. | 2 | 781 |
| Worthington Industries, Inc. | 2 | 125 |
| XPO, Inc. (a) | 3 | 570 |
| Zurn Elkay Water Solutions Corporation | 5 | 234 |
| | | 73209 |
| **Financials 15.6%** | **Financials 15.6%** | **Financials 15.6%** |
| Adamas Trust, Inc. | 9 | 67 |
| Affiliated Managers Group, Inc. | 3 | 797 |
| AGNC Investment Corp. (b) | 84 | 841 |
| Ameris Bancorp | 5 | 373 |
| Apollo Commercial Real Estate Finance, Inc. | 15 | 156 |
| Arbor Realty Trust, Inc. | 39 | 300 |
| Ares Management Corporation - Class A | 3 | 367 |
| Artisan Partners Asset Management Inc. - Class A | 6 | 235 |
| Associated Banc-Corp | 18 | 461 |
| Assurant, Inc. | 4 | 801 |
| Assured Guaranty Ltd. | 1 | 84 |
| Atlantic Union Bank | 10 | 349 |
| AXIS Capital Holdings Limited | 2 | 159 |
| Axos Financial, Inc. (a) | 3 | 225 |
| B. Riley & Co., LLC (a) | 9 | 69 |
| Bank of Hawaii Corporation | 3 | 256 |
| Bank OZK | 13 | 588 |
| BankUnited, Inc. | 12 | 526 |
| Banner Corporation | 3 | 192 |
| BGC Group, Inc. - Class A | 17 | 170 |
| Blackstone Mortgage Trust, Inc. - Class A | 20 | 383 |
| Blue Owl Capital Inc. - Class A (b) | 6 | 52 |
| BOK Financial Corporation | 2 | 292 |
| Bread Financial Payments, Inc. | 10 | 741 |
| Brighthouse Financial, Inc. (a) | 6 | 378 |
| Brightsphere Investment Group Inc. | 3 | 176 |
| BrightSpire Capital, Inc - Class A | 10 | 57 |
| Brown & Brown, Inc. | 8 | 553 |
| Cathay General Bancorp | 6 | 276 |
| CBOE Global Markets, Inc. | 1 | 230 |
| Central Bancompany, Inc. - Class A |  | 7 |
| Chimera Investment Corporation | 9 | 110 |
| Claros Mortgage Trust, Inc. (a) | 8 | 20 |
| CNO Financial Group, Inc. | 9 | 384 |
| Cohen & Steers, Inc. | 2 | 102 |
| Coinbase Global, Inc. - Class A (a) | 2 | 312 |
| Columbia Banking System, Inc. | 26 | 718 |
| Columbia Financial, Inc. (a) | 1 | 25 |
| Commerce Bancshares, Inc. | 7 | 356 |
| Community Financial System, Inc. | 3 | 205 |
| Credit Acceptance Corporation (a) | 1 | 296 |
| Cullen/Frost Bankers, Inc. | 4 | 523 |
| CVB Financial Corp. | 11 | 223 |
| DigitalBridge Group, Inc. - Class A | 23 | 355 |
| Eagle Bancorp, Inc. | 6 | 143 |
| East West Bancorp, Inc. | 9 | 954 |
| Eastern Bankshares, Inc. | 13 | 247 |
| Employers Holdings, Inc. | 3 | 109 |
| Enact Holdings, Inc. | 3 | 126 |
| Encore Capital Group, Inc. (a) | 4 | 254 |
| Enova International, Inc. (a) | 2 | 325 |
| Equitable Holdings, Inc. | 21 | 764 |
| Erie Indemnity Company - Class A | 1 | 243 |
| Essent Group Ltd. | 9 | 501 |
| Euronet Worldwide, Inc. (a) | 5 | 359 |
| Evercore Inc. - Class A | 3 | 835 |
| F&G Annuities & Life, Inc. | 2 | 59 |
| F.N.B. Corporation | 40 | 674 |
| FactSet Research Systems Inc. | 2 | 439 |
| Federated Hermes, Inc. - Class B | 8 | 458 |
| Fidelis Insurance Holdings Limited | 1 | 26 |
| First Bancorp | 4 | 80 |
| First Financial Bancorp. | 7 | 186 |
| First Financial Bankshares, Inc. | 5 | 156 |
| First Hawaiian, Inc. | 14 | 345 |
| First Horizon Corporation | 46 | 1037 |
| First Interstate BancSystem, Inc. - Class A | 12 | 388 |
| First Merchants Corporation | 4 | 150 |
| FirstCash, Inc. | 3 | 483 |
| Flagstar Bank, National Association | 62 | 813 |
| Fulton Financial Corporation | 17 | 348 |
| Genworth Financial, Inc. - Class A (a) | 78 | 632 |
| Glacier Bancorp, Inc. | 8 | 369 |
| Globe Life Inc. | 5 | 766 |
| Hamilton Insurance Group, Ltd. - Class B | 1 | 27 |
| Hancock Whitney Corporation | 8 | 481 |
| Hanover Insurance Group Inc, The | 3 | 538 |
| Hilltop Holdings Inc. | 5 | 189 |
| Home BancShares, Inc. | 14 | 387 |
| Hope Bancorp, Inc. | 12 | 140 |
| Houlihan Lokey, Inc. - Class A | 2 | 312 |
| Independent Bank Corp. | 4 | 319 |
| Interactive Brokers Group, Inc. - Class A | 3 | 181 |
| International Bancshares Corporation | 3 | 217 |
| Jack Henry & Associates, Inc. | 4 | 626 |
| Jackson Financial Inc. - Class A (c) | 8 | 869 |
| Janus Henderson Group PLC | 13 | 693 |
| KKR Real Estate Finance Trust Inc. | 9 | 53 |
| Ladder Capital Corp - Class A | 10 | 98 |
| Loandepot, Inc. - Class A (a) (b) | 30 | 43 |
| LPL Financial Holdings Inc. | 3 | 843 |
| MarketAxess Holdings Inc. | 2 | 256 |
| Mercury General Corporation | 2 | 213 |
| MFA Financial, Inc. | 18 | 177 |
| MGIC Investment Corporation | 28 | 742 |
| Moelis & Company - Class A | 6 | 340 |
| Morningstar, Inc. | 1 | 169 |
| MSCI Inc. - Class A | 1 | 779 |
| Navient Corporation | 11 | 92 |
| NCR Atleos Corporation (a) | 7 | 286 |
| Nelnet, Inc. - Class A | 1 | 134 |
| NMI Holdings, Inc. - Class A (a) | 5 | 196 |

---

533

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Northwest Bancshares, Inc. | 12 | 158 |
| OceanFirst Financial Corp. | 6 | 99 |
| OFG Bancorp | 1 | 45 |
| Old National Bancorp | 26 | 580 |
| Paysafe Limited (a) | 3 | 24 |
| PennyMac Financial Services, Inc. | 4 | 375 |
| PennyMac Mortgage Investment Trust | 14 | 162 |
| Pinnacle Financial Partners, Inc. | 10 | 862 |
| Piper Sandler Companies | 4 | 273 |
| PJT Partners Inc. - Class A |  | 28 |
| Popular, Inc. | 2 | 223 |
| PRA Group, Inc. (a) | 4 | 67 |
| Primerica, Inc. | 2 | 562 |
| PROG Holdings, Inc. | 6 | 174 |
| Prosperity Bancshares, Inc. | 10 | 703 |
| Provident Financial Services, Inc. | 10 | 202 |
| Radian Group Inc. | 15 | 491 |
| Ready Capital Corporation | 33 | 54 |
| RenaissanceRe Holdings Ltd. | 1 | 243 |
| Renasant Corporation | 7 | 238 |
| RITHM Capital Corp. | 78 | 742 |
| RLI Corp. | 5 | 299 |
| Robinhood Markets, Inc. - Class A (a) | 7 | 491 |
| SEI Investments Company | 9 | 683 |
| Selective Insurance Group, Inc. | 5 | 369 |
| Simmons First National Corporation - Class A | 13 | 261 |
| SiriusPoint Ltd. (a) | 2 | 41 |
| SLM Corporation | 31 | 658 |
| SoFi Technologies, Inc. (a) | 17 | 267 |
| Southstate Bank Corporation | 7 | 670 |
| Starwood Property Trust, Inc. (b) | 44 | 761 |
| Stewart Information Services Corporation | 3 | 163 |
| Stifel Financial Corp. | 8 | 601 |
| StoneX Group Inc. (a) | 7 | 593 |
| Texas Capital Bancshares, Inc. (a) | 3 | 300 |
| TFS Financial Corporation (b) | 3 | 40 |
| Toast, Inc. - Class A (a) | 7 | 197 |
| TowneBank | 4 | 142 |
| TPG Inc. - Class A | 3 | 134 |
| Tradeweb Markets Inc. - Class A | 2 | 286 |
| Trustmark Corporation | 4 | 185 |
| Two Harbors Investment Corp. | 12 | 142 |
| UMB Financial Corporation | 3 | 327 |
| United Bankshares, Inc. | 11 | 450 |
| United Community Banks, Inc. | 10 | 309 |
| UWM Holdings Corporation - Class A | 6 | 20 |
| Valley National Bancorp | 57 | 706 |
| Victory Capital Holdings, Inc. - Class A | 3 | 189 |
| Virtu Financial, Inc. - Class A | 9 | 412 |
| Voya Financial, Inc. | 8 | 557 |
| WAFD, Inc. | 7 | 236 |
| Walker & Dunlop, Inc. | 3 | 148 |
| Webster Financial Corporation | 16 | 1081 |
| WesBanco, Inc. | 7 | 252 |
| Western Alliance Bancorporation | 8 | 552 |
| Western Union Company, The (b) | 101 | 885 |
| Wex, Inc. (a) | 3 | 417 |
| White Mountains Insurance Group Ltd. |  | 554 |
| Wintrust Financial Corporation | 4 | 581 |
| World Acceptance Corporation (a) | 1 | 70 |
| WSFS Financial Corporation | 5 | 302 |
| Zurich American Corporation | 10 | 308 |
| | | 57403 |
| **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** | **Consumer Discretionary 13.8%** |
| 1-800-Flowers.com, Inc. - Class A (a) (b) | 11 | 33 |
| Abercrombie & Fitch Co. - Class A (a) | 5 | 420 |
| Academy Sports & Outdoors, Inc. | 14 | 807 |
| Acushnet Holdings Corp. | 2 | 226 |
| Adient Public Limited Company (a) | 17 | 336 |
| ADT, Inc. | 65 | 428 |
| American Eagle Outfitters, Inc. | 32 | 528 |
| Aramark | 17 | 696 |
| Asbury Automotive Group, Inc. (a) | 3 | 539 |
| AutoZone, Inc. (a) |  | 814 |
| Bath & Body Works, Inc. | 23 | 422 |
| Beazer Homes USA, Inc. (a) | 5 | 100 |
| Birkenstock Holding PLC (a) (b) | 2 | 59 |
| Bloomin' Brands, Inc. | 31 | 166 |
| Boot Barn Holdings, Inc. (a) |  | 41 |
| Boyd Gaming Corporation | 6 | 469 |
| Bright Horizons Family Solutions, Inc. (a) | 2 | 190 |
| Brightstar Lottery PLC | 11 | 137 |
| Brunswick Corporation | 12 | 900 |
| Burlington Stores, Inc. (a) | 2 | 608 |
| Caesars Entertainment, Inc. (a) | 39 | 1018 |
| Caleres, Inc. | 12 | 121 |
| Callaway Golf Company (a) | 32 | 441 |
| Camping World Holdings, Inc. - Class A | 5 | 32 |
| Capri Holdings Limited (a) | 37 | 652 |
| Carnival Corporation | 7 | 172 |
| Carter's, Inc. | 15 | 528 |
| Cavco Industries, Inc. (a) | 1 | 282 |
| Century Communities, Inc. | 5 | 274 |
| Chegg, Inc. (a) | 26 | 20 |
| Chewy, Inc. - Class A (a) | 1 | 37 |
| Choice Hotels International, Inc. (b) | 1 | 125 |
| Churchill Downs Incorporated | 3 | 264 |
| Columbia Sportswear Company | 6 | 341 |
| Coupang, Inc. - Class A (a) | 24 | 455 |
| Covista Inc. (a) | 3 | 331 |
| Cracker Barrel Old Country Store, Inc. | 8 | 230 |
| Cricut, Inc. - Class A (b) | 8 | 30 |
| Crocs, Inc. (a) | 7 | 552 |
| Dana Incorporated | 26 | 889 |
| Dauch Corporation (a) | 42 | 249 |
| Deckers Outdoor Corporation (a) | 8 | 803 |
| Designer Brands Inc. - Class A (b) | 16 | 89 |
| Dillard's, Inc. - Class A (b) |  | 180 |
| DK Crown Holdings Inc. - Class A (a) | 7 | 161 |
| Domino's Pizza, Inc. | 2 | 629 |
| DoorDash, Inc. - Class A (a) | 3 | 421 |
| Dorman Products, Inc. (a) | 2 | 177 |
| Dream Finders Homes, Inc. - Class A (a) | 1 | 13 |
| ETSY, Inc. (a) | 10 | 523 |
| Five Below, Inc. (a) | 3 | 620 |
| Floor & Decor Holdings, Inc. - Class A (a) | 5 | 268 |
| Fox Factory Holding Corp. (a) | 9 | 141 |
| GameStop Corp. - Class A (a) | 16 | 377 |
| Genesco Inc. (a) | 3 | 91 |
| Gentex Corporation | 32 | 708 |
| Gentherm Incorporated (a) | 4 | 108 |
| G-III Apparel Group, Ltd. | 6 | 180 |
| Gold.Com, Inc. | 4 | 168 |
| Gopro Inc. - Class A (a) (b) | 55 | 42 |
| Graham Holdings Co., Ltd. - Class B |  | 420 |
| Grand Canyon Education, Inc. (a) | 2 | 396 |
| Green Brick Partners, Inc. (a) | 3 | 174 |
| Group 1 Automotive, Inc. | 2 | 591 |
| H & R Block, Inc. | 7 | 232 |
| Harley-Davidson, Inc. | 27 | 538 |
| Hasbro, Inc. | 12 | 1169 |
| Helen of Troy Limited (a) | 11 | 163 |
| Hilton Grand Vacations Inc. (a) | 8 | 323 |
| Hyatt Hotels Corporation - Class A | 2 | 234 |
| Installed Building Products, Inc. | 1 | 244 |
| Jack in the Box Inc. (b) | 9 | 89 |
| KB Home | 12 | 616 |
| Kontoor Brands, Inc. | 3 | 244 |
| Laureate Education, Inc. - Class A (a) | 14 | 475 |
| La-Z-Boy Incorporated | 6 | 204 |
| LCI Industries | 4 | 499 |
| Leggett & Platt, Incorporated | 29 | 287 |
| Levi Strauss & Co. - Class A | 8 | 147 |
| LGI Homes, Inc. (a) | 5 | 190 |
| Life Time Group Holdings, Inc. (a) | 4 | 98 |
| Lucid Group, Inc. (a) (b) | 14 | 132 |
| M/I Homes, Inc. (a) | 4 | 445 |
| MarineMax, Inc. (a) | 5 | 125 |
| Marriott Vacations Worldwide Corporation | 7 | 468 |

---

534

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mattel, Inc. (a) | 31 | 456 |
| Matthews International Corporation - Class A | 3 | 84 |
| Meritage Homes Corporation | 13 | 781 |
| Monro, Inc. | 10 | 157 |
| Murphy USA Inc. | 2 | 1222 |
| National Vision Holdings, Inc. (a) | 10 | 247 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 3 | 269 |
| Oxford Industries, Inc. | 5 | 189 |
| Patrick Industries, Inc. | 3 | 362 |
| PE Mav Holdings, LLC (a) | 1 | 8 |
| PENN Entertainment, Inc. (a) | 37 | 556 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 33 | 93 |
| Phinia Inc. | 6 | 402 |
| Polaris Inc. | 17 | 920 |
| Pool Corporation | 2 | 492 |
| Red Rock Resorts, Inc. - Class A | 3 | 164 |
| RH (a) | 2 | 348 |
| Royal Caribbean Cruises Ltd. | 3 | 726 |
| Sally Beauty Holdings, Inc. (a) | 18 | 251 |
| Service Corporation International | 9 | 722 |
| SharkNinja, Inc. (a) | 3 | 302 |
| Signet Jewelers Limited | 7 | 632 |
| Six Flags Entertainment Corporation (a) (b) | 10 | 170 |
| Skyline Champion Corporation (a) | 4 | 286 |
| Sleep Number Corporation (a) (b) | 8 | 14 |
| Smith & Wesson Brands, Inc. | 9 | 128 |
| Somnigroup International Inc. | 7 | 519 |
| Sonic Automotive, Inc. - Class A | 3 | 210 |
| Sonos, Inc. (a) | 19 | 251 |
| Standard Motor Products, Inc. | 2 | 80 |
| Steven Madden, Ltd. | 12 | 420 |
| Strategic Education, Inc. | 2 | 200 |
| Stride, Inc. (a) | 2 | 189 |
| Sturm, Ruger & Company, Inc. | 2 | 91 |
| Super Group (SGHC) Limited | 2 | 27 |
| Taylor Morrison Home II Corporation - Class A (a) | 11 | 657 |
| Texas Roadhouse, Inc. - Class A | 3 | 509 |
| The Buckle, Inc. | 4 | 206 |
| TopBuild Corp. (a) | 2 | 530 |
| Travel + Leisure Co. | 7 | 515 |
| TRI Pointe Homes Holdings, Inc. (a) | 14 | 658 |
| Ulta Beauty, Inc. (a) | 2 | 919 |
| Under Armour, Inc. - Class A (a) (b) | 73 | 432 |
| United Parks And Resorts Inc. (a) (b) | 4 | 127 |
| Upbound Group, Inc. | 9 | 161 |
| Urban Outfitters, Inc. (a) | 6 | 406 |
| Vail Resorts, Inc. (b) | 4 | 510 |
| Valvoline, Inc. (a) | 14 | 477 |
| Victoria's Secret & Co. (a) | 13 | 620 |
| Visteon Corporation | 3 | 310 |
| Wayfair Inc. - Class A (a) | 2 | 185 |
| Wendy's Company, The | 32 | 225 |
| Williams-Sonoma, Inc. | 5 | 916 |
| Winnebago Industries, Inc. | 8 | 255 |
| Wolverine World Wide, Inc. | 10 | 169 |
| Wyndham Hotels & Resorts, Inc. | 6 | 489 |
| Wynn Resorts, Limited | 2 | 214 |
| YETI Holdings, Inc. (a) | 6 | 212 |
| Zumiez Inc. (a) | 3 | 70 |
| | | 50904 |
| **Information Technology 12.2%** | **Information Technology 12.2%** | **Information Technology 12.2%** |
| ACI Worldwide, Inc. (a) | 8 | 311 |
| Adtran Holdings, Inc. (a) | 16 | 197 |
| Advanced Energy Industries, Inc. | 2 | 612 |
| Alarm.Com Holdings, Inc. (a) | 4 | 165 |
| Allegro Microsystems Inc. (a) | 6 | 177 |
| Amkor Technology, Inc. | 16 | 717 |
| AppLovin Corporation - Class A (a) | 1 | 332 |
| ASGN Incorporated (a) | 8 | 306 |
| Aurora Innovations Inc. - Class A (a) | 39 | 162 |
| Axcelis Technologies, Inc. (a) | 3 | 256 |
| Belden Inc. | 3 | 289 |
| Benchmark Electronics, Inc. | 4 | 217 |
| Bentley Systems, Incorporated - Class B | 3 | 90 |
| Bill Holdings, Inc. (a) | 6 | 233 |
| Blackbaud, Inc. (a) | 4 | 137 |
| Blackline, Inc. (a) | 1 | 46 |
| Box, Inc. - Class A (a) | 2 | 57 |
| Calix, Inc. (a) | 1 | 43 |
| CCC Intelligent Solutions Holdings Inc. (a) | 34 | 207 |
| Ciena Corporation (a) | 8 | 3139 |
| Cirrus Logic, Inc. (a) | 5 | 764 |
| Cloudflare, Inc. - Class A (a) |  | 48 |
| Cognex Corporation | 11 | 557 |
| Coherent Corp. (a) | 6 | 1387 |
| CommVault Systems, Inc. (a) | 2 | 149 |
| Crane Nxt, Co. | 3 | 119 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 357 |
| Datadog, Inc. - Class A (a) | 3 | 351 |
| Diebold Nixdorf, Incorporated (a) | 2 | 150 |
| DigitalOcean Holdings, Inc. (a) | 1 | 54 |
| Diodes Incorporated (a) | 6 | 391 |
| DocuSign, Inc. (a) | 5 | 250 |
| Dolby Laboratories, Inc. - Class A | 6 | 362 |
| Dropbox, Inc. - Class A (a) | 24 | 539 |
| Dynatrace, Inc. (a) | 7 | 252 |
| Elastic N.V. (a) | 1 | 39 |
| Enphase Energy, Inc. (a) | 10 | 397 |
| Entegris, Inc. | 7 | 822 |
| EPAM Systems, Inc. (a) | 4 | 560 |
| ePlus inc. | 2 | 168 |
| F5, Inc. (a) | 3 | 968 |
| Fair Isaac Corporation (a) |  | 366 |
| Figma, Inc. - Class A (a) | 1 | 27 |
| First Solar, Inc. (a) | 4 | 802 |
| Formfactor, Inc. (a) | 5 | 488 |
| Gartner, Inc. (a) | 4 | 672 |
| Globant S.A. (a) | 4 | 190 |
| GoDaddy Inc. - Class A (a) | 6 | 461 |
| Guidewire Software, Inc. (a) | 2 | 258 |
| HubSpot, Inc. (a) | 1 | 215 |
| Insight Enterprises, Inc. (a) | 5 | 329 |
| InterDigital, Inc. | 1 | 265 |
| IPG Photonics Corporation (a) | 3 | 369 |
| Itron, Inc. (a) | 3 | 268 |
| Knowles Corporation (a) | 9 | 228 |
| Kyndryl Holdings, Inc. (a) | 8 | 109 |
| Lattice Semiconductor Corporation (a) | 3 | 297 |
| Littelfuse, Inc. | 2 | 642 |
| LiveRamp Holdings, Inc. (a) | 7 | 199 |
| Lumentum Holdings Inc. (a) | 4 | 2709 |
| MACOM Technology Solutions Holdings, Inc. (a) |  | 43 |
| Manhattan Associates, Inc. (a) | 2 | 207 |
| MaxLinear, Inc. (a) | 13 | 233 |
| Methode Electronics, Inc. | 5 | 29 |
| MKS Inc. | 5 | 1137 |
| MongoDB, Inc. - Class A (a) | 1 | 241 |
| Monolithic Power Systems, Inc. | 1 | 688 |
| NCR Voyix Corporation (a) | 21 | 136 |
| NETGEAR, Inc. (a) | 6 | 131 |
| NetScout Systems, Inc. (a) | 8 | 240 |
| Nutanix, Inc. - Class A (a) | 4 | 147 |
| Okta, Inc. - Class A (a) | 6 | 507 |
| Onto Innovation Inc. (a) | 2 | 453 |
| OSI Systems, Inc. (a) | 1 | 209 |
| Palantir Technologies Inc. - Class A (a) | 3 | 473 |
| PC Connection, Inc. | 1 | 72 |
| Pegasystems Inc. | 3 | 112 |
| Photronics, Inc. (a) | 7 | 292 |
| Plexus Corp. (a) | 2 | 460 |
| Power Integrations, Inc. | 6 | 307 |
| Procore Technologies, Inc. (a) | 1 | 51 |
| Progress Software Corporation (a) | 5 | 128 |
| PTC Inc. (a) | 3 | 401 |
| Pure Storage, Inc. - Class A (a) | 7 | 431 |
| Qualys, Inc. (a) | 2 | 163 |
| Rackspace Technology, Inc. (a) | 13 | 12 |
| Ralliant Corporation | 3 | 141 |
| Rambus Inc. (a) | 3 | 277 |

---

535

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ribbon Communications Inc. (a) | 8 | 16 |
| RingCentral, Inc. - Class A | 5 | 183 |
| Rogers Corporation (a) | 3 | 274 |
| SailPoint, Inc. (a) (b) | 1 | 11 |
| Sanmina Corporation (a) | 6 | 722 |
| ScanSource, Inc. (a) | 3 | 113 |
| Semtech Corporation (a) | 3 | 234 |
| SentinelOne, Inc. - Class A (a) | 4 | 45 |
| ServiceTitan, Inc. - Class A (a) |  | 27 |
| Silicon Laboratories Inc. (a) | 3 | 691 |
| Snowflake Inc. - Class A (a) | 3 | 448 |
| Strategy Inc - Class A (a) (b) | 2 | 282 |
| Super Micro Computer, Inc. (a) | 18 | 414 |
| Synaptics Incorporated (a) | 5 | 347 |
| Teradata Corporation (a) | 15 | 382 |
| Trimble Inc. (a) | 15 | 952 |
| TTM Technologies, Inc. (a) | 6 | 584 |
| Tyler Technologies, Inc. (a) | 1 | 313 |
| Ubiquiti Inc. |  | 51 |
| Uipath, Inc. - Class A (a) (b) | 17 | 188 |
| Ultra Clean Holdings, Inc. (a) | 6 | 378 |
| Unity Software Inc. (a) | 23 | 496 |
| Universal Display Corporation | 2 | 173 |
| VeriSign, Inc. | 2 | 456 |
| ViaSat, Inc. (a) | 22 | 999 |
| Viavi Solutions Inc. (a) | 20 | 659 |
| Vishay Intertechnology, Inc. | 26 | 461 |
| Vistance Networks, Inc. (a) | 36 | 657 |
| Vontier Corporation | 11 | 394 |
| Xerox Holdings Corporation (b) | 18 | 23 |
| Zebra Technologies Corporation - Class A (a) | 4 | 832 |
| Zscaler, Inc. (a) |  | 28 |
| | | 44825 |
| **Health Care 9.0%** | **Health Care 9.0%** | **Health Care 9.0%** |
| Acadia Healthcare Company, Inc. (a) | 22 | 511 |
| Acadia Pharmaceuticals Inc. (a) | 7 | 160 |
| Accendra Health, Inc. (a) | 15 | 34 |
| AdaptHealth LLC - Class A (a) | 16 | 190 |
| Agios Pharmaceuticals, Inc. (a) | 2 | 63 |
| Alkermes Public Limited Company (a) | 3 | 100 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 349 |
| AMN Healthcare Services, Inc. (a) | 12 | 221 |
| Ardent Health Partners, Inc. (a) | 4 | 36 |
| Avanos Medical, Inc. (a) | 7 | 93 |
| Avantor, Inc. (a) | 73 | 573 |
| Azenta, Inc. (a) | 7 | 141 |
| BioMarin Pharmaceutical Inc. (a) | 14 | 814 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 3 | 717 |
| Bio-Techne Corporation | 6 | 317 |
| Brightspring Health Services, Inc. (a) | 4 | 159 |
| Bruker Corporation | 10 | 359 |
| Charles River Laboratories International, Inc. (a) | 4 | 620 |
| Chemed Corporation | 1 | 372 |
| Claritev Corporation - Class A (a) (b) | 1 | 21 |
| Community Health Systems, Inc. (a) | 30 | 87 |
| Concentra Group Holdings Parent, Inc. | 14 | 309 |
| Cooper Companies, Inc., The (a) | 13 | 910 |
| Corcept Therapeutics Incorporated (a) | 4 | 144 |
| Cross Country Healthcare, Inc. (a) (b) | 4 | 39 |
| Denali Therapeutics Inc. (a) | 10 | 191 |
| Dentsply Sirona Inc. | 46 | 536 |
| DexCom, Inc. (a) | 10 | 607 |
| Elanco Animal Health Incorporated (a) | 51 | 1218 |
| Embecta Corp. | 7 | 58 |
| Emergent BioSolutions Inc. (a) | 12 | 99 |
| Encompass Health Corporation | 4 | 404 |
| Enovis Corporation (a) | 13 | 297 |
| Ensign Group, Inc., The | 2 | 348 |
| Envista Holdings Corporation (a) | 25 | 638 |
| Exelixis, Inc. (a) | 18 | 791 |
| Fortrea Holdings Inc. (a) | 25 | 240 |
| Fulgent Genetics, Inc. (a) | 4 | 66 |
| Ginkgo Bioworks Holdings, Inc. - Class A (a) (b) | 20 | 121 |
| Globus Medical, Inc. - Class A (a) | 6 | 511 |
| Grail, Inc. (a) | 5 | 268 |
| Haemonetics Corporation (a) | 4 | 199 |
| Halozyme Therapeutics, Inc. (a) | 3 | 225 |
| HealthEquity, Inc. (a) | 3 | 266 |
| ICU Medical, Inc. (a) | 2 | 316 |
| IDEXX Laboratories, Inc. (a) | 1 | 780 |
| Innoviva, Inc. (a) | 7 | 172 |
| Insulet Corporation (a) |  | 57 |
| Integer Holdings Corporation (a) | 3 | 239 |
| Integra LifeSciences Holdings Corporation (a) | 13 | 126 |
| Ionis Pharmaceuticals, Inc. (a) | 7 | 505 |
| Jazz Pharmaceuticals Public Limited Company (a) | 7 | 1314 |
| Lantheus Holdings, Inc. (a) | 1 | 69 |
| LivaNova PLC (a) | 5 | 287 |
| Masimo Corporation (a) | 3 | 455 |
| Merit Medical Systems, Inc. (a) | 3 | 173 |
| Mettler-Toledo International Inc. (a) | 1 | 1076 |
| Natera, Inc. (a) |  | 62 |
| National HealthCare Corporation | 1 | 133 |
| Neogen Corporation (a) | 39 | 365 |
| Neurocrine Biosciences, Inc. (a) | 4 | 514 |
| Novavax, Inc. (a) | 60 | 485 |
| Omnicell, Inc. (a) | 6 | 212 |
| OPKO Health, Inc. (a) | 47 | 54 |
| Option Care Health, Inc. (a) | 12 | 311 |
| Organon & Co. | 19 | 113 |
| Pediatrix Medical Group, Inc. (a) | 9 | 194 |
| Penumbra, Inc. (a) |  | 50 |
| Perrigo Company Public Limited Company | 10 | 103 |
| Prestige Consumer Healthcare Inc. (a) | 3 | 201 |
| PTC Therapeutics, Inc. (a) | 4 | 273 |
| QuidelOrtho Corporation (a) | 17 | 282 |
| Repligen Corporation (a) | 2 | 178 |
| ResMed Inc. | 4 | 918 |
| Revolution Medicines, Inc. (a) | 4 | 355 |
| Revvity, Inc. | 12 | 1035 |
| Roivant Sciences Ltd. (a) | 21 | 581 |
| Royalty Pharma PLC - Class A | 16 | 757 |
| Sarepta Therapeutics, Inc. (a) | 19 | 419 |
| Select Medical Holdings Corporation | 12 | 189 |
| Surgery Partners, Inc. (a) (b) | 8 | 93 |
| Teladoc Health, Inc. (a) (b) | 60 | 324 |
| Teleflex Incorporated | 6 | 753 |
| Tenet Healthcare Corporation (a) | 4 | 707 |
| Ultragenyx Pharmaceutical Inc. (a) | 9 | 192 |
| United Therapeutics Corporation (a) | 2 | 1407 |
| Vaxcyte, Inc. (a) | 1 | 73 |
| Veeva Systems Inc. - Class A (a) | 3 | 506 |
| VIR Biotechnology, Inc. (a) | 19 | 167 |
| Waters Corporation (a) | 1 | 164 |
| Waystar Holding Corp. (a) | 4 | 102 |
| West Pharmaceutical Services, Inc. | 3 | 759 |
|  |  | 33022 |
| **Real Estate 8.3%** | **Real Estate 8.3%** | **Real Estate 8.3%** |
| Acadia Realty Trust | 9 | 174 |
| Agree Realty Corporation | 6 | 427 |
| American Assets Trust, Inc. | 5 | 101 |
| American Healthcare REIT, Inc. | 4 | 205 |
| American Homes 4 Rent - Class A | 19 | 534 |
| Americold Realty Trust, Inc. | 47 | 538 |
| Apple Hospitality REIT, Inc. | 34 | 395 |
| Brandywine Realty Trust | 36 | 97 |
| Brixmor Property Group Inc. | 22 | 627 |
| Broadstone Net Lease, Inc. | 18 | 338 |
| Camden Property Trust | 7 | 727 |
| Caretrust REIT, Inc. | 1 | 55 |
| Compass, Inc. - Class A (a) | 56 | 412 |
| COPT Defense Properties | 10 | 307 |
| CoStar Group, Inc. (a) | 12 | 475 |
| Cousins Properties Incorporated | 21 | 478 |
| Cubesmart, L.P. | 13 | 480 |
| Cushman & Wakefield Ltd. (a) | 28 | 342 |
| DiamondRock Alpharetta Tenant, LLC | 22 | 205 |
| Diversified Healthcare Trust | 12 | 79 |

---

536

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Douglas Emmett, Inc. | 29 | 274 |
| EastGroup Properties, Inc. | 2 | 370 |
| Empire State Realty Trust, Inc. - Class A | 21 | 107 |
| EPR Properties | 6 | 322 |
| Equity Lifestyle Properties, Inc. | 7 | 433 |
| Essential Properties Realty Trust, Inc. | 9 | 269 |
| Essex Property Trust, Inc. | 4 | 941 |
| eXp World Holdings, Inc. (b) | 15 | 88 |
| Federal Realty Investment Trust | 6 | 644 |
| First Industrial Realty Trust, Inc. | 7 | 402 |
| Forestar Group Inc. (a) | 3 | 63 |
| Gaming and Leisure Properties, Inc. | 16 | 695 |
| Global Net Lease, Inc. | 24 | 223 |
| Healthcare Realty Trust Incorporated - Class A | 43 | 737 |
| Highwoods Properties, Inc. | 14 | 296 |
| Howard Hughes Holdings Inc. (a) | 2 | 131 |
| Hudson Pacific Properties, Inc. (a) | 13 | 74 |
| Independence Realty Trust, Inc. | 19 | 283 |
| Innovative Industrial Properties, Inc. | 4 | 189 |
| InvenTrust Properties Corp. | 6 | 180 |
| JBG Smith Properties (b) | 13 | 194 |
| Kennedy-Wilson Holdings, Inc. | 11 | 120 |
| Kilroy Realty Corporation | 19 | 533 |
| Kite Realty Naperville, LLC | 17 | 426 |
| Lamar Advertising Company - Class A | 5 | 582 |
| Lineage, Inc. (b) | 5 | 171 |
| LXP Industrial Trust | 7 | 316 |
| Macerich Company, The | 23 | 434 |
| Medical Properties Trust, Inc. | 111 | 512 |
| Millrose Properties, Inc. - Class A | 2 | 52 |
| National Health Investors, Inc. | 2 | 203 |
| National Storage Affiliates Trust | 4 | 164 |
| Newmark Group, Inc. - Class A | 11 | 170 |
| NNN REIT, Inc. | 13 | 541 |
| Omega Healthcare Investors, Inc. | 15 | 636 |
| Open Doors Technology Inc. - Class A (a) | 156 | 728 |
| OUTFRONT Media Inc. | 13 | 347 |
| Park Hotels & Resorts Inc. | 51 | 532 |
| Peakstone Realty Trust - Class E | 2 | 51 |
| Pebblebrook Hotel Trust | 26 | 327 |
| Phillips Edison & Company, Inc. | 8 | 283 |
| Piedmont Realty Trust, Inc. - Class A (a) | 13 | 82 |
| Rayonier Inc. | 26 | 530 |
| Regency Centers Corporation | 12 | 900 |
| Rexford Industrial Realty, Inc. | 17 | 563 |
| RLJ III-EM Columbus Lessee, LLC | 29 | 213 |
| Ryman Hospitality Properties, Inc. | 2 | 192 |
| Sabra Health Care REIT, Inc. | 21 | 404 |
| SBA Communications Corporation - Class A | 4 | 679 |
| Service Properties Trust | 24 | 32 |
| SL Green Realty Corp. | 12 | 430 |
| STAG Industrial, Inc. | 12 | 451 |
| Sun Communities, Inc. | 8 | 1043 |
| Sunstone Hotel Investors, Inc. | 28 | 250 |
| Terreno Realty Corporation | 5 | 290 |
| UDR, Inc. | 22 | 739 |
| Uniti Group Inc. (a) | 24 | 226 |
| Urban Edge Properties | 11 | 213 |
| Vornado Realty Trust | 19 | 498 |
| W.P. Carey Inc. | 15 | 1045 |
| Xenia Hotels & Resorts, Inc. | 13 | 187 |
| Zillow Group, Inc. - Class C (a) | 11 | 435 |
| | | 30441 |
| **Energy 7.1%** | **Energy 7.1%** | **Energy 7.1%** |
| Antero Midstream Corporation | 18 | 417 |
| Archrock, Inc. | 9 | 327 |
| BKV Corporation (a) | 2 | 51 |
| California Resources Corporation | 11 | 740 |
| Chord Energy Corporation | 7 | 1058 |
| CNX Resources Corporation (a) | 22 | 832 |
| Comstock Resources, Inc. (a) (b) | 6 | 120 |
| Core Natural Resources, Inc. | 5 | 502 |
| Crescent Energy Company - Class A | 51 | 691 |
| CVR Energy, Inc. (a) | 8 | 269 |
| Delek US Holdings, Inc. | 15 | 674 |
| DHT Holdings, Inc. | 4 | 68 |
| Diversified Energy Company | 3 | 46 |
| Dorian LPG Ltd. | 7 | 246 |
| DT Midstream, Inc. | 5 | 662 |
| Expro Group Holdings N.V. (a) | 3 | 52 |
| Golar LNG Limited | 1 | 63 |
| Green Plains Inc. (a) | 20 | 336 |
| Gulfport Energy Corporation (a) | 1 | 298 |
| Helix Energy Solutions Group, Inc. (a) | 23 | 224 |
| Helmerich & Payne, Inc. | 23 | 812 |
| Highpeak Energy, Inc. (b) | 3 | 23 |
| International Seaways, Inc. | 6 | 438 |
| Kodiak Gas Services, LLC | 3 | 187 |
| Kosmos Energy Ltd. (a) | 136 | 378 |
| Liberty Energy Inc. - Class A | 32 | 921 |
| Magnolia Oil & Gas Corporation - Class A | 17 | 540 |
| Matador Resources Company | 13 | 793 |
| Murphy Oil Corporation | 33 | 1341 |
| Nabors Industries Ltd. (a) | 5 | 412 |
| New Fortress Energy Inc. - Class A (a) (b) | 104 | 62 |
| Noble Corporation PLC | 12 | 586 |
| Northern Oil and Gas Incorporated | 13 | 372 |
| NOV Inc. | 55 | 1042 |
| Par Pacific Holdings, Inc. (a) | 10 | 647 |
| Patterson-UTI Energy, Inc. | 109 | 1181 |
| Peabody Energy Corporation | 33 | 1078 |
| Permian Resources Corporation - Class A | 42 | 892 |
| ProFrac Holding Corp. - Class A (a) | 3 | 20 |
| Propetro Holding Corp. (a) | 22 | 313 |
| Range Resources Corporation | 20 | 894 |
| RPC, Inc. | 22 | 152 |
| Scorpio Tankers Inc. | 2 | 131 |
| Select Water Solutions, Inc. - Class A | 14 | 221 |
| SM Energy Company | 61 | 1911 |
| Talos Energy Inc. (a) | 23 | 364 |
| TechnipFMC PLC | 19 | 1323 |
| Teekay Corporation | 2 | 28 |
| Texas Pacific Land Corporation | 1 | 330 |
| Valaris Limited (a) | 4 | 385 |
| Venture Global, Inc. - Class A | 1 | 18 |
| Weatherford International Public Limited Company | 6 | 560 |
|  |  | 26031 |
| **Materials 4.9%** | **Materials 4.9%** | **Materials 4.9%** |
| AdvanSix Inc. | 4 | 95 |
| Alpha Metallurgical Resources, Inc. (a) | 3 | 697 |
| AptarGroup, Inc. | 4 | 544 |
| Ardagh Metal Packaging S.A. | 17 | 69 |
| Ashland Inc. | 9 | 522 |
| Avery Dennison Corporation | 6 | 1022 |
| Avient Corporation | 9 | 345 |
| Axalta Coating Systems Ltd. (a) | 17 | 472 |
| Balchem Corporation | 1 | 197 |
| Cabot Corporation | 6 | 430 |
| Chemours Company, The | 39 | 862 |
| Clearwater Paper Corporation (a) | 3 | 47 |
| Commercial Metals Company | 14 | 864 |
| Compass Minerals International, Inc. (a) | 5 | 123 |
| Crown Holdings, Inc. | 9 | 929 |
| Eagle Materials Inc. | 3 | 511 |
| Ecovyst Inc. (a) | 16 | 203 |
| Element Solutions Inc. | 18 | 614 |
| Graphic Packaging Holding Company | 50 | 496 |
| Greif, Inc. - Class A | 3 | 190 |
| H.B. Fuller Company | 6 | 372 |
| Hecla Mining Company | 23 | 423 |
| Ingevity Corporation (a) | 3 | 218 |
| Innospec Inc. | 2 | 167 |
| James Hardie Industries Public Limited Company (a) | 7 | 142 |
| Kaiser Aluminum Corporation | 2 | 244 |
| KRC Materials, Inc. (a) | 4 | 316 |
| Kronos Worldwide, Inc. | 2 | 12 |
| Louisiana-Pacific Corporation (W VA) | 6 | 454 |
| Materion Corporation | 2 | 248 |

---

537

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MATIV Holdings, Inc. | 8 | 66 |
| Metallus Inc. (a) | 4 | 64 |
| Minerals Technologies Inc. | 3 | 215 |
| NewMarket Corporation | 1 | 387 |
| O-I Glass, Inc. (a) | 21 | 224 |
| Quaker Chemical Corporation | 2 | 201 |
| Royal Gold, Inc. | 2 | 448 |
| RPM International Inc. | 8 | 775 |
| Ryerson Holding Corporation | 6 | 125 |
| Scotts Miracle-Gro Company, The | 5 | 315 |
| Sealed Air Corporation | 12 | 500 |
| Sensient Technologies Corporation | 3 | 237 |
| Silgan Holdings Inc. | 9 | 367 |
| Solstice Advanced Materials US, Inc. | 3 | 257 |
| Sonoco Products Company | 14 | 749 |
| Stepan Company | 2 | 94 |
| SunCoke Energy, Inc. | 14 | 90 |
| Sylvamo Corporation | 4 | 176 |
| Tronox Holdings PLC | 44 | 425 |
| Warrior Met Coal, Inc. | 6 | 580 |
| Worthington Steel, Inc. | 4 | 109 |
| | | 18232 |
| **Consumer Staples 3.6%** | **Consumer Staples 3.6%** | **Consumer Staples 3.6%** |
| Andersons, Inc. , The | 4 | 288 |
| B&G Foods, Inc. (b) | 31 | 148 |
| BJ's Wholesale Club Holdings, Inc. (a) | 7 | 658 |
| Boston Beer Company, Inc., The - Class A (a) | 1 | 231 |
| Brown-Forman Corporation - Class B | 26 | 687 |
| Cal-Maine Foods, Inc. | 4 | 348 |
| Casey's General Stores, Inc. | 2 | 1195 |
| Central Garden & Pet Company - Class A (a) | 6 | 198 |
| Clorox Company, The | 7 | 775 |
| Coca-Cola Consolidated, Inc. | 2 | 409 |
| Coty Inc. - Class A (a) | 78 | 157 |
| Darling Ingredients Inc. (a) | 22 | 1349 |
| Del Monte Fresh Produce Company | 5 | 185 |
| Dole Public Limited Company | 3 | 39 |
| Edgewell Personal Care Colombia S A S | 9 | 182 |
| Energizer Holdings, Inc. | 9 | 152 |
| Flowers Foods, Inc. | 40 | 323 |
| Grocery Outlet Holding Corp. (a) | 23 | 160 |
| Hain Celestial Group, Inc., The (a) (b) | 15 | 10 |
| Ingles Markets, Incorporated - Class A | 2 | 159 |
| Ingredion Incorporated | 7 | 795 |
| Interparfums, Inc. |  | 28 |
| J&J Snack Foods Corp. | 2 | 145 |
| Lamb Weston Holdings, Inc. | 12 | 522 |
| Maplebear Inc. (a) | 10 | 362 |
| Medifast, Inc. (a) (b) | 2 | 25 |
| National Beverage Corp. (a) | 2 | 59 |
| Nomad Foods Limited | 19 | 185 |
| Nu Skin Enterprises, Inc. - Class A | 6 | 41 |
| Oil-Dri Corporation of America | 1 | 38 |
| Pilgrim's Pride Corporation | 3 | 124 |
| Post Holdings, Inc. (a) | 6 | 556 |
| PriceSmart, Inc. | 3 | 416 |
| Primo Brands Corporation - Class A | 5 | 95 |
| Reynolds Consumer Products Inc. | 5 | 117 |
| Seneca Foods Corporation - Class A (a) | 1 | 112 |
| Simply Good Foods Company, The (a) | 9 | 127 |
| Spectrum Brands Holdings, Inc. | 6 | 463 |
| Sprouts Farmers Market, Inc. (a) | 6 | 453 |
| The Marzetti Company | 1 | 198 |
| United Natural Foods, Inc. (a) | 12 | 521 |
| Universal Corporation | 3 | 155 |
| USANA Health Sciences, Inc. (a) | 3 | 51 |
| Village Super Market, Inc. - Class A |  | 14 |
| Weis Markets, Inc. (b) | 2 | 103 |
|  |  | 13358 |
| **Communication Services 2.7%** | **Communication Services 2.7%** | **Communication Services 2.7%** |
| Advantage Solutions, Inc. - Class A (a) (b) |  |  |
| AMC Networks, Inc. - Class A (a) | 7 | 50 |
| Angi Inc. - Class A (a) | 9 | 60 |
| Array Digital Infrastructure, Inc. | 2 | 103 |
| Bumble Inc. - Class A (a) | 21 | 69 |
| Cable One, Inc. (a) | 2 | 182 |
| CarGurus, Inc. - Class A (a) | 7 | 229 |
| Cogent Communications Holdings, Inc. | 7 | 134 |
| E.W. Scripps Company, The - Class A (a) | 10 | 36 |
| Getty Images Holdings, Inc. - Class A (a) | 5 | 4 |
| Gray Media, Inc. | 19 | 84 |
| Grizzly Merger Sub 1, LLC - Series C (a) | 2 | 63 |
| IAC Inc. (a) | 13 | 525 |
| iHeartMedia, Inc. - Class A (a) | 11 | 32 |
| IHS Holding Limited (a) | 9 | 76 |
| Iridium Communications Inc. | 12 | 320 |
| John Wiley & Sons, Inc. - Class A | 6 | 227 |
| Liberty Broadband Corporation - Series C (a) | 11 | 533 |
| Liberty Latin America Ltd. - Class C (a) | 19 | 164 |
| Liberty Media Corporation - Series C (a) | 6 | 526 |
| Match Group, Inc. | 13 | 407 |
| Nexstar Media Group, Inc. - Class A | 4 | 638 |
| Optimum Communications, Inc. - Class A (a) | 9 | 11 |
| Pinterest, Inc. - Class A (a) | 32 | 595 |
| Reddit, Inc. - Class A (a) |  | 54 |
| Roblox Corporation - Class A (a) | 3 | 187 |
| Roku, Inc. - Class A (a) | 6 | 571 |
| Scholastic Corporation | 4 | 156 |
| Shutterstock, Inc. | 2 | 26 |
| Sinclair, Inc. - Class A | 5 | 65 |
| Snap Inc. - Class A (a) | 94 | 433 |
| Stagwell, Inc. - Class A (a) (b) | 4 | 27 |
| Take-Two Interactive Software, Inc. (a) | 4 | 862 |
| Telephone and Data Systems, Inc. | 14 | 601 |
| The New York Times Company - Class A | 7 | 627 |
| TKO Group Holdings Inc. - Class A | 1 | 202 |
| Trade Desk, Inc., The - Class A (a) | 9 | 209 |
| TripAdvisor, Inc. (a) (b) | 15 | 156 |
| Warner Music Group Corp. - Class A | 4 | 92 |
| Yelp Inc. (a) | 12 | 294 |
| Ziff Davis, Inc. (a) | 8 | 334 |
| ZoomInfo Technologies Inc. - Class A (a) (b) | 29 | 172 |
|  |  | 10136 |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| Avista Corporation | 8 | 341 |
| Black Hills Corporation | 7 | 511 |
| California Water Service Group | 4 | 196 |
| Clearway Energy, Inc. - Class C | 7 | 292 |
| Essential Utilities, Inc. | 20 | 812 |
| Hawaiian Electric Industries, Inc. (a) | 25 | 373 |
| IDACORP, Inc. (b) | 4 | 515 |
| MDU Resources Group, Inc. | 15 | 303 |
| National Fuel Gas Company | 7 | 624 |
| New Jersey Resources Corporation | 8 | 439 |
| Northwest Natural Holding Company | 4 | 197 |
| NorthWestern Corporation | 6 | 384 |
| OGE Energy Corp. | 16 | 764 |
| One Gas, Inc. | 6 | 504 |
| Ormat Technologies, Inc. | 3 | 308 |
| Otter Tail Corporation | 3 | 247 |
| Portland General Electric Company | 12 | 651 |
| Southwest Gas Holdings, Inc. | 6 | 504 |
| Spire Inc. | 6 | 500 |
| Talen Energy Corporation (a) | 1 | 331 |
| TXNM Energy, Inc. | 7 | 430 |
|  |  | 9226 |
| Total Common Stocks (cost $320,448) | Total Common Stocks (cost $320,448) | 366787 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 1889 | 1889 |
| Total Short Term Investments (cost $1,889) | Total Short Term Investments (cost $1,889) | 1889 |
| **Total Investments 100.1% (cost $322,337)** | **Total Investments 100.1% (cost $322,337)** | **368676** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **48** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (238) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **368486** |

---

538

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 964 | 12 | 99 | 8 | 66 | (74) | 869 | 0.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 4978 | 11626 | 14715 | 32 |  |  | 1889 | 0.5 |
| JNL Government Money Market Fund, 3.53% - Class I | 1246 | 13674 | 14920 | 10 |  |  |  |  |
|  | 7188 | 25312 | 29734 | 50 | 66 | (74) | 2758 | 0.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 2 | June 2026 | 251 |  |  |
| S&P Midcap 400 Index | 5 | June 2026 | 1695 | 48 | 3 |
|  |  |  |  | 48 | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 366787 |  |  | 366787 |
| &nbsp;&nbsp;Short Term Investments | 1889 |  |  | 1889 |
|  | 368676 |  |  | 368676 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 3 |  |  | 3 |
|  | 3 |  |  | 3 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures 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.

539

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Information Technology 18.0%** | **Information Technology 18.0%** | **Information Technology 18.0%** |
| Accenture Public Limited Company - Class A | 19 | 3818 |
| Adobe Inc. (a) | 2 | 576 |
| Advanced Energy Industries, Inc. | 2 | 483 |
| Advanced Micro Devices, Inc. (a) | 33 | 6654 |
| Akamai Technologies, Inc. (a) | 8 | 969 |
| Amdocs Limited | 9 | 565 |
| Amkor Technology, Inc. | 25 | 1143 |
| Amphenol Corporation - Class A | 25 | 3118 |
| Analog Devices, Inc. | 10 | 3125 |
| Apple Inc. | 84 | 21427 |
| Applied Materials, Inc. | 47 | 16027 |
| AppLovin Corporation - Class A (a) | 1 | 448 |
| Arista Networks, Inc. (a) | 21 | 2577 |
| Arrow Electronics, Inc. (a) | 9 | 1351 |
| Avnet, Inc. | 21 | 1280 |
| Belden Inc. | 4 | 476 |
| Benchmark Electronics, Inc. | 5 | 261 |
| Broadcom Inc. | 127 | 39359 |
| Cadence Design Systems, Inc. (a) | 5 | 1520 |
| CDW Corp. | 2 | 212 |
| Ciena Corporation (a) | 6 | 2235 |
| Cirrus Logic, Inc. (a) | 6 | 869 |
| Cisco Systems, Inc. | 272 | 21111 |
| Cloudflare, Inc. - Class A (a) | 12 | 2525 |
| Cognex Corporation | 10 | 466 |
| Coherent Corp. (a) | 8 | 1821 |
| Corning Incorporated | 124 | 16809 |
| CrowdStrike Holdings, Inc. - Class A (a) | 10 | 3939 |
| Dell Technologies Inc. - Class C | 9 | 1482 |
| Dolby Laboratories, Inc. - Class A | 8 | 509 |
| Dropbox, Inc. - Class A (a) | 32 | 727 |
| DXC Technology Company (a) | 36 | 457 |
| Entegris, Inc. | 6 | 732 |
| F5, Inc. (a) | 6 | 1804 |
| Fair Isaac Corporation (a) | 1 | 679 |
| First Solar, Inc. (a) | 4 | 795 |
| Flex Ltd. (a) | 7 | 459 |
| Formfactor, Inc. (a) | 3 | 307 |
| Fortinet, Inc. (a) | 6 | 516 |
| Gartner, Inc. (a) | 3 | 422 |
| Gen Digital Inc. | 40 | 762 |
| Hewlett Packard Enterprise Company | 181 | 4312 |
| HP, Inc. | 236 | 4531 |
| Insight Enterprises, Inc. (a) | 8 | 547 |
| Intel Corporation (a) | 509 | 22446 |
| InterDigital, Inc. | 3 | 956 |
| International Business Machines Corporation | 89 | 21624 |
| IPG Photonics Corporation (a) | 2 | 231 |
| Jabil Inc. | 11 | 2853 |
| Keysight Technologies, Inc. (a) | 3 | 980 |
| KLA Corporation | 6 | 9007 |
| Knowles Corporation (a) | 14 | 347 |
| Kyndryl Holdings, Inc. (a) | 34 | 451 |
| Lam Research Corporation | 77 | 16520 |
| Lattice Semiconductor Corporation (a) | 9 | 827 |
| Littelfuse, Inc. | 1 | 345 |
| Lumentum Holdings Inc. (a) | 3 | 2038 |
| MACOM Technology Solutions Holdings, Inc. (a) | 3 | 614 |
| Microchip Technology Incorporated | 11 | 692 |
| Micron Technology, Inc. | 23 | 7641 |
| MKS Inc. | 3 | 651 |
| MongoDB, Inc. - Class A (a) | 3 | 798 |
| Monolithic Power Systems, Inc. | 2 | 2346 |
| Motorola Solutions, Inc. | 3 | 1448 |
| NetApp, Inc. | 8 | 822 |
| NetScout Systems, Inc. (a) | 10 | 310 |
| NVIDIA Corporation | 123 | 21408 |
| ON Semiconductor Corporation (a) | 8 | 490 |
| Onto Innovation Inc. (a) | 2 | 418 |
| Oracle Corporation | 93 | 13635 |
| OSI Systems, Inc. (a) (b) | 3 | 772 |
| Palantir Technologies Inc. - Class A (a) | 52 | 7654 |
| Plexus Corp. (a) | 5 | 1059 |
| Pure Storage, Inc. - Class A (a) | 13 | 763 |
| Qorvo, Inc. (a) | 5 | 415 |
| Qualcomm Incorporated | 43 | 5577 |
| Rambus Inc. (a) | 4 | 370 |
| Roper Technologies, Inc. | 2 | 775 |
| SanDisk LLC (a) | 3 | 1782 |
| Sanmina Corporation (a) | 13 | 1693 |
| Seagate Technology Holdings Public Limited Company | 16 | 6222 |
| Semtech Corporation (a) | 4 | 293 |
| Silicon Laboratories Inc. (a) | 6 | 1291 |
| Snowflake Inc. - Class A (a) | 13 | 1979 |
| Synaptics Incorporated (a) | 3 | 239 |
| TD SYNNEX Corporation | 4 | 672 |
| TE Connectivity Public Limited Company | 6 | 1241 |
| Teledyne Technologies Incorporated (a) | 1 | 530 |
| Teradata Corporation (a) | 26 | 655 |
| Teradyne, Inc. | 12 | 3468 |
| Texas Instruments Incorporated | 32 | 6235 |
| TTM Technologies, Inc. (a) | 22 | 2161 |
| Tyler Technologies, Inc. (a) | 1 | 321 |
| VeriSign, Inc. | 6 | 1481 |
| ViaSat, Inc. (a) | 21 | 944 |
| Viavi Solutions Inc. (a) | 9 | 312 |
| Vishay Intertechnology, Inc. | 49 | 874 |
| Vistance Networks, Inc. (a) | 67 | 1215 |
| Vontier Corporation | 21 | 735 |
| Western Digital Corporation | 43 | 11493 |
| Zoom Communications, Inc. - Class A (a) | 5 | 416 |
|  |  | 367740 |
| **Health Care 15.0%** | **Health Care 15.0%** | **Health Care 15.0%** |
| AbbVie Inc. | 106 | 23096 |
| Align Technology, Inc. (a) | 1 | 239 |
| Alnylam Pharmaceuticals, Inc. (a) | 7 | 2324 |
| Amgen Inc. | 52 | 18146 |
| Baxter International Inc. | 32 | 538 |
| Becton, Dickinson and Company | 13 | 2084 |
| Biogen Inc. (a) | 3 | 529 |
| BioMarin Pharmaceutical Inc. (a) | 6 | 361 |
| Boston Scientific Corporation (a) | 9 | 548 |
| Bristol-Myers Squibb Company | 213 | 12897 |
| Cardinal Health, Inc. | 35 | 7385 |
| Cencora, Inc. | 11 | 3586 |
| Centene Corporation (a) | 18 | 598 |
| Chemed Corporation | 3 | 965 |
| Cigna Group, The | 32 | 8448 |
| Cooper Companies, Inc., The (a) | 17 | 1184 |
| CVS Health Corporation | 167 | 12006 |
| Davita Inc. (a) | 13 | 1948 |
| Dentsply Sirona Inc. | 51 | 594 |
| Edwards Lifesciences Corporation (a) | 11 | 909 |
| Elanco Animal Health Incorporated (a) | 21 | 505 |
| Elevance Health, Inc. | 3 | 912 |
| Eli Lilly and Company | 31 | 28439 |
| Encompass Health Corporation | 22 | 2155 |
| Ensign Group, Inc., The | 5 | 951 |
| Exelixis, Inc. (a) | 47 | 2033 |
| GE HealthCare Technologies Inc. | 13 | 899 |
| Gilead Sciences, Inc. | 142 | 19838 |
| Globus Medical, Inc. - Class A (a) | 7 | 594 |
| Haemonetics Corporation (a) | 4 | 241 |
| Halozyme Therapeutics, Inc. (a) | 11 | 690 |
| HCA Healthcare, Inc. | 11 | 5357 |
| Henry Schein, Inc. (a) | 10 | 770 |
| Hologic, Inc. (a) | 15 | 1128 |
| ICU Medical, Inc. (a) | 3 | 426 |
| IDEXX Laboratories, Inc. (a) | 5 | 3055 |
| Illumina, Inc. (a) | 3 | 370 |
| Incyte Corporation (a) | 16 | 1495 |
| Innoviva, Inc. (a) | 10 | 240 |
| Ionis Pharmaceuticals, Inc. (a) | 11 | 837 |
| Jazz Pharmaceuticals Public Limited Company (a) | 12 | 2256 |
| Johnson & Johnson | 178 | 43487 |

---

540

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Labcorp Holdings Inc. | 5 | 1224 |
| Masimo Corporation (a) | 3 | 477 |
| McKesson Corporation | 9 | 7860 |
| Medtronic, Inc. | 22 | 1889 |
| Merck & Co., Inc. | 220 | 26410 |
| Mettler-Toledo International Inc. (a) | 1 | 1389 |
| Moderna, Inc. (a) | 21 | 1070 |
| National HealthCare Corporation | 1 | 180 |
| Neurocrine Biosciences, Inc. (a) | 5 | 699 |
| Novavax, Inc. (a) | 40 | 327 |
| Organon & Co. | 71 | 428 |
| Pfizer Inc. | 719 | 20202 |
| Quest Diagnostics Incorporated | 8 | 1560 |
| Regeneron Pharmaceuticals, Inc. | 9 | 7000 |
| ResMed Inc. | 6 | 1271 |
| Revolution Medicines, Inc. (a) | 8 | 744 |
| Roivant Sciences Ltd. (a) | 20 | 561 |
| Royalty Pharma PLC - Class A | 57 | 2732 |
| Select Medical Holdings Corporation | 17 | 273 |
| Steris Public Limited Company | 2 | 416 |
| Teleflex Incorporated | 4 | 515 |
| Tenet Healthcare Corporation (a) | 2 | 347 |
| United Therapeutics Corporation (a) | 8 | 4714 |
| Universal Health Services, Inc. - Class B | 7 | 1178 |
| Vertex Pharmaceuticals Incorporated (a) | 4 | 1982 |
| Viatris Inc. | 176 | 2373 |
| West Pharmaceutical Services, Inc. | 4 | 1100 |
| Zimmer Biomet Holdings, Inc. | 3 | 283 |
| Zoetis Inc. - Class A | 8 | 887 |
| | | 305154 |
| **Industrials 13.4%** | **Industrials 13.4%** | **Industrials 13.4%** |
| 3M Company | 60 | 8663 |
| A. O. Smith Corporation | 23 | 1525 |
| AAR Corp. (a) | 7 | 723 |
| ABM Industries Incorporated | 12 | 469 |
| Acuity Brands, Inc. | 2 | 691 |
| Advanced Drainage Systems, Inc. | 7 | 1011 |
| AECOM | 8 | 670 |
| AerCap Holdings N.V. | 3 | 434 |
| AGCO Corporation | 7 | 826 |
| Air Lease Corporation - Class A | 4 | 281 |
| Allegion Public Limited Company | 4 | 512 |
| Allison Systems, Inc. | 16 | 1887 |
| API Group Corporation (a) | 16 | 636 |
| Arcbest Corporation | 2 | 229 |
| Arcosa, Inc. | 4 | 449 |
| Armstrong World Industries, Inc. | 6 | 914 |
| ATI Inc. (a) | 7 | 1069 |
| Atkore Inc. | 7 | 398 |
| Automatic Data Processing, Inc. | 9 | 1894 |
| Avis Budget Group, Inc. (a) (b) | 5 | 679 |
| Boeing Company, The (a) | 16 | 3151 |
| Boise Cascade Company | 8 | 602 |
| Booz Allen Hamilton Holding Corporation - Class A | 21 | 1623 |
| Brady Corporation - Class A | 3 | 279 |
| Brink's Company, The | 4 | 449 |
| Broadridge Financial Solutions, Inc. | 11 | 1711 |
| Builders FirstSource, Inc. (a) | 9 | 704 |
| BWXT Government Group, Inc. | 19 | 3797 |
| C.H. Robinson Worldwide, Inc. | 26 | 4233 |
| CACI International Inc. - Class A (a) | 5 | 2718 |
| Carlisle Companies Incorporated | 1 | 449 |
| Carpenter Technology Corporation | 13 | 4973 |
| Caterpillar Inc. | 22 | 15490 |
| Cintas Corporation | 8 | 1296 |
| Clean Harbors, Inc. (a) | 2 | 568 |
| Comfort Systems USA, Inc. | 1 | 1973 |
| Copart, Inc. (a) | 36 | 1211 |
| Core & Main, Inc. - Class A (a) | 10 | 497 |
| CoreCivic, Inc. (a) | 18 | 332 |
| Crane Company | 5 | 796 |
| CSG Systems International, Inc. (b) | 8 | 643 |
| CSX Corporation | 120 | 4915 |
| Cummins Inc. | 4 | 2182 |
| Curtiss-Wright Corporation | 5 | 3077 |
| Deere & Company | 5 | 2845 |
| Delta Air Lines, Inc. | 3 | 195 |
| DNOW Inc. (a) | 25 | 297 |
| Donaldson Company, Inc. | 13 | 1061 |
| Dycom Industries, Inc. (a) | 2 | 769 |
| EMCOR Group, Inc. | 1 | 668 |
| EnerSys | 1 | 255 |
| Equifax Inc. | 2 | 269 |
| Everus Construction Group, Inc. (a) | 7 | 802 |
| Expeditors International of Washington, Inc. - Class A | 22 | 3165 |
| Fastenal Company | 53 | 2468 |
| Federal Signal Corporation | 2 | 262 |
| FedEx Corporation | 4 | 1525 |
| Ferguson Enterprises Inc. | 13 | 2928 |
| Flowserve Corporation | 5 | 382 |
| Franklin Electric Co., Inc. | 3 | 284 |
| FTAI Aviation Ltd. | 4 | 1076 |
| FTI Consulting, Inc. (a) | 5 | 965 |
| Gates Industrial Corporation PLC (a) | 10 | 226 |
| GATX Corporation | 3 | 559 |
| GE Vernova Inc. | 5 | 4731 |
| Generac Holdings Inc. (a) | 8 | 1649 |
| General Dynamics Corporation | 16 | 5389 |
| General Electric Company | 56 | 15858 |
| Genpact Limited | 32 | 1201 |
| GEO Group, Inc., The (a) | 35 | 580 |
| Graco Inc. | 9 | 802 |
| Granite Construction Incorporated (b) | 11 | 1363 |
| Greenbrier Companies, Inc., The | 8 | 396 |
| Griffon Corporation | 5 | 353 |
| GXO Logistics Inc. (a) | 5 | 234 |
| Healthcare Services Group, Inc. (a) | 12 | 217 |
| HEICO Corporation | 4 | 1157 |
| Hertz Global Holdings, Inc. (a) (b) | 59 | 274 |
| Hexcel Corporation | 11 | 891 |
| HNI Corporation | 8 | 279 |
| Howmet Aerospace Inc. | 34 | 7846 |
| Hub Group, Inc. - Class A | 13 | 457 |
| Hubbell Incorporated | 3 | 1464 |
| Huntington Ingalls Industries, Inc. | 2 | 740 |
| IDEX Corporation | 10 | 1944 |
| Illinois Tool Works Inc. | 9 | 2410 |
| ITT Inc. | 9 | 1629 |
| J.B. Hunt Transport Services, Inc. | 5 | 992 |
| Jacobs Solutions Inc. | 2 | 196 |
| JBT Marel Corporation | 2 | 240 |
| JetBlue Airways Corporation (a) | 85 | 374 |
| Johnson Controls International Public Limited Company | 12 | 1610 |
| KBR, Inc. | 6 | 220 |
| Kennametal Inc. | 15 | 538 |
| Knight-Swift Transportation Holdings Inc. - Class A | 3 | 190 |
| L3Harris Technologies, Inc. | 17 | 5772 |
| Landstar System, Inc. | 10 | 1538 |
| Leidos Holdings, Inc. | 8 | 1243 |
| Lennox International Inc. | 1 | 619 |
| Lincoln Electric Holdings, Inc. | 7 | 1656 |
| Lockheed Martin Corporation | 31 | 18654 |
| ManpowerGroup Inc. | 12 | 362 |
| Masco Corporation | 11 | 660 |
| MasTec, Inc. (a) | 3 | 807 |
| Masterbrand, Inc. (a) | 33 | 274 |
| Matson Intermodal - Paragon, Inc. | 5 | 894 |
| Maximus, Inc. | 11 | 723 |
| Mercury Systems, Inc. (a) | 5 | 364 |
| Millerknoll, Inc. | 10 | 147 |
| Mine Safety Appliances Company, LLC | 4 | 701 |
| Modine Manufacturing Company (a) | 2 | 463 |
| MOOG Inc. - Class A | 4 | 1181 |
| MSC Industrial Direct Co., Inc. - Class A | 14 | 1307 |
| Mueller Industries, Inc. | 15 | 1677 |
| NextPower LLC - Class A (a) | 6 | 712 |
| Nordson Corporation | 2 | 565 |

---

541

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Norfolk Southern Corporation | 5 | 1292 |
| Northrop Grumman Corporation | 11 | 7428 |
| Nvent Electric Public Limited Company | 7 | 814 |
| Old Dominion Freight Line, Inc. | 4 | 758 |
| Openlane, Inc. (a) | 13 | 393 |
| Oshkosh Corporation | 6 | 898 |
| Otis Worldwide Corporation | 17 | 1339 |
| Owens Corning | 3 | 317 |
| PACCAR Inc | 10 | 1192 |
| Parker-Hannifin Corporation | 3 | 2271 |
| Parsons Corporation (a) | 4 | 237 |
| Paychex, Inc. | 6 | 539 |
| Pentair Public Limited Company | 2 | 211 |
| Primoris Services Corporation | 14 | 2039 |
| Quanta Services, Inc. | 3 | 1638 |
| Qxo, Inc. (a) | 28 | 536 |
| RBC Bearings Incorporated (a) | 1 | 666 |
| Regal Rexnord Corporation | 3 | 508 |
| Republic Services, Inc. | 5 | 1148 |
| Resideo Technologies, Inc. (a) | 27 | 910 |
| Robert Half Inc. | 9 | 216 |
| Rockwell Automation, Inc. | 2 | 820 |
| Rollins, Inc. | 32 | 1731 |
| RTX Corporation | 27 | 5212 |
| Rush Enterprises, Inc. - Class A | 10 | 663 |
| Ryder System, Inc. | 1 | 228 |
| Schneider National, Inc. - Class B | 16 | 412 |
| Science Applications International Corporation | 10 | 982 |
| Simpson Manufacturing Co., Inc. | 2 | 284 |
| SiteOne Landscape Supply, Inc. (a) | 2 | 237 |
| SkyWest, Inc. (a) | 5 | 476 |
| SPX Technologies, Inc. (a) | 2 | 405 |
| Terex Corporation | 28 | 1673 |
| Tetra Tech, Inc. | 11 | 319 |
| Textron Inc. | 3 | 300 |
| Timken Company, The | 13 | 1258 |
| Toro Company, The | 16 | 1529 |
| Trinity Industries, Inc. | 13 | 432 |
| UFP Industries, Inc. | 8 | 713 |
| UL Solutions Inc. - Class A | 5 | 434 |
| Unifirst Corporation | 2 | 588 |
| Union Pacific Corporation | 26 | 6208 |
| United Airlines Holdings, Inc. (a) | 5 | 446 |
| United Parcel Service, Inc. - Class B | 54 | 5311 |
| United Rentals, Inc. | 1 | 916 |
| Valmont Industries, Inc. | 1 | 563 |
| Veralto Corporation | 15 | 1344 |
| Verisk Analytics, Inc. | 11 | 2151 |
| Vertiv Holdings Co - Class A | 16 | 3893 |
| W.W. Grainger, Inc. | 1 | 1353 |
| Waste Management, Inc. | 10 | 2231 |
| Watsco, Inc. (b) | 4 | 1622 |
| Watts Water Technologies, Inc. - Class A | 1 | 341 |
| Werner Enterprises, Inc. | 24 | 700 |
| WESCO International, Inc. | 1 | 248 |
| Woodward, Inc. | 2 | 889 |
| XPO, Inc. (a) | 5 | 890 |
| Zurn Elkay Water Solutions Corporation | 7 | 319 |
| | | 272644 |
| **Financials 12.5%** | **Financials 12.5%** | **Financials 12.5%** |
| Affiliated Managers Group, Inc. | 8 | 2108 |
| AFLAC Incorporated | 22 | 2385 |
| AGNC Investment Corp. (b) | 160 | 1601 |
| Allstate Corporation, The | 16 | 3313 |
| Ally Financial Inc. | 38 | 1508 |
| American Express Company | 10 | 2964 |
| American International Group, Inc. | 63 | 4727 |
| Ameriprise Financial, Inc. | 4 | 1750 |
| Annaly Capital Management, Inc. | 16 | 340 |
| AON Public Limited Company - Class A | 10 | 3201 |
| Apollo Commercial Real Estate Finance, Inc. | 20 | 207 |
| Ares Management Corporation - Class A | 4 | 489 |
| Arthur J. Gallagher & Co. | 4 | 825 |
| Artisan Partners Asset Management Inc. - Class A (b) | 9 | 327 |
| Assurant, Inc. | 5 | 1088 |
| Bank of New York Mellon Corporation, The (c) | 58 | 6931 |
| BankUnited, Inc. | 19 | 851 |
| Berkshire Hathaway Inc. - Class B (a) | 41 | 19566 |
| Blackstone Inc. - Class A | 14 | 1617 |
| Bread Financial Payments, Inc. | 16 | 1208 |
| Brighthouse Financial, Inc. (a) | 13 | 755 |
| Brightsphere Investment Group Inc. | 4 | 213 |
| Brown & Brown, Inc. | 13 | 821 |
| Capital One Financial Corporation | 49 | 8914 |
| Carlyle Group Inc., The | 5 | 256 |
| CBOE Global Markets, Inc. | 5 | 1503 |
| Charles Schwab Corporation, The | 49 | 4582 |
| Chimera Investment Corporation | 15 | 185 |
| Chubb Limited | 4 | 1247 |
| Citigroup Inc. | 230 | 26093 |
| Citizens Financial Group, Inc. | 21 | 1271 |
| CME Group Inc. - Class A | 17 | 4955 |
| CNO Financial Group, Inc. | 11 | 470 |
| Corebridge Financial, Inc. | 28 | 675 |
| Corpay Inc (a) | 1 | 274 |
| DigitalBridge Group, Inc. - Class A | 55 | 850 |
| East West Bancorp, Inc. | 6 | 592 |
| Employers Holdings, Inc. | 5 | 187 |
| Encore Capital Group, Inc. (a) | 4 | 275 |
| Equitable Holdings, Inc. | 27 | 1011 |
| Erie Indemnity Company - Class A | 2 | 574 |
| Evercore Inc. - Class A | 7 | 1988 |
| F.N.B. Corporation | 14 | 242 |
| FactSet Research Systems Inc. | 2 | 405 |
| Federated Hermes, Inc. - Class B | 12 | 656 |
| Fifth Third Bancorp | 18 | 846 |
| First American Financial Corporation | 7 | 417 |
| First Horizon Corporation | 19 | 433 |
| FirstCash, Inc. | 4 | 822 |
| Flagstar Bank, National Association | 74 | 972 |
| Franklin Resources, Inc. | 35 | 828 |
| Genworth Financial, Inc. - Class A (a) | 78 | 632 |
| Globe Life Inc. | 3 | 441 |
| Goldman Sachs Group, Inc., The | 14 | 11577 |
| Hanover Insurance Group Inc, The | 6 | 1074 |
| Hartford Insurance Group, Inc., The | 5 | 742 |
| Hilltop Holdings Inc. | 7 | 240 |
| Hope Bancorp, Inc. | 15 | 169 |
| Houlihan Lokey, Inc. - Class A | 7 | 942 |
| Independence Holdings, LLC | 18 | 965 |
| Interactive Brokers Group, Inc. - Class A | 24 | 1637 |
| Intercontinental Exchange, Inc. | 15 | 2389 |
| Invesco Ltd. | 49 | 1183 |
| Jack Henry & Associates, Inc. | 11 | 1697 |
| Jackson Financial Inc. - Class A (c) | 10 | 1071 |
| Janus Henderson Group PLC | 14 | 722 |
| Jefferies Financial Group Inc. | 9 | 374 |
| JPMorgan Chase & Co. | 54 | 15784 |
| KeyCorp | 21 | 426 |
| Lincoln National Corporation | 22 | 779 |
| Loews Corporation | 12 | 1311 |
| LPL Financial Holdings Inc. | 3 | 1000 |
| MarketAxess Holdings Inc. | 4 | 653 |
| Marsh & Mclennan Companies, Inc. | 17 | 2952 |
| MasterCard Incorporated - Class A | 9 | 4581 |
| Mercury General Corporation | 4 | 366 |
| MetLife, Inc. | 32 | 2251 |
| MFA Financial, Inc. | 24 | 231 |
| MGIC Investment Corporation | 11 | 293 |
| Moelis & Company - Class A | 8 | 463 |
| Moody's Corporation | 1 | 498 |
| Morgan Stanley | 24 | 3920 |
| MSCI Inc. - Class A | 2 | 1048 |
| Nasdaq, Inc. | 2 | 198 |
| NCR Atleos Corporation (a) | 7 | 314 |
| Nelnet, Inc. - Class A | 2 | 265 |
| Northern Trust Corporation | 3 | 484 |
| PennyMac Financial Services, Inc. | 4 | 361 |
| PennyMac Mortgage Investment Trust | 23 | 266 |

---

542

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Popular, Inc. | 3 | 351 |
| PROG Holdings, Inc. | 9 | 249 |
| Progressive Corporation, The | 18 | 3583 |
| Prudential Financial, Inc. | 29 | 2807 |
| Regions Financial Corporation | 17 | 453 |
| RenaissanceRe Holdings Ltd. | 1 | 315 |
| RITHM Capital Corp. | 35 | 331 |
| RLI Corp. | 6 | 323 |
| Robinhood Markets, Inc. - Class A (a) | 32 | 2215 |
| S&P Global Inc. | 2 | 958 |
| SEI Investments Company | 12 | 910 |
| Selective Insurance Group, Inc. | 7 | 516 |
| SLM Corporation | 50 | 1077 |
| SoFi Technologies, Inc. (a) | 51 | 816 |
| State Street Corporation | 5 | 667 |
| Stewart Information Services Corporation | 5 | 300 |
| Stifel Financial Corp. | 6 | 452 |
| Synchrony Financial | 101 | 6867 |
| T. Rowe Price Group, Inc. | 26 | 2349 |
| Tradeweb Markets Inc. - Class A | 4 | 493 |
| Travelers Companies, Inc., The | 17 | 5082 |
| U.S. Bancorp | 31 | 1608 |
| Unum Group | 12 | 888 |
| Valley National Bancorp | 20 | 240 |
| Virtu Financial, Inc. - Class A | 22 | 970 |
| Visa Inc. - Class A | 22 | 6759 |
| W. R. Berkley Corporation | 9 | 570 |
| Webster Financial Corporation | 7 | 456 |
| Wells Fargo & Company | 284 | 22634 |
| Western Union Company, The (b) | 153 | 1335 |
| White Mountains Insurance Group Ltd. |  | 894 |
| Willis Towers Watson Public Limited Company | 3 | 931 |
| Wintrust Financial Corporation | 3 | 359 |
| Zions Bancorporation, National Association | 10 | 573 |
| | | 253948 |
| **Consumer Staples 10.8%** | **Consumer Staples 10.8%** | **Consumer Staples 10.8%** |
| Albertsons Companies, Inc. - Class A | 81 | 1374 |
| Altria Group, Inc. | 214 | 14132 |
| Andersons, Inc. , The | 6 | 397 |
| Archer-Daniels-Midland Company | 70 | 5091 |
| BJ's Wholesale Club Holdings, Inc. (a) | 9 | 920 |
| Boston Beer Company, Inc., The - Class A (a) | 2 | 393 |
| Brown-Forman Corporation - Class B | 36 | 958 |
| Bunge Global S.A. | 32 | 4060 |
| Cal-Maine Foods, Inc. | 18 | 1441 |
| Campbell's Company, The (b) | 14 | 307 |
| Casey's General Stores, Inc. | 1 | 791 |
| Central Garden & Pet Company - Class A (a) | 8 | 260 |
| Church & Dwight Co., Inc. | 14 | 1352 |
| Clorox Company, The | 18 | 1881 |
| Coca-Cola Company, The | 162 | 12328 |
| Coca-Cola Consolidated, Inc. | 6 | 1187 |
| Colgate-Palmolive Company | 46 | 3946 |
| Conagra Brands, Inc. | 35 | 550 |
| Constellation Brands, Inc. - Class A | 6 | 835 |
| Costco Wholesale Corporation | 7 | 6749 |
| Darling Ingredients Inc. (a) | 7 | 408 |
| Dollar General Corporation | 30 | 3595 |
| Dollar Tree, Inc. (a) | 19 | 2104 |
| Edgewell Personal Care Colombia S A S | 15 | 311 |
| Energizer Holdings, Inc. | 12 | 191 |
| Estee Lauder Companies Inc., The - Class A | 5 | 347 |
| Flowers Foods, Inc. | 35 | 287 |
| General Mills, Inc. | 42 | 1555 |
| Hershey Company, The | 11 | 2382 |
| Hormel Foods Corporation | 19 | 421 |
| Ingles Markets, Incorporated - Class A | 2 | 189 |
| Ingredion Incorporated | 11 | 1193 |
| J. M. Smucker Company, The | 10 | 961 |
| Kenvue Inc. | 20 | 349 |
| Keurig Dr Pepper Inc. | 55 | 1435 |
| Kimberly-Clark Corporation | 25 | 2428 |
| Kraft Heinz Company, The | 141 | 3170 |
| Kroger Co., The | 130 | 9424 |
| Lamb Weston Holdings, Inc. | 13 | 542 |
| McCormick & Company, Incorporated | 2 | 79 |
| Molson Coors Beverage Company - Class B | 33 | 1411 |
| Mondelez International, Inc. - Class A | 72 | 4124 |
| Monster Beverage 1990 Corporation (a) | 43 | 3139 |
| Nomad Foods Limited | 24 | 234 |
| PepsiCo, Inc. | 95 | 14701 |
| Performance Food Group Company (a) | 3 | 224 |
| Philip Morris International Inc. | 108 | 17794 |
| Post Holdings, Inc. (a) | 8 | 771 |
| PriceSmart, Inc. | 4 | 639 |
| Procter & Gamble Company, The | 107 | 15479 |
| Seaboard Corporation |  | 328 |
| Spectrum Brands Holdings, Inc. | 7 | 512 |
| Sprouts Farmers Market, Inc. (a) | 53 | 4076 |
| Sysco Corporation | 20 | 1419 |
| Target Corporation | 84 | 10231 |
| The Marzetti Company | 3 | 378 |
| Tyson Foods, Inc. - Class A | 54 | 3432 |
| United Natural Foods, Inc. (a) | 16 | 703 |
| US Foods Holding Corp. (a) | 23 | 2096 |
| Walmart Inc. | 392 | 48775 |
|  |  | 220789 |
| **Consumer Discretionary 10.1%** | **Consumer Discretionary 10.1%** | **Consumer Discretionary 10.1%** |
| Abercrombie & Fitch Co. - Class A (a) | 12 | 1094 |
| Academy Sports & Outdoors, Inc. | 20 | 1128 |
| Acushnet Holdings Corp. | 6 | 584 |
| Adient Public Limited Company (a) | 22 | 444 |
| Advance Auto Parts, Inc. (b) | 14 | 742 |
| American Eagle Outfitters, Inc. | 81 | 1352 |
| Aptiv PLC (a) | 10 | 717 |
| Asbury Automotive Group, Inc. (a) | 4 | 739 |
| AutoNation, Inc. (a) | 7 | 1425 |
| AutoZone, Inc. (a) | 2 | 5681 |
| Bath & Body Works, Inc. | 17 | 325 |
| Beazer Homes USA, Inc. (a) | 8 | 148 |
| Best Buy Co., Inc. | 58 | 3694 |
| Booking Holdings Inc. | 1 | 4901 |
| BorgWarner Inc. | 35 | 1912 |
| Boyd Gaming Corporation | 10 | 834 |
| Brunswick Corporation (b) | 18 | 1297 |
| Capri Holdings Limited (a) | 39 | 685 |
| Carnival Corporation | 61 | 1587 |
| Carter's, Inc. | 22 | 769 |
| Covista Inc. (a) | 9 | 1056 |
| Cracker Barrel Old Country Store, Inc. (b) | 9 | 246 |
| Crocs, Inc. (a) | 4 | 301 |
| D.R. Horton, Inc. | 5 | 721 |
| Dana Incorporated | 34 | 1147 |
| Darden Restaurants, Inc. | 8 | 1558 |
| Dauch Corporation (a) | 50 | 296 |
| Deckers Outdoor Corporation (a) | 13 | 1272 |
| Dick's Sporting Goods, Inc. | 6 | 1255 |
| Domino's Pizza, Inc. | 5 | 1671 |
| Dorman Products, Inc. (a) | 4 | 401 |
| eBay Inc. | 84 | 7654 |
| ETSY, Inc. (a) | 10 | 524 |
| Expedia Group, Inc. | 7 | 1601 |
| Five Below, Inc. (a) | 2 | 500 |
| Ford Motor Company | 803 | 9263 |
| Gap, Inc., The | 29 | 713 |
| General Motors Company | 168 | 12543 |
| Gentex Corporation | 52 | 1128 |
| Genuine Parts Company | 6 | 642 |
| G-III Apparel Group, Ltd. | 7 | 206 |
| Gold.Com, Inc. | 13 | 527 |
| Graham Holdings Co., Ltd. - Class B |  | 427 |
| Grand Canyon Education, Inc. (a) | 6 | 996 |
| H & R Block, Inc. | 14 | 454 |
| Harley-Davidson, Inc. (b) | 14 | 275 |
| Hasbro, Inc. | 25 | 2355 |
| Hilton Worldwide Holdings Inc. | 5 | 1382 |
| Home Depot, Inc., The | 28 | 9294 |
| Hyatt Hotels Corporation - Class A (b) | 2 | 235 |

---

543

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Installed Building Products, Inc. | 1 | 321 |
| Kohl's Corporation | 55 | 704 |
| Kontoor Brands, Inc. | 8 | 578 |
| Las Vegas Sands Corp. | 8 | 413 |
| Laureate Education, Inc. - Class A (a) | 19 | 669 |
| La-Z-Boy Incorporated | 8 | 266 |
| LCI Industries | 2 | 288 |
| Lear Corporation | 8 | 1020 |
| Leggett & Platt, Incorporated | 35 | 350 |
| Lennar Corporation - Class A | 6 | 554 |
| Lithia Motors, Inc. - Class A | 2 | 374 |
| Lowe`s Companies, Inc. | 39 | 9295 |
| M/I Homes, Inc. (a) | 2 | 305 |
| Macy's, Inc. | 59 | 1065 |
| MarineMax, Inc. (a) | 6 | 158 |
| Marriott International, Inc. - Class A | 7 | 2432 |
| McDonald's Corporation | 46 | 14260 |
| Meritage Homes Corporation | 12 | 742 |
| MGM Resorts International (a) | 5 | 202 |
| Mohawk Industries, Inc. (a) | 3 | 330 |
| Murphy USA Inc. | 6 | 2863 |
| Newell Brands Inc. | 20 | 67 |
| Nike, Inc. - Class B | 35 | 1831 |
| NVR, Inc. (a) |  | 1219 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 4 | 353 |
| O'Reilly Automotive, Inc. (a) | 42 | 3837 |
| Penske Automotive Group, Inc. (b) | 2 | 280 |
| Phinia Inc. | 8 | 560 |
| Pool Corporation | 5 | 994 |
| PulteGroup, Inc. | 14 | 1672 |
| PVH Corp. | 9 | 629 |
| Ralph Lauren Corporation - Class A | 5 | 1584 |
| Red Rock Resorts, Inc. - Class A | 7 | 353 |
| RH (a) | 1 | 161 |
| Rivian Automotive, Inc. - Class A (a) | 17 | 251 |
| Ross Stores, Inc. | 6 | 1369 |
| Sally Beauty Holdings, Inc. (a) | 34 | 470 |
| Service Corporation International | 19 | 1608 |
| Signet Jewelers Limited | 13 | 1113 |
| Somnigroup International Inc. | 23 | 1711 |
| Sonic Automotive, Inc. - Class A | 4 | 241 |
| Starbucks Corporation | 28 | 2476 |
| Steven Madden, Ltd. | 16 | 527 |
| Strategic Education, Inc. | 3 | 265 |
| Tapestry, Inc. | 21 | 2980 |
| Taylor Morrison Home II Corporation - Class A (a) | 4 | 203 |
| Tesla Inc. (a) | 54 | 19978 |
| Texas Roadhouse, Inc. - Class A | 2 | 344 |
| The Buckle, Inc. | 11 | 555 |
| The Goodyear Tire & Rubber Company (a) | 82 | 543 |
| Thor Industries, Inc. (b) | 6 | 447 |
| TJX Companies, Inc., The | 51 | 8110 |
| Toll Brothers, Inc. | 6 | 884 |
| TopBuild Corp. (a) | 2 | 569 |
| Tractor Supply Company | 27 | 1236 |
| TRI Pointe Homes Holdings, Inc. (a) | 16 | 733 |
| Ulta Beauty, Inc. (a) | 4 | 2280 |
| Upbound Group, Inc. | 12 | 223 |
| Urban Outfitters, Inc. (a) | 17 | 1105 |
| V.F. Corporation | 65 | 1103 |
| Vail Resorts, Inc. (b) | 10 | 1243 |
| Valvoline, Inc. (a) | 34 | 1158 |
| Victoria's Secret & Co. (a) | 34 | 1590 |
| Visteon Corporation | 5 | 483 |
| Wayfair Inc. - Class A (a) | 4 | 301 |
| Wendy's Company, The (b) | 61 | 426 |
| Whirlpool Corporation (b) | 12 | 639 |
| Williams-Sonoma, Inc. | 16 | 2920 |
| Winnebago Industries, Inc. | 9 | 274 |
| Wyndham Hotels & Resorts, Inc. | 8 | 631 |
| Wynn Resorts, Limited | 4 | 392 |
| Yum! Brands, Inc. | 14 | 2133 |
| | | 204944 |
| **Energy 6.9%** | **Energy 6.9%** | **Energy 6.9%** |
| Antero Midstream Corporation | 12 | 279 |
| Apa Corp. | 20 | 868 |
| Archrock, Inc. | 21 | 745 |
| Baker Hughes Company - Class A | 72 | 4380 |
| Cheniere Energy, Inc. | 7 | 1948 |
| Chevron Corporation | 122 | 25278 |
| CNX Resources Corporation (a) | 31 | 1185 |
| ConocoPhillips | 26 | 3438 |
| Core Natural Resources, Inc. | 5 | 495 |
| CVR Energy, Inc. (a) | 17 | 567 |
| Delek US Holdings, Inc. | 28 | 1256 |
| Devon Energy Corporation | 12 | 622 |
| DT Midstream, Inc. | 9 | 1218 |
| Expand Energy Corporation | 6 | 625 |
| Exxon Mobil Corporation | 246 | 41708 |
| Halliburton Company | 15 | 587 |
| Helmerich & Payne, Inc. | 22 | 785 |
| HF Sinclair Corporation | 27 | 1690 |
| International Seaways, Inc. | 10 | 696 |
| Kinder Morgan, Inc. | 66 | 2223 |
| Marathon Petroleum Corporation | 41 | 9901 |
| Murphy Oil Corporation | 38 | 1578 |
| Nabors Industries Ltd. (a) | 4 | 354 |
| NOV Inc. | 15 | 286 |
| Ovintiv Canada ULC | 28 | 1686 |
| Par Pacific Holdings, Inc. (a) | 7 | 422 |
| Patterson-UTI Energy, Inc. | 52 | 562 |
| PBF Energy Inc. - Class A | 30 | 1408 |
| Peabody Energy Corporation | 49 | 1611 |
| Permian Resources Corporation - Class A | 62 | 1316 |
| Phillips 66 | 46 | 8311 |
| Scorpio Tankers Inc. | 7 | 492 |
| SLB Limited | 17 | 851 |
| SM Energy Company | 12 | 384 |
| Targa Resources Corp. | 3 | 644 |
| TechnipFMC PLC | 51 | 3555 |
| Valero Energy Corporation | 59 | 14455 |
| Weatherford International Public Limited Company | 3 | 268 |
| Williams Companies, Inc., The | 25 | 1789 |
| World Kinect Corporation | 17 | 402 |
|  |  | 140868 |
| **Communication Services 6.0%** | **Communication Services 6.0%** | **Communication Services 6.0%** |
| Alphabet Inc. - Class A | 73 | 21096 |
| AT&T Inc. | 883 | 25600 |
| Comcast Corporation - Class A | 181 | 5189 |
| EchoStar Corporation - Class A (a) (b) | 14 | 1639 |
| Electronic Arts Inc. | 21 | 4269 |
| Former Charter Communications Parent, Inc. - Class A (a) | 36 | 7710 |
| Fox Corporation - Class A | 47 | 2720 |
| John Wiley & Sons, Inc. - Class A | 10 | 395 |
| Liberty Broadband Corporation - Series C (a) | 11 | 552 |
| Liberty Global Ltd. - Class A (a) | 59 | 714 |
| Liberty Media Corporation - Series C (a) | 5 | 408 |
| Lumen Technologies, Inc. (a) | 257 | 1787 |
| Match Group, Inc. | 18 | 556 |
| Meta Platforms, Inc. - Class A | 6 | 3615 |
| Netflix, Inc. (a) | 45 | 4285 |
| News Corporation - Class A | 21 | 527 |
| Nexstar Media Group, Inc. - Class A | 2 | 323 |
| Omnicom Group Inc. | 14 | 1073 |
| Optimum Communications, Inc. - Class A (a) | 62 | 81 |
| Paramount Skydance Corporation - Class B | 41 | 371 |
| Roku, Inc. - Class A (a) | 6 | 523 |
| Scholastic Corporation | 8 | 299 |
| Sirius XM Holdings Inc. | 25 | 570 |
| Take-Two Interactive Software, Inc. (a) | 10 | 2028 |
| Telephone and Data Systems, Inc. | 17 | 704 |
| The New York Times Company - Class A | 18 | 1508 |
| TKO Group Holdings Inc. - Class A | 3 | 658 |
| T-Mobile US, Inc. | 19 | 4048 |
| Verizon Communications Inc. | 430 | 21579 |
| Warner Bros. Discovery, Inc. - Series A (a) | 281 | 7704 |

---

544

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Yelp Inc. (a) | 18 | 445 |
| | | 122976 |
| **Materials 3.5%** | **Materials 3.5%** | **Materials 3.5%** |
| Albemarle Corporation | 2 | 418 |
| Alcoa Corporation | 26 | 1692 |
| Alpha Metallurgical Resources, Inc. (a) | 4 | 719 |
| Amcor Pty Ltd. | 16 | 638 |
| AptarGroup, Inc. | 10 | 1210 |
| Avery Dennison Corporation | 7 | 1265 |
| Balchem Corporation | 2 | 271 |
| Ball Corporation | 22 | 1277 |
| Cabot Corporation | 7 | 534 |
| Celanese Corporation - Class A | 10 | 650 |
| CF Industries Holdings, Inc. | 6 | 791 |
| Chemours Company, The | 58 | 1283 |
| Cleveland-Cliffs Inc. (a) | 69 | 581 |
| Commercial Metals Company | 26 | 1606 |
| Corteva, Inc. | 28 | 2344 |
| CRH Public Limited Company | 13 | 1417 |
| Crown Holdings, Inc. | 27 | 2698 |
| Dow Inc. | 22 | 935 |
| DuPont de Nemours, Inc. | 102 | 4682 |
| Eagle Materials Inc. | 3 | 660 |
| Eastman Chemical Company | 11 | 807 |
| Freeport-McMoRan Inc. | 29 | 1688 |
| Graphic Packaging Holding Company | 65 | 651 |
| Greif, Inc. - Class A | 4 | 294 |
| Hecla Mining Company | 27 | 501 |
| Huntsman Corporation | 9 | 120 |
| International Paper Company | 37 | 1305 |
| Kaiser Aluminum Corporation | 4 | 434 |
| Louisiana-Pacific Corporation (W VA) | 8 | 594 |
| LyondellBasell Industries N.V. - Class A | 60 | 4824 |
| Martin Marietta Materials, Inc. | 1 | 714 |
| Mosaic Company, The | 57 | 1453 |
| NewMarket Corporation | 2 | 1398 |
| Newmont Corporation | 58 | 6243 |
| Nucor Corporation | 31 | 5206 |
| O-I Glass, Inc. (a) | 32 | 338 |
| Olin Corporation | 7 | 213 |
| Packaging Corporation of America | 4 | 940 |
| PPG Industries, Inc. | 13 | 1353 |
| Reliance, Inc. | 5 | 1496 |
| Royal Gold, Inc. | 8 | 1925 |
| RPM International Inc. | 21 | 2102 |
| Sealed Air Corporation | 47 | 1970 |
| Sensient Technologies Corporation | 5 | 474 |
| Sherwin-Williams Company, The | 3 | 1038 |
| Silgan Holdings Inc. | 20 | 773 |
| Sonoco Products Company | 19 | 1050 |
| Southern Copper Corporation | 5 | 860 |
| Steel Dynamics, Inc. | 6 | 1090 |
| Stepan Company | 3 | 167 |
| Sylvamo Corporation | 6 | 244 |
| Tronox Holdings PLC | 35 | 341 |
| Vulcan Materials Company | 3 | 737 |
| Warrior Met Coal, Inc. | 18 | 1663 |
|  |  | 70677 |
| **Utilities 1.9%** | **Utilities 1.9%** | **Utilities 1.9%** |
| AES Corporation, The | 24 | 342 |
| Alliant Energy Corporation | 5 | 339 |
| American Electric Power Company, Inc. | 11 | 1430 |
| Atmos Energy Corporation | 3 | 637 |
| Avista Corporation | 12 | 501 |
| California Water Service Group | 5 | 238 |
| CenterPoint Energy, Inc. | 13 | 543 |
| Clearway Energy, Inc. - Class C | 17 | 673 |
| Consolidated Edison, Inc. | 7 | 842 |
| Constellation Energy Group, Inc. | 6 | 1754 |
| Dominion Energy, Inc. | 17 | 1079 |
| Edison International | 8 | 566 |
| Entergy Corporation | 9 | 1044 |
| Essential Utilities, Inc. | 6 | 247 |
| Evergy, Inc. | 8 | 647 |
| Eversource Energy | 7 | 501 |
| Exelon Corporation | 67 | 3306 |
| FirstEnergy Corp. | 11 | 539 |
| Hawaiian Electric Industries, Inc. (a) | 64 | 953 |
| IDACORP, Inc. (b) | 7 | 1069 |
| MDU Resources Group, Inc. | 44 | 919 |
| National Fuel Gas Company | 15 | 1373 |
| New Jersey Resources Corporation | 11 | 591 |
| NiSource Inc. | 9 | 419 |
| Northwest Natural Holding Company | 5 | 268 |
| NorthWestern Corporation | 11 | 707 |
| NRG Energy, Inc. | 18 | 2654 |
| One Gas, Inc. | 8 | 722 |
| Ormat Technologies, Inc. | 7 | 804 |
| Otter Tail Corporation | 4 | 357 |
| Portland General Electric Company | 13 | 712 |
| Sempra | 13 | 1276 |
| Southwest Gas Holdings, Inc. | 11 | 983 |
| Spire Inc. | 7 | 665 |
| Talen Energy Corporation (a) | 3 | 1032 |
| TXNM Energy, Inc. | 17 | 973 |
| UGI Corporation | 15 | 552 |
| Vistra Corp. | 41 | 6166 |
| XCEL Energy Inc. | 12 | 914 |
|  |  | 39337 |
| **Real Estate 1.5%** | **Real Estate 1.5%** | **Real Estate 1.5%** |
| Agree Realty Corporation | 8 | 618 |
| American Healthcare REIT, Inc. | 7 | 347 |
| American Homes 4 Rent - Class A | 27 | 740 |
| American Tower Corporation | 5 | 805 |
| Americold Realty Trust, Inc. | 28 | 320 |
| Apple Hospitality REIT, Inc. | 40 | 461 |
| Brandywine Realty Trust | 55 | 150 |
| Camden Property Trust | 10 | 1012 |
| Caretrust REIT, Inc. | 11 | 417 |
| COPT Defense Properties | 11 | 338 |
| Cubesmart, L.P. | 13 | 467 |
| DiamondRock Alpharetta Tenant, LLC | 29 | 271 |
| Equity Lifestyle Properties, Inc. | 10 | 603 |
| First Industrial Realty Trust, Inc. | 4 | 249 |
| Gaming and Leisure Properties, Inc. | 37 | 1659 |
| Healthcare Realty Trust Incorporated - Class A | 61 | 1043 |
| Host Hotels & Resorts, Inc. | 25 | 470 |
| InvenTrust Properties Corp. | 8 | 235 |
| Iron Mountain Incorporated | 6 | 586 |
| Jones Lang LaSalle Incorporated (a) | 3 | 777 |
| Lamar Advertising Company - Class A | 6 | 742 |
| LXP Industrial Trust | 7 | 339 |
| Macerich Company, The | 32 | 596 |
| Medical Properties Trust, Inc. (b) | 129 | 597 |
| Omega Healthcare Investors, Inc. | 32 | 1399 |
| OUTFRONT Media Inc. | 21 | 553 |
| Park Hotels & Resorts Inc. (b) | 73 | 772 |
| Phillips Edison & Company, Inc. | 11 | 394 |
| ProLogis Inc. | 19 | 2470 |
| Public Storage Operating Company | 2 | 439 |
| Rayonier Inc. | 26 | 546 |
| RLJ III-EM Columbus Lessee, LLC (b) | 34 | 252 |
| SBA Communications Corporation - Class A | 7 | 1180 |
| Simon Property Group, Inc. | 7 | 1303 |
| SL Green Realty Corp. (b) | 9 | 344 |
| STAG Industrial, Inc. | 8 | 276 |
| Sun Communities, Inc. | 6 | 758 |
| Sunstone Hotel Investors, Inc. | 33 | 293 |
| Uniti Group Inc. (a) | 44 | 417 |
| Ventas, Inc. | 9 | 741 |
| Vornado Realty Trust | 19 | 495 |
| W.P. Carey Inc. | 15 | 998 |
| Welltower Inc. | 14 | 2785 |
| Xenia Hotels & Resorts, Inc. | 15 | 224 |
|  |  | 30481 |
| Total Common Stocks (cost $1,680,320) | Total Common Stocks (cost $1,680,320) | 2029558 |

---

545

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **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, 3.63% (c) (d) | 7976 | 7976 |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 7272 | 7272 |
| Total Short Term Investments (cost $15,248) | Total Short Term Investments (cost $15,248) | 15248 |
| **Total Investments 100.3% (cost $1,695,568)** | **Total Investments 100.3% (cost $1,695,568)** | **2044806** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **306** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(7219)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2037893** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 7101 |  | 328 | 32 | 208 | (50) | 6931 | 0.3 |
| Jackson Financial Inc. - Class A | 1224 |  | 147 | 10 | 106 | (112) | 1071 |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 6269 | 26157 | 24450 | 38 |  |  | 7976 | 0.4 |
| JNL Government Money Market Fund, 3.53% - Class I | 2455 | 78630 | 73813 | 71 |  |  | 7272 | 0.4 |
|  | 17049 | 104787 | 98738 | 151 | 314 | (162) | 23250 | 1.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 23 | June 2026 | 7653 | 226 | (96) |
| S&P Midcap 400 Index | 8 | June 2026 | 2713 | 80 | 4 |
|  |  |  |  | 306 | (92) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 2029558 |  |  | 2029558 |
| &nbsp;&nbsp;Short Term Investments | 15248 |  |  | 15248 |
|  | 2044806 |  |  | 2044806 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 4 |  |  | 4 |
|  | 4 |  |  | 4 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (96) |  |  | (96) |
|  | (96) |  |  | (96) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

546

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 64.6%** | **COMMON STOCKS 64.6%** | **COMMON STOCKS 64.6%** |
| **Information Technology 14.4%** | **Information Technology 14.4%** | **Information Technology 14.4%** |
| Adobe Inc. (a) |  | 84 |
| Advanced Micro Devices, Inc. (a) | 7 | 1409 |
| Akamai Technologies, Inc. (a) | 1 | 69 |
| Amphenol Corporation - Class A | 2 | 221 |
| Analog Devices, Inc. | 3 | 1039 |
| Apple Inc. | 50 | 12702 |
| Applied Materials, Inc. | 1 | 435 |
| AppLovin Corporation - Class A (a) |  | 171 |
| ArcelorMittal | 2 | 97 |
| Arista Networks, Inc. (a) | 6 | 732 |
| ASML Holding N.V. - ADR | 1 | 971 |
| ASML Holding N.V. | 2 | 3113 |
| Autodesk, Inc. (a) |  | 53 |
| BE Semiconductor Industries N.V. | 2 | 477 |
| Bel Fuse Inc. - Class B |  | 24 |
| Broadcom Inc. | 22 | 6819 |
| Ciena Corporation (a) | 1 | 253 |
| Cisco Systems, Inc. | 20 | 1543 |
| Corning Incorporated | 1 | 188 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 350 |
| Datadog, Inc. - Class A (a) | 1 | 127 |
| Dell Technologies Inc. - Class C |  | 66 |
| Descartes Systems Group Inc., The (a) | 1 | 75 |
| Fair Isaac Corporation (a) |  | 14 |
| Fortinet, Inc. (a) |  | 11 |
| HubSpot, Inc. (a) |  | 15 |
| Indra Sistemas S.A. (b) | 9 | 506 |
| Infineon Technologies AG - Class N | 12 | 520 |
| Intel Corporation (a) | 17 | 739 |
| InterDigital, Inc. | 1 | 223 |
| International Business Machines Corporation | 3 | 667 |
| Intuit Inc. |  | 163 |
| Jabil Inc. |  | 77 |
| Keysight Technologies, Inc. (a) | 11 | 2974 |
| KLA Corporation |  | 719 |
| Lam Research Corporation | 4 | 794 |
| Lumentum Holdings Inc. (a) |  | 155 |
| Micron Technology, Inc. | 1 | 486 |
| Microsoft Corporation | 32 | 11954 |
| Monolithic Power Systems, Inc. | 1 | 653 |
| Motorola Solutions, Inc. |  | 91 |
| NVIDIA Corporation | 103 | 17926 |
| Oracle Corporation | 7 | 1047 |
| Palantir Technologies Inc. - Class A (a) | 4 | 535 |
| Palo Alto Networks, Inc. (a) | 1 | 90 |
| PTC Inc. (a) |  | 20 |
| Qnity Electronics, Inc. | 1 | 76 |
| Renesas Electronics Corporation | 36 | 511 |
| Roper Technologies, Inc. | 1 | 263 |
| Salesforce, Inc. | 2 | 362 |
| Samsung Electronics Co., Ltd. | 5 | 600 |
| SanDisk LLC (a) |  | 84 |
| SAP SE | 5 | 811 |
| Seagate Technology Holdings Public Limited Company | 1 | 210 |
| ServiceNow, Inc. (a) | 10 | 1095 |
| Shopify Inc. - Class A (a) | 6 | 664 |
| Synopsys, Inc. (a) | 1 | 394 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 2 | 630 |
| Taiwan Semiconductor Manufacturing Company Limited | 33 | 1891 |
| TE Connectivity Public Limited Company | 3 | 589 |
| Teledyne Technologies Incorporated (a) |  | 161 |
| Telefonaktiebolaget LM Ericsson - Class B (b) | 53 | 606 |
| Teradyne, Inc. |  | 102 |
| Texas Instruments Incorporated | 6 | 1137 |
| Tokyo Electron Limited | 4 | 871 |
| Western Digital Corporation |  | 104 |
| Yokogawa Electric Corporation | 1 | 15 |
|  |  | 82573 |
| **Financials 10.1%** | **Financials 10.1%** | **Financials 10.1%** |
| 3i Group PLC | 16 | 515 |
| ABN AMRO Bank N.V. - DUTCHCERT (c) | 13 | 426 |
| Admiral Group PLC | 13 | 554 |
| Adyen N.V. (a) (c) |  | 107 |
| AIA Group Limited | 72 | 797 |
| Allstate Corporation, The | 6 | 1237 |
| American Express Company | 4 | 1148 |
| American International Group, Inc. | 1 | 111 |
| Annaly Capital Management, Inc. | 12 | 257 |
| ANZ Group Holdings Limited | 44 | 1102 |
| AON Public Limited Company - Class A |  | 152 |
| Apollo Global Management, Inc. | 2 | 166 |
| Ares Management Corporation - Class A | 1 | 73 |
| Assicurazioni Generali Societa' Per Azioni | 13 | 538 |
| AXA | 22 | 1008 |
| AXIS Capital Holdings Limited |  | 29 |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima | 54 | 1161 |
| Banco Santander, S.A. | 122 | 1364 |
| Bank of America Corporation | 35 | 1683 |
| Bank of New York Mellon Corporation, The | 1 | 160 |
| Banque Nationale Du Canada (b) | 4 | 456 |
| Barclays PLC | 168 | 878 |
| BAWAG Group AG (c) | 2 | 360 |
| Berkshire Hathaway Inc. - Class B (a) | 7 | 3226 |
| BlackRock, Inc. |  | 174 |
| Blackstone Inc. - Class A |  | 45 |
| Block, Inc. - Class A (a) | 3 | 181 |
| Bridgepoint Group PLC (c) | 82 | 254 |
| Brookfield Corporation - Class A | 15 | 606 |
| Capital One Financial Corporation | 1 | 166 |
| CBOE Global Markets, Inc. |  | 20 |
| Charles Schwab Corporation, The | 20 | 1918 |
| Chubb Limited | 5 | 1733 |
| Citigroup Inc. | 8 | 879 |
| CME Group Inc. - Class A | 1 | 341 |
| Corebridge Financial, Inc. | 1 | 35 |
| Corpay Inc (a) |  | 90 |
| CVC Capital Partners PLC (b) | 20 | 269 |
| DBS Group Holdings Ltd. | 23 | 1035 |
| Definity Financial Corporation | 16 | 739 |
| DNB Bank ASA | 29 | 916 |
| East West Bancorp, Inc. | 1 | 76 |
| Equitable Holdings, Inc. | 3 | 96 |
| Erste Group Bank AG (b) | 4 | 382 |
| Federal National Mortgage Association, Inc. (a) | 9 | 68 |
| Fifth Third Bancorp | 19 | 862 |
| Figure Technology Solutions, Inc. - Class A (a) | 2 | 51 |
| Fiserv, Inc. (a) |  | 24 |
| Global Payments Inc. | 1 | 43 |
| Goldman Sachs Group, Inc., The | 1 | 1085 |
| HDFC Bank Limited | 20 | 163 |
| Huntington Bancshares Incorporated | 22 | 352 |
| ING Groep N.V. | 24 | 636 |
| Intercontinental Exchange, Inc. | 10 | 1517 |
| Invesco Ltd. | 2 | 39 |
| JPMorgan Chase & Co. | 13 | 3787 |
| KeyCorp | 3 | 56 |
| KKR & Co. Inc. - Class A | 1 | 118 |
| Klarna Group PLC (a) |  | 5 |
| Lloyds Banking Group PLC | 635 | 785 |
| LPL Financial Holdings Inc. |  | 30 |
| Macquarie Group Limited | 5 | 640 |
| Mandatum Holding Oy | 53 | 421 |
| Marsh & Mclennan Companies, Inc. | 3 | 534 |
| MasterCard Incorporated - Class A | 5 | 2380 |
| Melrose Industries PLC | 43 | 286 |
| MetLife, Inc. | 7 | 500 |
| Mitsubishi UFJ Financial Group, Inc. | 89 | 1495 |
| Moody's Corporation | 1 | 353 |
| Morgan Stanley | 8 | 1369 |
| MSCI Inc. - Class A |  | 49 |
| ORIX Corporation | 15 | 458 |
| Popular, Inc. |  | 33 |

---

547

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Progressive Corporation, The | 1 | 168 |
| Resona Holdings, Inc. | 47 | 520 |
| Robinhood Markets, Inc. - Class A (a) | 1 | 44 |
| S&P Global Inc. |  | 179 |
| Sampo Oyj - Class A | 79 | 843 |
| Societe Generale | 14 | 1024 |
| Standard Chartered PLC | 46 | 954 |
| Sumitomo Mitsui Trust Group, Inc. | 22 | 685 |
| Suncorp Group Limited | 38 | 420 |
| Talon Capital Corp. (a) | 2 | 16 |
| Tokio Marine Holdings, Inc. | 21 | 983 |
| TPG Inc. - Class A | 1 | 34 |
| Tradeweb Markets Inc. - Class A | 1 | 133 |
| Travelers Companies, Inc., The | 1 | 430 |
| U.S. Bancorp | 4 | 227 |
| UBS Group AG | 20 | 768 |
| Unicredit, Societa' Per Azioni | 14 | 1026 |
| Visa Inc. - Class A | 12 | 3721 |
| Voya Financial, Inc. | 1 | 75 |
| Wells Fargo & Company | 1 | 95 |
| Western Alliance Bancorporation | 1 | 38 |
| Willis Towers Watson Public Limited Company |  | 58 |
| | | 58043 |
| **Industrials 7.4%** | **Industrials 7.4%** | **Industrials 7.4%** |
| 3M Company |  | 69 |
| ABB Ltd. - Class N | 14 | 1103 |
| AerCap Holdings N.V. | 5 | 696 |
| Airbus SE | 6 | 1152 |
| AMETEK, Inc. | 7 | 1476 |
| API Group Corporation (a) | 2 | 73 |
| Axon Enterprise, Inc. (a) |  | 59 |
| Boeing Company, The (a) | 1 | 263 |
| Booz Allen Hamilton Holding Corporation - Class A |  | 31 |
| Bunzl Public Limited Company | 15 | 460 |
| Canadian National Railway Company | 1 | 81 |
| Carpenter Technology Corporation |  | 75 |
| Carrier Global Corporation | 1 | 83 |
| Caterpillar Inc. | 2 | 1744 |
| Cintas Corporation | 2 | 259 |
| CSG N.V. - Class A (a) | 3 | 93 |
| CSX Corporation | 27 | 1110 |
| Cummins Inc. |  | 14 |
| Deere & Company | 5 | 2538 |
| Dover Corporation |  | 88 |
| Eaton Corporation Public Limited Company |  | 83 |
| Element Fleet Management Corp. | 34 | 738 |
| Emerson Electric Co. | 1 | 100 |
| Equifax Inc. | 2 | 447 |
| ESAB Corporation | 1 | 80 |
| Firefly Aerospace Inc. (a) | 1 | 16 |
| Fortive Corporation | 3 | 142 |
| Fujikura Ltd. | 19 | 529 |
| GE Vernova Inc. | 1 | 967 |
| General Electric Company | 7 | 1990 |
| Hitachi, Ltd. | 43 | 1255 |
| Honeywell International Inc. | 1 | 118 |
| Howmet Aerospace Inc. | 1 | 164 |
| Ingersoll Rand Inc. | 6 | 479 |
| Interpump Group S.p.A. |  | 4 |
| Johnson Controls International Public Limited Company | 1 | 112 |
| Kingspan Group Public Limited Company | 3 | 271 |
| Kion Group AG | 8 | 422 |
| Komatsu Ltd. (b) | 8 | 305 |
| L3Harris Technologies, Inc. |  | 94 |
| Middleby Corporation, The (a) | 1 | 72 |
| Mitsubishi Electric Corporation | 30 | 963 |
| Mitsubishi Heavy Industries, Ltd. | 2 | 49 |
| Mueller Industries, Inc. |  | 38 |
| Norfolk Southern Corporation | 2 | 472 |
| Northrop Grumman Corporation | 1 | 638 |
| Nvent Electric Public Limited Company |  | 43 |
| Old Dominion Freight Line, Inc. | 5 | 915 |
| Otis Worldwide Corporation | 6 | 432 |
| PACCAR Inc | 2 | 173 |
| Parker-Hannifin Corporation | 1 | 997 |
| Pentair Public Limited Company | 7 | 593 |
| Prysmian S.p.A. | 10 | 1111 |
| Recruit Holdings Co., Ltd. | 20 | 854 |
| Republic Services, Inc. | 5 | 1039 |
| Rheinmetall Aktiengesellschaft |  | 673 |
| Rolls-Royce Holdings PLC | 71 | 1082 |
| RTX Corporation | 1 | 178 |
| Ryanair Holdings Public Limited Company - ADR | 12 | 675 |
| Safran | 3 | 895 |
| Saia, Inc. (a) |  | 165 |
| Sandvik Aktiebolag | 29 | 1118 |
| SANY Heavy Industry Co., Ltd. - Class H (c) | 10 | 28 |
| Shimizu Corporation | 26 | 470 |
| Shoals Technologies Group, Inc. - Class A (a) | 5 | 35 |
| Siemens Aktiengesellschaft - Class N | 11 | 2641 |
| Siemens Energy AG | 2 | 324 |
| SiteOne Landscape Supply, Inc. (a) |  | 25 |
| SK Square Co., Ltd. (a) |  | 118 |
| Spie S.A. |  | 13 |
| Stanley Black & Decker, Inc. |  | 31 |
| Sumitomo Corporation | 35 | 1290 |
| Techtronic Industries Company Limited | 37 | 490 |
| Trane Technologies Public Limited Company |  | 98 |
| TransDigm Group Incorporated |  | 268 |
| Uber Technologies, Inc. (a) | 1 | 52 |
| Union Pacific Corporation |  | 13 |
| United Airlines Holdings, Inc. (a) | 1 | 84 |
| Verisk Analytics, Inc. |  | 65 |
| Vertiv Holdings Co - Class A | 1 | 215 |
| VINCI | 5 | 709 |
| W.W. Grainger, Inc. |  | 530 |
| Waste Connections, Inc. |  | 66 |
| Waste Management, Inc. |  | 92 |
| Westinghouse Air Brake Technologies Corporation | 7 | 1743 |
| Xylem Inc. |  | 4 |
|  |  | 42362 |
| **Health Care 6.3%** | **Health Care 6.3%** | **Health Care 6.3%** |
| Abbott Laboratories | 14 | 1487 |
| AbbVie Inc. | 2 | 439 |
| Amgen Inc. |  | 163 |
| Argenx SE - ADR (a) | 1 | 785 |
| AstraZeneca PLC | 16 | 3219 |
| Boston Scientific Corporation (a) | 3 | 171 |
| Brightspring Health Services, Inc. (a) | 1 | 31 |
| Bristol-Myers Squibb Company | 3 | 151 |
| Cardinal Health, Inc. |  | 104 |
| Cencora, Inc. | 4 | 1346 |
| Centene Corporation (a) | 1 | 27 |
| Charles River Laboratories International, Inc. (a) |  | 41 |
| Chugai Pharmaceutical Co., Ltd. - ADR | 3 | 86 |
| Chugai Pharmaceutical Co., Ltd. | 17 | 925 |
| Cigna Group, The |  | 38 |
| CVS Health Corporation | 10 | 745 |
| Danaher Corporation | 4 | 693 |
| Edwards Lifesciences Corporation (a) | 2 | 136 |
| Elevance Health, Inc. | 1 | 362 |
| Eli Lilly and Company | 4 | 3423 |
| EssilorLuxottica | 2 | 532 |
| Gilead Sciences, Inc. | 13 | 1880 |
| Guardant Health, Inc. (a) | 1 | 102 |
| HOYA Corporation | 3 | 562 |
| Intuitive Surgical, Inc. (a) | 3 | 1341 |
| IQVIA Holdings Inc (a) |  | 31 |
| Johnson & Johnson | 9 | 2080 |
| Koninklijke Philips N.V. | 31 | 846 |
| McKesson Corporation |  | 78 |
| Medline Inc. - Class A (a) | 2 | 105 |
| Medtronic, Inc. | 1 | 78 |
| Merck & Co., Inc. | 8 | 936 |
| Natera, Inc. (a) | 1 | 102 |
| Novartis AG - Class N | 11 | 1724 |
| Novo Nordisk A/S - Class B (b) | 22 | 815 |
| Pfizer Inc. | 5 | 147 |

---

548

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Quest Diagnostics Incorporated | 3 | 525 |
| Regeneron Pharmaceuticals, Inc. |  | 66 |
| ResMed Inc. |  | 22 |
| Revvity, Inc. | 10 | 868 |
| Roche Holding AG | 5 | 1814 |
| Sanofi | 8 | 776 |
| Siemens Healthineers AG (c) | 16 | 673 |
| Sonova Holding AG | 1 | 201 |
| Stryker Corporation | 2 | 569 |
| Takeda Pharmaceutical Company Limited | 18 | 648 |
| Tenet Healthcare Corporation (a) | 6 | 1136 |
| Thermo Fisher Scientific Inc. | 2 | 750 |
| UnitedHealth Group Incorporated | 8 | 2066 |
| Vertex Pharmaceuticals Incorporated (a) |  | 175 |
| Viatris Inc. | 8 | 106 |
| West Pharmaceutical Services, Inc. |  | 48 |
| Zoetis Inc. - Class A |  | 24 |
| | | 36198 |
| **Consumer Discretionary 6.2%** | **Consumer Discretionary 6.2%** | **Consumer Discretionary 6.2%** |
| Airbnb, Inc. - Class A (a) |  | 25 |
| Alibaba Group Holding Limited (c) | 16 | 247 |
| Amadeus IT Holding, S.A. (c) | 6 | 315 |
| Amazon.com, Inc. (a) | 41 | 8511 |
| ASICS Corporation | 35 | 926 |
| Autoliv, Inc. - SWEDDR | 4 | 422 |
| AutoZone, Inc. (a) |  | 1202 |
| Booking Holdings Inc. |  | 1979 |
| Carvana Co. - Class A (a) | 10 | 3010 |
| Chipotle Mexican Grill, Inc. (a) | 14 | 460 |
| Compass Group PLC | 40 | 1115 |
| Darden Restaurants, Inc. |  | 23 |
| Domino's Pizza, Inc. |  | 37 |
| DoorDash, Inc. - Class A (a) | 2 | 314 |
| eBay Inc. |  | 27 |
| General Motors Company | 2 | 112 |
| Hilton Worldwide Holdings Inc. | 1 | 197 |
| Home Depot, Inc., The | 4 | 1248 |
| InterContinental Hotels Group PLC |  | 32 |
| Isetan Mitsukoshi Holdings Ltd. (b) | 33 | 606 |
| Kering | 2 | 543 |
| Kingfisher PLC | 84 | 318 |
| Las Vegas Sands Corp. | 1 | 39 |
| Lowe`s Companies, Inc. | 3 | 713 |
| Marriott International, Inc. - Class A |  | 64 |
| McDonald's Corporation | 5 | 1627 |
| Moncler S.p.A. | 9 | 532 |
| Next PLC | 4 | 659 |
| Open House Group Co., Ltd. | 1 | 77 |
| O'Reilly Automotive, Inc. (a) | 2 | 145 |
| Panasonic Holdings Corporation | 37 | 621 |
| Persimmon Public Limited Company | 16 | 232 |
| PulteGroup, Inc. | 1 | 106 |
| Ross Stores, Inc. | 3 | 595 |
| Royal Caribbean Cruises Ltd. |  | 75 |
| Sea Limited - Class A - ADR (a) | 8 | 664 |
| Sony Group Corporation | 65 | 1331 |
| Starbucks Corporation |  | 36 |
| Suzuki Motor Corporation | 43 | 523 |
| Tesla Inc. (a) | 9 | 3503 |
| TJX Companies, Inc., The | 4 | 688 |
| Toyota Motor Corporation | 65 | 1332 |
| Tractor Supply Company | 13 | 593 |
| Ulta Beauty, Inc. (a) |  | 48 |
| Viking Holdings Ltd. (a) | 1 | 39 |
| Wingstop Inc. |  | 22 |
| Yum! Brands, Inc. |  | 31 |
|  |  | 35964 |
| **Communication Services 5.2%** | **Communication Services 5.2%** | **Communication Services 5.2%** |
| Alphabet Inc. - Class A | 17 | 4806 |
| Alphabet Inc. - Class C | 30 | 8548 |
| BT Group PLC | 294 | 823 |
| KDDI Corporation | 50 | 866 |
| KT Corporation | 12 | 477 |
| Live Nation Entertainment, Inc. (a) |  | 46 |
| Meta Platforms, Inc. - Class A | 11 | 6110 |
| Netflix, Inc. (a) | 33 | 3135 |
| Nintendo Co., Ltd. (b) | 10 | 589 |
| Spotify Technology S.A. (a) |  | 34 |
| Telstra Group Limited | 163 | 601 |
| Tencent Holdings Limited | 4 | 277 |
| TKO Group Holdings Inc. - Class A | 1 | 136 |
| T-Mobile US, Inc. | 12 | 2500 |
| Walt Disney Company, The | 10 | 957 |
|  |  | 29905 |
| **Energy 4.1%** | **Energy 4.1%** | **Energy 4.1%** |
| Advantage Energy Ltd. (a) | 2 | 17 |
| Aker BP ASA | 13 | 485 |
| Antero Resources Corporation (a) | 1 | 22 |
| ARC Resources Ltd. (b) | 3 | 70 |
| Baker Hughes Company - Class A | 4 | 254 |
| Baytex Energy Corp. | 1 | 5 |
| BP P.L.C. | 10 | 77 |
| Cameco Corporation | 1 | 130 |
| Canadian Natural Resources Limited (b) | 20 | 969 |
| Cenovus Energy Inc. | 17 | 443 |
| Cheniere Energy, Inc. |  | 85 |
| Chevron Corporation | 12 | 2523 |
| ConocoPhillips | 20 | 2702 |
| Core Natural Resources, Inc. |  | 14 |
| Diamondback Energy, Inc. | 1 | 195 |
| Enbridge Inc. | 3 | 169 |
| Energy Fuels Inc. (a) (b) | 3 | 57 |
| EOG Resources, Inc. | 1 | 140 |
| EQT Corporation | 3 | 216 |
| Equinor ASA | 13 | 563 |
| Expro Group Holdings N.V. (a) (b) | 4 | 64 |
| Exxon Mobil Corporation | 12 | 2041 |
| Headwater Exploration Inc. (b) (c) | 6 | 53 |
| Kelt Exploration Ltd. (a) | 7 | 46 |
| Keyera Corp. (c) | 1 | 31 |
| Kinder Morgan, Inc. | 1 | 49 |
| Kodiak Gas Services, LLC | 1 | 55 |
| NAC Kazatomprom JSC - GDR (c) | 1 | 50 |
| Neste Oyj | 2 | 77 |
| NOV Inc. | 3 | 62 |
| ONEOK, Inc. | 1 | 96 |
| Ovintiv Canada ULC | 1 | 81 |
| Peabody Energy Corporation |  | 12 |
| Permian Resources Corporation - Class A | 4 | 76 |
| Phillips 66 | 1 | 236 |
| Precision Drilling Corporation (a) | 1 | 52 |
| Range Resources Corporation | 26 | 1185 |
| Shell PLC - Class A | 7 | 316 |
| Shell PLC - Class A - ADR | 24 | 2194 |
| SLB Limited | 27 | 1391 |
| South Bow Corporation (b) | 2 | 58 |
| Suncor Energy Inc. | 2 | 159 |
| Tamarack Valley Energy Ltd. | 7 | 55 |
| Targa Resources Corp. | 1 | 279 |
| TechnipFMC PLC | 16 | 1128 |
| Tenaris S.A. - ADR (b) | 1 | 54 |
| Thai Oil Public Company Limited | 16 | 24 |
| TotalEnergies SE | 25 | 2328 |
| Tourmaline Oil Corp | 2 | 76 |
| Uranium Energy Corp. (a) | 12 | 162 |
| Valero Energy Corporation | 5 | 1220 |
| Var Energi ASA | 6 | 30 |
| Viper Energy, Inc. - Class A | 1 | 52 |
| Vista Energy, S.A.B. De C.V. - Series A - ADR (a) | 1 | 57 |
| Weatherford International Public Limited Company | 1 | 88 |
| Whitehaven Coal Limited | 2 | 14 |
| Williams Companies, Inc., The | 5 | 391 |
| Yellow Cake PLC (a) | 4 | 36 |
|  |  | 23514 |
| **Materials 3.7%** | **Materials 3.7%** | **Materials 3.7%** |
| Agnico Eagle Mines Limited |  | 94 |
| Agnico Eagle Mines Limited | 2 | 356 |
| Alamos Gold Inc - Class A (b) | 3 | 141 |

---

549

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Alamos Gold Inc - Class A | 1 | 40 |
| Albemarle Corporation |  | 19 |
| Alpha Metallurgical Resources, Inc. (a) |  | 15 |
| Aluminum Corporation of China Limited - Class H | 36 | 53 |
| Americas Gold and Silver Corporation (a) (b) | 7 | 34 |
| Anglo American PLC | 3 | 138 |
| AngloGold Ashanti PLC | 2 | 226 |
| Antofagasta PLC | 15 | 676 |
| Aris Mining Corporation (a) | 4 | 71 |
| Artemis Gold Inc. (a) | 4 | 108 |
| Asante Gold Corporation (a) | 3 | 2 |
| Ausgold Limited (a) | 36 | 22 |
| Ball Corporation | 12 | 680 |
| Barrick Mining Corporation | 10 | 405 |
| Benz Mining Corp. - CHESS (a) | 12 | 18 |
| BHP Group Limited | 22 | 787 |
| BHP Group Limited (b) | 11 | 413 |
| Blackedge Ltd. (a) | 14 | 65 |
| BlueScope Steel Limited | 2 | 31 |
| Boliden AB (a) |  | 9 |
| Capricorn Metals Limited (a) | 8 | 59 |
| CF Industries Holdings, Inc. |  | 46 |
| Champion Iron Limited (b) | 3 | 11 |
| China Hongqiao Group Limited | 16 | 72 |
| Coeur Mining, Inc. (a) | 1 | 27 |
| Corteva, Inc. | 4 | 301 |
| CRH Public Limited Company | 1 | 87 |
| Discovery Silver Corp. (a) (b) | 9 | 56 |
| DPM Metals Inc. | 1 | 23 |
| Ecolab Inc. |  | 73 |
| Emerald Resources NL (a) | 17 | 65 |
| Equinox Gold Corp. | 2 | 25 |
| Evolution Mining Limited | 2 | 17 |
| First Mining Gold Corp. (a) | 50 | 19 |
| First Quantum Minerals Ltd. (a) | 5 | 119 |
| Fortescue Ltd. | 1 | 15 |
| Franco-Nevada Corporation | 2 | 397 |
| Franco-Nevada Corporation | 1 | 128 |
| Freeport-McMoRan Inc. | 8 | 470 |
| G Mining Ventures Corp. (a) | 2 | 71 |
| Genesis Minerals Limited (a) | 4 | 15 |
| Glencore PLC | 129 | 979 |
| Gold Fields Limited | 4 | 170 |
| Gold Royalty Corp. (a) | 1 | 3 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 39 | 421 |
| Harmony Gold Mining Company | 1 | 21 |
| Heidelberg Materials AG | 3 | 700 |
| Hindalco Industries Limited | 3 | 28 |
| Hoa Phat Group Joint Stock Company | 95 | 98 |
| Holcim AG | 9 | 744 |
| IGO Limited (a) | 3 | 16 |
| Iluka Resources Limited | 9 | 42 |
| Impala Platinum Holdings | 3 | 43 |
| Industrias Penoles, S.A.B. de C.V. (a) (b) |  | 19 |
| International Paper Company | 24 | 864 |
| Ivanhoe Electric Inc. (a) | 5 | 56 |
| Ivanhoe Mines Ltd. - Class A (a) (b) | 3 | 22 |
| James Hardie Industries Public Limited Company - CHESS | 2 | 39 |
| JFE Holdings, Inc. | 1 | 10 |
| Jiangxi Copper Company Limited - Class H | 13 | 58 |
| Jindal Stainless Limited | 1 | 10 |
| Jindal Steel Limited | 1 | 16 |
| Joint Stock Company Alrosa (Public Joint Stock Company) (a) (c) (d) | 40 |  |
| JSW Steel Limited | 2 | 22 |
| JX Advanced Metals Corporation | 1 | 13 |
| Kinross Gold Corporation | 7 | 215 |
| KRC Materials, Inc. (a) | 1 | 41 |
| L'Air Liquide, societe anonyme pour l'Etude et l'Exploitation des procedes Georges Claude | 6 | 1326 |
| Linde Public Limited Company | 4 | 2210 |
| Louisiana-Pacific Corporation (W VA) | 1 | 52 |
| Lundin Gold Inc. (c) |  | 37 |
| Lynas Rare Earths Limited (a) | 3 | 38 |
| LyondellBasell Industries N.V. - Class A | 1 | 56 |
| Martin Marietta Materials, Inc. | 1 | 518 |
| Meridian Mining PLC (a) | 15 | 19 |
| Mitsubishi Chemical Group Corporation | 52 | 301 |
| Montage Gold Corp. (a) (b) | 1 | 12 |
| Mosaic Company, The | 2 | 38 |
| MP Materials Corp. - Class A (a) (b) |  | 23 |
| New Found Gold Corp. (a) (b) | 7 | 12 |
| Newmont Corporation | 1 | 119 |
| NGEx Minerals Ltd. (a) (b) | 4 | 69 |
| Nippon Steel Corporation (b) | 11 | 41 |
| Norsk Hydro ASA | 5 | 48 |
| Northam Platinum Limited | 1 | 22 |
| Northern Star Resources Ltd. | 4 | 53 |
| Nucor Corporation | 1 | 126 |
| OceanaGold Corporation |  | 14 |
| Omai Gold Mines Corp. (a) | 28 | 34 |
| Oramelius Resources Limited | 7 | 19 |
| Packaging Corporation of America | 2 | 508 |
| PLS Group Limited (a) | 5 | 18 |
| POSCO Holdings Inc. |  | 39 |
| Predictive Discovery Limited (a) | 90 | 47 |
| Public Joint Stock Company Polyus (a) (c) (d) |  |  |
| Redevances OR Inc. | 3 | 95 |
| Reliance, Inc. | 1 | 169 |
| Rio Tinto Limited | 1 | 61 |
| Rio Tinto PLC | 3 | 307 |
| Robex Resources Inc. (a) (b) | 5 | 21 |
| Robex Resources Inc. - CHESS (a) | 1 | 4 |
| Royal Gold, Inc. |  | 12 |
| RPM International Inc. | 1 | 49 |
| Santana Mining Inc. (a) | 4 | 62 |
| Sherwin-Williams Company, The | 2 | 502 |
| Shin-Etsu Chemical Co., Ltd. | 22 | 873 |
| Sibanye Stillwater | 11 | 34 |
| Skeena Resources Limited (a) | 4 | 113 |
| Snowline Gold Corp. (a) | 7 | 69 |
| Sociedad Quimica Y Minera De Chile S.A. - Series B - ADR (a) |  | 16 |
| Solstice Advanced Materials US, Inc. |  | 35 |
| South32 Limited | 16 | 48 |
| Southern Copper Corporation | 1 | 95 |
| Southern Palladium Limited (a) | 3 | 3 |
| Sovereign Metals Limited (a) | 9 | 4 |
| Steel Dynamics, Inc. | 1 | 222 |
| Stora Enso Oyj - Class R (b) | 46 | 544 |
| Tata Steel Limited | 24 | 49 |
| Teck Resources Limited - Class B | 1 | 61 |
| Turaco Gold Limited (a) | 68 | 29 |
| UPM-Kymmene Oyj | 1 | 41 |
| USA Rare Earth, Inc. - Class A (a) (b) | 1 | 20 |
| Vale S.A. | 1 | 16 |
| Valterra Platinum | 1 | 71 |
| Warrior Met Coal, Inc. | 1 | 55 |
| West Fraser Timber Co. Ltd. | 1 | 45 |
| West Fraser Timber Co. Ltd. | 1 | 44 |
| Wheaton Precious Metals Corp. | 1 | 180 |
| Yunnan Aluminium Co,Ltd. - Class A | 7 | 32 |
| Zijin Gold International Company Limited | 2 | 40 |
| Zijin Mining Group Co., Ltd. - Class H | 64 | 292 |
| | | 21261 |
| **Consumer Staples 3.0%** | **Consumer Staples 3.0%** | **Consumer Staples 3.0%** |
| Ajinomoto Co., Inc. | 19 | 534 |
| Altria Group, Inc. | 2 | 112 |
| Coca-Cola Company, The | 6 | 432 |
| Colgate-Palmolive Company | 13 | 1109 |
| Costco Wholesale Corporation | 1 | 530 |
| Diageo PLC | 28 | 530 |
| Dollar Tree, Inc. (a) | 6 | 652 |
| e.l.f. Beauty, Inc. (a) |  | 27 |
| Estee Lauder Companies Inc., The - Class A | 1 | 50 |
| Kenvue Inc. | 2 | 37 |
| Keurig Dr Pepper Inc. | 3 | 78 |
| Lamb Weston Holdings, Inc. |  | 15 |
| L'Oreal | 2 | 746 |

---

550

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Magnum Ice Cream Company N.V., The (a) |  | 5 |
| Magnum Ice Cream Company N.V., The (a) | 26 | 376 |
| McCormick & Company, Incorporated |  | 10 |
| Mondelez International, Inc. - Class A | 31 | 1797 |
| Monster Beverage 1990 Corporation (a) | 1 | 84 |
| Muyuan Foods Co., Ltd. - Class H | 7 | 34 |
| Nestle S.A. - Class N | 19 | 1910 |
| PepsiCo, Inc. | 1 | 182 |
| Philip Morris International Inc. | 13 | 2073 |
| Procter & Gamble Company, The | 16 | 2260 |
| Seven & I Holdings Co., Ltd. | 43 | 581 |
| Sysco Corporation |  | 7 |
| Target Corporation |  | 17 |
| Tsuruha Holdings Inc. | 17 | 268 |
| Unilever PLC | 39 | 2191 |
| Unilever PLC - ADR | 2 | 86 |
| Walmart Inc. | 5 | 676 |
| | | 17409 |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| Acadia Realty Trust | 8 | 146 |
| Aedifica | 1 | 73 |
| Alexandria Real Estate Equities, Inc. | 1 | 34 |
| American Homes 4 Rent - Class A | 4 | 115 |
| American Tower Corporation | 2 | 386 |
| Apple Hospitality REIT, Inc. | 3 | 40 |
| AvalonBay Communities, Inc. | 2 | 252 |
| Big Yellow Group PLC | 3 | 29 |
| BXP, Inc. |  | 23 |
| Camden Property Trust | 1 | 49 |
| Canadian Apartment Properties Real Estate Investment Trust | 1 | 36 |
| Capitaland Group Pte. Ltd. | 25 | 44 |
| CBRE Group, Inc. - Class A (a) | 1 | 115 |
| City Developments Limited | 9 | 56 |
| Colliers International Group Inc. |  | 52 |
| CoStar Group, Inc. (a) | 1 | 22 |
| Crown Castle Inc. | 2 | 142 |
| Cubesmart, L.P. | 5 | 193 |
| Curbline Properties Corp. |  | 9 |
| Digital Core REIT Management Pte. Ltd. (c) | 30 | 15 |
| Digital Realty Trust, Inc. | 1 | 218 |
| Douglas Emmett, Inc. | 5 | 50 |
| EastGroup Properties, Inc. | 1 | 238 |
| Equinix, Inc. | 1 | 1001 |
| Equity Lifestyle Properties, Inc. | 11 | 712 |
| Equity Residential | 3 | 196 |
| Essex Property Trust, Inc. | 3 | 736 |
| Federal Realty Investment Trust | 1 | 56 |
| Goodman Funding Pty Ltd. | 7 | 129 |
| Healthcare Realty Trust Incorporated - Class A | 4 | 66 |
| Invincible Investment Corporation |  | 25 |
| Japan Prime Realty Investment Corporation |  | 34 |
| Japan Real Estate Investment Corporation |  | 32 |
| Keppel DC REIT Management Pte. Ltd. | 20 | 33 |
| Kerry Properties Limited | 13 | 36 |
| Kilroy Realty Corporation (b) | 1 | 28 |
| Kimco Realty OP, LLC | 2 | 36 |
| Kojamo Oyj (c) | 7 | 63 |
| LEG Immobilien SE | 1 | 57 |
| Lineage, Inc. (b) | 1 | 20 |
| Mirvac Limited | 35 | 43 |
| Mitsubishi Estate Co., Ltd. | 27 | 759 |
| Mitsui Fudosan Co., Ltd. | 61 | 652 |
| Nexus Select Trust | 18 | 29 |
| Nippon Prologis REIT, Inc. |  | 28 |
| NTT DC REIT Manager Pte. Ltd. (a) | 50 | 46 |
| Pebblebrook Hotel Trust | 5 | 59 |
| ProLogis Inc. | 6 | 782 |
| Public Storage Operating Company | 4 | 1113 |
| Rayonier Inc. | 2 | 50 |
| Regency Centers Corporation | 4 | 283 |
| Rexford Industrial Realty, Inc. | 9 | 305 |
| Scentre Group Limited | 281 | 650 |
| SEGRO Public Limited Company | 47 | 404 |
| Simon Property Group, Inc. | 2 | 430 |
| SL Green Realty Corp. (b) |  | 8 |
| SmartStop Self Storage REIT, Inc. (b) | 4 | 127 |
| Sun Communities, Inc. | 2 | 224 |
| Sun Hung Kai Properties Limited | 5 | 83 |
| Swire Properties Limited | 22 | 63 |
| Terreno Realty Corporation | 3 | 184 |
| Tokyo Tatemono Co., Ltd. | 3 | 58 |
| Ventas, Inc. | 5 | 413 |
| VICI Properties Inc. | 17 | 466 |
| Vornado Realty Trust | 2 | 65 |
| Warehouses De Pauw | 3 | 84 |
| Welltower Inc. | 10 | 1992 |
| Weyerhaeuser Company |  | 8 |
|  |  | 15005 |
| **Utilities 1.6%** | **Utilities 1.6%** | **Utilities 1.6%** |
| Alliant Energy Corporation | 3 | 200 |
| Ameren Corporation | 9 | 949 |
| Atmos Energy Corporation | 1 | 151 |
| CMS Energy Corporation | 1 | 64 |
| Consolidated Edison, Inc. | 1 | 135 |
| Constellation Energy Group, Inc. | 4 | 1007 |
| DTE Energy Company | 1 | 73 |
| ENEL - SPA | 89 | 971 |
| Engie | 32 | 1048 |
| Fortum Oyj (b) | 14 | 355 |
| National Grid PLC | 65 | 1094 |
| NextEra Energy, Inc. | 4 | 387 |
| Orsted A/S (a) (c) | 19 | 474 |
| PG&E Corporation | 8 | 145 |
| Sempra | 2 | 166 |
| The Southern Company | 18 | 1729 |
| Vistra Corp. | 1 | 132 |
| XCEL Energy Inc. | 4 | 300 |
|  |  | 9380 |
| Total Common Stocks (cost $290,491) | Total Common Stocks (cost $290,491) | 371614 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 18.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 18.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 18.8%** |
| **Mortgage-Backed Securities 7.3%** | **Mortgage-Backed Securities 7.3%** | **Mortgage-Backed Securities 7.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 06/01/33 - 12/01/47 | 90 | 86 |
| 3.00%, 11/01/34 - 01/01/52 | 597 | 536 |
| 1.50%, 02/01/36 | 151 | 136 |
| 2.00%, 08/01/36 - 05/01/52 | 2749 | 2260 |
| 2.50%, 04/01/37 - 05/01/52 | 2459 | 2099 |
| 4.00%, 06/01/37 - 01/01/56 | 525 | 499 |
| 5.00%, 12/01/41 - 10/01/55 | 720 | 718 |
| 5.50%, 05/01/44 - 10/01/55 | 2030 | 2054 |
| 4.50%, 05/01/50 | 20 | 20 |
| 6.50%, 11/01/53 - 09/01/54 | 49 | 51 |
| 6.00%, 12/01/53 - 12/01/54 | 248 | 254 |
| 7.00%, 06/01/54 | 34 | 35 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/01/32 - 05/01/52 | 3688 | 3173 |
| 3.00%, 11/01/33 - 07/01/50 | 2620 | 2397 |
| 3.50%, 12/01/33 - 01/01/52 | 2060 | 1925 |
| 2.00%, 09/01/36 - 04/01/52 | 6290 | 5249 |
| 1.50%, 05/01/37 - 01/01/42 | 254 | 216 |
| 4.00%, 06/01/37 - 08/01/52 | 1098 | 1051 |
| 5.00%, 06/01/40 - 03/01/56 | 1652 | 1639 |
| 4.50%, 04/01/41 - 07/01/53 | 1290 | 1263 |
| TBA, 4.50%, 04/15/41 (e) | 85 | 84 |
| 6.00%, 07/01/41 - 11/01/55 | 2913 | 2995 |
| 5.50%, 05/01/44 - 11/01/55 | 1645 | 1665 |
| 6.50%, 01/01/54 - 06/01/55 | 757 | 790 |
| TBA, 2.00%, 04/15/56 (e) | 1045 | 840 |
| TBA, 2.50%, 04/15/56 (e) | 105 | 88 |
| TBA, 3.00%, 04/15/56 (e) | 420 | 369 |
| TBA, 3.50%, 04/15/56 (e) | 495 | 453 |
| TBA, 4.00%, 04/15/56 (e) | 130 | 123 |
| TBA, 5.00%, 04/15/56 (e) | 570 | 562 |
| TBA, 6.00%, 04/15/56 (e) | 70 | 71 |
| TBA, 6.50%, 04/15/56 (e) | 170 | 176 |
| Government National Mortgage Association |  |  |
| 3.50%, 08/20/42 - 01/20/49 | 966 | 910 |
| 3.00%, 05/15/43 - 04/20/50 | 556 | 502 |

---

551

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.50%, 07/20/45 - 08/20/47 | 239 | 236 |
| 4.00%, 09/20/45 - 10/20/50 | 453 | 432 |
| 5.50%, 03/20/48 - 09/20/54 | 216 | 220 |
| 5.00%, 05/20/48 - 06/20/49 | 155 | 155 |
| 2.50%, 08/20/50 | 94 | 81 |
| TBA, 5.00%, 04/15/56 (e) | 215 | 213 |
| TBA, 5.50%, 04/15/56 (e) | 735 | 739 |
| TBA, 6.00%, 04/15/56 (e) | 90 | 91 |
| Government National Mortgage Association II |  |  |
| 1.50%, 05/20/37 | 109 | 99 |
| 2.00%, 03/20/51 - 03/20/52 | 1136 | 936 |
| 2.50%, 04/20/51 - 01/20/52 | 1533 | 1316 |
| 3.00%, 10/20/51 - 06/20/52 | 594 | 530 |
| 5.00%, 08/20/52 - 07/20/53 | 420 | 419 |
| 6.00%, 09/20/52 - 11/20/52 | 133 | 136 |
| 4.00%, 10/20/52 | 364 | 343 |
| 4.50%, 10/20/52 - 06/20/53 | 803 | 780 |
| | | 42015 |
| **U.S. Treasury Note 5.8%** | **U.S. Treasury Note 5.8%** | **U.S. Treasury Note 5.8%** |
| Treasury, United States Department of |  |  |
| 3.63%, 05/31/28 - 12/31/30 | 6110 | 6044 |
| 4.00%, 06/30/28 - 11/15/35 | 10645 | 10663 |
| 4.38%, 11/30/28 - 12/31/29 | 2155 | 2190 |
| 3.50%, 12/15/28 - 11/30/30 | 2095 | 2066 |
| 4.25%, 02/28/29 - 08/15/35 | 3265 | 3296 |
| 4.50%, 05/31/29 | 2120 | 2161 |
| 4.13%, 11/30/29 - 03/31/32 | 3755 | 3785 |
| 0.63%, 05/15/30 | 700 | 613 |
| 3.88%, 07/31/30 - 08/15/33 | 465 | 461 |
| 3.75%, 01/31/31 | 1325 | 1314 |
| 1.25%, 08/15/31 | 760 | 659 |
| 4.63%, 02/15/35 | 300 | 308 |
|  |  | 33560 |
| **U.S. Treasury Bond 3.5%** | **U.S. Treasury Bond 3.5%** | **U.S. Treasury Bond 3.5%** |
| Treasury, United States Department of |  |  |
| 4.50%, 05/15/38 | 2320 | 2335 |
| 1.13%, 05/15/40 | 790 | 498 |
| 1.88%, 02/15/41 - 02/15/51 | 2195 | 1349 |
| 1.75%, 08/15/41 | 615 | 411 |
| 3.13%, 11/15/41 | 485 | 397 |
| 3.88%, 02/15/43 - 05/15/43 | 880 | 781 |
| 4.75%, 11/15/43 - 08/15/55 | 1520 | 1486 |
| 4.63%, 05/15/44 - 11/15/55 | 2935 | 2815 |
| 4.13%, 08/15/44 | 350 | 317 |
| 5.00%, 05/15/45 | 345 | 349 |
| 4.88%, 08/15/45 | 470 | 469 |
| 3.00%, 08/15/48 | 4675 | 3430 |
| 2.00%, 02/15/50 - 08/15/51 | 2360 | 1356 |
| 1.38%, 08/15/50 | 380 | 186 |
| 2.38%, 05/15/51 | 125 | 78 |
| 4.00%, 11/15/52 | 585 | 503 |
| 3.63%, 02/15/53 - 05/15/53 | 2025 | 1624 |
| 4.25%, 02/15/54 - 08/15/54 | 555 | 497 |
| 4.75%, 05/15/55 (f) | 1020 | 993 |
|  |  | 19874 |
| **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 - 02/15/55 (g) | 69 | 69 |
| 0.13%, 04/15/27 - 01/15/32 (g) | 852 | 813 |
| 0.38%, 07/15/27 (g) | 93 | 93 |
| 1.63%, 10/15/27 - 04/15/30 (g) | 1405 | 1423 |
| 1.75%, 01/15/28 - 01/15/34 (g) | 473 | 474 |
| 1.25%, 04/15/28 (g) | 537 | 539 |
| 0.75%, 07/15/28 - 02/15/45 (g) | 323 | 254 |
| 0.88%, 01/15/29 (g) | 64 | 64 |
| 2.50%, 01/15/29 (g) | 91 | 94 |
| 2.13%, 04/15/29 - 02/15/54 (g) | 363 | 350 |
| 3.88%, 04/15/29 (g) | 297 | 320 |
| 0.25%, 07/15/29 (g) | 57 | 56 |
| 1.13%, 10/15/30 - 01/15/33 (g) | 299 | 295 |
| 0.63%, 07/15/32 (g) | 1 | 1 |
| 1.38%, 07/15/33 - 02/15/44 (g) | 157 | 142 |
| 1.88%, 07/15/34 - 01/15/36 (g) | 117 | 117 |
| 1.00%, 02/15/46 (g) | 7 | 5 |
| 1.50%, 02/15/53 (g) | 10 | 8 |
|  |  | 5117 |
| **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 | 734 |
| Series A2-K137, REMIC, 2.35%, 11/25/31 (h) | 1195 | 1082 |
| Series K-A2-150, REMIC, 3.71%, 09/25/32 (h) | 515 | 495 |
| Series K-A2-156, REMIC, 4.43%, 02/25/33 (h) | 410 | 409 |
|  |  | 2720 |
| **Municipal 0.4%** | **Municipal 0.4%** | **Municipal 0.4%** |
| American Municipal Power, Inc. |  |  |
| 6.45%, 02/15/44 | 250 | 262 |
| Bay Area Toll Authority |  |  |
| 6.91%, 10/01/50 | 235 | 264 |
| Bayhealth Medical Center, Inc. |  |  |
| 3.41%, 07/01/51 | 320 | 222 |
| California, State of |  |  |
| 7.55%, 04/01/39 | 240 | 285 |
| Dallas-Fort Worth International Airport Facility Improvement Corporation |  |  |
| 2.99%, 11/01/38 | 160 | 138 |
| 3.09%, 11/01/40 | 260 | 209 |
| Fulton, County of |  |  |
| 5.15%, 07/01/39 | 325 | 336 |
| Municipal Electric Authority of Georgia |  |  |
| 6.66%, 04/01/57 | 324 | 350 |
| Texas A&M University |  |  |
| 3.33%, 05/15/39 | 250 | 217 |
| Trustees of the California State University |  |  |
| 2.80%, 11/01/41 | 350 | 260 |
|  |  | 2543 |
| **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 | 80 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 2.66%, 05/24/31 | 200 | 176 |
| 3.50%, 02/12/34 | 360 | 306 |
| Government of the Province of Alberta |  |  |
| 4.50%, 01/24/34 | 330 | 331 |
| Government of the Province of British Columbia |  |  |
| 4.20%, 07/06/33 | 303 | 298 |
| Government of the Province of Manitoba |  |  |
| 4.30%, 07/27/33 | 155 | 153 |
| Ministerul Finantelor Publice |  |  |
| 6.63%, 05/16/36 (i) | 300 | 297 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 03/18/54 | 180 | 165 |
|  |  | 1806 |
| **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, 4.51%, (SOFR 30-Day Average + 0.85%), 11/25/41 (h) | 15 | 15 |
| Series 2025-A1-HQA1, REMIC, 4.61%, (SOFR 30-Day Average + 0.95%), 02/27/45 (h) | 30 | 30 |
| Freddie Mac STACR REMIC Trust 2025-DNA4 |  |  |
| Series 2025-M1-DNA3, REMIC, 4.76%, (SOFR 30-Day Average + 1.10%), 09/25/45 (h) | 117 | 116 |
| Government National Mortgage Association |  |  |
| Series 2022-LM-63, REMIC, 3.50%, 10/20/50 | 110 | 93 |
|  |  | 254 |
| Total Government And Agency Obligations (cost $115,091) | Total Government And Agency Obligations (cost $115,091) | 107889 |
| **CORPORATE BONDS AND NOTES 11.9%** | **CORPORATE BONDS AND NOTES 11.9%** | **CORPORATE BONDS AND NOTES 11.9%** |
| **Financials 3.4%** | **Financials 3.4%** | **Financials 3.4%** |
| AIB Group Public Limited Company |  |  |
| 6.61%, 09/13/29 (i) | 200 | 209 |
| Alliant Holdings Intermediate, LLC |  |  |
| 7.00%, 01/15/31 (i) | 195 | 197 |
| American Express Company |  |  |
| 4.92%, 07/20/33 | 45 | 45 |
| American Honda Finance Corporation |  |  |
| 4.55%, 07/09/27 | 275 | 275 |

---

552

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/35 | 25 | 25 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (i) | 200 | 181 |
| Ares Capital Corporation |  |  |
| 3.20%, 11/15/31 (j) | 15 | 13 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (i) | 245 | 260 |
| Arthur J. Gallagher & Co. |  |  |
| 4.85%, 12/15/29 | 40 | 40 |
| Asurion LLC |  |  |
| 8.00%, 12/31/32 (i) | 201 | 209 |
| Athene Global Funding |  |  |
| 4.86%, 08/27/26 (i) | 335 | 335 |
| 5.54%, 08/22/35 (i) | 25 | 25 |
| Banco Santander, S.A. |  |  |
| 3.49%, 05/28/30 | 200 | 191 |
| 5.44%, 07/15/31 | 400 | 412 |
| Bank of America Corporation |  |  |
| 3.19%, 07/23/30 | 30 | 29 |
| 2.65%, 03/11/32 | 250 | 227 |
| 2.68%, 06/19/41 | 340 | 244 |
| 4.33%, 03/15/50 | 175 | 142 |
| 2.83%, 10/24/51 | 45 | 28 |
| Bank of Montreal |  |  |
| 4.44%, 01/14/32 | 145 | 143 |
| Bank of New York Mellon Corporation, The |  |  |
| 4.60%, 07/26/30 | 30 | 30 |
| 6.47%, 10/25/34 | 225 | 246 |
| Banque Nationale Du Canada |  |  |
| 5.60%, 12/18/28 | 385 | 397 |
| Barclays PLC |  |  |
| 2.28%, 11/24/27 | 200 | 197 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (i) | 190 | 199 |
| Bread Financial Payments, Inc. |  |  |
| 6.75%, 05/15/31 (i) | 265 | 263 |
| CaixaBank, S.A. |  |  |
| 6.84%, 09/13/34 (i) | 230 | 250 |
| Capital One Financial Corporation |  |  |
| 3.65%, 05/11/27 | 240 | 238 |
| Caterpillar Financial Services Corporation |  |  |
| 5.00%, 05/14/27 | 385 | 389 |
| Charles Schwab Corporation, The |  |  |
| 4.91%, 11/14/36 | 255 | 248 |
| Chubb Ina Holdings LLC |  |  |
| 4.35%, 11/03/45 | 100 | 84 |
| Citigroup Inc. |  |  |
| 6.17%, 05/25/34 | 135 | 140 |
| CNA Financial Corporation |  |  |
| 5.20%, 08/15/35 | 25 | 24 |
| CNO Global Funding |  |  |
| 2.65%, 01/06/29 (b) (i) | 445 | 420 |
| Corebridge Financial, Inc. |  |  |
| 4.40%, 04/05/52 | 415 | 321 |
| 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 | 206 |
| Enact Holdings, Inc. |  |  |
| 6.25%, 05/28/29 | 43 | 44 |
| Encore Capital Group, Inc. |  |  |
| 6.63%, 04/15/31 (i) | 220 | 219 |
| Fidelity National Information Services, Inc. |  |  |
| 4.80%, 03/10/31 | 165 | 164 |
| Fifth Third Bancorp |  |  |
| 6.34%, 07/27/29 | 55 | 57 |
| 4.90%, 09/06/30 | 95 | 95 |
| 4.57%, 04/29/32 | 170 | 167 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/32 (i) | 129 | 131 |
| Fiserv, Inc. |  |  |
| 3.20%, 07/01/26 | 110 | 110 |
| 3.50%, 07/01/29 | 30 | 29 |
| 5.45%, 03/15/34 | 245 | 244 |
| 5.25%, 08/11/35 (b) | 155 | 151 |
| Ford Motor Credit Company LLC |  |  |
| 7.12%, 11/07/33 | 200 | 210 |
| General Motors Financial Company, Inc. |  |  |
| 2.40%, 04/10/28 | 325 | 312 |
| 4.90%, 10/06/29 | 10 | 10 |
| Global Payments Inc. |  |  |
| 3.20%, 08/15/29 | 30 | 28 |
| Goldman Sachs Group, Inc., The |  |  |
| 3.85%, 01/26/27 | 550 | 548 |
| 5.22%, 04/23/31 | 65 | 66 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.38%, 07/01/34 | 20 | 20 |
| HSBC Holdings PLC |  |  |
| 2.21%, 08/17/29 | 200 | 190 |
| 7.40%, 11/13/34 | 200 | 221 |
| Intercontinental Exchange, Inc. |  |  |
| 5.25%, 06/15/31 | 175 | 181 |
| John Deere Capital Corporation |  |  |
| 4.50%, 01/08/27 | 395 | 396 |
| JPMorgan Chase & Co. |  |  |
| 3.63%, 12/01/27 | 300 | 296 |
| 5.30%, 07/24/29 | 355 | 362 |
| 5.00%, 07/22/30 | 60 | 61 |
| 4.90%, 01/22/37 | 365 | 357 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 250 | 251 |
| MassMutual Global Funding II |  |  |
| 5.10%, 04/09/27 (i) | 330 | 333 |
| MET Tower Global Funding |  |  |
| 4.00%, 01/14/29 (i) | 150 | 148 |
| Morgan Stanley |  |  |
| 3.13%, 07/27/26 | 275 | 273 |
| 5.66%, 04/18/30 | 330 | 339 |
| 5.04%, 07/19/30 | 30 | 30 |
| 3.22%, 04/22/42 | 300 | 226 |
| Nationwide Building Society |  |  |
| 1.50%, 10/13/26 (i) | 380 | 375 |
| New York Life Global Funding |  |  |
| 4.05%, 02/02/29 (i) | 340 | 338 |
| Northern Trust Corporation |  |  |
| 4.15%, 11/19/30 | 170 | 169 |
| OneMain Finance Corporation |  |  |
| 6.50%, 03/15/33 | 221 | 211 |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/32 (i) | 210 | 210 |
| PACCAR Financial Corp. |  |  |
| 5.20%, 11/09/26 | 350 | 353 |
| Pacific Life Global Funding II |  |  |
| 4.38%, 02/03/31 (i) | 290 | 288 |
| Pricoa Global Funding I |  |  |
| 4.35%, 11/25/30 (i) | 365 | 361 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.75%, 06/05/33 | 20 | 21 |
| RGA Global Funding |  |  |
| 4.35%, 08/25/28 (i) | 80 | 80 |
| 5.45%, 05/24/29 (i) | 190 | 194 |
| 5.00%, 08/25/32 (i) | 25 | 25 |
| Royal Bank of Canada |  |  |
| 4.97%, 08/02/30 | 30 | 30 |
| Saks Global Enterprises LLC |  |  |
| 0.00%, 12/15/29 (a) (i) (k) | 225 | 1 |
| Sammons Financial Group, Inc. |  |  |
| 4.80%, 12/12/30 (i) | 140 | 139 |
| Santander Holdings USA, Inc. |  |  |
| 2.49%, 01/06/28 (b) | 190 | 187 |
| 6.57%, 06/12/29 | 25 | 26 |
| Santander UK Group Holdings PLC |  |  |
| 2.47%, 01/11/28 | 200 | 197 |
| Skandinaviska Enskilda Banken AB |  |  |
| 5.13%, 03/05/27 (i) | 335 | 338 |
| Standard Chartered PLC |  |  |
| 2.61%, 01/12/28 (i) | 200 | 197 |
| State Street Corporation |  |  |
| 5.16%, 05/18/34 | 205 | 208 |

---

553

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.27%, 05/15/47 (i) | 400 | 321 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.37%, 07/21/36 | 30 | 30 |
| Toronto-Dominion Bank, The |  |  |
| 4.99%, 04/05/29 | 330 | 335 |
| Toyota Motor Credit Corporation |  |  |
| 4.05%, 09/05/28 | 230 | 229 |
| U.S. Bancorp |  |  |
| 5.10%, 07/23/30 | 30 | 31 |
| Wells Fargo & Company |  |  |
| 2.39%, 06/02/28 | 155 | 151 |
| 6.30%, 10/23/29 | 210 | 219 |
| 5.61%, 04/23/36 | 55 | 56 |
| 3.07%, 04/30/41 | 545 | 409 |
| Westpac New Zealand Limited |  |  |
| 5.20%, 02/28/29 (i) | 225 | 230 |
| Willis North America Inc. |  |  |
| 4.50%, 09/15/28 | 195 | 195 |
| | | 19533 |
| **Energy 1.3%** | **Energy 1.3%** | **Energy 1.3%** |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (i) | 210 | 213 |
| Chevron U.S.A. Inc. |  |  |
| 4.30%, 10/15/30 | 190 | 190 |
| Columbia Pipelines Holding Company LLC |  |  |
| 5.00%, 11/17/32 (i) | 275 | 274 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (i) | 219 | 229 |
| Diamondback Energy, Inc. |  |  |
| 3.50%, 12/01/29 | 25 | 24 |
| Enbridge Inc. |  |  |
| 4.25%, 12/01/26 | 275 | 275 |
| 4.20%, 11/20/28 | 180 | 179 |
| 6.20%, 11/15/30 | 40 | 42 |
| 5.63%, 04/05/34 | 90 | 93 |
| 8.25%, 01/15/84 | 195 | 206 |
| Energy Transfer LP |  |  |
| 6.55%, 12/01/33 | 100 | 108 |
| 5.35%, 01/15/36 | 160 | 159 |
| 6.50%, 02/01/42 - 02/15/56 | 145 | 145 |
| 6.75%, 02/15/56 | 120 | 119 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/11/27 - 01/15/31 | 680 | 681 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (i) | 200 | 209 |
| HF Sinclair Corporation |  |  |
| 5.75%, 01/15/31 | 39 | 40 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (i) | 226 | 225 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (i) | 230 | 236 |
| MPLX LP |  |  |
| 4.80%, 02/15/31 | 180 | 180 |
| Occidental Petroleum Corporation |  |  |
| 8.88%, 07/15/30 | 25 | 28 |
| 5.38%, 01/01/32 | 150 | 152 |
| ONEOK, Inc. |  |  |
| 4.40%, 10/15/29 | 10 | 10 |
| 6.05%, 09/01/33 | 20 | 21 |
| 5.40%, 10/15/35 | 330 | 328 |
| Ovintiv Canada ULC |  |  |
| 6.25%, 07/15/33 | 20 | 21 |
| Patterson-UTI Energy, Inc. |  |  |
| 7.15%, 10/01/33 | 20 | 21 |
| PBF Holding Company LLC |  |  |
| 9.88%, 03/15/30 (i) | 25 | 27 |
| 7.88%, 09/15/30 (i) | 205 | 210 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (i) | 195 | 202 |
| Phillips 66 |  |  |
| 5.88%, 05/01/42 | 25 | 25 |
| Plains All American Pipeline, L.P. |  |  |
| 5.95%, 06/15/35 | 25 | 26 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.50%, 05/15/30 | 55 | 55 |
| Schlumberger Holdings Corporation |  |  |
| 3.90%, 05/17/28 (i) | 20 | 20 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 | 410 | 426 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 5.03%, 10/01/29 | 50 | 50 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (i) (l) | 216 | 219 |
| Targa Resources Corp. |  |  |
| 6.50%, 03/30/34 | 25 | 27 |
| 5.50%, 02/15/35 | 85 | 86 |
| Targa Resources Partners LP |  |  |
| 5.00%, 01/15/28 | 136 | 136 |
| Totalenergies Capital USA, LLC |  |  |
| 4.57%, 01/13/33 | 245 | 242 |
| TotalEnergies SE |  |  |
| 5.64%, 04/05/64 | 30 | 29 |
| USA Compression Finance Corp. |  |  |
| 6.25%, 10/01/33 (i) | 217 | 216 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.75%, 01/15/36 (i) | 35 | 37 |
| Weatherford International Ltd. |  |  |
| 6.75%, 10/15/33 (i) | 210 | 213 |
| Williams Companies, Inc., The |  |  |
| 4.63%, 06/30/30 | 110 | 110 |
| 5.15%, 03/15/34 | 55 | 55 |
| Williams Partners L.P. |  |  |
| 5.10%, 09/15/45 | 175 | 158 |
| Woodside Finance Limited |  |  |
| 3.70%, 09/15/26 (i) | 475 | 473 |
| 5.40%, 05/19/30 | 25 | 26 |
|  |  | 7476 |
| **Health Care 1.2%** | **Health Care 1.2%** | **Health Care 1.2%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (i) | 200 | 205 |
| AbbVie Inc. |  |  |
| 3.20%, 05/14/26 | 300 | 300 |
| 4.25%, 11/21/49 | 195 | 158 |
| Alcon Finance Corporation |  |  |
| 2.60%, 05/27/30 (i) | 265 | 245 |
| Banner Health |  |  |
| 1.90%, 01/01/31 | 70 | 62 |
| Baxter International Inc. |  |  |
| 3.95%, 04/01/30 | 25 | 24 |
| Bayer US Finance LLC |  |  |
| 6.38%, 11/21/30 (i) | 200 | 211 |
| Cencora, Inc. |  |  |
| 4.60%, 02/13/33 | 45 | 44 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 30 | 28 |
| 3.38%, 02/15/30 | 260 | 235 |
| Cigna Group, The |  |  |
| 4.90%, 12/15/48 | 285 | 247 |
| CommonSpirit Health |  |  |
| 2.78%, 10/01/30 | 75 | 69 |
| Community Health Systems, Inc. |  |  |
| 9.75%, 01/15/34 (i) | 212 | 220 |
| CVS Health Corporation |  |  |
| 5.40%, 06/01/29 | 85 | 87 |
| 3.25%, 08/15/29 | 30 | 29 |
| 5.00%, 09/15/32 | 35 | 35 |
| 4.13%, 04/01/40 | 10 | 8 |
| 5.05%, 03/25/48 | 475 | 408 |
| Eli Lilly and Company |  |  |
| 4.90%, 10/15/35 | 330 | 330 |
| Genmab A/S |  |  |
| 7.25%, 12/15/33 (i) | 218 | 227 |
| HCA Inc. |  |  |
| 5.25%, 03/01/30 | 30 | 31 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.45%, 06/15/34 (i) | 120 | 120 |

---

554

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Heartland Dental, LLC |  |  |
| 10.50%, 04/30/28 (i) | 78 | 80 |
| Herbalife International, Inc. |  |  |
| 4.88%, 06/01/29 (i) | 250 | 233 |
| Humana Inc. |  |  |
| 5.95%, 03/15/34 | 165 | 168 |
| IQVIA Inc. |  |  |
| 6.25%, 02/01/29 | 90 | 94 |
| 6.25%, 06/01/32 (i) | 215 | 218 |
| Mars, Incorporated |  |  |
| 4.80%, 03/01/30 (i) | 20 | 20 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (i) | 20 | 20 |
| Northwell Health, Inc. |  |  |
| 3.98%, 11/01/46 | 175 | 136 |
| Pfizer Inc. |  |  |
| 4.50%, 11/15/32 | 260 | 258 |
| Providence St. Joseph Health |  |  |
| 3.93%, 10/01/48 | 550 | 415 |
| Revvity, Inc. |  |  |
| 1.90%, 09/15/28 | 210 | 197 |
| 3.30%, 09/15/29 | 25 | 24 |
| Solventum Corporation |  |  |
| 5.40%, 03/01/29 | 78 | 80 |
| Stanford Health Care |  |  |
| 3.80%, 11/15/48 | 150 | 115 |
| Tenet Healthcare Corporation |  |  |
| 5.50%, 11/15/32 (i) | 325 | 322 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.80%, 10/15/41 | 155 | 113 |
| UnitedHealth Group Incorporated |  |  |
| 4.70%, 04/15/29 | 190 | 192 |
| 5.50%, 07/15/44 | 30 | 29 |
| 2.90%, 05/15/50 | 270 | 168 |
| 5.20%, 04/15/63 | 20 | 17 |
| West Virginia Hospital Finance Authority |  |  |
| 4.92%, 06/01/48 | 300 | 256 |
| Zoetis Inc. |  |  |
| 4.15%, 08/17/28 | 315 | 314 |
| | | 6792 |
| **Communication Services 1.1%** | **Communication Services 1.1%** | **Communication Services 1.1%** |
| Alphabet Inc. |  |  |
| 4.50%, 05/15/35 (b) | 30 | 30 |
| 4.80%, 02/15/36 | 200 | 199 |
| 5.35%, 11/15/45 | 10 | 10 |
| AT&T Inc. |  |  |
| 4.35%, 03/01/29 | 35 | 35 |
| 4.55%, 11/01/32 | 140 | 138 |
| 3.50%, 06/01/41 | 230 | 178 |
| Black Pearl Compute LLC |  |  |
| 6.13%, 02/15/31 (i) | 77 | 78 |
| CCO Holdings, LLC |  |  |
| 7.38%, 03/01/31 (b) (i) | 195 | 199 |
| 7.00%, 02/01/33 (i) | 220 | 221 |
| Charter Communications Operating, LLC |  |  |
| 6.10%, 06/01/29 | 75 | 78 |
| Comcast Corporation |  |  |
| 2.65%, 02/01/30 | 70 | 66 |
| 3.90%, 03/01/38 | 200 | 172 |
| 5.50%, 05/15/64 | 150 | 133 |
| Cox Communications, Inc. |  |  |
| 5.45%, 09/01/34 (i) | 100 | 96 |
| Digicel International Finance Limited |  |  |
| 8.63%, 08/01/32 (i) | 210 | 213 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (i) | 284 | 282 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 205 | 221 |
| Getty Images, Inc. |  |  |
| 10.50%, 11/15/30 (i) | 113 | 102 |
| Gray Media, Inc. |  |  |
| 7.25%, 08/15/33 (i) | 85 | 86 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (i) | 255 | 259 |
| 7.00%, 03/31/34 (i) | 126 | 129 |
| Maya |  |  |
| 7.00%, 04/15/32 (i) | 250 | 250 |
| Meta Platforms, Inc. |  |  |
| 5.50%, 11/15/45 | 250 | 237 |
| 5.63%, 11/15/55 | 45 | 42 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (i) | 197 | 183 |
| Nexstar Media Group, Inc. |  |  |
| 7.25%, 04/15/34 (i) | 243 | 244 |
| NTT Finance Corporation |  |  |
| 4.88%, 07/16/30 (i) | 200 | 201 |
| Orange |  |  |
| 4.75%, 01/13/33 (i) | 200 | 198 |
| Rogers Communications Inc. |  |  |
| 5.00%, 02/15/29 | 85 | 86 |
| 4.50%, 03/15/42 | 315 | 266 |
| Sinclair Television Group, Inc. |  |  |
| 8.13%, 02/15/33 (i) | 135 | 138 |
| Telefonica Europe B.V. |  |  |
| 8.25%, 09/15/30 | 20 | 23 |
| Time Warner Cable Enterprises LLC |  |  |
| 8.38%, 07/15/33 | 10 | 11 |
| T-Mobile USA, Inc. |  |  |
| 6.70%, 12/15/33 | 25 | 28 |
| 5.75%, 01/15/34 | 220 | 230 |
| 4.95%, 11/15/35 | 240 | 236 |
| 5.00%, 02/15/36 | 100 | 98 |
| Verizon Communications Inc. |  |  |
| 4.75%, 01/15/33 | 155 | 153 |
| 4.00%, 03/22/50 | 150 | 114 |
| VZ Secured Financing B.V. |  |  |
| 7.50%, 01/15/33 (i) | 215 | 203 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (i) | 145 | 152 |
| 7.50%, 10/15/33 (i) | 141 | 146 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (i) | 215 | 227 |
|  |  | 6391 |
| **Consumer Discretionary 1.1%** | **Consumer Discretionary 1.1%** | **Consumer Discretionary 1.1%** |
| Amazon.com, Inc. |  |  |
| 4.65%, 11/20/35 | 330 | 324 |
| 5.65%, 03/13/46 | 180 | 180 |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (i) | 240 | 183 |
| AutoZone, Inc. |  |  |
| 5.05%, 07/15/26 | 315 | 316 |
| Avianca MidCo 2 PLC |  |  |
| 9.63%, 02/14/30 (i) | 400 | 372 |
| Azul Secured Finance LLP |  |  |
| 9.88%, 02/15/31 (i) | 200 | 176 |
| BorgWarner Inc. |  |  |
| 4.95%, 08/15/29 | 20 | 20 |
| Caesars Entertainment, Inc. |  |  |
| 6.00%, 10/15/32 (b) (i) | 65 | 60 |
| Carvana Co. |  |  |
| 9.00%, 06/01/30 - 06/01/31 (i) (m) (n) | 112 | 119 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (i) | 188 | 194 |
| General Motors Company |  |  |
| 6.60%, 04/01/36 | 25 | 27 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.75%, 09/15/33 (i) | 215 | 214 |
| Hyundai Capital America |  |  |
| 1.65%, 09/17/26 (i) | 245 | 242 |
| 6.50%, 01/16/29 (i) | 70 | 73 |
| 5.35%, 03/19/29 (i) | 30 | 31 |
| 5.40%, 06/23/32 (i) | 20 | 20 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.38%, 10/01/33 (i) | 210 | 207 |
| Las Vegas Sands Corp. |  |  |
| 3.90%, 08/08/29 | 25 | 24 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (i) | 190 | 196 |

---

555

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (i) | 195 | 199 |
| Lowe`s Companies, Inc. |  |  |
| 4.45%, 04/01/62 | 165 | 125 |
| Marriott International, Inc. |  |  |
| 4.65%, 12/01/28 | 305 | 306 |
| Mattel, Inc. |  |  |
| 5.45%, 11/01/41 | 25 | 23 |
| Odeon Finco PLC |  |  |
| 12.75%, 11/01/27 (i) | 210 | 217 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 60 | 60 |
| 3.60%, 09/01/27 | 150 | 149 |
| 5.00%, 08/19/34 | 250 | 247 |
| Royal Caribbean Cruises Ltd. |  |  |
| 6.25%, 03/15/32 (i) | 20 | 20 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (b) (i) | 225 | 217 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.55%, 05/01/37 | 455 | 460 |
| TJX Companies, Inc., The |  |  |
| 1.60%, 05/15/31 | 155 | 136 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (i) | 155 | 160 |
| Volkswagen Group of America Finance, LLC |  |  |
| 6.45%, 11/16/30 (i) | 400 | 423 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (i) | 265 | 275 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 219 | 146 |
| | | 6141 |
| **Industrials 0.9%** | **Industrials 0.9%** | **Industrials 0.9%** |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (i) | 195 | 204 |
| Canadian National Railway Company |  |  |
| 5.85%, 11/01/33 | 215 | 229 |
| Canadian Pacific Kansas City Limited |  |  |
| 1.75%, 12/02/26 | 105 | 103 |
| 2.88%, 11/15/29 | 210 | 200 |
| 3.50%, 05/01/50 | 180 | 127 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/08/27 | 25 | 25 |
| 4.38%, 03/07/31 | 250 | 244 |
| CRH America Finance, Inc. |  |  |
| 5.50%, 01/09/35 | 350 | 358 |
| Deluxe Corporation |  |  |
| 8.13%, 09/15/29 (i) | 200 | 208 |
| Element Fleet Management Corp. |  |  |
| 4.64%, 11/24/30 (i) | 170 | 168 |
| ESAB Corporation |  |  |
| 5.63%, 04/01/31 (i) | 245 | 247 |
| FedEx Corporation |  |  |
| 3.10%, 08/05/29 | 30 | 29 |
| GE Vernova Inc. |  |  |
| 4.88%, 02/04/36 | 220 | 218 |
| Herc Holdings Inc. |  |  |
| 6.00%, 03/15/34 (i) | 225 | 217 |
| Honeywell Aerospace Inc. |  |  |
| 5.73%, 03/16/56 (i) | 170 | 168 |
| Howmet Aerospace Inc. |  |  |
| 6.75%, 01/15/28 | 20 | 21 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (i) | 135 | 128 |
| LATAM Airlines Group S.A. |  |  |
| 7.88%, 04/15/30 (i) | 250 | 253 |
| 7.63%, 01/07/31 (i) | 70 | 71 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/30 (i) | 222 | 222 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (i) | 195 | 201 |
| Owens Corning |  |  |
| 5.70%, 06/15/34 (b) | 115 | 119 |
| Parker-Hannifin Corporation |  |  |
| 3.25%, 06/14/29 | 25 | 24 |
| Paychex, Inc. |  |  |
| 5.35%, 04/15/32 | 25 | 25 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (i) | 200 | 202 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 04/15/28 (j) | 20 | 21 |
| RTX Corporation |  |  |
| 3.13%, 07/01/50 | 45 | 30 |
| RXO Inc |  |  |
| 6.38%, 05/15/31 (i) | 224 | 215 |
| TransDigm Inc. |  |  |
| 6.00%, 01/15/33 (i) | 142 | 142 |
| Tyco Electronics Group S.A. |  |  |
| 4.88%, 02/09/36 | 135 | 133 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/35 | 130 | 126 |
| 5.35%, 09/15/54 | 60 | 55 |
| Waste Connections, Inc. |  |  |
| 2.20%, 01/15/32 | 145 | 127 |
| Waste Management, Inc. |  |  |
| 4.88%, 02/15/34 | 250 | 253 |
|  |  | 5113 |
| **Utilities 0.7%** | **Utilities 0.7%** | **Utilities 0.7%** |
| Ameren Corporation |  |  |
| 5.70%, 12/01/26 | 215 | 217 |
| American Electric Power Company, Inc. |  |  |
| 5.20%, 01/15/29 | 310 | 316 |
| Boston Gas Company |  |  |
| 5.84%, 01/10/35 (i) | 30 | 31 |
| Cameron LNG, LLC |  |  |
| 2.90%, 07/15/31 (i) | 55 | 50 |
| 3.70%, 01/15/39 (i) | 50 | 42 |
| CMS Energy Corporation |  |  |
| 3.00%, 05/15/26 | 100 | 100 |
| Constellation Energy Generation, LLC |  |  |
| 4.40%, 01/15/31 | 135 | 134 |
| DTE Energy Company |  |  |
| 4.95%, 07/01/27 | 60 | 60 |
| Duke Energy Corporation |  |  |
| 4.95%, 09/15/35 | 90 | 88 |
| Duke Energy Indiana, LLC |  |  |
| 4.95%, 03/15/36 | 20 | 20 |
| Edison International |  |  |
| 8.13%, 06/15/53 | 160 | 163 |
| 7.88%, 06/15/54 | 150 | 153 |
| Enel Finance International N.V. |  |  |
| 2.13%, 07/12/28 (i) (m) | 200 | 190 |
| Eversource Energy |  |  |
| 5.85%, 04/15/31 | 30 | 31 |
| FirstEnergy Corp. |  |  |
| 2.65%, 03/01/30 | 25 | 23 |
| FirstEnergy Transmission, LLC |  |  |
| 5.00%, 01/15/35 | 95 | 94 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (i) | 210 | 209 |
| New York State Electric & Gas Corporation |  |  |
| 5.30%, 08/15/34 (i) | 120 | 122 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/27 (m) | 25 | 25 |
| 4.40%, 03/01/31 | 340 | 337 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (i) | 100 | 100 |
| 5.11%, 01/12/36 (i) | 205 | 201 |
| NiSource Finance Corp. |  |  |
| 3.95%, 03/30/48 | 150 | 112 |
| PG&E Company |  |  |
| 2.10%, 08/01/27 | 135 | 131 |
| 5.00%, 06/04/28 | 30 | 30 |
| 6.40%, 06/15/33 | 5 | 5 |
| Public Service Company of Oklahoma |  |  |
| 5.20%, 01/15/35 | 30 | 30 |
| Sempra |  |  |
| 5.25%, 03/15/36 | 35 | 34 |

---

556

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Southern California Edison Company |  |  |
| 5.15%, 06/01/29 | 240 | 243 |
| Southern Company Gas Capital Corporation |  |  |
| 4.95%, 09/15/34 | 265 | 261 |
| Talen Energy Supply, LLC |  |  |
| 6.50%, 02/01/36 (i) | 226 | 228 |
| The Southern Company |  |  |
| 5.70%, 03/15/34 | 165 | 171 |
| 6.00%, 04/01/58 | 219 | 220 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (i) (l) | 197 | 199 |
| | | 4370 |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 5.25%, 03/15/36 | 345 | 337 |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (i) | 269 | 269 |
| Brixmor Operating Partnership LP |  |  |
| 3.90%, 03/15/27 | 275 | 273 |
| 4.85%, 02/15/33 | 35 | 34 |
| Brookfield Properties Retail Holding LLC |  |  |
| 4.50%, 04/01/27 (i) | 189 | 185 |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/29 | 65 | 67 |
| 4.90%, 01/15/33 | 60 | 59 |
| Crown Castle Inc. |  |  |
| 4.90%, 09/01/29 | 25 | 25 |
| 2.25%, 01/15/31 | 185 | 164 |
| 2.10%, 04/01/31 | 255 | 223 |
| Essex Portfolio, L.P. |  |  |
| 3.38%, 04/15/26 | 525 | 525 |
| Extra Space Storage LP |  |  |
| 4.95%, 01/15/33 | 65 | 64 |
| Global Net Lease Operating Partnership, L.P. |  |  |
| 3.75%, 12/15/27 (i) | 20 | 19 |
| GLP Financing, LLC |  |  |
| 3.25%, 01/15/32 | 25 | 22 |
| Healthpeak OP, LLC |  |  |
| 2.13%, 12/01/28 | 85 | 80 |
| 5.38%, 02/15/35 | 25 | 25 |
| Invitation Homes Operating Partnership LP |  |  |
| 4.88%, 02/01/35 | 25 | 24 |
| Kilroy Realty, L.P. |  |  |
| 5.88%, 10/15/35 | 20 | 19 |
| ProLogis, L.P. |  |  |
| 4.00%, 09/15/28 | 410 | 408 |
| Public Storage Operating Company |  |  |
| 1.95%, 11/09/28 | 125 | 118 |
| Realty Income Corporation |  |  |
| 2.20%, 06/15/28 | 75 | 72 |
| Regency Centers, L.P. |  |  |
| 3.60%, 02/01/27 | 100 | 99 |
| Simon Property Group, L.P. |  |  |
| 2.65%, 02/01/32 | 350 | 312 |
| Ventas Realty, Limited Partnership |  |  |
| 3.25%, 10/15/26 | 170 | 169 |
| VICI Properties Inc. |  |  |
| 4.13%, 08/15/30 (i) | 25 | 24 |
| VICI Properties L.P. |  |  |
| 5.63%, 05/15/52 | 460 | 411 |
| W.P. Carey Inc. |  |  |
| 3.85%, 07/15/29 | 150 | 147 |
|  |  | 4174 |
| **Information Technology 0.7%** | **Information Technology 0.7%** | **Information Technology 0.7%** |
| Accenture Capital Inc. |  |  |
| 4.05%, 10/04/29 | 25 | 25 |
| Amphenol Corporation |  |  |
| 5.05%, 04/05/29 | 105 | 107 |
| ArcelorMittal |  |  |
| 6.55%, 11/29/27 | 25 | 26 |
| Booz Allen Hamilton Inc. |  |  |
| 5.95%, 04/15/35 | 30 | 30 |
| Broadcom Inc. |  |  |
| 5.05%, 07/12/29 | 400 | 408 |
| 4.60%, 01/15/33 | 90 | 89 |
| Cadence Design Systems, Inc. |  |  |
| 4.20%, 09/10/27 | 20 | 20 |
| 4.30%, 09/10/29 | 110 | 110 |
| Cloud Software Group, Inc. |  |  |
| 8.25%, 06/30/32 (i) | 215 | 203 |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/32 (i) | 200 | 209 |
| Gartner, Inc. |  |  |
| 5.60%, 11/20/35 | 30 | 28 |
| Intel Corporation |  |  |
| 4.00%, 08/05/29 | 20 | 20 |
| 4.80%, 10/01/41 | 30 | 26 |
| Kioxia Holdings Corporation |  |  |
| 6.63%, 07/24/33 (i) | 110 | 113 |
| Leidos, Inc. |  |  |
| 2.30%, 02/15/31 (j) | 30 | 27 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (i) | 270 | 223 |
| Microsoft Corporation |  |  |
| 2.92%, 03/17/52 | 100 | 64 |
| Motorola Solutions, Inc. |  |  |
| 5.00%, 04/15/29 | 95 | 96 |
| 5.60%, 06/01/32 | 25 | 26 |
| NXP B.V. |  |  |
| 3.15%, 05/01/27 | 35 | 35 |
| 4.30%, 08/19/28 | 50 | 50 |
| Oak-Eagle Acquireco, Inc. |  |  |
| 8.75%, 07/01/34 (i) | 245 | 257 |
| Oracle Corporation |  |  |
| 6.15%, 11/09/29 | 25 | 26 |
| 5.20%, 09/26/35 | 250 | 234 |
| 3.60%, 04/01/40 | 20 | 14 |
| 5.38%, 07/15/40 | 255 | 225 |
| 6.90%, 11/09/52 | 140 | 132 |
| Qorvo, Inc. |  |  |
| 4.38%, 10/15/29 | 66 | 65 |
| Roper Technologies, Inc. |  |  |
| 3.80%, 12/15/26 | 375 | 374 |
| Salesforce, Inc. |  |  |
| 2.70%, 07/15/41 | 350 | 239 |
| VMware LLC |  |  |
| 1.40%, 08/15/26 | 320 | 317 |
|  |  | 3818 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| Altria Group, Inc. |  |  |
| 5.80%, 02/14/39 | 200 | 201 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | 275 | 280 |
| Avis Budget Car Rental, LLC |  |  |
| 8.25%, 01/15/30 (i) | 300 | 301 |
| B.A.T Capital Corporation |  |  |
| 5.83%, 02/20/31 | 65 | 68 |
| 4.39%, 08/15/37 | 295 | 268 |
| Conagra Brands, Inc. |  |  |
| 5.75%, 08/01/35 | 25 | 25 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (i) | 105 | 92 |
| ION Platform Finance S.a r.l. |  |  |
| 7.88%, 09/30/32 (i) | 224 | 174 |
| Kenvue Inc. |  |  |
| 5.10%, 03/22/43 | 25 | 24 |
| Keurig Dr Pepper Inc. |  |  |
| 4.60%, 05/15/30 | 25 | 25 |
| Kraft Heinz Foods Company |  |  |
| 5.00%, 06/04/42 | 30 | 26 |
| Kroger Co., The |  |  |
| 5.00%, 09/15/34 | 70 | 69 |
| McCormick & Company, Incorporated |  |  |
| 4.15%, 02/15/29 | 110 | 109 |
| Mondelez International, Inc. |  |  |
| 4.75%, 02/20/29 | 365 | 369 |
| Nestle Holdings, Inc. |  |  |
| 4.85%, 03/14/33 (i) | 250 | 254 |

---

557

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| RELX Capital Inc. |  |  |
| 4.75%, 03/27/30 | 25 | 25 |
| 3.00%, 05/22/30 | 95 | 90 |
| Transurban Finance Company Pty Ltd. |  |  |
| 2.45%, 03/16/31 (i) | 145 | 131 |
| United Rentals (North America), Inc. |  |  |
| 6.00%, 12/15/29 (i) | 20 | 20 |
| Williams Scotsman, Inc. |  |  |
| 7.38%, 10/01/31 (i) | 266 | 273 |
| | | 2824 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Amcor Flexibles North America, Inc. |  |  |
| 5.10%, 03/17/30 | 25 | 25 |
| Antofagasta PLC |  |  |
| 5.63%, 09/09/35 (c) | 200 | 199 |
| BHP Billiton Finance (USA) Limited |  |  |
| 4.75%, 02/28/28 | 25 | 25 |
| Celanese US Holdings LLC |  |  |
| 7.38%, 02/15/34 | 251 | 257 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (i) | 305 | 286 |
| First Quantum Minerals Ltd. |  |  |
| 8.63%, 06/01/31 (i) | 249 | 257 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | 25 | 25 |
| 5.45%, 03/15/43 | 36 | 34 |
| Ivanhoe Mines Ltd. |  |  |
| 7.88%, 01/23/30 (i) | 250 | 253 |
| Martin Marietta Materials, Inc. |  |  |
| 5.50%, 12/01/54 | 350 | 330 |
| Sherwin-Williams Company, The |  |  |
| 5.15%, 08/15/35 | 30 | 30 |
| Suzano Netherlands B.V. |  |  |
| 5.50%, 01/15/36 | 140 | 135 |
|  |  | 1856 |
| Total Corporate Bonds And Notes (cost $70,770) | Total Corporate Bonds And Notes (cost $70,770) | 68488 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 3.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 3.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 3.5%** |
| Affirm Master Trust |  |  |
| Series 2026-A-2A, 4.67%, 04/16/29 | 100 | 100 |
| Series 2025-A-2A, REMIC, 4.67%, 07/15/33 | 270 | 271 |
| AGL CLO 10 Ltd. |  |  |
| Series 2021-A1R2-10A, 4.83%, (3 Month Term SOFR + 1.17%), 04/15/39 (h) | 250 | 249 |
| AGL CLO 13 Ltd. |  |  |
| Series 2021-A1R-13A, 4.77%, (3 Month Term SOFR + 1.10%), 10/20/34 (h) | 380 | 380 |
| Ally Bank |  |  |
| Series 2025-A2-A, 4.45%, 06/15/29 | 185 | 185 |
| Series 2025-A2-B, 4.31%, 09/15/33 | 208 | 208 |
| American Airlines, Inc. Class AA Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, REMIC, 3.15%, 02/15/32 | 263 | 244 |
| Angel Oak Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.91%, 01/25/66 (h) | 64 | 57 |
| Apex Credit CLO 13, Ltd. |  |  |
| Series 2025-A1-13A, 5.02%, (3 Month Term SOFR + 1.35%), 01/24/39 (h) | 250 | 250 |
| ARI Fleet Lease Trust 2026-A |  |  |
| Series 2026-A2-A, 3.96%, 09/15/28 | 100 | 100 |
| Series 2026-A3-A, 4.09%, 01/15/30 | 100 | 99 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2025-A-3A, 4.17%, 02/20/29 | 100 | 99 |
| Bank 2025-BNK51 |  |  |
| Series 2025-A5-BNK51, REMIC, 5.29%, 12/16/67 | 40 | 40 |
| Bank5 2024-5YR12 |  |  |
| Series 2024-A3-5YR12, REMIC, 5.90%, 12/17/57 (h) | 220 | 228 |
| Bank5 2024-5YR8 |  |  |
| Series 2024-AS-5YR8, REMIC, 6.38%, 07/17/29 (h) | 90 | 94 |
| Barclays Mortgage Loan Trust 2021-NQM1 |  |  |
| Series 2021-A3-NQM1, REMIC, 2.19%, 09/25/51 | 67 | 61 |
| Barings CLO Ltd.2021-III |  |  |
| Series 2021-B1R-3A, 5.30%, (3 Month Term SOFR + 1.63%), 01/18/35 (h) | 250 | 249 |
| Battalion CLO XXV Ltd. |  |  |
| Series 2024-BR-25A, 0.00%, (3 Month Term SOFR + 1.75%), 03/13/37 (h) | 275 | 275 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 4.76%, (SOFR 30-Day Average + 1.10%), 12/26/31 (h) | 82 | 82 |
| BBCMS Mortgage Trust 2024-5C27 |  |  |
| Series 2024-A3-5C27, REMIC, 6.01%, 06/15/29 | 45 | 47 |
| Benchmark 2023-B39 Mortgage Trust |  |  |
| Series 2023-A5-B39, REMIC, 5.75%, 06/15/33 | 265 | 276 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A3-V8, REMIC, 6.19%, 06/15/29 (h) | 145 | 151 |
| Benchmark 2025-B41 Mortgage Trust |  |  |
| Series 2025-A5-B41, REMIC, 5.41%, 08/17/35 | 100 | 102 |
| Benchmark 2025-V16 Mortgage Trust |  |  |
| Series 2025-A3-V16, REMIC, 5.44%, 07/15/30 | 375 | 384 |
| Benchmark 2025-V19 Mortgage Trust |  |  |
| Series 2025-A3-V19, REMIC, 5.25%, 12/16/30 | 10 | 10 |
| Benchmark 2026-B42 Mortgage Trust |  |  |
| Series 2026-A5-B42, REMIC, 5.10%, 03/17/59 | 125 | 124 |
| Benchmark 2026-V21 Mortgage Trust |  |  |
| Series 2026-A3-V21, REMIC, 5.13%, 03/17/31 | 450 | 455 |
| BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
| Series 2019-A-A, 3.28%, 09/26/33 | 11 | 11 |
| Bridgecrest Lending Auto Securitization Trust 2026-1 |  |  |
| Series 2026-A3-1, 4.04%, 10/15/27 | 70 | 70 |
| BX Commercial Mortgage Trust 2026-CSMO |  |  |
| Series 2026-A-CSMO, REMIC, 5.07%, (1 Month Term SOFR + 1.40%), 02/15/31 (h) | 290 | 290 |
| BX Trust 2021-LGCY |  |  |
| Series 2021-C-LGCY, 4.79%, (1 Month Term SOFR + 1.12%), 10/15/36 (h) | 295 | 295 |
| BX Trust 2025-VOLT |  |  |
| Series 2025-A-VOLT, REMIC, 5.37%, (1 Month Term SOFR + 1.70%), 12/16/30 (h) | 230 | 229 |
| CarMax Auto Owner Trust 2023-3 |  |  |
| Series 2023-B-3, 5.47%, 02/15/29 | 80 | 81 |
| CarMax Auto Owner Trust 2024-1 |  |  |
| Series 2024-B-1, 5.17%, 12/15/27 | 15 | 15 |
| CarMax Auto Owner Trust 2025-4 |  |  |
| Series 2025-A4-4, 4.08%, 06/16/31 | 65 | 65 |
| Carvana Auto Receivables Trust 2021-P4 |  |  |
| Series 2021-C-P4, 2.33%, 04/10/27 | 200 | 195 |
| 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 |
| Carvana Auto Receivables Trust 2026-P1 |  |  |
| Series 2026-B-P1, 4.76%, 07/10/32 | 80 | 79 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 4.92%, (1 Month Term SOFR + 5.09%), 07/12/30 (h) (o) | 320 | 319 |
| Clarus Capital Funding 2024-1 LLC |  |  |
| Series 2024-A2-1A, 4.71%, 05/20/27 | 77 | 77 |
| COLT 2025-8 Mortgage Loan Trust |  |  |
| Series 2025-A1-8, REMIC, 5.48%, 08/25/70 (m) | 155 | 156 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 285 | 277 |
| Deephaven Residential Mortgage Trust 2026-INV1 |  |  |
| Series 2026-A1-INV1, REMIC, 4.80%, 01/25/30 (h) (m) | 98 | 97 |
| Dext ABS 2025-2, LLC |  |  |
| Series 2025-A3-2, 4.23%, 04/15/36 | 100 | 100 |
| Driven Brands Funding, LLC |  |  |
| Series 2020-A2-1A, 3.79%, 07/20/50 | 40 | 39 |

---

558

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| EFMT 2025-INV1 |  |  |
| Series 2025-A1-INV1, REMIC, 5.63%, 03/25/70 (m) | 88 | 88 |
| Series 2025-A1-INV5, REMIC, 5.08%, 12/25/70 (h) (m) | 97 | 97 |
| EFMT 2025-NQM6 |  |  |
| Series 2025-A1-NQM6, REMIC, 5.00%, 12/25/70 (h) (m) | 97 | 97 |
| EFMT 2026-NQM1 |  |  |
| Series 2026-A1F-NQM1, REMIC, 4.87%, (SOFR 30-Day Average + 1.15%), 02/25/71 (h) (m) (o) | 99 | 99 |
| Elara HGV Timeshare Issuer 2023-A, LLC |  |  |
| Series 2023-B-A, 6.53%, 11/25/30 | 45 | 46 |
| Ellington Financial Mortgage Trust 2019-2 |  |  |
| Series 2019-A3-2, REMIC, 3.05%, 11/25/59 (h) | 7 | 7 |
| Ellington Financial Mortgage Trust 2020-2 |  |  |
| Series 2020-A1-2, REMIC, 1.18%, 10/25/65 (h) | 41 | 39 |
| Ellington Financial Mortgage Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.93%, 06/25/66 (h) | 45 | 38 |
| Elmwood CLO 20 Ltd. |  |  |
| Series 2022-AR2-7A, 4.83%, (3 Month Term SOFR + 1.20%), 01/20/39 (h) | 250 | 249 |
| Enterprise Fleet Financing 2024-4, LLC |  |  |
| Series 2024-A2-4, 4.69%, 01/20/27 | 31 | 31 |
| 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 Automobile Receivables Trust 2025-5 |  |  |
| Series 2025-A3-5A, 4.24%, 10/15/27 | 15 | 15 |
| Exeter Select Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-A3-2, 4.43%, 06/15/28 | 75 | 75 |
| FIGRE Trust 2026-HF3 |  |  |
| Series 2026-A1A-HF3, REMIC, 5.07%, (1 Month Term SOFR + 1.40%), 03/27/56 (h) | 150 | 150 |
| Ford Credit Auto Owner Trust 2023-REV1 |  |  |
| Series 2023-A-1, 4.85%, 02/15/28 | 285 | 288 |
| Fortress Credit BSL XIX Ltd. |  |  |
| Series 2023-A1R-2A, 5.02%, (3 Month Term SOFR + 1.35%), 07/24/36 (h) | 420 | 419 |
| GCAT 2025-NQM4 Trust |  |  |
| Series 2025-A1-NQM4, REMIC, 0.00%, 06/25/70 (m) (o) | 197 | 197 |
| Grace Trust |  |  |
| Series 2020-C-GRCE, REMIC, 2.77%, 12/12/30 (h) | 150 | 132 |
| GS Mortgage-Backed Securities Trust 2020-INV1 |  |  |
| Series 2020-A14-INV1, REMIC, 2.90%, 11/25/41 (h) (o) | 61 | 52 |
| GS Mortgage-Backed Securities Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.14%, 08/25/29 (m) | 151 | 151 |
| Halseypoint CLO 6 Ltd. |  |  |
| Series 2022-A1R-6A, 5.02%, (3 Month Term SOFR + 1.35%), 01/20/38 (h) | 250 | 250 |
| HOMES 2025-NQM4 Trust |  |  |
| Series 2025-A1-NQM4, REMIC, 5.22%, 08/25/70 (m) | 210 | 210 |
| HOMES 2026-AFC1 Trust |  |  |
| Series 2026-A1-AFC1, REMIC, 4.85%, 02/25/30 (h) (m) | 183 | 181 |
| Huntington National Bank, The |  |  |
| Series 2025-B-1, 4.96%, 04/20/29 | 163 | 164 |
| Series 2026-B1-1, 4.50%, 02/20/34 | 250 | 249 |
| Hyundai Auto Receivables Trust 2026-A |  |  |
| Series 2026-B-A, 4.10%, 03/15/30 | 45 | 45 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE |  |  |
| Series 2016-A-NINE, REMIC, 2.85%, 09/09/26 (h) | 155 | 154 |
| J.P. Morgan Mortgage Trust 2019-HYB1 |  |  |
| Series 2019-B4-HYB1, REMIC, 5.08%, 12/25/28 (h) | 114 | 113 |
| J.P. Morgan Mortgage Trust 2025-DSC2 |  |  |
| Series 2025-A1-DSC2, REMIC, 5.20%, 08/25/29 (h) (m) | 119 | 119 |
| J.P. Morgan Mortgage Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.50%, 07/25/29 (h) (m) | 318 | 319 |
| Jamestown CLO XV Ltd. |  |  |
| Series 2020-A1R2-15A, 4.72%, (3 Month Term SOFR + 1.05%), 07/15/35 (h) | 255 | 255 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP2 |  |  |
| Series 2016-AS-JP2, REMIC, 3.06%, 07/17/26 | 435 | 425 |
| MAD Commercial Mortgage Trust 2025-11MD |  |  |
| Series 2025-A-11MD, REMIC, 4.44%, 10/18/30 (h) (o) | 100 | 99 |
| MARQ Trust 2024-HOU |  |  |
| Series 2024-A-HOU, REMIC, 5.26%, (1 Month Term SOFR + 1.59%), 06/15/26 (h) | 100 | 100 |
| Metlife Securitization Trust 2018-1 |  |  |
| Series 2018-A-1A, REMIC, 3.89%, 09/25/29 (h) (o) | 84 | 81 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 |  |  |
| Series 2025-A5-C35, REMIC, 5.63%, 07/17/35 | 135 | 140 |
| Morgan Stanley Residential Mortgage Loan Trust 2021-2 |  |  |
| Series 2021-A9-2, REMIC, 2.50%, 01/25/43 | 64 | 53 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2 |  |  |
| Series 2025-A1-DSC2, REMIC, 5.44%, 07/25/70 (m) | 94 | 95 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.44%, 07/25/70 (m) | 86 | 86 |
| MVW 2019-2 LLC |  |  |
| Series 2019-A-2A, REMIC, 2.22%, 10/20/38 | 9 | 9 |
| Navient Private Education REFI Loan Trust 2019-C |  |  |
| Series 2019-A2-CA, 3.13%, 07/15/28 | 19 | 19 |
| Navient Refinance Loan Trust 2026-A |  |  |
| Series 2026-A-A, 4.50%, 04/16/35 | 100 | 99 |
| Navistar Financial Dealer Note Master Owner Trust II |  |  |
| Series 2025-A-1, 4.18%, 09/27/27 | 55 | 55 |
| Nelnet Student Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 4.54%, (1 Month Term SOFR + 0.85%), 03/26/68 (h) | 32 | 32 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-AFX-CA, 1.32%, 04/20/62 | 110 | 104 |
| Neuberger Berman Loan Advisers NBLA CLO 52, Ltd. |  |  |
| Series 2022-A1R-48A, 4.76%, (3 Month Term SOFR + 1.09%), 04/25/36 (h) | 390 | 389 |
| New Residential Mortgage Loan Trust 2022-INV1 |  |  |
| Series 2022-A4-INV1, REMIC, 3.00%, 07/25/43 (h) | 165 | 142 |
| New Residential Mortgage Loan Trust 2025-NQM3 |  |  |
| Series 2025-A1-NQM3, REMIC, 5.53%, 08/25/30 (m) | 79 | 79 |
| New Residential Mortgage Loan Trust 2025-NQM4 |  |  |
| Series 2025-A1-NQM4, REMIC, 5.35%, 07/25/65 (h) (m) | 260 | 260 |
| NMEF Funding 2026-A, LLC |  |  |
| Series 2026-A3-A, 4.20%, 01/15/29 | 100 | 99 |
| NYC Commercial Mortgage Trust 2021-909 |  |  |
| Series 2025-A-28L, REMIC, 4.82%, 11/05/28 (h) | 100 | 99 |
| OBX 2019-EXP3 Trust |  |  |
| Series 2019-1A9-EXP3, REMIC, 3.50%, 09/25/59 (h) | 11 | 10 |
| Series 2019-2A2-EXP3, REMIC, 4.89%, (1 Month Term SOFR + 1.21%), 09/25/59 (h) | 2 | 2 |
| OBX 2020-EXP1 Trust |  |  |
| Series 2020-1A8-EXP1, REMIC, 3.50%, 01/25/60 (h) | 43 | 39 |
| Series 2020-2A2-EXP1, REMIC, 4.74%, (1 Month Term SOFR + 1.06%), 01/26/60 (h) | 8 | 8 |

---

559

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| OBX 2025-NQM15 Trust |  |  |
| Series 2025-A1F-NQM15, REMIC, 4.82%, (SOFR 30-Day Average + 1.15%), 07/25/65 (h) (m) | 81 | 81 |
| Series 2025-A1-NQM15, REMIC, 5.14%, 07/25/65 (m) | 81 | 81 |
| OBX 2026-R1 Trust |  |  |
| Series 2026-A1-R1, REMIC, 4.88%, 01/25/63 (h) (m) | 180 | 178 |
| Octane Receivables Trust 2024-RVM1 |  |  |
| Series 2024-A-RVM1, 5.01%, 01/22/46 | 55 | 56 |
| 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, 4.92%, (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 | 184 | 185 |
| PEAC Solutions Receivables 2026-1 LLC |  |  |
| Series 2026-A3-1A, 4.39%, 07/20/29 | 90 | 90 |
| Post Road Equipment Finance 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.59%, 08/15/26 | 16 | 16 |
| Progress Residential 2025-SFR5 Trust |  |  |
| Series 2025-A-SFR5, REMIC, 3.85%, 10/17/42 | 100 | 96 |
| PSMC 2021-2 Trust |  |  |
| Series 2021-A3-2, REMIC, 2.50%, 04/25/27 (h) | 147 | 133 |
| RCKT Mortgage Trust 2024-CES9 |  |  |
| Series 2024-A1A-CES9, REMIC, 5.58%, 12/25/28 (m) | 72 | 72 |
| Regatta XVI Funding Ltd. |  |  |
| Series 2019-A1R2-2A, 4.83%, (3 Month Term SOFR + 1.19%), 04/15/39 (h) | 250 | 249 |
| Rockford Tower CLO 2022-1 Ltd. |  |  |
| Series 2022-A1R-1A, 4.87%, (3 Month Term SOFR + 1.20%), 07/20/35 (h) | 390 | 390 |
| Santander Drive Auto Receivables Trust 2026-1 |  |  |
| Series 2026-A3-1, 3.93%, 07/17/28 | 75 | 75 |
| Series 2026-B-1, 4.07%, 01/16/29 | 110 | 109 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.82%, 07/22/30 | 51 | 52 |
| 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 |
| Series 2026-A2-1A, 6.67%, 01/30/56 | 255 | 252 |
| 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 | 65 | 65 |
| Signal Peak CLO 10 Ltd. |  |  |
| Series 2021-A1R-10A, 4.86%, (3 Month Term SOFR + 1.19%), 01/25/38 (h) | 310 | 309 |
| SMB Private Education Loan Trust 2020-A |  |  |
| Series 2020-A2A-A, 2.23%, 09/15/37 | 24 | 23 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-APT1-A, 1.07%, 01/15/53 | 111 | 103 |
| SMB Private Education Loan Trust 2026-A |  |  |
| Series 2026-A1A-A, 4.68%, 10/15/37 | 315 | 313 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-A3-INV1, REMIC, 2.92%, 09/25/49 (h) | 11 | 11 |
| Starwood Mortgage Residential Trust 2020-INV1 |  |  |
| Series 2020-A1-INV1, REMIC, 1.03%, 11/25/55 (h) | 11 | 11 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-B |  |  |
| Series 2025-B-BA, 4.47%, 07/20/29 | 50 | 50 |
| Symphony CLO 37 Ltd. |  |  |
| Series 2022-AR2-37A, 4.80%, (3 Month Term SOFR + 1.13%), 01/20/37 (h) | 250 | 249 |
| Towd Point Mortgage Trust 2017-4 |  |  |
| Series 2017-A1-4, REMIC, 2.75%, 06/25/57 (h) | 34 | 33 |
| Towd Point Mortgage Trust 2024-2 |  |  |
| Series 2024-A1B-2, REMIC, 4.87%, 09/25/41 (h) | 387 | 392 |
| Towd Point Mortgage Trust 2026-1 |  |  |
| Series 2026-A1A-1, REMIC, 4.10%, 02/25/43 (h) | 99 | 98 |
| U.S. Bank National Association |  |  |
| Series 2023-B-1, 6.79%, 08/25/32 | 40 | 40 |
| Verdant Receivables 2023-1 LLC |  |  |
| Series 2023-A2-1A, 6.24%, 06/14/27 | 38 | 39 |
| Verdant Receivables 2025-1 LLC |  |  |
| Series 2025-B-1A, 5.37%, 05/12/33 | 100 | 100 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.82%, 01/25/66 (h) | 29 | 26 |
| Verus Securitization Trust 2024-INV1 |  |  |
| Series 2024-A2-INV1, REMIC, 6.32%, 03/25/69 (h) (m) | 120 | 120 |
| Verus Securitization Trust 2025-7 |  |  |
| Series 2025-A1F-7, REMIC, 4.87%, (SOFR 30-Day Average + 1.20%), 08/25/70 (h) (m) | 164 | 164 |
| Wells Fargo Commercial Mortgage Trust 2019-C54 |  |  |
| Series 2019-A4-C54, REMIC, 3.15%, 11/19/29 | 100 | 95 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $20,202) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $20,202) | 20022 |
| **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** |
| Sprott Asset Management LP | 2 | 36 |
| T. Rowe Price Natural Resource ETF | 5 | 176 |
| Total Investment Companies (cost $207) | Total Investment Companies (cost $207) | 212 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| New Found Gold Corp. (a) (p) | 2 |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) |  |
| **SENIOR FLOATING RATE INSTRUMENTS 0.0%** | **SENIOR FLOATING RATE INSTRUMENTS 0.0%** | **SENIOR FLOATING RATE INSTRUMENTS 0.0%** |
| **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, 7.42%, (1 Month Term SOFR + 3.75%), 04/23/31 (h) |  |  |
| Total Senior Floating Rate Instruments (cost $0) | Total Senior Floating Rate Instruments (cost $0) |  |
| **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| JNL Government Money Market Fund - Class I, 3.53% (q) (r) | 1426 | 1426 |
| T. Rowe Price Government Reserve Fund, 3.66% (q) (r) | 4059 | 4059 |
|  |  | 5485 |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Government Money Market Fund - Class SL, 3.63% (q) (r) | 4604 | 4604 |
| Total Short Term Investments (cost $10,089) | Total Short Term Investments (cost $10,089) | 10089 |
| **Total Investments 100.6% (cost $506,850)** | **Total Investments 100.6% (cost $506,850)** | **578314** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **20** |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(3284)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **575050** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $3,847.

(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 March 31, 2026. 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.

560

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

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 March 31, 2026, the value and the percentage of net assets of these securities was $27,097 and 4.7% of the Fund.

(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 March 31, 2026.

(k) As of March 31, 2026, 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) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(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 March 31, 2026.

(n) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(o) 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 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.

(q) Investment in affiliate.

(r) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 2416 | 22684 | 23674 | 11 |  |  | 1426 | 0.3 |
| JNL Government Money Market Fund, 3.63% - Class SL | 3378 | 7824 | 6598 | 37 |  |  | 4604 | 0.8 |
| T. Rowe Price Government Reserve Fund, 3.66% | 15160 | 16021 | 27122 | 105 |  |  | 4059 | 0.7 |
|  | 20954 | 46529 | 57394 | 153 |  |  | 10089 | 1.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 381 | 426 | 0.1 |
| Adyen N.V. | 02/17/23 | 154 | 107 |  |
| Alibaba Group Holding Limited | 05/16/24 | 281 | 247 |  |
| Amadeus IT Holding, S.A. | 08/03/21 | 353 | 315 | 0.1 |
| Antofagasta PLC, 5.63%, 09/09/35 | 09/02/25 | 199 | 199 |  |
| BAWAG Group AG | 10/17/25 | 310 | 360 | 0.1 |
| Bridgepoint Group PLC | 07/21/21 | 309 | 254 | 0.1 |
| Digital Core REIT Management Pte. Ltd. | 02/09/24 | 19 | 15 |  |
| Headwater Exploration Inc. | 11/17/25 | 38 | 53 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company) | 10/08/19 | 65 |  |  |
| Keyera Corp. | 02/09/26 | 29 | 31 |  |
| Kojamo Oyj | 11/12/24 | 71 | 63 |  |
| Lundin Gold Inc. | 03/08/24 | 6 | 37 |  |
| NAC Kazatomprom JSC | 04/17/24 | 23 | 50 |  |
| Orsted A/S | 10/06/25 | 411 | 474 | 0.1 |
| Public Joint Stock Company Polyus | 06/10/20 | 27 |  |  |
| SANY Heavy Industry Co., Ltd. - Class H | 10/24/25 | 31 | 28 |  |
| Siemens Healthineers AG | 05/13/19 | 766 | 673 | 0.1 |
|  |  | 3473 | 3332 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 10 Year Ultra Bond | 2 | June 2026 | 227 |  |  |
| United States 2 Year Note | 9 | July 2026 | 1881 |  | (14) |
| United States 5 Year Note | 56 | July 2026 | 6126 | 6 | (67) |
| United States Ultra Bond | 8 | June 2026 | 943 | 2 | (11) |
|  |  |  |  | 8 | (92) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States Long Bond | (2) | June 2026 | (229) | (1) | 1 |

---

561

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.45 (Q) | 0.59 | 1.00 | 12/20/30 | (6700) | 119 | 13 | (20) |
| CDX.NA.IG.46 (Q) | 0.63 | 1.00 | 06/20/31 | (500) | 8 | 1 | 1 |
|  |  |  |  |  | 127 | 14 | (19) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| NOK/USD | SSB | 04/07/26 | NOK | 45 | 5 |  |
| USD/ZAR | SSB | 04/02/26 | ZAR | (1034) | (61) | (1) |
|  |  |  |  |  | (56) | (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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 267697 | 103917 |  | 371614 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 107889 |  | 107889 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 68488 |  | 68488 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 20022 |  | 20022 |
| &nbsp;&nbsp;Investment Companies | 212 |  |  | 212 |
| &nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 10089 |  |  | 10089 |
|  | 277998 | 300316 |  | 578314 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1 |  |  | 1 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 1 |  | 1 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |
|  | 1 | 1 |  | 2 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (92) |  |  | (92) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (20) |  | (20) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1) |  | (1) |
|  | (92) | (21) |  | (113) |

---

<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.

562

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Information Technology 31.6%** | **Information Technology 31.6%** | **Information Technology 31.6%** |
| Advanced Micro Devices, Inc. (a) | 100 | 20385 |
| Apple Inc. | 214 | 54308 |
| Arista Networks, Inc. (a) | 21 | 2538 |
| Aurora Innovations Inc. - Class A (a) (b) | 1048 | 4317 |
| Bentley Systems, Incorporated - Class B | 151 | 5318 |
| Broadcom Inc. | 91 | 28251 |
| Cadence Design Systems, Inc. (a) | 6 | 1773 |
| Ciena Corporation (a) | 5 | 1790 |
| KLA Corporation | 3 | 4997 |
| Micron Technology, Inc. | 19 | 6269 |
| Microsoft Corporation | 176 | 65070 |
| NVIDIA Corporation | 279 | 48644 |
| PTC Inc. (a) | 141 | 20079 |
| SAP SE - ADR | 18 | 3022 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 38 | 12888 |
| Tyler Technologies, Inc. (a) | 1 | 358 |
| Workday, Inc. - Class A (a) | 43 | 5634 |
|  |  | 285641 |
| **Health Care 20.0%** | **Health Care 20.0%** | **Health Care 20.0%** |
| Abbott Laboratories | 57 | 5885 |
| Alnylam Pharmaceuticals, Inc. (a) | 22 | 7177 |
| Apogee Therapeutics, Inc. (a) | 90 | 7535 |
| Arcellx Inc. (a) | 25 | 2844 |
| Ascendis Pharma A/S - ADR (a) | 49 | 11130 |
| Becton, Dickinson and Company | 116 | 18290 |
| Biogen Inc. (a) | 14 | 2511 |
| BioNTech SE - ADR (a) | 42 | 3692 |
| Cencora, Inc. | 62 | 19478 |
| CG Oncology, Inc. (a) | 35 | 2395 |
| Cytokinetics, Incorporated (a) | 153 | 10077 |
| Danaher Corporation | 40 | 7533 |
| Dyne Therapeutics Inc. (a) | 51 | 923 |
| Eli Lilly and Company | 14 | 12964 |
| Erasca, Inc. (a) | 80 | 1297 |
| Gilead Sciences, Inc. | 23 | 3227 |
| Kymera Therapeutics, Inc. (a) | 18 | 1527 |
| Revvity, Inc. | 158 | 13875 |
| Thermo Fisher Scientific Inc. | 15 | 7440 |
| UnitedHealth Group Incorporated | 68 | 18398 |
| Vaxcyte, Inc. (a) | 66 | 3808 |
| Waters Corporation (a) | 50 | 14941 |
| West Pharmaceutical Services, Inc. | 14 | 3414 |
|  |  | 180361 |
| **Consumer Discretionary 11.7%** | **Consumer Discretionary 11.7%** | **Consumer Discretionary 11.7%** |
| Amazon.com, Inc. (a) | 281 | 58449 |
| Booking Holdings Inc. | 1 | 3200 |
| Chipotle Mexican Grill, Inc. (a) | 39 | 1233 |
| DoorDash, Inc. - Class A (a) | 42 | 6327 |
| Hilton Worldwide Holdings Inc. | 11 | 3399 |
| Marriott International, Inc. - Class A | 6 | 1835 |
| Nike, Inc. - Class B | 30 | 1604 |
| Service Corporation International | 21 | 1729 |
| Starbucks Corporation | 142 | 12756 |
| Yum! Brands, Inc. | 95 | 14835 |
|  |  | 105367 |
| **Utilities 10.3%** | **Utilities 10.3%** | **Utilities 10.3%** |
| Ameren Corporation | 125 | 13779 |
| CenterPoint Energy, Inc. | 727 | 31382 |
| Entergy Corporation | 20 | 2281 |
| NiSource Inc. | 625 | 29154 |
| PPL Corporation | 298 | 11393 |
| WEC Energy Group Inc. | 40 | 4685 |
|  |  | 92674 |
| **Communication Services 8.3%** | **Communication Services 8.3%** | **Communication Services 8.3%** |
| Alphabet Inc. - Class A | 128 | 36868 |
| Alphabet Inc. - Class C | 3 | 806 |
| Meta Platforms, Inc. - Class A | 63 | 35945 |
| Sphere Entertainment Co. - Class A (a) | 4 | 1324 |
|  |  | 74943 |
| **Financials 7.1%** | **Financials 7.1%** | **Financials 7.1%** |
| Arthur J. Gallagher & Co. | 29 | 6181 |
| BlackRock, Inc. | 2 | 2298 |
| JPMorgan Chase & Co. | 51 | 15109 |
| MasterCard Incorporated - Class A | 26 | 13019 |
| MSCI Inc. - Class A | 6 | 3131 |
| Ryan Specialty Group Holdings, Inc. - Class A | 23 | 777 |
| S&P Global Inc. | 11 | 4811 |
| Visa Inc. - Class A | 43 | 13020 |
| Willis Towers Watson Public Limited Company (b) | 21 | 6054 |
|  |  | 64400 |
| **Industrials 5.0%** | **Industrials 5.0%** | **Industrials 5.0%** |
| Acuity Brands, Inc. | 10 | 2839 |
| AMETEK, Inc. | 5 | 1096 |
| Booz Allen Hamilton Holding Corporation - Class A | 14 | 1108 |
| Equifax Inc. | 19 | 3340 |
| General Electric Company | 27 | 7696 |
| Ingersoll Rand Inc. | 154 | 12361 |
| ITT Inc. | 10 | 1826 |
| Otis Worldwide Corporation | 28 | 2135 |
| Republic Services, Inc. | 10 | 2147 |
| SPX Technologies, Inc. (a) | 16 | 3194 |
| TransDigm Group Incorporated | 3 | 2917 |
| Veralto Corporation | 39 | 3486 |
| Waste Connections, Inc. | 7 | 1096 |
|  |  | 45241 |
| **Consumer Staples 3.5%** | **Consumer Staples 3.5%** | **Consumer Staples 3.5%** |
| Keurig Dr Pepper Inc. | 830 | 21861 |
| Philip Morris International Inc. | 26 | 4288 |
| US Foods Holding Corp. (a) | 61 | 5657 |
|  |  | 31806 |
| **Energy 2.1%** | **Energy 2.1%** | **Energy 2.1%** |
| Canadian Natural Resources Limited | 209 | 10160 |
| Chevron Corporation | 14 | 2945 |
| ConocoPhillips | 24 | 3156 |
| SLB Limited | 62 | 3183 |
|  |  | 19444 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Vulcan Materials Company | 5 | 1281 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| American Tower Corporation | 3 | 457 |
| Total Common Stocks (cost $903,097) | Total Common Stocks (cost $903,097) | 901615 |
| **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** |
| **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 10350 | 10350 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 1756 | 1756 |
| T. Rowe Price Government Reserve Fund, 3.66% (c) (d) |  |  |
| Total Short Term Investments (cost $12,106) | Total Short Term Investments (cost $12,106) | 12106 |
| **Total Investments 101.1% (cost $915,203)** | **Total Investments 101.1% (cost $915,203)** | **913721** |
| **Other Assets and Liabilities, Net (1.1)%** | **Other Assets and Liabilities, Net (1.1)%** | **(9696)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **904025** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

563

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 4529 | 27439 | 30212 | 24 |  |  | 1756 | 0.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 7541 | 26197 | 23388 | 15 |  |  | 10350 | 1.1 |
| T. Rowe Price Government Reserve Fund, 3.66% |  | 7343 | 7343 | 2 |  |  |  |  |
|  | 12070 | 60979 | 60943 | 41 |  |  | 12106 | 1.3 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 901615 |  |  | 901615 |
| &nbsp;&nbsp;Short Term Investments | 12106 |  |  | 12106 |
|  | 913721 |  |  | 913721 |

---

564

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** |
| **COMMON STOCKS 61.8%** | **COMMON STOCKS 61.8%** | **COMMON STOCKS 61.8%** |
| **Information Technology 19.8%** | **Information Technology 19.8%** | **Information Technology 19.8%** |
| Advanced Micro Devices, Inc. (a) (b) (c) | 1028 | 209172 |
| Apple Inc. (c) | 2062 | 523276 |
| Arista Networks, Inc. (a) | 334 | 41035 |
| Aurora Innovations Inc. - Class A (a) (d) | 36044 | 148503 |
| Bentley Systems, Incorporated - Class B | 1019 | 35778 |
| Broadcom Inc. (c) | 832 | 257530 |
| Ciena Corporation (a) | 36 | 14093 |
| KLA Corporation (c) | 9 | 13841 |
| Micron Technology, Inc. | 81 | 27363 |
| Microsoft Corporation | 1660 | 614427 |
| NVIDIA Corporation (b) | 2572 | 448609 |
| PTC Inc. (a) (b) | 1719 | 244990 |
| Taiwan Semiconductor Manufacturing Company Limited | 2198 | 125971 |
| Workday, Inc. - Class A (a) | 269 | 34911 |
|  |  | 2739499 |
| **Health Care 13.5%** | **Health Care 13.5%** | **Health Care 13.5%** |
| Abbott Laboratories | 320 | 32811 |
| Alnylam Pharmaceuticals, Inc. (a) | 381 | 125998 |
| Apogee Therapeutics, Inc. (a) (d) | 1126 | 94748 |
| Arcellx Inc. (a) | 295 | 33829 |
| Ascendis Pharma A/S - ADR (a) | 603 | 137997 |
| Becton, Dickinson and Company (b) | 1322 | 207879 |
| BioNTech SE - ADR (a) | 482 | 42870 |
| Cencora, Inc. (c) | 570 | 179005 |
| CG Oncology, Inc. (a) | 570 | 38568 |
| Cytokinetics, Incorporated (a) | 1101 | 72539 |
| Danaher Corporation | 500 | 94899 |
| Dyne Therapeutics Inc. (a) | 691 | 12533 |
| Eli Lilly and Company | 137 | 125867 |
| Erasca, Inc. (a) | 1463 | 23678 |
| Kymera Therapeutics, Inc. (a) (d) | 292 | 24346 |
| Revvity, Inc. | 3124 | 273716 |
| UnitedHealth Group Incorporated | 461 | 124792 |
| Vaxcyte, Inc. (a) | 582 | 33832 |
| Waters Corporation (a) | 615 | 183268 |
|  |  | 1863175 |
| **Consumer Discretionary 7.5%** | **Consumer Discretionary 7.5%** | **Consumer Discretionary 7.5%** |
| Amazon.com, Inc. (a) (b) | 3306 | 688512 |
| DoorDash, Inc. - Class A (a) (c) | 686 | 103040 |
| Starbucks Corporation (c) | 1786 | 160005 |
| Yum! Brands, Inc. (c) | 566 | 88015 |
|  |  | 1039572 |
| **Communication Services 7.1%** | **Communication Services 7.1%** | **Communication Services 7.1%** |
| Alphabet Inc. - Class A (b) (c) | 1172 | 336948 |
| Meta Platforms, Inc. - Class A | 935 | 535115 |
| Netflix, Inc. (a) (b) (c) | 1127 | 108347 |
|  |  | 980410 |
| **Utilities 6.4%** | **Utilities 6.4%** | **Utilities 6.4%** |
| Ameren Corporation | 1031 | 113288 |
| CenterPoint Energy, Inc. | 7976 | 344226 |
| NiSource Inc. | 6709 | 313047 |
| PPL Corporation | 2791 | 106615 |
|  |  | 877176 |
| **Financials 3.7%** | **Financials 3.7%** | **Financials 3.7%** |
| Arthur J. Gallagher & Co. | 347 | 75082 |
| JPMorgan Chase & Co. (c) | 341 | 100354 |
| MasterCard Incorporated - Class A (c) | 280 | 139668 |
| Ryan Specialty Group Holdings, Inc. - Class A | 482 | 16260 |
| S&P Global Inc. (c) | 34 | 14547 |
| Visa Inc. - Class A (b) (c) | 339 | 102367 |
| Willis Towers Watson Public Limited Company | 234 | 67984 |
|  |  | 516262 |
| **Consumer Staples 1.4%** | **Consumer Staples 1.4%** | **Consumer Staples 1.4%** |
| Keurig Dr Pepper Inc. (b) | 7540 | 198525 |
| **Energy 1.4%** | **Energy 1.4%** | **Energy 1.4%** |
| Canadian Natural Resources Limited | 1689 | 82302 |
| Chevron Corporation | 174 | 35903 |
| ConocoPhillips | 222 | 29291 |
| SLB Limited | 780 | 40072 |
|  |  | 187568 |
| **Industrials 1.0%** | **Industrials 1.0%** | **Industrials 1.0%** |
| General Electric Company (c) | 60 | 16969 |
| Ingersoll Rand Inc. (c) | 1450 | 116141 |
|  |  | 133110 |
| Total Common Stocks (cost $8,614,613) | Total Common Stocks (cost $8,614,613) | 8535297 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 17.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 17.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 17.5%** |
| **U.S. Treasury Note 17.5%** | **U.S. Treasury Note 17.5%** | **U.S. Treasury Note 17.5%** |
| Treasury, United States Department of |  |  |
| 3.63%, 09/30/30 - 12/31/30 | 864603 | 853547 |
| 3.50%, 11/30/30 | 390416 | 383263 |
| 3.75%, 01/31/31 - 02/28/33 | 493631 | 485843 |
| 3.50%, 02/28/31 (d) | 378283 | 370909 |
| 3.88%, 12/31/32 | 185287 | 182623 |
| 4.00%, 01/31/33 | 148308 | 147219 |
| Total Government And Agency Obligations (cost $2,441,768) | Total Government And Agency Obligations (cost $2,441,768) | 2423404 |
| **SENIOR FLOATING RATE INSTRUMENTS 9.8%** | **SENIOR FLOATING RATE INSTRUMENTS 9.8%** | **SENIOR FLOATING RATE INSTRUMENTS 9.8%** |
| **Financials 3.5%** | **Financials 3.5%** | **Financials 3.5%** |
| AmWINS Group, Inc. |  |  |
| 2026 Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 01/30/32 (e) | 112656 | 111790 |
| Broadstreet Partners, Inc. |  |  |
| 2024 Term Loan B4, 6.17%, (1 Month Term SOFR + 2.75%), 05/10/31 (e) | 104254 | 101556 |
| HUB International Limited |  |  |
| 2025 Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 06/20/30 (e) | 192527 | 191974 |
| Ryan Specialty Group, LLC |  |  |
| 2024 USD Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 09/11/31 (e) | 1753 | 1748 |
| USI, Inc. |  |  |
| 2024 Term Loan D, 5.92%, (3 Month Term SOFR + 2.25%), 11/23/29 (e) | 36410 | 36296 |
| 2024 Term Loan C, 5.92%, (3 Month Term SOFR + 2.25%), 09/27/30 (e) | 36583 | 36446 |
|  |  | 479810 |
| **Information Technology 3.3%** | **Information Technology 3.3%** | **Information Technology 3.3%** |
| Applied Systems, Inc. |  |  |
| 2024 1st Lien Term Loan, 0.00%, (1 Month Term SOFR + 2.25%), 02/07/31 (e) (f) | 15000 | 14692 |
| 2024 1st Lien Term Loan, 5.92%, (1 Month Term SOFR + 2.25%), 02/07/31 (e) | 193657 | 189675 |
| 2024 2nd Lien Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 02/07/32 (e) (f) | 1813 | 1785 |
| 2024 2nd Lien Term Loan, 8.17%, (3 Month Term SOFR + 4.50%), 02/07/32 (e) | 24996 | 24611 |
| Ascend Learning, LLC |  |  |
| 2025 Repriced Term Loan B, 6.67%, (1 Month Term SOFR + 3.00%), 12/11/28 (e) | 25647 | 25006 |
| Bending Spoons US Inc |  |  |
| USD Term Loan B, 9.54%, (1 Month Term SOFR + 5.25%), 02/19/31 (e) | 2761 | 2513 |
| Term Loan, 9.54%, (1 Month Term SOFR + 5.88%), 03/07/31 (e) | 36520 | 33233 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, 0.00%, (1 Month Term SOFR + 3.00%), 10/29/29 (e) (f) | 1545 | 1500 |
| 2024 1st Lien Term Loan B, 6.17%, (1 Month Term SOFR + 2.75%), 10/29/29 (e) | 34916 | 33905 |
| Epicor Software Corporation |  |  |
| 2024 Term Loan F, 6.17%, (1 Month Term SOFR + 2.50%), 05/23/31 (e) | 40946 | 40117 |
| Instructure Holdings, Inc. |  |  |
| 2025 Repriced Term Loan, 6.44%, (3 Month Term SOFR + 2.75%), 11/13/31 (e) | 39224 | 37565 |
| Quartz Acquireco LLC |  |  |
| 2025 Term Loan B, 5.92%, (3 Month Term SOFR + 2.25%), 06/28/30 (e) | 7353 | 6103 |
| Storable Intermediate Holdings, LLC |  |  |
| 2025 Term Loan B, 0.00%, (1 Month Term SOFR + 3.25%), 04/17/31 (e) (f) | 863 | 825 |
| 2025 Term Loan B, 6.92%, (1 Month Term SOFR + 3.25%), 04/17/31 (e) | 27573 | 26346 |

---

565

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| UKG Inc. |  |  |
| 2024 Term Loan B, 6.17%, (3 Month Term SOFR + 2.50%), 01/30/31 (e) | 15057 | 14366 |
| | | 452242 |
| **Industrials 1.7%** | **Industrials 1.7%** | **Industrials 1.7%** |
| CPI Holdco B LLC |  |  |
| 2025 Add-on Term Loan B, 5.67%, (1 Month Term SOFR + 2.00%), 05/19/31 (e) | 49456 | 49080 |
| EP Wealth Advisors, LLC |  |  |
| 2025 Term Loan B, 6.67%, (3 Month Term SOFR + 3.00%), 10/06/32 (e) | 4407 | 4407 |
| Filtration Group Corporation |  |  |
| 2025 EUR Term Loan B, 5.43%, (1 Month EURIBOR + 3.50%), 10/21/28, EUR (e) | 13832 | 15995 |
| 2025 USD Term Loan, 6.42%, (1 Month Term SOFR + 2.75%), 10/21/28 (e) | 76075 | 76043 |
| Mariner Wealth Advisors LLC |  |  |
| 2025 Repriced Term Loan B, 5.94%, (3 Month Term SOFR + 2.25%), 12/31/30 (e) | 22456 | 22367 |
| TransDigm, Inc. |  |  |
| 2025 Term Loan K, 5.92%, (1 Month Term SOFR + 2.25%), 03/22/30 (e) | 63313 | 63296 |
| 2026 Term Loan N, 6.16%, (3 Month Term SOFR + 2.50%), 02/13/33 (e) | 6406 | 6407 |
|  |  | 237595 |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| Hilton Domestic Operating Company, Inc. |  |  |
| 2023 Term Loan B4, 5.43%, (1 Month Term SOFR + 1.75%), 11/09/30 (e) | 49665 | 49727 |
| Varsity Brands Inc |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 08/26/31 (e) (f) | 5117 | 5088 |
| Varsity Brands, Inc. |  |  |
| 2025 1st Lien Term Loan, 6.67%, (3 Month Term SOFR + 3.00%), 08/26/31 (e) | 38820 | 38614 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 2024 Term Loan, 5.42%, (1 Month Term SOFR + 1.75%), 05/28/30 (e) | 7987 | 8008 |
|  |  | 101437 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| SBA Senior Finance II LLC |  |  |
| 2024 Term Loan B, 5.43%, (1 Month Term SOFR + 1.75%), 01/20/31 (e) | 43662 | 43789 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Loire Finco Luxembourg S.a.r.l. |  |  |
| 2025 USD Term Loan B, 7.67%, (1 Month Term SOFR + 4.00%), 01/31/30 (e) | 40523 | 40413 |
| Total Senior Floating Rate Instruments (cost $1,372,983) | Total Senior Floating Rate Instruments (cost $1,372,983) | 1355286 |
| **CORPORATE BONDS AND NOTES 8.3%** | **CORPORATE BONDS AND NOTES 8.3%** | **CORPORATE BONDS AND NOTES 8.3%** |
| **Financials 2.4%** | **Financials 2.4%** | **Financials 2.4%** |
| AmWINS Group, Inc. |  |  |
| 6.38%, 02/15/29 (g) | 8902 | 8960 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (g) | 29665 | 28914 |
| HUB International Limited |  |  |
| 5.63%, 12/01/29 (g) | 16496 | 16076 |
| 7.25%, 06/15/30 (g) | 125378 | 128571 |
| 7.38%, 01/31/32 (g) | 72480 | 73880 |
| MSCI Inc. |  |  |
| 5.25%, 09/01/35 | 19385 | 18991 |
| Ryan Specialty, LLC |  |  |
| 4.38%, 02/01/30 (g) | 5592 | 5422 |
| 5.88%, 08/01/32 (g) | 14494 | 14332 |
| U S I, Inc. |  |  |
| 7.50%, 01/15/32 (g) | 30789 | 31280 |
|  |  | 326426 |
| **Consumer Discretionary 2.2%** | **Consumer Discretionary 2.2%** | **Consumer Discretionary 2.2%** |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.88%, 04/01/29 (g) | 10445 | 10507 |
| 3.75%, 05/01/29 (g) | 21619 | 20646 |
| 4.88%, 01/15/30 | 19559 | 19249 |
| 4.00%, 05/01/31 (g) | 32112 | 30077 |
| 3.63%, 02/15/32 (g) | 26573 | 24111 |
| 5.75%, 09/15/33 (g) | 17383 | 17296 |
| 5.50%, 03/31/34 (g) | 14336 | 13999 |
| Hilton Worldwide Holdings Inc. |  |  |
| 4.88%, 04/01/27 | 8951 | 8933 |
| KFC Holding Co. |  |  |
| 4.75%, 06/01/27 (g) | 30760 | 30631 |
| Life Time, Inc. |  |  |
| 6.00%, 11/15/31 (g) | 7465 | 7496 |
| Service Corporation International |  |  |
| 4.63%, 12/15/27 | 1245 | 1230 |
| 3.38%, 08/15/30 | 5988 | 5517 |
| 5.75%, 10/15/32 | 7722 | 7700 |
| Vail Resorts, Inc. |  |  |
| 5.63%, 07/15/30 (d) (g) | 4408 | 4357 |
| 6.50%, 05/15/32 (g) | 9363 | 9469 |
| Yum! Brands, Inc. |  |  |
| 4.75%, 01/15/30 (g) | 10271 | 10094 |
| 3.63%, 03/15/31 | 14549 | 13440 |
| 4.63%, 01/31/32 | 24731 | 23618 |
| 5.38%, 04/01/32 | 29015 | 28725 |
| 6.88%, 11/15/37 | 5461 | 5921 |
| 5.35%, 11/01/43 | 15610 | 14779 |
|  |  | 307795 |
| **Industrials 1.5%** | **Industrials 1.5%** | **Industrials 1.5%** |
| Korn Ferry |  |  |
| 4.63%, 12/15/27 (g) | 7012 | 6940 |
| TransDigm Inc. |  |  |
| 6.75%, 08/15/28 - 01/31/34 (g) | 34329 | 34711 |
| 4.63%, 01/15/29 | 10449 | 10266 |
| 6.38%, 03/01/29 - 05/31/33 (g) | 73299 | 73853 |
| 7.13%, 12/01/31 (g) | 24266 | 24987 |
| 6.63%, 03/01/32 (g) | 47148 | 48172 |
| 6.25%, 01/31/34 (g) | 2522 | 2548 |
| 6.13%, 07/31/34 (g) | 8715 | 8559 |
|  |  | 210036 |
| **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** |
| American Electric Power Company, Inc. |  |  |
| 5.80%, 03/15/56 | 24124 | 23828 |
| 6.05%, 03/15/56 | 20953 | 20761 |
| CenterPoint Energy, Inc. |  |  |
| 5.95%, 04/01/56 | 25512 | 25223 |
| Entergy Corporation |  |  |
| 5.88%, 06/15/56 | 23981 | 23658 |
| 6.10%, 06/15/56 | 16911 | 16652 |
| NiSource Inc. |  |  |
| 5.75%, 07/15/56 | 40011 | 39324 |
| The Southern Company |  |  |
| 6.00%, 04/01/58 | 28238 | 28337 |
|  |  | 177783 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| SBA Communications Corporation |  |  |
| 3.88%, 02/15/27 | 21307 | 21091 |
| 3.13%, 02/01/29 | 27063 | 25642 |
|  |  | 46733 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Booz Allen Hamilton Inc. |  |  |
| 4.00%, 07/01/29 (d) (g) | 5511 | 5329 |
| 5.95%, 08/04/33 (d) | 7932 | 8105 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 1455 | 1384 |
| Ellucian Holdings Inc. |  |  |
| 6.50%, 12/01/29 (g) | 12001 | 11715 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 (g) | 10101 | 9912 |
| PTC Inc. |  |  |
| 4.00%, 02/15/28 (g) | 9445 | 9189 |
|  |  | 45634 |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| Hologic, Inc. |  |  |
| 3.25%, 02/15/29 (g) | 6671 | 6650 |
| IQVIA Inc. |  |  |
| 5.00%, 05/15/27 (g) | 10348 | 10322 |
| 6.50%, 05/15/30 (g) | 6498 | 6618 |

---

566

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Surgery Center Holdings, Inc. |  |  |
| 7.25%, 04/15/32 (d) (g) | 6089 | 5990 |
| | | 29580 |
| Total Corporate Bonds And Notes (cost $1,134,910) | Total Corporate Bonds And Notes (cost $1,134,910) | 1143987 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** |
| Domino's Pizza, Inc. |  |  |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 2060 | 2030 |
| Series 2019-A2-1A, 3.67%, 10/25/29 (g) | 2822 | 2720 |
| SBA Towers, LLC |  |  |
| Series 2022-C-1, 6.60%, 01/15/28 | 602 | 610 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,484) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,484) | 5360 |
| **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| T. Rowe Price Government Reserve Fund, 3.66% (h) (i) | 191111 | 191111 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.63% (h) (i) | 48880 | 48880 |
| Total Short Term Investments (cost $239,991) | Total Short Term Investments (cost $239,991) | 239991 |
| **Total Investments 99.2% (cost $13,809,749)** | **Total Investments 99.2% (cost $13,809,749)** | **13703325** |
| **Other Derivative Instruments (0.2)%** | **Other Derivative Instruments (0.2)%** | **(33238)** |
| **Other Assets and Liabilities, Net 1.0%** | **Other Assets and Liabilities, Net 1.0%** | **148530** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **13818617** |

---

(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 March 31, 2026.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(f) This senior floating rate interest will settle after March 31, 2026. If a reference rate and spread is presented, it will go into effect upon settlement.

(g) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $754,333 and 5.5% of the Fund.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 932 | 204662 | 205594 | 55 |  |  |  |  |
| JNL Government Money Market Fund, 3.63% - Class SL | 10856 | 240668 | 202644 | 101 |  |  | 48880 | 0.3 |
| T. Rowe Price Government Reserve Fund, 3.66% | 403177 | 1292623 | 1504689 | 5027 |  |  | 191111 | 1.4 |
|  | 414965 | 1737953 | 1912927 | 5183 |  |  | 239991 | 1.7 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Advanced Micro Devices, Inc. | JPM<br> Call | 320.00 | 01/15/27 | 354 | 11328 | (441) |
| Advanced Micro Devices, Inc. | JPM<br> Call | 310.00 | 01/15/27 | 354 | 10974 | (467) |
| Alphabet Inc. | JPM<br> Call | 380.00 | 01/15/27 | 282 | 10716 | (293) |
| Alphabet Inc. | JPM<br> Call | 370.00 | 01/15/27 | 282 | 10434 | (338) |
| Alphabet Inc. | JPM<br> Call | 415.00 | 01/15/27 | 531 | 22037 | (304) |
| Alphabet Inc. | JPM<br> Call | 400.00 | 01/15/27 | 531 | 21240 | (388) |
| Alphabet Inc. | JPM<br> Call | 360.00 | 01/15/27 | 282 | 10152 | (398) |
| Alphabet Inc. | UBS<br> Call | 340.00 | 01/15/27 | 292 | 9928 | (556) |
| Alphabet Inc. | UBS<br> Call | 350.00 | 01/15/27 | 292 | 10220 | (488) |
| Alphabet Inc. | UBS<br> Call | 360.00 | 01/15/27 | 292 | 10512 | (412) |
| Apple Inc. | BOA<br> Call | 300.00 | 01/15/27 | 858 | 25740 | (965) |
| Broadcom Inc. | GSC<br> Call | 410.00 | 01/15/27 | 536 | 21976 | (1230) |
| Broadcom Inc. | GSC<br> Call | 390.00 | 01/15/27 | 536 | 20904 | (1486) |
| Cencora, Inc. | GSC<br> Call | 400.00 | 01/15/27 | 210 | 8400 | (174) |
| Cencora, Inc. | GSC<br> Call | 390.00 | 01/15/27 | 210 | 8190 | (209) |
| DoorDash, Inc. | NSI<br> Call | 230.00 | 01/15/27 | 360 | 8280 | (350) |
| General Electric Company | CIT<br> Call | 340.00 | 01/15/27 | 299 | 10166 | (573) |
| General Electric Company | CIT<br> Call | 330.00 | 01/15/27 | 299 | 9867 | (674) |
| Ingersoll Rand Inc. | GSC<br> Call | 95.00 | 01/15/27 | 871 | 8275 | (470) |
| Ingersoll Rand Inc. | GSC<br> Call | 100.00 | 01/15/27 | 871 | 8710 | (351) |
| JPMorgan Chase & Co. | WFI<br> Call | 350.00 | 01/15/27 | 242 | 8470 | (255) |
| JPMorgan Chase & Co. | WFI<br> Call | 330.00 | 01/15/27 | 545 | 17985 | (921) |
| KLA Corporation | BCL<br> Call | 1900.00 | 01/15/27 | 47 | 8930 | (663) |

---

567

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)/ Swaption Rate(%)** | **Expiration** | **Contracts<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** |
| KLA Corporation | BCL<br> Call | 1840.00 | 01/15/27 | 47 | 8648 | (737) |
| MasterCard Incorporated | BCL<br> Call | 670.00 | 06/18/26 | 295 | 19765 | (11) |
| MasterCard Incorporated | BCL<br> Call | 600.00 | 01/15/27 | 372 | 22320 | (607) |
| MasterCard Incorporated | BCL<br> Call | 570.00 | 01/15/27 | 141 | 8037 | (347) |
| MasterCard Incorporated | BCL<br> Call | 580.00 | 01/15/27 | 231 | 13398 | (496) |
| Netflix, Inc. | JPM<br> Call | 98.00 | 01/15/27 | 3576 | 35045 | (4796) |
| Netflix, Inc. | JPM<br> Call | 96.00 | 01/15/27 | 3577 | 34339 | (5062) |
| Netflix, Inc. | JPM<br> Call | 100.00 | 01/15/27 | 3576 | 35760 | (4413) |
| S&P Global Inc. | BCL<br> Call | 610.00 | 01/15/27 | 171 | 10431 | (112) |
| S&P Global Inc. | BCL<br> Call | 590.00 | 01/15/27 | 171 | 10089 | (151) |
| Starbucks Corporation | UBS<br> Call | 115.00 | 01/15/27 | 615 | 7073 | (216) |
| Starbucks Corporation | UBS<br> Call | 110.00 | 01/15/27 | 1716 | 18876 | (781) |
| Starbucks Corporation | UBS<br> Call | 105.00 | 01/15/27 | 1716 | 18018 | (1038) |
| Visa Inc. | CIT<br> Call | 365.00 | 01/15/27 | 181 | 6607 | (169) |
| Visa Inc. | CIT<br> Call | 375.00 | 01/15/27 | 326 | 12225 | (237) |
| Visa Inc. | CIT<br> Call | 345.00 | 01/15/27 | 181 | 6245 | (273) |
| Visa Inc. | CIT<br> Call | 360.00 | 01/15/27 | 326 | 11736 | (346) |
| Visa Inc. | GSC<br> Call | 395.00 | 06/18/26 | 442 | 17459 | (8) |
| Yum! Brands, Inc. | UBS<br> Call | 185.00 | 01/15/27 | 448 | 8288 | (169) |
| Yum! Brands, Inc. | UBS<br> Call | 180.00 | 01/15/27 | 448 | 8064 | (237) |
| Yum! Brands, Inc. | UBS<br> Call | 165.00 | 01/15/27 | 591 | 9752 | (626) |
|  |  |  |  |  |  | (33238) |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 8409326 | 125971 |  | 8535297 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 2423404 |  | 2423404 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 1355286 |  | 1355286 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 1143987 |  | 1143987 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 5360 |  | 5360 |
| &nbsp;&nbsp;Short Term Investments | 239991 |  |  | 239991 |
|  | 8649317 | 5054008 |  | 13703325 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Written Options |  | (33238) |  | (33238) |
|  |  | (33238) |  | (33238) |

---

<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.

568

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 51.7%** | **Information Technology 51.7%** | **Information Technology 51.7%** |
| Advanced Micro Devices, Inc. (a) | 450 | 91496 |
| Amphenol Corporation - Class A | 665 | 83996 |
| Apple Inc. | 3613 | 916939 |
| AppLovin Corporation - Class A (a) | 133 | 53059 |
| Arista Networks, Inc. (a) | 268 | 32958 |
| ASML Holding N.V. - ADR | 43 | 56240 |
| Broadcom Inc. | 1381 | 427420 |
| CrowdStrike Holdings, Inc. - Class A (a) | 144 | 56417 |
| Fabrinet (a) | 46 | 24146 |
| HubSpot, Inc. (a) | 60 | 14622 |
| Intuit Inc. | 65 | 27914 |
| Lam Research Corporation | 380 | 81255 |
| Microsoft Corporation | 2026 | 749889 |
| NVIDIA Corporation | 6574 | 1146438 |
| Oracle Corporation | 325 | 47870 |
| Palantir Technologies Inc. - Class A (a) | 210 | 30681 |
| Samsara Inc. - Class A (a) | 412 | 13044 |
| ServiceNow, Inc. (a) | 739 | 77307 |
| Shopify Inc. - Class A (a) | 412 | 48849 |
| Snowflake Inc. - Class A (a) | 323 | 48751 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 181 | 61149 |
| Teledyne Technologies Incorporated (a) | 64 | 38708 |
|  |  | 4129148 |
| **Communication Services 14.6%** | **Communication Services 14.6%** | **Communication Services 14.6%** |
| Alphabet Inc. - Class A | 2017 | 580060 |
| Meta Platforms, Inc. - Class A | 560 | 320683 |
| Netflix, Inc. (a) | 1670 | 160591 |
| Spotify Technology S.A. (a) | 152 | 73948 |
| T-Mobile US, Inc. | 133 | 27934 |
|  |  | 1163216 |
| **Consumer Discretionary 12.3%** | **Consumer Discretionary 12.3%** | **Consumer Discretionary 12.3%** |
| Amazon.com, Inc. (a) | 2001 | 416752 |
| Booking Holdings Inc. | 15 | 61517 |
| Carvana Co. - Class A (a) | 223 | 69979 |
| Chipotle Mexican Grill, Inc. (a) | 979 | 31327 |
| DoorDash, Inc. - Class A (a) | 254 | 38097 |
| Ferrari N.V. | 56 | 18952 |
| Hilton Worldwide Holdings Inc. | 151 | 45806 |
| MercadoLibre, Inc. (a) | 24 | 40890 |
| Sea Limited - Class A - ADR (a) | 312 | 25857 |
| Tesla Inc. (a) | 608 | 225912 |
| Wingstop Inc. | 28 | 4287 |
|  |  | 979376 |
| **Health Care 7.2%** | **Health Care 7.2%** | **Health Care 7.2%** |
| Argenx SE - ADR (a) | 51 | 37382 |
| Danaher Corporation | 174 | 33043 |
| Eli Lilly and Company | 264 | 242950 |
| Intuitive Surgical, Inc. (a) | 243 | 111844 |
| Medline Inc. - Class A (a) | 199 | 8865 |
| Natera, Inc. (a) | 203 | 40659 |
| Stryker Corporation | 129 | 42417 |
| Thermo Fisher Scientific Inc. | 59 | 28943 |
| UnitedHealth Group Incorporated | 101 | 27326 |
|  |  | 573429 |
| **Financials 6.1%** | **Financials 6.1%** | **Financials 6.1%** |
| Adyen N.V. (a) (b) | 16 | 16098 |
| Charles Schwab Corporation, The | 211 | 19830 |
| Chubb Limited | 132 | 43055 |
| Marsh & Mclennan Companies, Inc. | 120 | 20849 |
| MasterCard Incorporated - Class A | 312 | 156158 |
| Morgan Stanley | 215 | 35350 |
| Tradeweb Markets Inc. - Class A | 69 | 8067 |
| Visa Inc. - Class A | 627 | 189432 |
|  |  | 488839 |
| **Industrials 5.8%** | **Industrials 5.8%** | **Industrials 5.8%** |
| Boeing Company, The (a) | 204 | 40555 |
| Cintas Corporation | 261 | 44230 |
| GE Vernova Inc. | 64 | 55699 |
| General Electric Company | 603 | 171066 |
| Howmet Aerospace Inc. | 325 | 74853 |
| Old Dominion Freight Line, Inc. | 94 | 18465 |
| TransDigm Group Incorporated | 17 | 20267 |
| Vertiv Holdings Co - Class A | 149 | 37236 |
|  |  | 462371 |
| **Materials 0.9%** | **Materials 0.9%** | **Materials 0.9%** |
| Linde Public Limited Company | 111 | 54877 |
| Sherwin-Williams Company, The | 62 | 19782 |
|  |  | 74659 |
| **Consumer Staples 0.9%** | **Consumer Staples 0.9%** | **Consumer Staples 0.9%** |
| Costco Wholesale Corporation | 70 | 70134 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| Welltower Inc. | 220 | 43496 |
| Total Common Stocks (cost $5,802,426) | Total Common Stocks (cost $5,802,426) | 7984668 |
| **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, 3.53% (c) (d) | 3967 | 3967 |
| T. Rowe Price Government Reserve Fund, 3.66% (c) (d) | 3801 | 3801 |
| Total Short Term Investments (cost $7,768) | Total Short Term Investments (cost $7,768) | 7768 |
| **Total Investments 100.1% (cost $5,810,194)** | **Total Investments 100.1% (cost $5,810,194)** | **7992436** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(4664)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **7987772** |

---

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 5851 | 62286 | 64170 | 33 |  |  | 3967 | 0.1 |
| T. Rowe Price Government Reserve Fund, 3.66% | 57 | 205230 | 201486 | 72 |  |  | 3801 |  |
|  | 5908 | 267516 | 265656 | 105 |  |  | 7768 | 0.1 |

---

569

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 27822 | 16098 | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 7968570 | 16098 |  | 7984668 |
| &nbsp;&nbsp;Short Term Investments | 7768 |  |  | 7768 |
|  | 7976338 | 16098 |  | 7992436 |

---

570

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 97.3%** | **COMMON STOCKS 97.3%** | **COMMON STOCKS 97.3%** |
| **Health Care 20.1%** | **Health Care 20.1%** | **Health Care 20.1%** |
| Agilent Technologies, Inc. | 763 | 86978 |
| Alnylam Pharmaceuticals, Inc. (a) | 208 | 68890 |
| Apogee Therapeutics, Inc. (a) | 143 | 12060 |
| Ascendis Pharma A/S - ADR (a) | 139 | 31679 |
| Avantor, Inc. (a) | 1371 | 10753 |
| Biogen Inc. (a) | 88 | 16041 |
| BioNTech SE - ADR (a) | 173 | 15412 |
| Caris Life Sciences, Inc. (a) | 476 | 8518 |
| Cencora, Inc. | 172 | 53998 |
| CG Oncology, Inc. (a) | 132 | 8954 |
| Cooper Companies, Inc., The (a) | 767 | 54812 |
| CRISPR Therapeutics AG (a) (b) | 190 | 9017 |
| Cytokinetics, Incorporated (a) | 319 | 21045 |
| Elanco Animal Health Incorporated (a) | 1600 | 38278 |
| Encompass Health Corporation | 266 | 25701 |
| Insulet Corporation (a) | 155 | 32441 |
| Ionis Pharmaceuticals, Inc. (a) | 493 | 37001 |
| Kymera Therapeutics, Inc. (a) | 93 | 7754 |
| Mettler-Toledo International Inc. (a) | 62 | 78447 |
| Natera, Inc. (a) | 96 | 19239 |
| Nuvalent, Inc. - Class A (a) | 41 | 4161 |
| QuidelOrtho Corporation (a) | 334 | 5494 |
| Revolution Medicines, Inc. (a) | 64 | 6205 |
| Teleflex Incorporated | 324 | 38790 |
| Vaxcyte, Inc. (a) | 266 | 15468 |
| Veeva Systems Inc. - Class A (a) | 288 | 50537 |
| West Pharmaceutical Services, Inc. | 190 | 47622 |
|  |  | 805295 |
| **Consumer Discretionary 19.1%** | **Consumer Discretionary 19.1%** | **Consumer Discretionary 19.1%** |
| Birkenstock Holding PLC (a) (b) | 763 | 27335 |
| Burlington Stores, Inc. (a) | 219 | 71370 |
| DK Crown Holdings Inc. - Class A (a) | 389 | 8408 |
| Domino's Pizza, Inc. | 159 | 57133 |
| Dutch Bros Inc. - Class A (a) | 232 | 11733 |
| Hilton Worldwide Holdings Inc. | 358 | 108891 |
| Liberty Live Holdings, Inc. - Series C (a) | 362 | 34049 |
| PE Mav Holdings, LLC (a) | 550 | 7537 |
| Planet Fitness, Inc. - Class A (a) | 633 | 47053 |
| Pool Corporation | 183 | 37047 |
| Ross Stores, Inc. | 182 | 39362 |
| Service Corporation International | 480 | 39597 |
| Sportradar Group AG - Class A (a) | 1053 | 17625 |
| Texas Roadhouse, Inc. - Class A | 104 | 17125 |
| TopBuild Corp. (a) | 47 | 16441 |
| Ulta Beauty, Inc. (a) | 81 | 42381 |
| Viking Holdings Ltd. (a) | 1052 | 77290 |
| Wingstop Inc. | 65 | 10027 |
| Wyndham Hotels & Resorts, Inc. | 299 | 24272 |
| Yum! Brands, Inc. | 471 | 73289 |
|  |  | 767965 |
| **Industrials 18.1%** | **Industrials 18.1%** | **Industrials 18.1%** |
| Acuity Brands, Inc. | 43 | 12162 |
| API Group Corporation (a) | 484 | 19600 |
| Booz Allen Hamilton Holding Corporation - Class A | 497 | 38757 |
| Broadridge Financial Solutions, Inc. | 67 | 10837 |
| BWXT Government Group, Inc. | 118 | 24068 |
| Equifax Inc. | 137 | 24652 |
| ESAB Corporation | 484 | 46779 |
| Ferguson Enterprises Inc. | 224 | 52227 |
| Fortive Corporation | 234 | 12955 |
| Ingersoll Rand Inc. | 584 | 46766 |
| ITT Inc. | 158 | 30008 |
| Old Dominion Freight Line, Inc. | 306 | 59713 |
| Paylocity Holding Corporation (a) | 333 | 35986 |
| Quanta Services, Inc. | 56 | 30855 |
| RB Global, Inc. | 312 | 29905 |
| StandardAero, Inc. (a) | 997 | 25748 |
| Textron Inc. | 447 | 39139 |
| TransUnion | 603 | 41756 |
| UL Solutions Inc. - Class A | 511 | 43823 |
| Veralto Corporation | 637 | 56368 |
| XPO, Inc. (a) | 233 | 45291 |
|  |  | 727395 |
| **Information Technology 17.6%** | **Information Technology 17.6%** | **Information Technology 17.6%** |
| Amphenol Corporation - Class A | 61 | 7682 |
| Atlassian Corporation - Class A (a) | 197 | 13479 |
| Aurora Innovations Inc. - Class A (a) | 1733 | 7141 |
| Descartes Systems Group Inc., The (a) | 175 | 12502 |
| Guidewire Software, Inc. (a) | 98 | 14690 |
| Keysight Technologies, Inc. (a) | 264 | 74687 |
| Lattice Semiconductor Corporation (a) | 919 | 85256 |
| MACOM Technology Solutions Holdings, Inc. (a) | 253 | 56206 |
| Manhattan Associates, Inc. (a) | 289 | 38432 |
| Microchip Technology Incorporated | 832 | 53749 |
| MongoDB, Inc. - Class A (a) | 57 | 13903 |
| Monolithic Power Systems, Inc. | 61 | 66202 |
| NXP Semiconductors N.V. | 117 | 23091 |
| PTC Inc. (a) | 502 | 71521 |
| Pure Storage, Inc. - Class A (a) | 496 | 29278 |
| Ralliant Corporation | 224 | 9317 |
| Rambus Inc. (a) | 136 | 11674 |
| Tyler Technologies, Inc. (a) | 173 | 59403 |
| Unity Software Inc. (a) | 388 | 8523 |
| Zoom Communications, Inc. - Class A (a) | 354 | 28498 |
| Zscaler, Inc. (a) | 142 | 19893 |
|  |  | 705127 |
| **Financials 7.7%** | **Financials 7.7%** | **Financials 7.7%** |
| Assurant, Inc. | 277 | 60246 |
| Bullish (a) | 113 | 4024 |
| CBOE Global Markets, Inc. | 151 | 42442 |
| Corpay Inc (a) | 44 | 12884 |
| Markel Group Inc. (a) | 13 | 24691 |
| MSCI Inc. - Class A | 123 | 66352 |
| Raymond James Financial, Inc. | 293 | 42438 |
| Ryan Specialty Group Holdings, Inc. - Class A | 311 | 10488 |
| TPG Inc. - Class A | 281 | 11380 |
| Tradeweb Markets Inc. - Class A | 287 | 33780 |
|  |  | 308725 |
| **Energy 4.3%** | **Energy 4.3%** | **Energy 4.3%** |
| Cheniere Energy, Inc. | 115 | 32491 |
| DT Midstream, Inc. | 172 | 23204 |
| EQT Corporation | 772 | 49149 |
| TechnipFMC PLC | 1003 | 69336 |
|  |  | 174180 |
| **Communication Services 3.8%** | **Communication Services 3.8%** | **Communication Services 3.8%** |
| Liberty Media Corporation - Series C (a) | 689 | 58620 |
| Live Nation Entertainment, Inc. (a) | 83 | 12734 |
| Reddit, Inc. - Class A (a) | 184 | 24774 |
| The New York Times Company - Class A | 662 | 55412 |
|  |  | 151540 |
| **Consumer Staples 3.6%** | **Consumer Staples 3.6%** | **Consumer Staples 3.6%** |
| Casey's General Stores, Inc. | 37 | 27238 |
| Dollar Tree, Inc. (a) | 527 | 57679 |
| McCormick & Company, Incorporated | 498 | 25109 |
| US Foods Holding Corp. (a) | 351 | 32393 |
|  |  | 142419 |
| **Materials 3.0%** | **Materials 3.0%** | **Materials 3.0%** |
| Avery Dennison Corporation | 237 | 40942 |
| Ball Corporation | 555 | 32800 |
| Martin Marietta Materials, Inc. | 81 | 47683 |
|  |  | 121425 |
| Total Common Stocks (cost $3,336,455) | Total Common Stocks (cost $3,336,455) | 3904071 |
| **SHORT TERM INVESTMENTS 3.2%** | **SHORT TERM INVESTMENTS 3.2%** | **SHORT TERM INVESTMENTS 3.2%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 4435 | 4435 |
| T. Rowe Price Government Reserve Fund, 3.66% (c) (d) | 106938 | 106938 |
|  |  | 111373 |

---

571

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 17941 | 17941 |
| Total Short Term Investments (cost $129,314) | Total Short Term Investments (cost $129,314) | 129314 |
| **Total Investments 100.5% (cost $3,465,769)** | **Total Investments 100.5% (cost $3,465,769)** | **4033385** |
| **Other Assets and Liabilities, Net (0.5)%** | **Other Assets and Liabilities, Net (0.5)%** | **(20947)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4012438** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 3434 | 33426 | 32425 | 44 |  |  | 4435 | 0.1 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 60047 | 42106 | 11 |  |  | 17941 | 0.4 |
| T. Rowe Price Government Reserve Fund, 3.66% | 131630 | 102019 | 126711 | 1182 |  |  | 106938 | 2.7 |
|  | 135064 | 195492 | 201242 | 1237 |  |  | 129314 | 3.2 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 3904071 |  |  | 3904071 |
| &nbsp;&nbsp;Short Term Investments | 129314 |  |  | 129314 |
|  | 4033385 |  |  | 4033385 |

---

572

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 42.8%** | **CORPORATE BONDS AND NOTES 42.8%** | **CORPORATE BONDS AND NOTES 42.8%** |
| **Financials 13.7%** | **Financials 13.7%** | **Financials 13.7%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 6.45%, 04/15/27 | 2574 | 2623 |
| AIG Global Funding |  |  |
| 4.65%, 08/20/27 (a) | 605 | 606 |
| 4.25%, 08/21/28 (a) | 1110 | 1102 |
| 5.20%, 01/12/29 (a) | 585 | 594 |
| American Express Company |  |  |
| 5.10%, 02/16/28 | 665 | 669 |
| 4.73%, 04/25/29 | 1295 | 1304 |
| 5.53%, 04/25/30 | 1280 | 1318 |
| American Honda Finance Corporation |  |  |
| 5.65%, 11/15/28 | 1895 | 1943 |
| Aspen Insurance Holdings Limited |  |  |
| 5.75%, 07/01/30 | 710 | 733 |
| Athene Global Funding |  |  |
| 4.86%, 08/27/26 (a) | 1290 | 1291 |
| 5.35%, 07/09/27 (a) | 1260 | 1268 |
| Avolon Holdings Funding Limited |  |  |
| 6.38%, 05/04/28 (a) | 740 | 762 |
| Banco Santander, S.A. |  |  |
| 5.55%, 03/14/28 (b) | 1000 | 1009 |
| Bank of America Corporation |  |  |
| 1.73%, 07/22/27 | 1290 | 1279 |
| 4.62%, 05/09/29 | 2175 | 2186 |
| 4.46%, 02/06/32 | 1400 | 1384 |
| Barclays PLC |  |  |
| 5.09%, 02/25/29 | 1260 | 1271 |
| 4.48%, 11/11/29 | 665 | 661 |
| 4.22%, 05/24/30 | 995 | 980 |
| BNP Paribas |  |  |
| 4.79%, 05/09/29 (a) | 1055 | 1059 |
| Brighthouse Financial, Inc. |  |  |
| 1.55%, 05/24/26 (a) | 460 | 458 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 800 | 802 |
| CaixaBank, S.A. |  |  |
| 6.68%, 09/13/27 (a) | 1565 | 1579 |
| Canadian Imperial Bank of Commerce |  |  |
| 4.28%, 01/29/30 | 1555 | 1544 |
| Capital One Financial Corporation |  |  |
| 7.15%, 10/29/27 | 760 | 771 |
| Charles Schwab Corporation, The |  |  |
| 4.34%, 11/14/31 | 2690 | 2663 |
| Citigroup Inc. |  |  |
| 5.17%, 02/13/30 | 1170 | 1188 |
| 4.50%, 09/11/31 | 1400 | 1385 |
| CNO Global Funding |  |  |
| 4.88%, 12/10/27 (a) | 613 | 615 |
| Credit Agricole S.A. |  |  |
| 5.23%, 01/09/29 (a) | 1050 | 1062 |
| Daimler Trucks Finance North America LLC |  |  |
| 4.30%, 08/12/27 (a) | 1135 | 1132 |
| 5.13%, 09/25/27 (a) | 1025 | 1034 |
| 4.15%, 01/12/29 (a) | 460 | 454 |
| Danske Bank A/S |  |  |
| 5.43%, 03/01/28 (a) | 1210 | 1222 |
| 4.66%, 03/27/29 (a) | 1495 | 1499 |
| 4.61%, 10/02/30 (a) | 1115 | 1112 |
| DNB Bank ASA |  |  |
| 4.83%, 03/30/32 (a) | 2750 | 2743 |
| Eagle Funding LuxCo S.a r.l. |  |  |
| 5.50%, 08/17/30 (a) | 1890 | 1897 |
| Equitable Financial Life Global Funding |  |  |
| 4.65%, 06/09/28 (a) | 1310 | 1310 |
| Federation des caisses Desjardins du Quebec |  |  |
| 4.57%, 08/26/30 (a) | 1165 | 1163 |
| Fidelity National Information Services, Inc. |  |  |
| 4.45%, 03/10/28 | 1065 | 1062 |
| 4.55%, 03/10/29 | 2465 | 2451 |
| 4.80%, 03/10/31 | 530 | 526 |
| Fifth Third Bancorp |  |  |
| 4.57%, 04/29/32 | 1780 | 1749 |
| First Abu Dhabi Bank P.J.S.C. |  |  |
| 5.13%, 10/13/27 (c) | 2800 | 2807 |
| Fiserv, Inc. |  |  |
| 5.15%, 03/15/27 | 1495 | 1503 |
| 5.38%, 08/21/28 | 885 | 898 |
| 4.20%, 10/01/28 (d) | 1035 | 1023 |
| 3.50%, 07/01/29 | 1200 | 1149 |
| 4.55%, 02/15/31 | 775 | 759 |
| Ford Motor Credit Company LLC |  |  |
| 5.13%, 11/05/26 | 1135 | 1138 |
| 5.80%, 03/05/27 | 1485 | 1495 |
| 5.92%, 03/20/28 | 840 | 851 |
| 4.97%, 04/06/29 | 610 | 603 |
| GA Global Funding Trust |  |  |
| 4.40%, 09/23/27 (a) | 2180 | 2167 |
| 5.40%, 01/13/30 (a) | 1025 | 1028 |
| Gabx Leasing LLC |  |  |
| 4.63%, 04/15/31 (a) | 730 | 720 |
| General Motors Financial Company, Inc. |  |  |
| 5.40%, 04/06/26 - 05/08/27 | 2169 | 2180 |
| 5.35%, 07/15/27 | 1101 | 1111 |
| 5.05%, 04/04/28 | 1095 | 1104 |
| Global Payments Inc. |  |  |
| 4.55%, 03/15/28 | 1750 | 1743 |
| 4.50%, 11/15/28 | 350 | 347 |
| 3.20%, 08/15/29 | 1935 | 1825 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.94%, 04/23/28 | 3035 | 3049 |
| 4.48%, 08/23/28 | 1225 | 1225 |
| 4.15%, 01/21/29 | 1780 | 1769 |
| 5.22%, 04/23/31 | 1695 | 1725 |
| HSBC Holdings PLC |  |  |
| 5.60%, 05/17/28 | 1280 | 1295 |
| 5.13%, 11/19/28 | 1645 | 1658 |
| 4.90%, 03/03/29 | 1410 | 1419 |
| 4.40%, 03/10/30 | 1025 | 1017 |
| Huntington Bancshares Incorporated |  |  |
| 4.62%, 01/28/32 | 2980 | 2943 |
| ING Groep N.V. |  |  |
| 4.86%, 03/25/29 | 1610 | 1620 |
| 4.80%, 03/23/32 | 3730 | 3712 |
| JPMorgan Chase & Co. |  |  |
| 4.55%, (SOFR + 0.89%), 04/22/27 (e) | 1265 | 1265 |
| 5.04%, 01/23/28 | 1170 | 1176 |
| 4.98%, 07/22/28 | 1175 | 1183 |
| 4.35%, 01/22/32 | 1400 | 1381 |
| Lloyds Banking Group PLC |  |  |
| 5.46%, 01/05/28 | 1175 | 1184 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/27 | 1940 | 1959 |
| 4.63%, 11/15/27 (a) | 315 | 313 |
| 4.90%, 04/03/28 | 695 | 698 |
| 6.75%, 11/17/28 | 600 | 629 |
| LSEG US Fin Corp. |  |  |
| 4.25%, 03/23/29 (a) | 1425 | 1415 |
| 4.50%, 03/23/31 (a) | 790 | 782 |
| Manufacturers and Traders Trust Company |  |  |
| 4.76%, 07/06/28 | 935 | 938 |
| Morgan Stanley |  |  |
| 4.99%, 04/12/29 | 1635 | 1650 |
| 4.24%, 01/09/30 | 1130 | 1119 |
| 4.71%, 03/12/32 | 2045 | 2033 |
| NatWest Markets PLC |  |  |
| 4.65%, 03/27/29 (a) | 2795 | 2804 |
| PT Bank Mandiri (Persero) Tbk. |  |  |
| 5.50%, 04/04/26 (c) | 1710 | 1710 |
| RGA Global Funding |  |  |
| 4.35%, 08/25/28 (a) | 1775 | 1766 |
| 4.60%, 11/25/30 (a) | 860 | 851 |
| Sammons Financial Group, Inc. |  |  |
| 5.05%, 01/10/28 (a) | 795 | 803 |
| Santander Holdings USA, Inc. |  |  |
| 6.12%, 05/31/27 | 240 | 240 |

---

573

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.49%, 01/06/28 (f) | 1360 | 1337 |
| Santander UK Group Holdings PLC |  |  |
| 1.67%, 06/14/27 | 615 | 611 |
| 4.32%, 09/22/29 | 790 | 783 |
| Societe Generale |  |  |
| 5.52%, 01/19/28 (a) | 1025 | 1032 |
| Standard Chartered PLC |  |  |
| 4.30%, 02/19/27 (a) (b) | 788 | 786 |
| 5.69%, 05/14/28 (a) | 1180 | 1193 |
| U.S. Bancorp |  |  |
| 4.55%, 07/22/28 | 1435 | 1436 |
| UBS AG |  |  |
| 4.63%, 02/16/32 | 1165 | 1161 |
| Wells Fargo & Company |  |  |
| 4.90%, 01/24/28 | 2090 | 2098 |
| 4.97%, 04/23/29 | 4465 | 4505 |
| | | 142187 |
| **Health Care 4.8%** | **Health Care 4.8%** | **Health Care 4.8%** |
| AbbVie Inc. |  |  |
| 3.78%, 03/03/28 | 3090 | 3067 |
| 4.13%, 03/15/31 | 860 | 849 |
| Augusta SpinCo Corporation |  |  |
| 4.40%, 03/23/29 | 2270 | 2265 |
| Baxter International Inc. |  |  |
| 2.27%, 12/01/28 | 1108 | 1033 |
| Bayer US Finance II LLC |  |  |
| 4.38%, 12/15/28 (a) | 3172 | 3134 |
| Becton, Dickinson and Company |  |  |
| 4.69%, 02/13/28 | 3035 | 3050 |
| Cencora, Inc. |  |  |
| 4.63%, 12/15/27 | 955 | 959 |
| 3.95%, 02/13/29 | 870 | 858 |
| Centene Corporation |  |  |
| 4.63%, 12/15/29 | 1650 | 1568 |
| CVS Health Corporation |  |  |
| 2.88%, 06/01/26 | 1201 | 1198 |
| 3.00%, 08/15/26 | 890 | 885 |
| 1.30%, 08/21/27 | 3190 | 3057 |
| 4.30%, 03/25/28 | 980 | 977 |
| EMD Finance LLC |  |  |
| 4.13%, 08/15/28 (a) | 2855 | 2839 |
| HCA Inc. |  |  |
| 5.63%, 09/01/28 | 1840 | 1877 |
| 4.30%, 11/15/30 | 580 | 571 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 5.20%, 06/15/29 (a) | 875 | 888 |
| Humana Inc. |  |  |
| 5.75%, 03/01/28 - 12/01/28 | 2202 | 2253 |
| 3.70%, 03/23/29 | 548 | 532 |
| 4.88%, 04/01/30 | 450 | 449 |
| Icon Investments Six Designated Activity Company |  |  |
| 5.81%, 05/08/27 | 2440 | 2454 |
| IQVIA Inc. |  |  |
| 5.70%, 05/15/28 | 660 | 673 |
| 6.25%, 02/01/29 | 810 | 842 |
| Mars, Incorporated |  |  |
| 4.55%, 04/20/28 (a) | 415 | 418 |
| Medline Borrower, LP |  |  |
| 6.25%, 04/01/29 (a) | 263 | 268 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (a) | 5480 | 5308 |
| Mylan II B.V. |  |  |
| 3.95%, 06/15/26 | 2258 | 2257 |
| Revvity, Inc. |  |  |
| 1.90%, 09/15/28 | 1362 | 1279 |
| Solventum Corporation |  |  |
| 5.45%, 02/25/27 | 897 | 904 |
| Thermo Fisher Scientific Inc. |  |  |
| 4.22%, 02/12/31 | 1440 | 1426 |
| Viatris Inc. |  |  |
| 2.30%, 06/22/27 | 1353 | 1312 |
|  |  | 49450 |
| **Energy 3.7%** | **Energy 3.7%** | **Energy 3.7%** |
| Canadian Natural Resources Limited |  |  |
| 3.85%, 06/01/27 | 1243 | 1236 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.13%, 06/30/27 | 1518 | 1526 |
| Cheniere Energy Partners, L.P. |  |  |
| 4.00%, 03/01/31 | 1135 | 1091 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 259 | 258 |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.06%, 08/15/26 (a) | 290 | 291 |
| Diamondback Energy, Inc. |  |  |
| 5.20%, 04/18/27 | 1270 | 1280 |
| Enbridge Inc. |  |  |
| 5.90%, 11/15/26 | 730 | 734 |
| 4.60%, 06/20/28 | 505 | 507 |
| 6.00%, 11/15/28 | 600 | 623 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 2770 | 2796 |
| 5.25%, 07/01/29 | 960 | 981 |
| 4.55%, 01/15/31 | 890 | 883 |
| EOG Resources, Inc. |  |  |
| 4.40%, 01/15/31 | 880 | 874 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 (a) | 480 | 479 |
| MPLX LP |  |  |
| 4.80%, 02/15/31 | 3560 | 3569 |
| ONEOK, Inc. |  |  |
| 4.85%, 07/15/26 | 2657 | 2657 |
| 5.55%, 11/01/26 | 1325 | 1333 |
| 4.25%, 09/24/27 | 2280 | 2275 |
| 5.63%, 01/15/28 (a) | 586 | 593 |
| Plains All American Pipeline, L.P. |  |  |
| 4.70%, 01/15/31 | 890 | 889 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.20%, 03/15/28 | 468 | 466 |
| Schlumberger Holdings Corporation |  |  |
| 3.90%, 05/17/28 (a) | 2067 | 2052 |
| Schlumberger Investment S.A. |  |  |
| 4.50%, 05/15/28 | 1135 | 1138 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 4.91%, 09/01/27 | 1595 | 1602 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/27 | 510 | 514 |
| 4.35%, 01/15/29 | 1050 | 1045 |
| Tengizchevroil Finance Company S.a.r.l. |  |  |
| 4.00%, 08/15/26 (c) | 1120 | 1116 |
| Totalenergies Capital USA, LLC |  |  |
| 4.25%, 01/13/31 | 1585 | 1572 |
| Var Energi ASA |  |  |
| 5.00%, 05/18/27 (a) | 1405 | 1412 |
| Williams Companies, Inc., The |  |  |
| 4.80%, 11/15/29 | 980 | 989 |
| 4.63%, 06/30/30 | 1110 | 1109 |
| Woodside Finance Limited |  |  |
| 3.70%, 09/15/26 (a) | 657 | 654 |
|  |  | 38544 |
| **Industrials 3.6%** | **Industrials 3.6%** | **Industrials 3.6%** |
| Amrize Finance US LLC |  |  |
| 4.70%, 04/07/28 | 1540 | 1548 |
| 4.95%, 04/07/30 | 565 | 572 |
| Boeing Company, The |  |  |
| 6.26%, 05/01/27 (d) | 2378 | 2419 |
| 3.20%, 03/01/29 | 1195 | 1152 |
| CNH Industrial Capital LLC |  |  |
| 4.38%, 03/07/31 | 2705 | 2644 |
| Delta Air Lines, Inc. |  |  |
| 4.95%, 07/10/28 | 1005 | 1008 |
| Element Fleet Management Corp. |  |  |
| 5.64%, 03/13/27 (a) | 1090 | 1100 |
| 5.04%, 03/25/30 (a) | 1045 | 1054 |
| FedEx Corporation |  |  |
| 3.25%, 04/01/26 | 2666 | 2666 |

---

574

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Fortive Corporation |  |  |
| 3.15%, 06/15/26 | 1538 | 1534 |
| GATX Corporation |  |  |
| 3.25%, 09/15/26 | 820 | 815 |
| 5.40%, 03/15/27 | 774 | 780 |
| 3.85%, 03/30/27 | 1472 | 1463 |
| Honeywell Aerospace Inc. |  |  |
| 4.30%, 03/16/31 (a) | 2165 | 2145 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.35%, 01/15/30 | 445 | 454 |
| Owens Corning |  |  |
| 3.40%, 08/15/26 | 748 | 745 |
| 5.50%, 06/15/27 | 1035 | 1048 |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.75%, 05/24/26 (a) | 3035 | 3037 |
| 1.70%, 06/15/26 (a) | 268 | 267 |
| 3.40%, 11/15/26 (a) | 470 | 467 |
| 5.35%, 01/12/27 (a) | 690 | 694 |
| 4.40%, 07/01/27 (a) | 191 | 190 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 04/15/28 (d) | 1580 | 1621 |
| Rolls-Royce PLC |  |  |
| 5.75%, 10/15/27 (a) | 1435 | 1456 |
| RTX Corporation |  |  |
| 6.70%, 08/01/28 | 981 | 1033 |
| 7.00%, 11/01/28 | 927 | 980 |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/28 | 1790 | 1767 |
| Sydney Airport Finance Company Pty Limited |  |  |
| 3.63%, 04/28/26 (a) | 326 | 326 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (a) | 2690 | 2666 |
| | | 37651 |
| **Information Technology 3.4%** | **Information Technology 3.4%** | **Information Technology 3.4%** |
| Atlassian Corporation |  |  |
| 5.25%, 05/15/29 | 645 | 649 |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28 (a) | 2780 | 2704 |
| 4.00%, 07/01/29 (a) (f) | 1310 | 1267 |
| Dell International L.L.C. |  |  |
| 4.75%, 04/01/28 | 1515 | 1526 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 (a) | 505 | 523 |
| 5.50%, 01/25/31 (a) | 535 | 547 |
| Gartner, Inc. |  |  |
| 4.50%, 07/01/28 (a) | 3170 | 3116 |
| Hewlett Packard Enterprise Company |  |  |
| 4.50%, 03/23/28 | 2305 | 2307 |
| Intel Corporation |  |  |
| 3.15%, 05/11/27 | 525 | 518 |
| 3.75%, 08/05/27 | 950 | 942 |
| Leidos, Inc. |  |  |
| 4.10%, 03/15/29 | 955 | 945 |
| Marvell Technology, Inc. |  |  |
| 1.65%, 04/15/26 | 725 | 724 |
| 4.88%, 06/22/28 | 2200 | 2222 |
| 4.75%, 07/15/30 | 450 | 452 |
| NXP B.V. |  |  |
| 3.88%, 06/18/26 | 1345 | 1342 |
| 3.15%, 05/01/27 | 305 | 301 |
| 4.40%, 06/01/27 | 295 | 295 |
| 4.30%, 08/19/28 - 06/18/29 | 1845 | 1831 |
| Oracle Corporation |  |  |
| 4.45%, 09/26/30 | 1680 | 1619 |
| Salesforce, Inc. |  |  |
| 4.50%, 03/15/28 | 1600 | 1601 |
| 4.65%, 03/15/29 | 5765 | 5774 |
| Synopsys, Inc. |  |  |
| 4.65%, 04/01/28 | 2900 | 2912 |
| Workday, Inc. |  |  |
| 3.50%, 04/01/27 | 975 | 967 |
|  |  | 35084 |
| **Consumer Staples 3.2%** | **Consumer Staples 3.2%** | **Consumer Staples 3.2%** |
| B.A.T. International Finance P.L.C. |  |  |
| 4.45%, 03/16/28 | 3255 | 3254 |
| Bacardi Limited |  |  |
| 4.70%, 05/15/28 (a) | 2652 | 2647 |
| Bunge Limited Finance Corp. |  |  |
| 2.00%, 04/21/26 | 375 | 374 |
| 4.90%, 04/21/27 | 2015 | 2025 |
| Coca-Cola Europacific Partners PLC |  |  |
| 1.50%, 01/15/27 (a) | 290 | 283 |
| Conagra Brands, Inc. |  |  |
| 4.85%, 11/01/28 | 578 | 579 |
| CSL Finance PLC |  |  |
| 3.85%, 04/27/27 (a) | 730 | 726 |
| Dollar General Corporation |  |  |
| 5.20%, 07/05/28 | 1088 | 1099 |
| DP World Crescent Limited |  |  |
| 4.85%, 09/26/28 (c) | 2680 | 2643 |
| ERAC USA Finance LLC |  |  |
| 4.60%, 05/01/28 (a) | 2440 | 2451 |
| 5.00%, 02/15/29 (a) | 875 | 889 |
| Heineken N.V. |  |  |
| 3.50%, 01/29/28 (a) | 5437 | 5356 |
| Imperial Brands Finance PLC |  |  |
| 6.13%, 07/27/27 (a) | 1540 | 1571 |
| 4.50%, 06/30/28 (a) | 1195 | 1196 |
| Japan Tobacco Inc. |  |  |
| 4.85%, 05/15/28 (a) | 2490 | 2514 |
| Keurig Dr Pepper Inc. |  |  |
| 4.35%, 05/15/28 | 610 | 608 |
| 5.05%, 03/15/29 | 1790 | 1808 |
| 3.95%, 04/15/29 | 302 | 296 |
| KT&G Corporation |  |  |
| 5.00%, 05/02/28 (c) | 1260 | 1274 |
| Maple Parent Holdings Corp. |  |  |
| 4.75%, 03/26/29 (a) (d) | 1555 | 1555 |
|  |  | 33148 |
| **Consumer Discretionary 3.1%** | **Consumer Discretionary 3.1%** | **Consumer Discretionary 3.1%** |
| Airbnb, Inc. |  |  |
| 4.40%, 03/16/29 | 950 | 949 |
| 4.65%, 03/16/31 | 280 | 280 |
| Amazon.com, Inc. |  |  |
| 4.25%, 03/13/31 | 1675 | 1664 |
| AutoZone, Inc. |  |  |
| 5.13%, 06/15/30 | 1230 | 1251 |
| BMW US Capital, LLC |  |  |
| 4.60%, 08/13/27 (a) | 2875 | 2885 |
| Ck Hutchison International 25 Ltd. |  |  |
| 4.25%, 09/26/30 (a) (f) | 1610 | 1598 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 1620 | 1617 |
| Hyundai Capital America |  |  |
| 5.25%, 01/08/27 (a) | 620 | 624 |
| 4.85%, 03/25/27 (a) | 1080 | 1083 |
| 4.88%, 06/23/27 (a) | 1130 | 1135 |
| 5.00%, 01/07/28 (a) | 1340 | 1348 |
| 5.60%, 03/30/28 (a) | 1180 | 1201 |
| 4.25%, 01/08/29 (a) | 740 | 732 |
| Marriott International, Inc. |  |  |
| 3.13%, 06/15/26 | 2125 | 2119 |
| O'Reilly Automotive, Inc. |  |  |
| 5.75%, 11/20/26 | 3362 | 3390 |
| 4.35%, 06/01/28 | 1102 | 1103 |
| Ross Stores, Inc. |  |  |
| 0.88%, 04/15/26 | 2130 | 2127 |
| Volkswagen Group of America Finance, LLC |  |  |
| 5.70%, 09/12/26 (a) | 1355 | 1363 |
| 6.00%, 11/16/26 (a) | 1195 | 1207 |
| 4.85%, 08/15/27 (a) | 2020 | 2026 |
| 4.45%, 09/11/27 (a) | 325 | 324 |
| 5.05%, 03/27/28 (a) | 885 | 890 |
| 4.75%, 11/13/28 (a) | 800 | 800 |
|  |  | 31716 |

---

575

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Utilities 2.7%** | **Utilities 2.7%** | **Utilities 2.7%** |
| Ameren Corporation |  |  |
| 1.95%, 03/15/27 | 872 | 852 |
| Appalachian Power Company |  |  |
| 3.30%, 06/01/27 | 2528 | 2493 |
| Constellation Energy Generation, LLC |  |  |
| 5.60%, 03/01/28 | 613 | 627 |
| DTE Energy Company |  |  |
| 4.95%, 07/01/27 | 880 | 886 |
| 4.88%, 06/01/28 | 1200 | 1211 |
| 5.20%, 04/01/30 | 1155 | 1179 |
| Enel Finance International N.V. |  |  |
| 1.63%, 07/12/26 (a) (g) | 2250 | 2233 |
| 4.13%, 09/30/28 (a) | 560 | 554 |
| FirstEnergy Corp. |  |  |
| 3.90%, 07/15/27 (d) (g) | 1896 | 1881 |
| FirstEnergy Transmission, LLC |  |  |
| 4.55%, 01/15/30 | 450 | 450 |
| Korea Electric Power Corp |  |  |
| 5.38%, 04/06/26 (a) | 2400 | 2400 |
| Korea Hydro & Nuclear Power Co., Ltd. |  |  |
| 1.25%, 04/27/26 (a) | 1419 | 1416 |
| 4.25%, 07/27/27 (a) | 1120 | 1120 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/27 (g) | 370 | 372 |
| Niagara Mohawk Power Corporation |  |  |
| 4.65%, 10/03/30 (a) | 970 | 967 |
| NiSource Inc. |  |  |
| 5.25%, 03/30/28 | 515 | 523 |
| PacifiCorp |  |  |
| 4.65%, 04/15/29 | 695 | 695 |
| PG&E Company |  |  |
| 3.30%, 03/15/27 - 12/01/27 | 837 | 823 |
| 5.45%, 06/15/27 | 195 | 197 |
| 5.00%, 06/04/28 | 995 | 1003 |
| Public Service Enterprise Group Incorporated |  |  |
| 4.90%, 03/15/30 | 1930 | 1951 |
| Sempra |  |  |
| 5.40%, 08/01/26 | 1090 | 1092 |
| Southern California Edison Company |  |  |
| 5.15%, 06/01/29 | 1325 | 1343 |
| The Southern Company |  |  |
| 5.11%, 08/01/27 (g) | 1035 | 1044 |
| Vistra Operations Company LLC |  |  |
| 5.05%, 12/30/26 (a) | 988 | 991 |
|  |  | 28303 |
| **Communication Services 1.6%** | **Communication Services 1.6%** | **Communication Services 1.6%** |
| Advanced Info Service PLC. |  |  |
| 4.26%, 03/04/31 (c) | 1280 | 1262 |
| Cox Communications, Inc. |  |  |
| 3.35%, 09/15/26 (a) | 665 | 662 |
| 3.50%, 08/15/27 (a) | 860 | 848 |
| KT Corporation |  |  |
| 4.13%, 02/02/28 (a) | 350 | 349 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/30 | 1150 | 1139 |
| NBN Co Limited |  |  |
| 1.45%, 05/05/26 (a) | 3665 | 3655 |
| NTT Finance Corporation |  |  |
| 4.62%, 07/16/28 (a) | 1035 | 1039 |
| Orange |  |  |
| 4.25%, 01/13/31 (a) | 1410 | 1385 |
| Rogers Communications Inc. |  |  |
| 3.20%, 03/15/27 | 2250 | 2222 |
| 5.00%, 02/15/29 | 2780 | 2809 |
| STC Sukuk Company II Ltd. |  |  |
| 4.49%, 01/15/31 (a) | 1770 | 1732 |
|  |  | 17102 |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| AptarGroup, Inc. |  |  |
| 4.75%, 03/30/31 | 540 | 536 |
| Celanese US Holdings LLC |  |  |
| 1.40%, 08/05/26 | 1260 | 1241 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.63%, 08/01/27 (c) | 421 | 416 |
| 3.00%, 09/30/29 (c) | 2570 | 2412 |
| EQUATE Petrochemical |  |  |
| 2.63%, 04/28/28 (c) | 2350 | 2209 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | 419 | 416 |
| 5.25%, 09/01/29 | 495 | 499 |
| International Flavors & Fragrances Inc. |  |  |
| 2.30%, 11/01/30 (a) | 188 | 167 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/28 | 980 | 987 |
| Saudi Arabian Mining Company |  |  |
| 5.25%, 02/13/30 (c) | 615 | 619 |
| 5.25%, 02/13/30 (a) | 2000 | 2012 |
| Sherwin-Williams Company, The |  |  |
| 4.55%, 03/01/28 | 1305 | 1309 |
| Snf Group |  |  |
| 5.63%, 03/31/31 (a) | 1375 | 1392 |
| Steel Dynamics, Inc. |  |  |
| 4.00%, 12/15/28 | 2675 | 2650 |
|  |  | 16865 |
| **Real Estate 1.4%** | **Real Estate 1.4%** | **Real Estate 1.4%** |
| American Tower Corporation |  |  |
| 1.60%, 04/15/26 | 2927 | 2924 |
| 3.55%, 07/15/27 | 1188 | 1175 |
| CBRE Services, Inc. |  |  |
| 4.80%, 06/15/30 | 595 | 596 |
| Crown Castle Inc. |  |  |
| 1.05%, 07/15/26 | 2800 | 2772 |
| 2.90%, 03/15/27 | 2205 | 2172 |
| 5.00%, 01/11/28 | 850 | 857 |
| 4.80%, 09/01/28 | 1125 | 1131 |
| 4.30%, 02/15/29 | 230 | 227 |
| 5.60%, 06/01/29 | 930 | 952 |
| Extra Space Storage LP |  |  |
| 3.88%, 12/15/27 | 1610 | 1596 |
|  |  | 14402 |
| Total Corporate Bonds And Notes (cost $443,955) | Total Corporate Bonds And Notes (cost $443,955) | 444452 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 31.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 31.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 31.3%** |
| Affirm Asset Securitization Trust 2025-X2 |  |  |
| Series 2025-A-X2, 4.45%, 12/15/26 | 898 | 899 |
| Affirm Master Trust |  |  |
| Series 2026-B-1A, REMIC, 4.57%, 02/15/28 | 310 | 308 |
| Series 2026-C-1A, REMIC, 4.72%, 02/15/28 | 1275 | 1269 |
| Series 2025-A-2A, REMIC, 4.67%, 07/15/33 | 940 | 943 |
| Series 2025-B-2A, REMIC, 5.06%, 07/15/33 | 990 | 994 |
| Alinea CLO 2018-1 Ltd. |  |  |
| Series 2018-BR-1A, 5.03%, (3 Month Term SOFR + 1.15%), 07/21/31 (e) | 121 | 121 |
| Ally Auto Receivables Trust 2023-A |  |  |
| Series 2023-C-A, 6.08%, 12/15/26 | 421 | 424 |
| Ally Bank |  |  |
| Series 2024-C-A, 6.02%, 02/15/28 | 116 | 118 |
| Series 2024-A2-B, 4.97%, 09/15/32 | 334 | 337 |
| Series 2024-C-B, 5.22%, 09/15/32 | 209 | 211 |
| Series 2025-B-B, 4.50%, 09/15/33 | 523 | 524 |
| Series 2025-C-B, 4.70%, 09/15/33 | 623 | 625 |
| AmeriCredit Automobile Receivables Trust 2022-1 |  |  |
| Series 2022-D-1, 3.23%, 02/18/28 | 1465 | 1457 |
| Americredit Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.80%, 12/18/28 | 1195 | 1211 |
| Amur Equipment Finance Receivables X LLC |  |  |
| Series 2022-E-1A, 5.02%, 12/20/28 | 770 | 770 |
| AMUR Equipment Finance Receivables XIV LLC |  |  |
| Series 2024-D-2A, 5.97%, 10/20/31 | 255 | 259 |
| Angel Oak Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.91%, 01/25/66 (e) | 814 | 733 |
| Angel Oak Mortgage Trust 2025-5 |  |  |
| Series 2025-A1-5, REMIC, 5.57%, 04/25/70 (g) | 2449 | 2459 |
| Anthelion CLO 2025-1 Ltd. |  |  |
| Series 2025-A1-1A, REMIC, 5.17%, (3 Month Term SOFR + 1.50%), 07/21/36 (e) | 1650 | 1646 |

---

576

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Arby's Funding, LLC |  |  |
| Series 2020-A2-1A, 3.24%, 07/30/27 (g) | 2939 | 2869 |
| ARI Fleet Lease Trust 2024-B |  |  |
| Series 2024-A2-B, 5.54%, 02/16/27 | 513 | 515 |
| ARI Fleet Lease Trust 2026-A |  |  |
| Series 2026-A3-A, 4.09%, 01/15/30 | 125 | 124 |
| Auxilior Term Funding 2023-1, LLC |  |  |
| Series 2023-A2-1A, 6.18%, 12/16/30 | 187 | 187 |
| Series 2023-D-1A, 7.27%, 12/16/30 | 1040 | 1075 |
| Auxilior Term Funding 2024-1, LLC |  |  |
| Series 2024-A3-1A, 5.49%, 07/15/31 | 701 | 710 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2022-C-5A, 6.24%, 04/20/26 | 88 | 88 |
| Series 2023-C-2A, 6.18%, 10/20/26 | 370 | 372 |
| Series 2025-B-3A, 4.46%, 02/20/29 | 260 | 258 |
| Series 2025-C-3A, 4.95%, 02/20/29 | 100 | 99 |
| Bain Capital Credit CLO 2020-5, Ltd. |  |  |
| Series 2020-ARR-5A, 4.82%, (3 Month Term SOFR + 1.15%), 04/20/34 (e) | 2685 | 2684 |
| Balboa Bay Loan Funding 2023-1 Ltd. |  |  |
| Series 2023-ARR-1A, 4.83%, (3 Month Term SOFR + 1.16%), 04/21/36 (e) | 545 | 544 |
| Bank 2024-BNK47 |  |  |
| Series 2024-A1-BNK47, REMIC, 5.52%, 05/17/29 | 215 | 218 |
| Bank5 2024-5Yr11 |  |  |
| Series 2024-AS-5YR11, REMIC, 6.14%, 11/19/29 | 925 | 956 |
| Bank5 2024-5YR12 |  |  |
| Series 2024-AS-5YR12, REMIC, 6.12%, 12/15/29 (e) | 650 | 671 |
| Series 2024-A3-5YR12, REMIC, 5.90%, 12/17/57 (e) | 1535 | 1593 |
| Bank5 2024-5YR9 |  |  |
| Series 2024-A1-5YR9, REMIC, 4.89%, 06/15/29 | 970 | 979 |
| Bank5 2026-5YR21 |  |  |
| Series 2026-A3-5YR21, REMIC, 5.53%, 04/17/59 | 695 | 716 |
| Barclays Mortgage Loan Trust 2025-NQM6 |  |  |
| Series 2025-A1-NQM6, 5.09%, 10/25/65 (g) | 2172 | 2164 |
| Battalion CLO X Ltd. |  |  |
| Series 2016-A2R3-10A, 5.42%, (3 Month Term SOFR + 1.75%), 01/24/35 (e) | 2930 | 2931 |
| Battalion CLO XII Ltd. |  |  |
| Series 2018-BRR-12A, 4.85%, (3 Month Term SOFR + 1.20%), 05/19/31 (e) | 1335 | 1334 |
| Series 2018-CRR-12A, 5.20%, (3 Month Term SOFR + 1.55%), 05/19/31 (e) | 1445 | 1443 |
| Battalion CLO XV Ltd. |  |  |
| Series 2020-A1RR-15A, 4.65%, (3 Month Term SOFR + 0.98%), 01/17/33 (e) | 3208 | 3200 |
| Series 2020-CR-15A, 5.57%, (3 Month Term SOFR + 1.90%), 01/17/33 (e) | 965 | 961 |
| Battalion CLO XXI Ltd. |  |  |
| Series 2021-BR-21A, REMIC, 5.37%, (3 Month Term SOFR + 1.70%), 07/17/34 (e) | 830 | 829 |
| Bayview Opportunity Master Fund VII 2024-CAR1, LLC |  |  |
| Series 2024-A-CAR1, 4.76%, (SOFR 30-Day Average + 1.10%), 12/26/31 (e) | 265 | 266 |
| Bayview Opportunity Master Fund VII 2025-EDU1 LLC |  |  |
| Series 2025-A-EDU1, REMIC, 4.96%, (SOFR 30-Day Average + 1.30%), 07/27/48 (e) | 422 | 421 |
| Series 2025-B-EDU1, REMIC, 5.36%, (SOFR 30-Day Average + 1.70%), 07/27/48 (e) | 1103 | 1102 |
| Benchmark 2024-V11 Mortgage Trust |  |  |
| Series 2024-AM-V11, REMIC, 6.20%, 11/19/29 | 785 | 813 |
| Benchmark 2024-V8 Mortgage Trust |  |  |
| Series 2024-A1-V8, REMIC, 5.51%, 04/16/29 (e) | 484 | 489 |
| Benchmark 2025-B41 Mortgage Trust |  |  |
| Series 2025-A1-B41, REMIC, 4.40%, 08/16/30 | 196 | 196 |
| Benchmark 2025-V19 Mortgage Trust |  |  |
| Series 2025-A3-V19, REMIC, 5.25%, 12/16/30 | 315 | 321 |
| BFLD Commercial Mortgage Trust 2025-5MW |  |  |
| Series 2025-C-5MW, REMIC, 5.45%, (1 Month Term SOFR + 0.00%), 10/11/30 (e) | 425 | 421 |
| BINOM Securitization Trust 2021-INV1 |  |  |
| Series 2021-A2-INV1, REMIC, 2.37%, 06/25/56 (e) | 444 | 411 |
| Series 2021-A3-INV1, REMIC, 2.63%, 06/25/56 (e) | 456 | 424 |
| Blue Owl Asset Leasing Trust 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.05%, 03/15/29 | 438 | 438 |
| Series 2024-B-1A, 5.41%, 03/15/30 | 325 | 326 |
| BlueMountain CLO 2016-3 Ltd. |  |  |
| Series 2016-A1R2-3A, 4.59%, (3 Month Term SOFR + 0.94%), 11/15/30 (e) | 346 | 346 |
| Bluemountain CLO XXX Ltd. |  |  |
| Series 2018-A1R-3A, 4.60%, (3 Month Term SOFR + 1.19%), 10/25/30 (e) | 328 | 328 |
| BMO 2024-5C4 Mortgage Trust |  |  |
| Series 2024-A3-5C4, REMIC, 6.53%, 04/17/29 | 1540 | 1614 |
| BMO 2026-5C14 Mortgage Trust |  |  |
| Series 2026-A3-5C14, REMIC, 5.21%, 02/18/31 | 2155 | 2185 |
| BMO 2026-C14 Mortgage Trust |  |  |
| Series 2026-A1-C14, REMIC, 4.36%, 02/15/31 | 74 | 73 |
| BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
| Series 2019-A-A, 3.28%, 09/26/33 | 279 | 275 |
| Bridgecrest Lending Auto Securitization Trust 2026-1 |  |  |
| Series 2026-C-1, 4.44%, 12/15/28 | 1220 | 1207 |
| BX Commercial Mortgage Trust 2024-GPA3 |  |  |
| Series 2024-B-GPA3, REMIC, 5.31%, (1 Month Term SOFR + 1.64%), 12/15/26 (e) | 745 | 745 |
| BX Commercial Mortgage Trust 2024-MDHS |  |  |
| Series 2024-A-MDHS, REMIC, 5.31%, (1 Month Term SOFR + 1.64%), 05/15/29 (e) | 1027 | 1027 |
| Series 2024-B-MDHS, REMIC, 5.51%, (1 Month Term SOFR + 1.84%), 05/15/29 (e) | 1061 | 1060 |
| BX Commercial Mortgage Trust 2024-SLCT |  |  |
| Series 2024-B-SLCT, REMIC, 5.47%, (1 Month Term SOFR + 1.79%), 01/15/27 (e) | 545 | 544 |
| Series 2024-C-SLCT, REMIC, 6.06%, (1 Month Term SOFR + 2.39%), 01/15/27 (e) | 1430 | 1425 |
| BX Commercial Mortgage Trust 2026-CSMO |  |  |
| Series 2026-C-CSMO, REMIC, 5.67%, (1 Month Term SOFR + 2.00%), 02/15/28 (e) | 150 | 150 |
| BX Trust 2025-VOLT |  |  |
| Series 2025-A-VOLT, REMIC, 5.37%, (1 Month Term SOFR + 1.70%), 12/16/30 (e) | 1230 | 1226 |
| Series 2025-B-VOLT, REMIC, 5.77%, (1 Month Term SOFR + 2.10%), 12/16/30 (e) | 1703 | 1696 |
| Canyon Capital CLO 2019-2 Ltd. |  |  |
| Series 2019-AR2-2A, 4.68%, (3 Month Term SOFR + 1.01%), 10/16/34 (e) | 1490 | 1486 |
| CarMax Auto Owner Trust 2023-2 |  |  |
| Series 2023-C-2, 5.57%, 11/15/28 | 2330 | 2356 |
| Series 2023-D-2, 6.55%, 10/15/29 | 1570 | 1603 |
| CarMax Auto Owner Trust 2023-3 |  |  |
| Series 2023-C-3, 5.61%, 02/15/29 | 1505 | 1526 |
| Series 2023-D-3, 6.44%, 12/16/30 | 820 | 837 |
| 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 | 377 |
| CarMax Select Receivables Trust 2024-A |  |  |
| Series 2024-B-A, 5.35%, 08/16/27 | 405 | 410 |
| Series 2024-C-A, 5.62%, 03/15/28 | 1700 | 1732 |
| Carvana Auto Receivables Trust 2022-N1 |  |  |
| Series 2022-C-N1, 3.32%, 02/10/27 | 38 | 38 |
| Carvana Auto Receivables Trust 2024-N2 |  |  |
| Series 2024-B-N2, 5.67%, 03/10/27 | 1215 | 1225 |
| Series 2024-C-N2, 5.82%, 09/10/27 | 2445 | 2484 |
| Carvana Auto Receivables Trust 2025-P4 |  |  |
| Series 2025-C-P4, 5.04%, 03/10/31 | 910 | 911 |
| Series 2025-D-P4, 5.62%, 05/10/31 | 1090 | 1085 |

---

577

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Carvana Auto Receivables Trust 2026-P1 |  |  |
| Series 2026-C-P1, 5.28%, 08/10/31 | 2110 | 2097 |
| Series 2026-B-P1, 4.76%, 07/10/32 | 430 | 427 |
| CENT 2025-CITY |  |  |
| Series 2025-A-CITY, REMIC, 4.92%, (1 Month Term SOFR + 5.09%), 07/12/30 (e) (h) | 1275 | 1270 |
| Chenango Park CLO, Ltd. |  |  |
| Series 2018-A2R-1A, REMIC, 5.12%, (3 Month Term SOFR + 1.45%), 04/15/30 (e) | 536 | 536 |
| Series 2018-BR-1A, REMIC, 5.47%, (3 Month Term SOFR + 1.80%), 04/15/30 (e) | 1825 | 1826 |
| CIM Trust 2021-R6 |  |  |
| Series 2021-A1-R6, REMIC, 1.42%, 07/25/61 (e) | 182 | 167 |
| CIM Trust 2022-R3 |  |  |
| Series 2022-A1-R3, REMIC, 4.50%, 03/25/62 | 2446 | 2410 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2020-A3-EXP2, REMIC, 2.50%, 11/25/38 | 906 | 780 |
| Clover CLO 2019-1 Ltd. |  |  |
| Series 2019-ARR-1A, 4.67%, (3 Month Term SOFR + 1.00%), 04/18/35 (e) | 2300 | 2293 |
| COLT 2024-6 Mortgage Loan Trust |  |  |
| Series 2024-A2-6, REMIC, 5.64%, 11/25/69 (g) | 1294 | 1296 |
| COLT 2024-INV4 Mortgage Loan Trust |  |  |
| Series 2024-A3-INV4, REMIC, 6.11%, 11/25/69 (g) | 1284 | 1290 |
| COLT 2025-10 Mortgage Loan Trust |  |  |
| Series 2025-A1F-10, REMIC, 4.87%, (SOFR 30-Day Average + 1.20%), 10/25/70 (e) (g) | 1606 | 1604 |
| COLT 2025-4 Mortgage Loan Trust |  |  |
| Series 2025-A1-4, REMIC, 5.79%, 04/25/70 (g) | 590 | 593 |
| COLT 2025-INV2 Mortgage Loan Trust |  |  |
| Series 2025-A1-INV2, REMIC, 5.60%, 02/25/70 (g) | 1051 | 1056 |
| COLT Funding LLC |  |  |
| Series 2021-A2-1, REMIC, 1.17%, 06/25/66 (e) | 702 | 631 |
| COMM 2014-CCRE15 Mortgage Trust |  |  |
| Series 2014-B-CR15, REMIC, 3.91%, 02/12/47 (e) | 672 | 654 |
| Connecticut Avenue Securities Trust 2026-R01 |  |  |
| Series 2026-2A1-R01, REMIC, 4.51%, (SOFR 30-Day Average + 0.85%), 01/25/46 (e) | 1929 | 1923 |
| Crown Communication Inc. |  |  |
| Series 2018-C-2, 4.24%, 07/15/28 | 905 | 899 |
| CyrusOne Data Centers Issuer I LLC |  |  |
| Series 2024-A2-2A, 4.50%, 05/20/29 | 2080 | 2023 |
| DBC 2025-DBC Mortgage Trust |  |  |
| Series 2025-A-DBC, REMIC, 5.02%, (1 Month Term SOFR + 1.35%), 11/15/27 (e) | 1685 | 1682 |
| Deephaven Residential Mortgage Trust 2021-1 |  |  |
| Series 2021-A2-1, 0.97%, 05/25/65 | 275 | 268 |
| Deephaven Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-A3-2, REMIC, 1.26%, 04/25/66 (e) | 348 | 311 |
| Deephaven Residential Mortgage Trust 2026-INV1 |  |  |
| Series 2026-A1-INV1, REMIC, 4.80%, 01/25/30 (e) (g) | 897 | 888 |
| Deephaven Residential Mortgage Trust 2026-INV2 |  |  |
| Series 2026-A1-INV2, REMIC, 5.48%, 03/25/71 (e) | 765 | 765 |
| Dell Equipment Finance Trust 2023-3 |  |  |
| Series 2023-D-3, 6.75%, 06/22/26 | 180 | 181 |
| Dell Equipment Finance Trust 2024-1 |  |  |
| Series 2024-D-1, 6.12%, 12/22/26 | 300 | 302 |
| 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 | 361 |
| Dell Equipment Finance Trust 2025-1 |  |  |
| Series 2025-C-1, 5.25%, 12/22/27 | 110 | 111 |
| Dext ABS 2025-2, LLC |  |  |
| Series 2025-C-2, 4.89%, 04/15/36 | 220 | 219 |
| DLLMT 2026-1 LLC |  |  |
| Series 2026-A3-1A, 4.20%, 12/20/29 | 240 | 240 |
| Series 2026-A4-1A, 4.36%, 09/20/33 | 70 | 70 |
| DLLST 2024-1 LLC |  |  |
| Series 2024-A3-1A, 5.05%, 10/21/26 | 212 | 213 |
| Series 2024-A4-1A, 4.93%, 03/22/27 | 120 | 121 |
| Drive Auto Receivables Trust 2024-2 |  |  |
| Series 2024-C-2, 4.67%, 12/15/27 | 270 | 271 |
| Dryden 86 CLO, Ltd. |  |  |
| Series 2020-A1R2-86A, 4.80%, (3 Month Term SOFR + 1.13%), 07/17/34 (e) | 2755 | 2755 |
| EFMT 2024-INV2 |  |  |
| Series 2024-A1-INV2, REMIC, 5.03%, 10/25/69 (e) | 1128 | 1124 |
| Series 2024-A2-INV2, REMIC, 5.29%, 10/25/69 (e) | 637 | 634 |
| EFMT 2025-INV1 |  |  |
| Series 2025-A1-INV5, REMIC, 5.08%, 12/25/70 (e) (g) | 380 | 378 |
| EFMT 2025-INV2 |  |  |
| Series 2025-A1-INV2, REMIC, 5.39%, 05/25/70 (g) | 522 | 523 |
| EFMT 2025-INV4 |  |  |
| Series 2025-A1F-INV4, REMIC, 4.87%, (SOFR 30-Day Average + 1.20%), 10/25/70 (e) (g) | 519 | 519 |
| EFMT 2025-NQM5 |  |  |
| Series 2025-A1-NQM5, REMIC, 5.03%, 11/25/70 (e) (g) | 408 | 406 |
| EFMT 2025-NQM6 |  |  |
| Series 2025-A1-NQM6, REMIC, 5.00%, 12/25/70 (e) (g) | 1041 | 1035 |
| EFMT 2026-NQM1 |  |  |
| Series 2026-A1F-NQM1, REMIC, 4.87%, (SOFR 30-Day Average + 1.15%), 02/25/71 (e) (g) (h) | 425 | 424 |
| EFMT 2026-NQM4 |  |  |
| Series 2026-A1-NQM4, REMIC, 5.47%, 04/25/71 (e) | 170 | 170 |
| Series 2026-A2-NQM4, REMIC, 5.67%, 04/25/71 (g) | 1155 | 1155 |
| Elara HGV Timeshare Issuer 2019-A, LLC |  |  |
| Series 2019-A-A, 2.61%, 01/25/34 | 193 | 192 |
| Elara HGV Timeshare Issuer 2023-A, LLC |  |  |
| Series 2023-A-A, 6.16%, 11/25/30 | 276 | 283 |
| Series 2023-C-A, 7.30%, 11/25/30 | 376 | 390 |
| Ellington Financial Mortgage Trust 2019-2 |  |  |
| Series 2019-A3-2, REMIC, 3.05%, 11/25/59 (e) | 83 | 81 |
| Ellington Financial Mortgage Trust 2021-3 |  |  |
| Series 2021-A3-3, REMIC, 1.55%, 09/25/66 | 479 | 405 |
| Enterprise Fleet Financing 2024-3, LLC |  |  |
| Series 2024-A4-3, 5.06%, 04/20/29 | 300 | 304 |
| Exeter Automobile Receivables Trust 2022-4 |  |  |
| Series 2022-D-4A, 5.98%, 12/15/28 | 829 | 833 |
| Exeter Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-D-1A, 6.69%, 06/15/29 | 148 | 150 |
| Exeter Automobile Receivables Trust 2025-4 |  |  |
| Series 2025-B-4A, 4.40%, 02/15/28 | 375 | 375 |
| Series 2025-C-4A, 4.57%, 10/16/28 | 1320 | 1311 |
| Exeter Automobile Receivables Trust 2025-5 |  |  |
| Series 2025-B-5A, 4.28%, 04/15/28 | 1270 | 1265 |
| Exeter Automobile Receivables Trust 2026-1 |  |  |
| Series 2026-B-1A, 4.22%, 07/17/28 | 410 | 407 |
| Series 2026-C-1A, 4.40%, 03/15/29 | 1185 | 1169 |
| Exeter Select Automobile Receivables Trust 2025-1 |  |  |
| Series 2025-B-1, 4.87%, 08/15/28 | 775 | 781 |
| Exeter Select Automobile Receivables Trust 2025-2 |  |  |
| Series 2025-C-2, 4.91%, 09/15/29 | 795 | 798 |
| Series 2025-B-2, 4.63%, 11/17/31 | 385 | 386 |
| Extended Stay America Trust 2025-ESH |  |  |
| Series 2025-C-ESH, REMIC, 5.52%, (1 Month Term SOFR + 1.85%), 10/15/30 (e) | 630 | 631 |
| Flagstar Mortgage Trust 2019-1INV |  |  |
| Series 2019-A13-1INV, REMIC, 3.50%, 01/25/40 (e) | 208 | 187 |
| Flagstar Mortgage Trust 2020-1INV |  |  |
| Series 2020-A11-1INV, REMIC, 4.64%, (1 Month Term SOFR + 0.96%), 08/25/41 (e) (h) | 327 | 316 |
| Ford Credit Auto Owner Trust 2023-B |  |  |
| Series 2023-C-B, 6.43%, 05/15/26 | 377 | 377 |
| Ford Credit Floorplan Master Owner Trust A |  |  |
| Series 2023-B-1, 5.31%, 05/15/26 | 435 | 436 |
| Series 2023-C-1, 5.75%, 05/15/26 | 995 | 996 |

---

578

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2023-D-1, 6.62%, 05/15/26 | 1200 | 1203 |
| Series 2024-B-1, 5.48%, 04/15/27 | 840 | 850 |
| Series 2025-B-2, 4.33%, 09/15/28 | 360 | 359 |
| Fortress Credit BSL IX Ltd. |  |  |
| Series 2020-A1AR-1A, 4.77%, (3 Month Term SOFR + 1.10%), 10/20/33 (e) | 2295 | 2294 |
| Fortress Credit Bsl VII Ltd. |  |  |
| Series 2019-A2R-1A, 5.07%, (3 Month Term SOFR + 1.40%), 07/23/32 (e) | 1320 | 1319 |
| Series 2019-BR-1A, 5.32%, (3 Month Term SOFR + 1.65%), 07/23/32 (e) | 1690 | 1690 |
| Fortress Credit BSL VIII Ltd. |  |  |
| Series 2019-A1AR-2A, 4.72%, (3 Month Term SOFR + 1.05%), 10/20/32 (e) | 673 | 673 |
| Series 2019-A2R-2A, 5.07%, (3 Month Term SOFR + 1.40%), 10/20/32 (e) | 3275 | 3273 |
| Fortress Credit BSL XV Limited |  |  |
| Series 2022-AR-2A, 5.07%, (3 Month Term SOFR + 1.40%), 10/18/33 (e) | 1865 | 1865 |
| Fortress Credit BSL XVIII Ltd. |  |  |
| Series 2023-A1R-1A, 5.24%, (3 Month Term SOFR + 1.57%), 04/23/36 (e) | 395 | 395 |
| Freddie Mac STACR REMIC Trust 2025-DNA4 |  |  |
| Series 2026-M1-DNA1, REMIC, 4.66%, (SOFR 30-Day Average + 1.00%), 02/25/30 (e) | 89 | 89 |
| Galaxy XXII CLO Ltd. |  |  |
| Series 2016-CR4-22A, 5.24%, (3 Month Term SOFR + 1.60%), 04/16/34 (e) | 1025 | 1019 |
| Galton Funding Mortgage Trust 2018-1 |  |  |
| Series 2018-A33-1, REMIC, 3.50%, 02/25/33 (e) | 89 | 82 |
| Galton Funding Mortgage Trust 2019-1 |  |  |
| Series 2019-A32-1, REMIC, 4.00%, 12/25/32 (e) | 34 | 32 |
| Series 2019-A21-1, REMIC, 4.50%, 12/25/32 (e) | 68 | 67 |
| Galton Funding Mortgage Trust 2019-H1 |  |  |
| Series 2019-M1-H1, REMIC, 3.34%, 10/25/59 | 805 | 761 |
| Galton Funding Mortgage Trust 2020-H1 |  |  |
| Series 2020-M1-H1, REMIC, 2.83%, 01/25/60 (e) | 1170 | 979 |
| GCAT 2025-NQM1 Trust |  |  |
| Series 2025-A1-NQM1, REMIC, 5.37%, 11/25/69 (g) | 726 | 727 |
| GCAT 2026-NQM2 Trust |  |  |
| Series 2026-A1-NQM2, REMIC, 5.45%, 02/25/71 (e) | 1810 | 1810 |
| GM Financial Consumer Automobile Receivables Trust 2023-1 |  |  |
| Series 2023-B-1, 5.03%, 09/18/28 | 805 | 810 |
| Golub Capital Partners Static 2024-1, Ltd. |  |  |
| Series 2024-BR-1A, 5.17%, (3 Month Term SOFR + 1.50%), 07/20/35 (e) | 4300 | 4285 |
| GoTo Foods Funding LLC |  |  |
| Series 2017-A2II-1A, 5.09%, 04/30/27 | 2738 | 2727 |
| GreatAmerica Financial Services Corporation |  |  |
| Series 2025-A3-2, 4.14%, 06/15/29 | 880 | 879 |
| GS Mortgage-Backed Securities Trust 2014-EB1 |  |  |
| Series 2014-2A1-EB1A, REMIC, 5.63%, 07/25/44 (e) | 5 | 5 |
| Hardee's Funding LLC |  |  |
| Series 2020-A2-1A, 3.98%, 12/20/27 | 1947 | 1878 |
| Series 2021-A2-1A, 2.87%, 06/20/28 | 853 | 795 |
| Series 2018-A23-1A, 5.71%, 06/20/28 | 911 | 903 |
| HILT Commercial Mortgage Trust 2024-ORL |  |  |
| Series 2024-B-ORL, REMIC, 5.61%, (1 Month Term SOFR + 1.94%), 05/15/26 (e) | 1470 | 1469 |
| Hilton Grand Vacations Trust 2020-A |  |  |
| Series 2020-A-AA, 2.74%, 02/25/39 | 256 | 252 |
| Hilton Grand Vacations Trust 2022-1D |  |  |
| Series 2022-A-1D, 3.61%, 06/20/34 | 155 | 155 |
| Hilton Grand Vacations Trust 2025-1 |  |  |
| Series 2025-A-1A, 4.88%, 10/25/31 | 452 | 453 |
| Series 2025-B-1A, 5.18%, 05/27/42 | 775 | 782 |
| HOMES 2025-NQM2 Trust |  |  |
| Series 2025-A1-NQM2, REMIC, 5.43%, 02/25/70 (g) | 651 | 652 |
| HOMES 2025-NQM3 Trust |  |  |
| Series 2026-A1-NQM2, REMIC, 5.49%, 01/26/71 (e) | 1340 | 1340 |
| HOMES 2025-NQM4 Trust |  |  |
| Series 2025-A1-NQM4, REMIC, 5.22%, 08/25/70 (g) | 866 | 865 |
| HOMES 2026-AFC1 Trust |  |  |
| Series 2026-A1-AFC1, REMIC, 4.85%, 02/25/30 (e) (g) | 277 | 274 |
| HPEFS Equipment Trust 2023-2 |  |  |
| Series 2023-D-2A, 6.97%, 07/20/26 | 405 | 408 |
| Series 2023-C-2A, 6.48%, 01/21/31 | 93 | 93 |
| HPEFS Equipment Trust 2024-1 |  |  |
| Series 2024-C-1A, 5.33%, 05/20/31 | 2145 | 2150 |
| HPEFS Equipment Trust 2024-2 |  |  |
| Series 2024-B-2A, 5.35%, 10/20/31 | 250 | 252 |
| Series 2024-D-2A, 5.82%, 04/20/32 | 620 | 628 |
| Huntington National Bank, The |  |  |
| Series 2024-B1-1, 6.15%, 02/20/28 (a) | 751 | 763 |
| Series 2025-B-1, 4.96%, 04/20/29 | 1181 | 1187 |
| Series 2024-B1-2, 5.44%, 10/20/32 | 871 | 881 |
| Series 2025-B1-2, 4.84%, 09/20/33 | 408 | 410 |
| Series 2026-B1-1, 4.50%, 02/20/34 | 775 | 773 |
| HYT Commercial Mortgage Trust 2024-RGCY |  |  |
| Series 2024-A-RGCY, REMIC, 5.51%, (1 Month Term SOFR + 1.84%), 09/15/26 (e) | 1395 | 1395 |
| Hyundai Auto Lease Securitization Trust 2025-B |  |  |
| Series 2025-A3-B, 4.53%, 08/15/27 | 595 | 598 |
| Series 2025-B-B, 4.94%, 10/15/27 | 1235 | 1243 |
| Hyundai Auto Receivables Trust 2026-A |  |  |
| Series 2026-C-A, 4.31%, 05/15/30 | 215 | 213 |
| Imperial Fund Mortgage Trust 2021-NQM2 |  |  |
| Series 2021-A3-NQM2, REMIC, 1.52%, 09/25/56 (e) | 726 | 634 |
| Imperial Fund Mortgage Trust 2022-NQM4 |  |  |
| Series 2022-A1-NQM4, REMIC, 4.77%, 06/25/67 (e) (g) | 2335 | 2334 |
| Invesco CLO 2021-3 Ltd. |  |  |
| Series 2021-A1R-3A, REMIC, 4.75%, (3 Month Term SOFR + 1.08%), 10/22/34 (e) | 710 | 709 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE |  |  |
| Series 2016-B-NINE, REMIC, 2.85%, 09/09/26 (e) | 830 | 822 |
| J.P. Morgan Mortgage Trust |  |  |
| Series 2020-A13-INV2, REMIC, 3.00%, 03/25/42 | 328 | 284 |
| J.P. Morgan Mortgage Trust 2020-INV1 |  |  |
| Series 2020-A15-INV1, REMIC, 3.50%, 03/25/43 (e) | 216 | 193 |
| J.P. Morgan Mortgage Trust 2025-DSC1 |  |  |
| Series 2025-A1-DSC1, REMIC, 5.58%, 04/25/29 (e) (g) | 1469 | 1475 |
| J.P. Morgan Mortgage Trust 2025-DSC2 |  |  |
| Series 2025-A1-DSC2, REMIC, 5.20%, 08/25/29 (e) (g) | 495 | 495 |
| J.P. Morgan Mortgage Trust 2025-HE3 |  |  |
| Series 2025-A1-HE3, REMIC, 5.01%, (SOFR 30-Day Average + 1.35%), 03/20/34 (e) | 605 | 604 |
| Jack in the Box Funding, LLC |  |  |
| Series 2022-A2I-1A, 3.45%, 02/25/27 | 2955 | 2883 |
| JPMorgan Chase Bank, National Association |  |  |
| Series 2025-B-1, 4.75%, 04/25/29 | 743 | 745 |
| KKR CLO 18 Ltd. |  |  |
| Series A1R2-18, 4.72%, (3 Month Term SOFR + 1.05%), 10/18/35 (e) | 3406 | 3404 |
| KKR CLO 33 Ltd. |  |  |
| Series AR-33A, 4.75%, (3 Month Term SOFR + 1.08%), 07/20/34 (e) | 2705 | 2701 |
| Series BR-33A, 5.27%, (3 Month Term SOFR + 1.60%), 07/20/34 (e) | 1735 | 1729 |
| KKR CLO 34 Ltd. |  |  |
| Series AR-34A, 4.77%, (3 Month Term SOFR + 1.10%), 07/17/34 (e) | 920 | 919 |
| KKR CLO 40 Ltd. |  |  |
| Series AR-40A, 4.97%, (3 Month Term SOFR + 1.30%), 10/20/34 (e) | 2860 | 2857 |

---

579

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LSTAR Commercial Mortgage Trust 2017-5 |  |  |
| Series 2017-AS-5, REMIC, 4.02%, 01/12/27 | 1410 | 1374 |
| Madison Park Funding XIII, Ltd. |  |  |
| Series 2019-AR-33A, 4.96%, (3 Month Term SOFR + 1.29%), 10/15/32 (e) | 3637 | 3635 |
| Madison Park Funding XLV Ltd. |  |  |
| Series 2020-ARR-45A, 4.75%, (3 Month Term SOFR + 1.08%), 07/15/34 (e) | 805 | 803 |
| Madison Park Funding XXIV Ltd. |  |  |
| Series 2016-CR2-24A, 5.72%, (3 Month Term SOFR + 2.05%), 10/20/29 (e) | 1300 | 1302 |
| Marble Point CLO XV Ltd. |  |  |
| Series 2019-A1R2-1A, REMIC, 4.71%, (3 Month Term SOFR + 1.04%), 07/23/32 (e) | 1417 | 1416 |
| Marble Point CLO XXI Ltd. |  |  |
| Series 2021-BR-3A, 5.17%, (3 Month Term SOFR + 1.50%), 10/17/34 (e) | 3070 | 3038 |
| MARQ Trust 2024-HOU |  |  |
| Series 2024-B-HOU, REMIC, 5.76%, (1 Month Term SOFR + 2.09%), 06/15/26 (e) | 1600 | 1595 |
| MED Commercial Mortgage Trust 2024-MOB |  |  |
| Series 2024-A-MOB, REMIC, 5.26%, (1 Month Term SOFR + 1.59%), 05/15/26 (e) | 1520 | 1517 |
| MFA 2025-NQM4 Trust |  |  |
| Series 2025-A1F-NQM4, REMIC, 4.86%, (SOFR 30-Day Average + 1.20%), 08/25/70 (e) | 2581 | 2583 |
| MFA Trust |  |  |
| Series 2021-A1-INV1, REMIC, 0.85%, 01/25/56 (e) | 91 | 89 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 |  |  |
| Series 2025-A1-C35, REMIC, 4.61%, 08/16/30 | 165 | 165 |
| MVW 2019-2 LLC |  |  |
| Series 2019-B-2A, REMIC, 2.44%, 10/20/38 | 103 | 102 |
| MVW 2020-1 LLC |  |  |
| Series 2020-A-1A, 1.74%, 10/20/37 | 166 | 159 |
| Series 2020-B-1A, 2.73%, 10/20/37 | 296 | 286 |
| MVW 2023-1 LLC |  |  |
| Series 2023-A-1A, 4.93%, 10/22/40 | 1158 | 1165 |
| MVW 2023-2 LLC |  |  |
| Series 2023-A-2A, 6.18%, 11/20/40 | 223 | 230 |
| Series 2023-B-2A, 6.33%, 11/20/40 | 151 | 154 |
| Navient Private Education Loan Trust 2020-A |  |  |
| Series 2020-A2A-A, 2.46%, 11/15/68 | 460 | 446 |
| Navient Private Education Loan Trust 2020-C |  |  |
| Series 2020-A2A-CA, 2.15%, 03/15/29 | 1799 | 1724 |
| Navient Private Education Refi Loan Trust 2019-A |  |  |
| Series 2019-A2A-A, 3.42%, 04/17/28 | 75 | 75 |
| Navient Private Education Refi Loan Trust 2019-E |  |  |
| Series 2019-A2A-EA, 2.64%, 09/15/28 | 336 | 329 |
| Navient Private Education Refi Loan Trust 2019-G |  |  |
| Series 2019-A-GA, 2.40%, 02/15/29 | 510 | 496 |
| Navient Private Education Refi Loan Trust 2020-D |  |  |
| Series 2020-A-DA, 1.69%, 05/15/69 | 324 | 309 |
| Navient Private Education Refi Loan Trust 2020-G |  |  |
| Series 2020-A-GA, 1.17%, 09/15/69 | 219 | 206 |
| Navient Private Education Refi Loan Trust 2020-H |  |  |
| Series 2020-A-HA, 1.31%, 11/15/27 | 186 | 177 |
| Navient Refinance Loan Trust 2026-A |  |  |
| Series 2026-A-A, 4.50%, 04/16/35 | 555 | 548 |
| Navistar Financial Dealer Note Master Owner Trust II |  |  |
| Series 2024-B-1, 5.79%, 04/27/26 | 150 | 150 |
| Series 2024-C-1, 6.13%, 04/27/26 | 235 | 235 |
| Series 2025-B-1, 4.42%, 09/27/27 | 235 | 232 |
| Series 2025-C-1, 4.72%, 09/27/27 | 105 | 104 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-AFX-CA, 1.32%, 04/20/62 | 758 | 715 |
| Neuberger Berman Loan Advisers CLO 42, Ltd. |  |  |
| Series 2021-AR-43A, 4.72%, (3 Month Term SOFR + 1.05%), 07/17/36 (e) | 3975 | 3973 |
| Neuberger Berman Loan Advisers CLO 50, Ltd. |  |  |
| Series 2022-AR2-50A, 4.70%, (3 Month Term SOFR + 1.04%), 07/23/36 (e) | 250 | 249 |
| New Residential Mortgage Loan Trust 2025-NQM4 |  |  |
| Series 2025-A1-NQM4, REMIC, 5.35%, 07/25/65 (e) (g) | 1415 | 1417 |
| Series 2025-A2-NQM4, REMIC, 5.60%, 07/25/65 (g) | 699 | 701 |
| NMEF Funding 2025-A LLC |  |  |
| Series 2025-A2-A, 4.72%, 07/15/32 | 364 | 365 |
| NMEF Funding 2026-A, LLC |  |  |
| Series 2026-B-A, 4.48%, 07/16/29 | 100 | 99 |
| Series 2026-C-A, 4.71%, 12/15/29 | 230 | 228 |
| NYC Commercial Mortgage Trust 2021-909 |  |  |
| Series 2025-B-28L, REMIC, 5.17%, 11/05/28 (e) | 595 | 592 |
| NYMT Loan Trust 2026-INV1 |  |  |
| Series 2026-A1-INV1, REMIC, 4.77%, 02/25/61 (e) (g) | 384 | 380 |
| NYMT Loan Trust 2026-INV2 |  |  |
| Series 2026-A1-INV2, REMIC, 5.47%, 04/25/61 (e) | 670 | 671 |
| OBX 2019-EXP2 Trust |  |  |
| Series 2019-2A2-EXP2, REMIC, 4.99%, (1 Month Term SOFR + 1.31%), 06/25/59 (e) | 99 | 99 |
| OBX 2019-EXP3 Trust |  |  |
| Series 2019-2A1-EXP3, REMIC, 4.69%, (1 Month Term SOFR + 1.01%), 09/25/59 (e) | 95 | 94 |
| OBX 2020-EXP1 Trust |  |  |
| Series 2020-2A1-EXP1, REMIC, 4.54%, (1 Month Term SOFR + 0.86%), 02/25/27 (e) | 153 | 151 |
| Series 2020-2A2-EXP1, REMIC, 4.74%, (1 Month Term SOFR + 1.06%), 01/26/60 (e) | 171 | 169 |
| OBX 2020-EXP2 Trust |  |  |
| Series 2020-A9-EXP2, REMIC, 3.00%, 07/25/36 (e) | 145 | 128 |
| OBX 2020-EXP3 Trust |  |  |
| Series 2020-2A1-EXP3, REMIC, 4.69%, (1 Month Term SOFR + 11.45%), 01/25/60 (e) | 360 | 357 |
| OBX 2025-NQM15 Trust |  |  |
| Series 2025-A1F-NQM15, REMIC, 4.82%, (SOFR 30-Day Average + 1.15%), 07/25/65 (e) (g) | 398 | 397 |
| Series 2025-A1-NQM15, REMIC, 5.14%, 07/25/65 (g) | 569 | 568 |
| OBX 2026-NQM5 Trust |  |  |
| Series 2026-A1-NQM5, 5.32%, 03/25/30 (e) | 975 | 975 |
| OBX 2026-R1 Trust |  |  |
| Series 2026-A1-R1, REMIC, 4.88%, 01/25/63 (e) (g) | 182 | 181 |
| Octagon Investment Partners XXI Ltd. |  |  |
| Series 2014-AAR4-1A, 4.20%, (3 Month Term SOFR + 0.81%), 02/14/31 (e) | 56 | 56 |
| Series 2014-A2R4-1A, 4.54%, (3 Month Term SOFR + 1.15%), 02/14/31 (e) | 2710 | 2711 |
| Series 2014-BR4-1A, 4.74%, (3 Month Term SOFR + 1.35%), 02/14/31 (e) | 1065 | 1060 |
| Octane Receivables Trust 2023-3 |  |  |
| Series 2023-B-3A, 6.48%, 11/20/26 | 435 | 439 |
| 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 | 266 | 267 |
| Series 2024-C-3A, REMIC, 5.51%, 10/20/28 | 405 | 409 |
| Octane Receivables Trust 2025-RVM1 |  |  |
| Series 2025-B-RVM1, 4.83%, 12/20/46 | 685 | 684 |
| Series 2025-C-RVM1, 5.26%, 12/20/46 | 1410 | 1421 |
| OZLM Funding II, Ltd. |  |  |
| Series 2012-AR4-2A, 4.87%, (3 Month Term SOFR + 1.20%), 07/30/37 (e) | 2600 | 2596 |
| Series 2012-BR4-2A, 5.42%, (3 Month Term SOFR + 1.75%), 07/30/37 (e) | 1755 | 1750 |
| OZLM XIX Ltd. |  |  |
| Series 2017-A1R3-19A, 4.64%, (3 Month Term SOFR + 1.00%), 01/16/35 (e) | 1910 | 1910 |
| PEAC Solutions Receivables 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.94%, 10/20/28 | 686 | 690 |
| Series 2025-A3-1A, 5.04%, 07/20/32 | 680 | 688 |
| PEAC Solutions Receivables 2026-1 LLC |  |  |
| Series 2026-B-1A, 4.75%, 07/20/29 | 905 | 902 |

---

580

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Post Road Equipment Finance 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.59%, 08/15/26 | 27 | 27 |
| Progress Residential 2021-SFR8 Trust |  |  |
| Series 2021-C-SFR8, REMIC, 1.93%, 10/19/26 | 2430 | 2393 |
| RCKT Mortgage Trust 2024-CES8 |  |  |
| Series 2024-A1A-CES8, REMIC, 5.49%, 10/25/44 (g) | 1301 | 1303 |
| RCKT Mortgage Trust 2024-CES9 |  |  |
| Series 2024-A1A-CES9, REMIC, 5.58%, 12/25/28 (g) | 258 | 259 |
| Rockford Tower CLO 2019-2 Ltd. |  |  |
| Series 2019-AR2-2A, 4.79%, (3 Month Term SOFR + 1.13%), 08/20/32 (e) | 1908 | 1911 |
| Romark CLO II Ltd. |  |  |
| Series 2018-A2R-2A, 5.32%, (3 Month Term SOFR + 1.65%), 07/25/31 (e) | 3225 | 3223 |
| Santander Bank, N.A. |  |  |
| Series 2024-B-A, 5.62%, 07/15/28 | 288 | 291 |
| Series 2024-C-A, 5.82%, 07/15/28 | 353 | 357 |
| Series 2024-B-B, 4.97%, 01/18/33 | 251 | 252 |
| Series 2024-C-B, 5.14%, 01/18/33 | 349 | 351 |
| Series 2023-A2-B, 5.64%, 12/15/33 | 148 | 150 |
| Series 2023-D-B, 6.66%, 12/15/33 | 454 | 459 |
| Series 2025-B-A, 4.48%, 01/15/34 | 250 | 250 |
| Series 2025-C-A, 4.66%, 01/15/34 | 250 | 250 |
| Santander Consumer Auto Receivables Trust 2021-B |  |  |
| Series 2021-C-BA, 3.09%, 03/15/29 | 281 | 280 |
| Santander Drive Auto Receivables Trust 2007-2 |  |  |
| Series 2025-B-4, 4.27%, 10/16/28 | 1175 | 1173 |
| Santander Drive Auto Receivables Trust 2023-1 |  |  |
| Series 2023-C-1, 5.09%, 05/15/30 | 1022 | 1029 |
| Santander Drive Auto Receivables Trust 2025-2 |  |  |
| Series 2025-C-2, 4.39%, 10/16/28 | 600 | 596 |
| Santander Drive Auto Receivables Trust 2026-1 |  |  |
| Series 2026-A3-1, 3.93%, 07/17/28 | 895 | 889 |
| Santander Mortgage Asset Receivable Trust 2025-CES1 |  |  |
| Series 2025-A1A-CES1, REMIC, 5.04%, 10/25/29 (g) | 1363 | 1356 |
| Santander Mortgage Asset Receivable Trust 2025-NQM |  |  |
| Series 2025-A1-NQM6, 5.14%, 11/25/65 (e) (g) | 464 | 462 |
| SBA Towers, LLC |  |  |
| Series 2022-C-1, 6.60%, 01/15/28 | 1930 | 1954 |
| Series 2024-C-1, 4.83%, 10/15/29 | 3270 | 3279 |
| Series 2021-C-211, 1.63%, 05/15/51 | 1240 | 1216 |
| SCF Equipment Leasing 2025-1 LLC |  |  |
| Series 2025-A2-1A, 4.82%, 07/22/30 | 387 | 388 |
| Series 2025-A3-1A, 5.11%, 11/21/33 | 840 | 856 |
| SDR Commercial Mortgage Trust 2024-DSNY |  |  |
| Series 2024-B-DSNY, REMIC, 5.41%, (1 Month Term SOFR + 1.80%), 05/18/26 (e) | 1210 | 1205 |
| SEB Funding LLC |  |  |
| Series 2024-A2-1A, 7.39%, 04/30/29 | 1512 | 1545 |
| Series 2026-A2-1A, 6.67%, 01/30/56 | 2600 | 2574 |
| Securitized Term Auto Receivables Trust |  |  |
| Series 2025-B-A, 5.04%, 04/25/28 | 770 | 776 |
| Series 2026-B-A, 4.28%, 03/25/33 | 841 | 839 |
| Series 2026-C-A, 4.43%, 03/25/33 | 285 | 284 |
| Securitized Term Auto Receivables Trust 2025-B |  |  |
| Series 2025-B-B, 4.93%, 09/25/28 | 244 | 246 |
| Series 2025-C-B, 5.12%, 09/25/28 | 98 | 99 |
| Sequoia Mortgage Capital, Inc. |  |  |
| Series 2018-A19-CH3, REMIC, 4.50%, 08/25/48 (e) | 2 | 2 |
| Sequoia Mortgage Trust 2018-CH2 |  |  |
| Series 2018-A21-CH2, REMIC, 4.00%, 09/25/35 (e) | 79 | 74 |
| Series 2018-A3-CH2, REMIC, 4.00%, 09/25/35 (e) | 158 | 147 |
| SFS Auto Receivables Securitization Trust 2024-1 |  |  |
| Series 2024-A3-1A, 4.95%, 05/21/29 | 305 | 306 |
| Series 2024-C-1A, 5.51%, 01/20/32 | 170 | 173 |
| SFS Auto Receivables Securitization Trust 2026-1 |  |  |
| Series 2026-C-1A, 4.46%, 11/20/33 | 1670 | 1653 |
| Sierra Timeshare 2025-2 Receivables Funding LLC |  |  |
| Series 2025-B-2A, 4.93%, 04/20/44 | 431 | 432 |
| Sierra Timeshare 2025-3 Receivables Funding LLC |  |  |
| Series 2025-A-3A, 4.44%, 08/22/44 | 206 | 206 |
| Series 2025-B-3A, 4.64%, 08/22/44 | 328 | 328 |
| SMB Private Education Loan Trust 2018-B |  |  |
| Series 2018-A2B-B, 4.51%, (1 Month Term SOFR + 0.83%), 03/15/28 (a) (e) | 392 | 392 |
| SMB Private Education Loan Trust 2019-B |  |  |
| Series 2020-A2A-PTB, REMIC, 1.60%, 09/15/54 | 1597 | 1512 |
| SMB Private Education Loan Trust 2020-B |  |  |
| Series 2020-A1A-BA, REMIC, 1.29%, 07/15/53 | 219 | 209 |
| SMB Private Education Loan Trust 2021-B |  |  |
| Series 2021-A-B, 1.31%, 07/17/51 | 1143 | 1084 |
| SMB Private Education Loan Trust 2025-A |  |  |
| Series 2025-A1A-A, 5.13%, 09/15/36 | 820 | 833 |
| Sonic Capital LLC |  |  |
| Series 2020-A2I-1A, REMIC, 3.85%, 01/20/27 | 382 | 379 |
| Series 2020-A2II-1A, REMIC, 4.34%, 01/20/30 | 359 | 347 |
| Sound Point CLO XXI Ltd. |  |  |
| Series 2019-BRR-1A, 5.32%, (3 Month Term SOFR + 1.65%), 01/20/32 (e) | 325 | 325 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-A3-INV1, REMIC, 2.92%, 09/25/49 (e) | 65 | 64 |
| Starwood Mortgage Residential Trust 2020-1 |  |  |
| Series 2020-A2-1, REMIC, 2.41%, 02/25/50 (e) | 464 | 445 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.94%, 05/25/65 | 230 | 223 |
| Starwood Mortgage Residential Trust 2021-4 |  |  |
| Series 2021-A1-4, REMIC, 1.16%, 08/25/56 (e) (h) | 1690 | 1501 |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-C |  |  |
| Series 2025-B-CA, 4.25%, 09/20/28 | 280 | 280 |
| Series 2025-C-CA, 4.44%, 11/20/28 | 870 | 864 |
| Stratus Funding CLO 2025-1 Ltd. |  |  |
| Series 2025-B-1A, 5.12%, (3 Month Term SOFR + 1.45%), 07/15/33 (e) | 905 | 903 |
| Symphony CLO 37 Ltd. |  |  |
| Series 2022-AR2-37A, 4.80%, (3 Month Term SOFR + 1.13%), 01/20/37 (e) | 2700 | 2688 |
| Towd Point Mortgage Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.00%, 01/25/58 (e) | 17 | 17 |
| Towd Point Mortgage Trust 2024-2 |  |  |
| Series 2024-A1B-2, REMIC, 4.87%, 09/25/41 (e) | 612 | 619 |
| Towd Point Mortgage Trust 2026-1 |  |  |
| Series 2026-A1B-1, REMIC, 4.32%, 02/25/43 (e) | 1575 | 1556 |
| Tricon Residential 2024-SFR2 Trust |  |  |
| Series 2024-A-SFR2, REMIC, 4.75%, 06/20/28 | 832 | 831 |
| Series 2024-D-SFR2, REMIC, 6.00%, 06/20/28 | 1530 | 1539 |
| Trinitas CLO VI, Ltd. |  |  |
| Series 2017-AR4-6A, REMIC, 4.97%, (3 Month Term SOFR + 0.00%), 01/25/34 (e) | 2185 | 2183 |
| Trinitas CLO VII Ltd. |  |  |
| Series 2017-A1R2-7A, 4.92%, (3 Month Term SOFR + 1.06%), 01/25/35 (e) | 2760 | 2752 |
| TRK 2021-INV1 Trust |  |  |
| Series 2021-A2-INV1, REMIC, 1.41%, 07/25/56 (e) | 281 | 255 |
| U.S. Bank National Association |  |  |
| Series 2023-B-1, 6.79%, 08/25/32 | 93 | 94 |
| Series 2026-B1-RVM1, 4.96%, 12/25/46 | 285 | 286 |
| Verdant Receivables 2023-1 LLC |  |  |
| Series 2023-A2-1A, 6.24%, 06/14/27 | 553 | 560 |
| Verdant Receivables 2024-1 LLC |  |  |
| Series 2024-A2-1A, 5.68%, 08/14/28 | 233 | 236 |
| Verizon Master Trust |  |  |
| Series 2024-B-6, 4.42%, 08/20/27 | 1975 | 1987 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A2-1, REMIC, 1.05%, 01/25/66 (e) | 316 | 289 |
| Series 2021-A3-1, REMIC, 1.15%, 01/25/66 (e) | 189 | 173 |

---

581

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Verus Securitization Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 1.03%, 02/25/66 | 272 | 247 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-A1-R2, REMIC, 0.92%, 02/25/64 | 343 | 326 |
| Verus Securitization Trust 2023-7 |  |  |
| Series 2023-A2-7, REMIC, 7.27%, 10/25/68 (g) | 515 | 518 |
| Verus Securitization Trust 2025-3 |  |  |
| Series 2025-A1-3, REMIC, 5.62%, 05/25/70 (g) | 515 | 518 |
| Verus Securitization Trust 2025-7 |  |  |
| Series 2025-A1F-7, REMIC, 4.87%, (SOFR 30-Day Average + 1.20%), 08/25/70 (e) (g) | 1150 | 1150 |
| Vista Point Securitization Trust 2020-2 |  |  |
| Series 2020-A3-2, REMIC, 2.50%, 04/25/65 | 71 | 69 |
| Wellfleet CLO 2021-1 Ltd. |  |  |
| Series 2021-BR-1A, 5.32%, (3 Month Term SOFR + 1.65%), 04/20/34 (e) | 2180 | 2170 |
| Wells Fargo Commercial Mortgage Trust 2025-5C6 |  |  |
| Series 2025-A1-5C6, REMIC, 4.31%, 06/15/30 | 342 | 340 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2025-A1-3A, 4.08%, 09/18/40 | 595 | 592 |
| Series 2025-C-3A, 4.79%, 09/18/40 | 815 | 807 |
| 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 |
| Zaxbys Funding LLC |  |  |
| Series 2021-A2-1A, 3.24%, 07/30/28 | 1867 | 1781 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $326,571) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $326,571) | 325241 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 23.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 23.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 23.5%** |
| **U.S. Treasury Note 15.7%** | **U.S. Treasury Note 15.7%** | **U.S. Treasury Note 15.7%** |
| Treasury, United States Department of |  |  |
| 3.38%, 11/30/27 (i) | 1785 | 1772 |
| 3.38%, 12/31/27 | 33465 | 33210 |
| 3.50%, 01/31/28 | 43350 | 43106 |
| 3.88%, 03/31/28 - 07/15/28 | 85500 | 85627 |
|  |  | 163715 |
| **Mortgage-Backed Securities 6.4%** | **Mortgage-Backed Securities 6.4%** | **Mortgage-Backed Securities 6.4%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.36%, (1 Year Treasury + 2.25%), 09/01/33 (e) | 5 | 5 |
| 6.50%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.75%), 09/01/33 (e) | 1 | 2 |
| 6.00%, 09/01/34 - 08/01/55 | 9809 | 10068 |
| 6.11%, (1 Year Treasury + 2.11%), 10/01/34 (e) | 4 | 4 |
| 3.00%, 11/01/34 | 116 | 111 |
| 5.89%, (1 Year Treasury + 2.25%), 11/01/34 (e) | 6 | 6 |
| 6.28%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 11/01/34 (e) | 1 | 1 |
| 6.46%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.89%), 11/01/34 (e) | 4 | 4 |
| 6.65%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 11/01/34 (e) | 1 | 1 |
| 5.93%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.68%), 01/01/35 (e) | 2 | 2 |
| 5.73%, (1 Year Treasury + 2.11%), 02/01/35 (e) | 7 | 7 |
| 5.80%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.63%), 02/01/35 (e) | 5 | 5 |
| 5.82%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 02/01/35 (e) | 1 | 2 |
| 5.87%, (1 Year Treasury + 2.25%), 02/01/35 (e) | 5 | 5 |
| 5.93%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.68%), 02/01/35 (e) | 3 | 3 |
| 6.15%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.90%), 02/01/35 (e) | 3 | 3 |
| 6.45%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.75%), 06/01/35 (e) | 51 | 53 |
| 6.49%, (1 Year Treasury + 2.37%), 09/01/35 (e) | 73 | 75 |
| 6.53%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.66%), 10/01/35 (e) | 13 | 13 |
| 5.76%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.61%), 03/01/36 (e) | 26 | 27 |
| 7.50%, 06/01/38 | 83 | 88 |
| 7.00%, 03/01/39 | 96 | 101 |
| 4.00%, 12/01/49 | 395 | 377 |
| 2.50%, 01/01/52 | 1182 | 1010 |
| 4.50%, 09/01/52 - 02/01/53 | 4685 | 4538 |
| 5.50%, 07/01/53 - 07/01/55 | 5517 | 5565 |
| 6.50%, 09/01/54 | 142 | 147 |
| 5.00%, 02/01/55 - 06/01/55 | 247 | 244 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 11/01/26 - 01/01/52 | 1939 | 1802 |
| 3.00%, 09/01/28 - 02/01/35 | 810 | 789 |
| 6.50%, 07/01/32 - 06/01/55 | 1260 | 1306 |
| 6.00%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 03/01/33 (e) | 1 | 1 |
| 5.71%, (FTSE USD IBOR Consumer Cash Fallbacks Term 6M + 1.41%), 06/01/33 (e) | 2 | 2 |
| 6.21%, (1 Year Treasury + 2.16%), 06/01/33 (e) | 25 | 25 |
| 5.84%, (1 Year Treasury + 2.01%), 07/01/33 (e) | 1 | 1 |
| 5.00%, 10/01/33 - 01/01/56 | 11701 | 11642 |
| 5.50%, 10/01/33 - 10/01/55 | 14273 | 14471 |
| 5.84%, (1 Year Treasury + 2.21%), 12/01/33 (e) | 40 | 41 |
| 6.00%, 03/01/34 - 02/01/49 | 1407 | 1468 |
| 6.30%, (1 Year Treasury + 2.30%), 04/01/34 (e) | 1 |  |
| 6.20%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.59%), 10/01/34 (e) | 2 | 2 |
| 5.85%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.35%), 11/01/34 (e) | 1 | 1 |
| 6.21%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.67%), 11/01/34 (e) | 5 | 6 |
| 6.23%, (1 Year Treasury + 2.36%), 11/01/34 (e) | 29 | 30 |
| 5.92%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.61%), 12/01/34 (e) | 2 | 2 |
| 5.80%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.54%), 01/01/35 (e) | 6 | 6 |
| 5.85%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.55%), 01/01/35 (e) | 3 | 3 |
| 5.93%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.63%), 01/01/35 (e) | 2 | 2 |
| 6.03%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.67%), 01/01/35 (e) | 4 | 4 |
| 5.83%, (1 Year Treasury + 2.19%), 02/01/35 (e) | 7 | 7 |
| 5.87%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.62%), 02/01/35 (e) | 2 | 2 |
| 6.18%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.36%), 03/01/35 (e) | 4 | 4 |
| 5.45%, (1 Year Treasury + 1.82%), 04/01/35 (e) | 47 | 48 |
| 6.66%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.81%), 04/01/35 (e) | 7 | 7 |
| 6.99%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.99%), 04/01/35 (e) | 23 | 24 |
| 6.18%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.43%), 05/01/35 (e) | 14 | 15 |
| 6.29%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.42%), 05/01/35 (e) | 18 | 18 |
| 6.51%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.64%), 05/01/35 (e) | 5 | 5 |
| 6.25%, (1 Year Treasury + 2.30%), 06/01/35 (e) | 46 | 48 |
| 6.32%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 06/01/35 (e) | 37 | 38 |
| 6.62%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.84%), 07/01/35 (e) | 8 | 9 |
| 6.37%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.60%), 08/01/35 (e) | 21 | 21 |
| 6.06%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 11/01/35 (e) | 4 | 5 |
| 5.93%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.69%), 02/01/36 (e) | 24 | 25 |
| 6.74%, (FTSE USD IBOR Consumer Cash Fallbacks Term 1Y + 1.74%), 03/01/36 (e) | 27 | 28 |
| 4.50%, 09/01/39 - 10/01/48 | 1948 | 1929 |

---

582

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.00%, 08/01/43 - 09/01/52 | 3108 | 2943 |
| 2.00%, 10/01/50 | 514 | 419 |
| Government National Mortgage Association |  |  |
| 5.00%, 12/20/34 - 02/20/48 | 712 | 721 |
| 6.00%, 07/15/36 | 246 | 255 |
| 4.50%, 09/20/40 | 163 | 162 |
| 3.50%, 03/20/43 - 04/20/43 | 764 | 720 |
| 4.00%, 09/20/45 - 10/20/50 | 895 | 853 |
| 3.00%, 09/20/47 - 09/20/49 | 1304 | 1178 |
| Government National Mortgage Association II |  |  |
| 3.50%, 07/20/52 | 2717 | 2507 |
| 4.00%, 10/20/52 | 632 | 596 |
| | | 66658 |
| **Collateralized Mortgage Obligations 0.8%** | **Collateralized Mortgage Obligations 0.8%** | **Collateralized Mortgage Obligations 0.8%** |
| Connecticut Avenue Securities Trust 2025-R03 |  |  |
| Series 2025-2A1-R03, REMIC, 5.11%, (SOFR 30-Day Average + 1.45%), 03/27/45 (e) | 403 | 404 |
| Connecticut Avenue Securities Trust 2025-R06 |  |  |
| Series 2025-1M1-R06, REMIC, 4.61%, (SOFR 30-Day Average + 0.95%), 09/25/45 (e) | 626 | 624 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2021-M2-DNA7, REMIC, 5.46%, (SOFR 30-Day Average + 1.80%), 11/25/41 (e) | 895 | 898 |
| Series 2022-M1B-DNA2, REMIC, 6.06%, (SOFR 30-Day Average + 2.40%), 02/25/42 (e) | 208 | 210 |
| Series 2023-A1-HQA3, REMIC, 5.51%, (SOFR 30-Day Average + 1.85%), 11/25/43 (e) | 453 | 455 |
| Series 2024-A1-HQA1, REMIC, 4.91%, (SOFR 30-Day Average + 1.25%), 03/25/44 (e) | 1774 | 1775 |
| Series 2025-A1-DNA1, REMIC, 4.61%, (SOFR 30-Day Average + 0.95%), 01/25/45 (e) | 260 | 260 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2017-KA-90, REMIC, 3.00%, 11/25/47 | 931 | 886 |
| Freddie Mac STACR REMIC Trust 2025-DNA4 |  |  |
| Series 2025-A1-DNA4, REMIC, 4.56%, (SOFR 30-Day Average + 0.90%), 10/25/29 (e) | 1308 | 1302 |
| Series 2025-M1-DNA4, REMIC, 4.76%, (SOFR 30-Day Average + 1.10%), 10/25/29 (e) | 477 | 476 |
| Series 2025-M1-DNA3, REMIC, 4.76%, (SOFR 30-Day Average + 1.10%), 09/25/45 (e) | 789 | 787 |
|  |  | 8077 |
| **Sovereign 0.4%** | **Sovereign 0.4%** | **Sovereign 0.4%** |
| Government of Saudi Arabia |  |  |
| 5.13%, 01/13/28 (a) | 1270 | 1280 |
| Korea Housing Finance Corporation |  |  |
| 4.63%, 02/24/28 (a) | 2500 | 2521 |
|  |  | 3801 |
| **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 | 959 | 960 |
| FREMF 2020-K737 Mortgage Trust |  |  |
| Series 2020-B-K737, REMIC, 3.43%, 11/25/26 (e) | 900 | 892 |
|  |  | 1852 |
| Total Government And Agency Obligations (cost $245,392) | Total Government And Agency Obligations (cost $245,392) | 244103 |
| **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** | **SHORT TERM INVESTMENTS 3.1%** |
| **Commercial Paper 2.1%** | **Commercial Paper 2.1%** | **Commercial Paper 2.1%** |
| Crown Castle Inc. |  |  |
| 4.18%, 04/09/26 (j) | 2220 | 2218 |
| Edison International |  |  |
| 4.26%, 04/27/26 (j) | 2220 | 2213 |
| Harley-Davidson Funding Corp. |  |  |
| 4.23%, 04/17/26 (j) | 1890 | 1886 |
| HCA Inc. |  |  |
| 4.26%, 05/12/26 (j) | 3275 | 3258 |
| 4.31%, 05/14/26 (j) | 2290 | 2278 |
| 4.26%, 05/18/26 (j) | 2240 | 2227 |
| International Flavors & Fragrances Inc. |  |  |
| 4.41%, 04/30/26 (j) | 2680 | 2671 |
| Stanley Black & Decker, Inc. |  |  |
| 4.04%, 04/02/26 (j) | 2240 | 2239 |
| Stellantis Financial Services US Corp. |  |  |
| 4.46%, 05/29/26 (j) | 2620 | 2601 |
|  |  | 21591 |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Class I, 3.53% (k) (l) | 1500 | 1500 |
| T. Rowe Price Government Reserve Fund, 3.66% (k) (l) | 6179 | 6179 |
|  |  | 7679 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.63% (k) (l) | 3191 | 3191 |
| Total Short Term Investments (cost $32,464) | Total Short Term Investments (cost $32,464) | 32461 |
| **Total Investments 100.7% (cost $1,048,382)** | **Total Investments 100.7% (cost $1,048,382)** | **1046257** |
| **Total Purchased Options 0.0% (cost $150)** | **Total Purchased Options 0.0% (cost $150)** | **101** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (50) |
| **Other Assets and Liabilities, Net (0.7)%** | **Other Assets and Liabilities, Net (0.7)%** | **(7683)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1038625** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $143,799 and 13.8% of the Fund.

(b) Convertible security.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) 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 March 31, 2026.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

(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) The coupon rate represents the yield to maturity.

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 4755 | 84198 | 87453 | 21 |  |  | 1500 | 0.1 |

---

583

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund — Investments in Affiliates (continued)** | **JNL/T. Rowe Price Short-Term Bond 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, 3.63% - Class SL | 1628 | 9247 | 7684 | 11 |  |  | 3191 | 0.3 |
| T. Rowe Price Government Reserve Fund, 3.66% | 7246 | 164831 | 165898 | 80 |  |  | 6179 | 0.6 |
|  | 13629 | 258276 | 261035 | 112 |  |  | 10870 | 1.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Advanced Info Service PLC., 4.26%, 03/04/31 | 02/24/26 | 1280 | 1262 | 0.1 |
| Corporacion Nacional del Cobre de Chile, 3.63%, 08/01/27 | 01/22/25 | 413 | 416 |  |
| Corporacion Nacional del Cobre de Chile, 3.00%, 09/30/29 | 02/12/25 | 2373 | 2412 | 0.2 |
| DP World Crescent Limited, 4.85%, 09/26/28 | 11/12/25 | 2710 | 2643 | 0.3 |
| EQUATE Petrochemical, 2.63%, 04/28/28 | 05/20/25 | 2261 | 2209 | 0.2 |
| First Abu Dhabi Bank P.J.S.C., 5.13%, 10/13/27 | 04/15/25 | 2825 | 2807 | 0.3 |
| KT&G Corporation, 5.00%, 05/02/28 | 04/24/25 | 1260 | 1274 | 0.1 |
| PT Bank Mandiri (Persero) Tbk., 5.50%, 04/04/26 | 09/27/24 | 1710 | 1710 | 0.2 |
| Saudi Arabian Mining Company, 5.25%, 02/13/30 | 09/24/25 | 634 | 619 | 0.1 |
| Tengizchevroil Finance Company S.a.r.l., 4.00%, 08/15/26 | 01/28/25 | 1114 | 1116 | 0.1 |
|  |  | 16580 | 16468 | 1.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| 3 Month SOFR Index | 211 | September 2026 | 50891 | 8 | (74) |
| United States 2 Year Note | 1480 | July 2026 | 309376 | 117 | (2357) |
|  |  |  |  | 125 | (2431) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (217) | June 2026 | (24383) | (51) | 286 |
| United States 10 Year Ultra Bond | (78) | June 2026 | (9049) | (23) | 195 |
| United States 5 Year Note | (634) | July 2026 | (69223) | (94) | 637 |
| United States Ultra Bond | (32) | June 2026 | (3845) | (7) | 115 |
|  |  |  |  | (175) | 1233 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased Options** | **JNL/T. Rowe Price Short-Term Bond Fund — OTC Purchased 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.IG.46, 06/17/26 | CIT | Put | 55.00 | 06/17/26 | 184600000 | 184600 | 101 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 444452 |  | 444452 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 325241 |  | 325241 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 244103 |  | 244103 |
| &nbsp;&nbsp;Short Term Investments | 10870 | 21591 |  | 32461 |
|  | 10870 | 1035387 |  | 1046257 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1233 |  |  | 1233 |
| &nbsp;&nbsp;OTC Purchased Options |  | 101 |  | 101 |
|  | 1233 | 101 |  | 1334 |

---

584

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1 ($)</u>** | **<u>Level 2 ($)</u>** | **<u>Level 3 ($)</u>** | **<u>Total ($)</u>** |
| **JNL/T. Rowe Price Short-Term Bond Fund (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund (continued)** | **JNL/T. Rowe Price Short-Term Bond Fund (continued)** |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (2431) |  |  | (2431) |
|  | (2431) |  |  | (2431) |

---

<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.

585

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 90.7%** | **CORPORATE BONDS AND NOTES 90.7%** | **CORPORATE BONDS AND NOTES 90.7%** |
| **Communication Services 15.6%** | **Communication Services 15.6%** | **Communication Services 15.6%** |
| Black Pearl Compute LLC |  |  |
| 6.13%, 02/15/31 (a) | 888 | 904 |
| CCO Holdings, LLC |  |  |
| 7.38%, 03/01/31 (a) (b) | 2465 | 2510 |
| 7.00%, 02/01/33 (a) | 2580 | 2590 |
| Digicel International Finance Limited |  |  |
| 8.63%, 08/01/32 (a) | 2398 | 2433 |
| DIRECTV Financing, LLC |  |  |
| 8.88%, 02/01/30 (a) | 3328 | 3310 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 2535 | 2733 |
| Getty Images, Inc. |  |  |
| 10.50%, 11/15/30 (a) | 1238 | 1118 |
| Gray Media, Inc. |  |  |
| 7.25%, 08/15/33 (a) | 980 | 987 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 (a) | 2440 | 2482 |
| 7.00%, 03/31/34 (a) | 1469 | 1503 |
| Maya |  |  |
| 7.00%, 04/15/32 (a) | 2455 | 2453 |
| Midcontinent Communications |  |  |
| 8.00%, 08/15/32 (a) | 2446 | 2271 |
| Nexstar Media Group, Inc. |  |  |
| 7.25%, 04/15/34 (a) | 2728 | 2735 |
| Sinclair Television Group, Inc. |  |  |
| 8.13%, 02/15/33 (a) | 1545 | 1574 |
| VZ Secured Financing B.V. |  |  |
| 7.50%, 01/15/33 (a) | 2492 | 2352 |
| Windstream Services, LLC |  |  |
| 8.25%, 10/01/31 (a) | 1805 | 1890 |
| 7.50%, 10/15/33 (a) | 1654 | 1717 |
| Wulf Compute LLC |  |  |
| 7.75%, 10/15/30 (a) | 2481 | 2622 |
|  |  | 38184 |
| **Energy 14.7%** | **Energy 14.7%** | **Energy 14.7%** |
| Ascent Resources - Utica, LLC |  |  |
| 6.63%, 07/15/33 (a) | 2410 | 2445 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/34 (a) | 2530 | 2645 |
| Enbridge Inc. |  |  |
| 8.25%, 01/15/84 | 2310 | 2436 |
| Energy Transfer LP |  |  |
| 6.50%, 02/15/56 | 1400 | 1384 |
| 6.75%, 02/15/56 | 1400 | 1394 |
| Excelerate Energy Limited Partnership |  |  |
| 8.00%, 05/15/30 (a) | 2410 | 2514 |
| Hilcorp Energy I, L.P. |  |  |
| 7.25%, 02/15/35 (a) | 2580 | 2571 |
| Ithaca Energy (North Sea) PLC |  |  |
| 8.13%, 10/15/29 (a) | 2420 | 2487 |
| PBF Holding Company LLC |  |  |
| 9.88%, 03/15/30 (a) (b) | 240 | 257 |
| 7.88%, 09/15/30 (a) | 2575 | 2641 |
| Permian Resources Operating, LLC |  |  |
| 7.00%, 01/15/32 (a) | 2395 | 2484 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| 7.50%, 03/01/55 | 4720 | 4909 |
| Sunoco LP |  |  |
| 7.88%, (100, 09/18/30) (a) (c) | 2483 | 2515 |
| USA Compression Finance Corp. |  |  |
| 6.25%, 10/01/33 (a) | 2495 | 2479 |
| Venture Global Plaquemines LNG, LLC |  |  |
| 6.75%, 01/15/36 (a) | 245 | 259 |
| Weatherford International Ltd. |  |  |
| 6.75%, 10/15/33 (a) | 2480 | 2521 |
|  |  | 35941 |
| **Consumer Discretionary 11.6%** | **Consumer Discretionary 11.6%** | **Consumer Discretionary 11.6%** |
| Aston Martin Capital Holdings Limited |  |  |
| 10.00%, 03/31/29 (a) | 3139 | 2398 |
| Avianca MidCo 2 PLC |  |  |
| 9.63%, 02/14/30 (a) | 1810 | 1686 |
| Azul Secured Finance LLP |  |  |
| 9.88%, 02/15/31 (a) | 1465 | 1293 |
| Caesars Entertainment, Inc. |  |  |
| 6.00%, 10/15/32 (a) (b) | 740 | 681 |
| Cougar JV Subsidiary, LLC |  |  |
| 8.00%, 05/15/32 (a) | 2384 | 2464 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.75%, 09/15/33 (a) | 2430 | 2418 |
| K. Hovnanian Enterprises, Inc. |  |  |
| 8.38%, 10/01/33 (a) | 2470 | 2438 |
| LCM Investments Holdings II, LLC |  |  |
| 8.25%, 08/01/31 (a) | 2355 | 2426 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/28 (a) | 2325 | 2377 |
| Odeon Finco PLC |  |  |
| 12.75%, 11/01/27 (a) | 870 | 898 |
| Six Flags Operations Inc. |  |  |
| 7.25%, 05/15/31 (a) (b) | 2593 | 2496 |
| Univision Communications Inc. |  |  |
| 9.38%, 08/01/32 (a) | 1740 | 1793 |
| Voyager Parent, LLC |  |  |
| 9.25%, 07/01/32 (a) | 3030 | 3144 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/42 | 2568 | 1706 |
|  |  | 28218 |
| **Industrials 10.7%** | **Industrials 10.7%** | **Industrials 10.7%** |
| Bombardier Inc. |  |  |
| 7.25%, 07/01/31 (a) | 2335 | 2444 |
| Deluxe Corporation |  |  |
| 8.13%, 09/15/29 (a) | 2380 | 2477 |
| ESAB Corporation |  |  |
| 5.63%, 04/01/31 (a) | 2445 | 2462 |
| Herc Holdings Inc. |  |  |
| 6.00%, 03/15/34 (a) | 2545 | 2457 |
| JetBlue Airways Corporation |  |  |
| 9.88%, 09/20/31 (a) (b) | 1605 | 1517 |
| LATAM Airlines Group S.A. |  |  |
| 7.88%, 04/15/30 (a) | 2755 | 2783 |
| 7.63%, 01/07/31 (a) | 825 | 835 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.88%, 04/15/30 (a) | 2537 | 2537 |
| Onesky Flight, LLC |  |  |
| 8.88%, 12/15/29 (a) | 2403 | 2479 |
| Quikrete Holdings, Inc. |  |  |
| 6.75%, 03/01/33 (a) | 2415 | 2444 |
| RXO Inc |  |  |
| 6.38%, 05/15/31 (a) | 2574 | 2466 |
| TransDigm Inc. |  |  |
| 6.00%, 01/15/33 (a) | 1204 | 1204 |
|  |  | 26105 |
| **Financials 10.1%** | **Financials 10.1%** | **Financials 10.1%** |
| Alliant Holdings Intermediate, LLC |  |  |
| 7.00%, 01/15/31 (a) | 2400 | 2421 |
| APH Somerset Inv 2 LLC |  |  |
| 7.88%, 11/01/29 (a) | 2540 | 2295 |
| Aretec Escrow Issuer 2 Inc. |  |  |
| 10.00%, 08/15/30 (a) | 2838 | 3015 |
| Asurion LLC |  |  |
| 8.00%, 12/31/32 (a) | 2335 | 2423 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/29 (a) | 2280 | 2390 |
| Bread Financial Payments, Inc. |  |  |
| 6.75%, 05/15/31 (a) | 3124 | 3101 |
| Encore Capital Group, Inc. |  |  |
| 6.63%, 04/15/31 (a) (b) | 2520 | 2509 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/32 (a) | 1655 | 1684 |
| OneMain Finance Corporation |  |  |
| 6.50%, 03/15/33 | 2513 | 2403 |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/32 (a) | 2405 | 2405 |

---

586

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Saks Global Enterprises LLC |  |  |
| 0.00%, 12/15/29 (a) (b) (d) (e) | 4760 | 12 |
| | | 24658 |
| **Health Care 6.3%** | **Health Care 6.3%** | **Health Care 6.3%** |
| 1261229 B.C. Ltd. |  |  |
| 10.00%, 04/15/32 (a) | 2455 | 2516 |
| Community Health Systems, Inc. |  |  |
| 9.75%, 01/15/34 (a) | 2460 | 2553 |
| Genmab A/S |  |  |
| 7.25%, 12/15/33 (a) | 1800 | 1878 |
| Heartland Dental, LLC |  |  |
| 10.50%, 04/30/28 (a) | 968 | 995 |
| Herbalife International, Inc. |  |  |
| 4.88%, 06/01/29 (a) | 2579 | 2408 |
| IQVIA Inc. |  |  |
| 6.25%, 06/01/32 (a) | 2455 | 2493 |
| Tenet Healthcare Corporation |  |  |
| 5.50%, 11/15/32 (a) | 2525 | 2500 |
|  |  | 15343 |
| **Utilities 5.7%** | **Utilities 5.7%** | **Utilities 5.7%** |
| Edison International |  |  |
| 8.13%, 06/15/53 | 1975 | 2013 |
| 7.88%, 06/15/54 | 1720 | 1759 |
| Hawaiian Electric Company, Inc. |  |  |
| 6.00%, 10/01/33 (a) | 2495 | 2486 |
| Talen Energy Supply, LLC |  |  |
| 6.50%, 02/01/36 (a) | 2717 | 2736 |
| The Southern Company |  |  |
| 6.00%, 04/01/58 | 2436 | 2444 |
| Vistra Corp. |  |  |
| 8.00%, (100, 10/15/26) (a) (c) | 2474 | 2498 |
|  |  | 13936 |
| **Real Estate 4.2%** | **Real Estate 4.2%** | **Real Estate 4.2%** |
| Anywhere Real Estate Group LLC |  |  |
| 7.00%, 04/15/30 (a) | 3199 | 3199 |
| Brookfield Properties Retail Holding LLC |  |  |
| 4.50%, 04/01/27 (a) | 2466 | 2414 |
| VICI Properties L.P. |  |  |
| 5.63%, 05/15/52 | 5169 | 4622 |
|  |  | 10235 |
| **Materials 4.1%** | **Materials 4.1%** | **Materials 4.1%** |
| Celanese US Holdings LLC |  |  |
| 7.38%, 02/15/34 | 2565 | 2626 |
| First Quantum Minerals Ltd. |  |  |
| 8.63%, 06/01/31 (a) | 2424 | 2500 |
| 8.00%, 03/01/33 (a) | 575 | 594 |
| 6.38%, 02/15/36 (a) | 1879 | 1798 |
| Ivanhoe Mines Ltd. |  |  |
| 7.88%, 01/23/30 (a) | 2405 | 2434 |
|  |  | 9952 |
| **Consumer Staples 4.0%** | **Consumer Staples 4.0%** | **Consumer Staples 4.0%** |
| Avis Budget Car Rental, LLC |  |  |
| 8.25%, 01/15/30 (a) (b) | 3585 | 3603 |
| Hertz Vehicle Financing II LP |  |  |
| 12.63%, 07/15/29 (a) (b) | 1220 | 1070 |
| ION Platform Finance S.a r.l. |  |  |
| 7.88%, 09/30/32 (a) | 2504 | 1941 |
| Williams Scotsman, Inc. |  |  |
| 7.38%, 10/01/31 (a) | 3010 | 3085 |
|  |  | 9699 |
| **Information Technology 3.7%** | **Information Technology 3.7%** | **Information Technology 3.7%** |
| Cloud Software Group, Inc. |  |  |
| 8.25%, 06/30/32 (a) | 2470 | 2334 |
| Kioxia Holdings Corporation |  |  |
| 6.63%, 07/24/33 (a) | 1200 | 1233 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (a) | 3071 | 2534 |
| Oak-Eagle Acquireco, Inc. |  |  |
| 8.75%, 07/01/34 (a) | 2726 | 2855 |
|  |  | 8956 |
| Total Corporate Bonds And Notes (cost $227,494) | Total Corporate Bonds And Notes (cost $227,494) | 221227 |
| **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 | 2 |
| Total Common Stocks (cost $16) | Total Common Stocks (cost $16) | 2 |
| **SHORT TERM INVESTMENTS 7.4%** | **SHORT TERM INVESTMENTS 7.4%** | **SHORT TERM INVESTMENTS 7.4%** |
| **Investment Companies 4.4%** | **Investment Companies 4.4%** | **Investment Companies 4.4%** |
| JNL Government Money Market Fund - Class I, 3.53% (f) (g) | 2814 | 2814 |
| T. Rowe Price Government Reserve Fund, 3.66% (f) (g) | 7974 | 7974 |
|  |  | 10788 |
| **Securities Lending Collateral 3.0%** | **Securities Lending Collateral 3.0%** | **Securities Lending Collateral 3.0%** |
| JNL Government Money Market Fund - Class SL, 3.63% (f) (g) | 7415 | 7415 |
| Total Short Term Investments (cost $18,203) | Total Short Term Investments (cost $18,203) | 18203 |
| **Total Investments 98.1% (cost $245,713)** | **Total Investments 98.1% (cost $245,713)** | **239432** |
| **Other Assets and Liabilities, Net 1.9%** | **Other Assets and Liabilities, Net 1.9%** | **4579** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **244011** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $190,798 and 78.2% of the Fund.

(b) All or a portion of the security was on loan as of March 31, 2026.

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

(d) Non-income producing security.

(e) As of March 31, 2026, 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.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 858 | 10033 | 8077 | 5 |  |  | 2814 | 1.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 6567 | 21366 | 20518 | 84 |  |  | 7415 | 3.0 |
| T. Rowe Price Government Reserve Fund, 3.66% | 8460 | 32816 | 33302 | 82 |  |  | 7974 | 3.3 |
|  | 15885 | 64215 | 61897 | 171 |  |  | 18203 | 7.5 |

---

587

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 221227 |  | 221227 |
| &nbsp;&nbsp;Common Stocks | 2 |  |  | 2 |
| &nbsp;&nbsp;Short Term Investments | 18203 |  |  | 18203 |
|  | 18205 | 221227 |  | 239432 |

---

588

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.8%** | **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** |
| **Financials 19.2%** | **Financials 19.2%** | **Financials 19.2%** |
| Allstate Corporation, The | 227 | 47120 |
| American Express Company | 158 | 47774 |
| Annaly Capital Management, Inc. | 573 | 12111 |
| Apollo Global Management, Inc. | 41 | 4524 |
| Bank of America Corporation | 1167 | 56871 |
| Berkshire Hathaway Inc. - Class B (a) | 250 | 119657 |
| Charles Schwab Corporation, The | 681 | 63965 |
| Chubb Limited | 69 | 22446 |
| Citigroup Inc. | 188 | 21328 |
| CME Group Inc. - Class A | 48 | 14229 |
| Federal National Mortgage Association, Inc. (a) (b) | 442 | 3208 |
| Fifth Third Bancorp | 797 | 37051 |
| Goldman Sachs Group, Inc., The | 26 | 22062 |
| Huntington Bancshares Incorporated | 820 | 12830 |
| Intercontinental Exchange, Inc. | 390 | 61409 |
| JPMorgan Chase & Co. | 459 | 134964 |
| MetLife, Inc. | 227 | 16030 |
| Morgan Stanley | 203 | 33435 |
| Progressive Corporation, The | 21 | 4199 |
| Travelers Companies, Inc., The | 71 | 20598 |
| Visa Inc. - Class A | 105 | 31613 |
|  |  | 787424 |
| **Industrials 14.8%** | **Industrials 14.8%** | **Industrials 14.8%** |
| AMETEK, Inc. | 322 | 69105 |
| Caterpillar Inc. | 74 | 52426 |
| CSX Corporation | 983 | 40360 |
| Deere & Company | 191 | 107553 |
| Equifax Inc. | 113 | 20312 |
| Ingersoll Rand Inc. | 242 | 19405 |
| Norfolk Southern Corporation | 77 | 22044 |
| Northrop Grumman Corporation | 29 | 19682 |
| Old Dominion Freight Line, Inc. | 127 | 24896 |
| Otis Worldwide Corporation | 261 | 20141 |
| Parker-Hannifin Corporation | 39 | 34920 |
| Pentair Public Limited Company | 284 | 24722 |
| Republic Services, Inc. | 222 | 48601 |
| W.W. Grainger, Inc. | 17 | 19089 |
| Westinghouse Air Brake Technologies Corporation | 328 | 82090 |
|  |  | 605346 |
| **Health Care 12.8%** | **Health Care 12.8%** | **Health Care 12.8%** |
| Abbott Laboratories | 576 | 59133 |
| AstraZeneca PLC | 139 | 27386 |
| Cencora, Inc. | 185 | 58114 |
| CVS Health Corporation | 382 | 27450 |
| Danaher Corporation | 19 | 3569 |
| Elevance Health, Inc. | 51 | 14913 |
| Gilead Sciences, Inc. | 531 | 73966 |
| Johnson & Johnson | 274 | 66903 |
| Merck & Co., Inc. | 210 | 25273 |
| Quest Diagnostics Incorporated | 121 | 23728 |
| Revvity, Inc. | 455 | 39888 |
| Tenet Healthcare Corporation (a) | 262 | 49487 |
| UnitedHealth Group Incorporated | 210 | 56963 |
|  |  | 526773 |
| **Information Technology 10.8%** | **Information Technology 10.8%** | **Information Technology 10.8%** |
| Advanced Micro Devices, Inc. (a) | 208 | 42313 |
| Analog Devices, Inc. | 126 | 39978 |
| Arista Networks, Inc. (a) | 204 | 25103 |
| Cisco Systems, Inc. | 638 | 49487 |
| Intel Corporation (a) | 475 | 20953 |
| InterDigital, Inc. | 35 | 10630 |
| International Business Machines Corporation | 107 | 26013 |
| Keysight Technologies, Inc. (a) | 462 | 130544 |
| KLA Corporation | 17 | 25582 |
| Lam Research Corporation | 117 | 24926 |
| Salesforce, Inc. | 41 | 7597 |
| Texas Instruments Incorporated | 198 | 38429 |
|  |  | 441555 |
| **Energy 10.4%** | **Energy 10.4%** | **Energy 10.4%** |
| Cenovus Energy Inc. | 786 | 20845 |
| Chevron Corporation | 358 | 74134 |
| ConocoPhillips | 738 | 97395 |
| Exxon Mobil Corporation | 244 | 41370 |
| Range Resources Corporation | 1165 | 52620 |
| SLB Limited | 1004 | 51576 |
| TechnipFMC PLC | 671 | 46376 |
| Valero Energy Corporation | 171 | 42205 |
|  |  | 426521 |
| **Communication Services 7.0%** | **Communication Services 7.0%** | **Communication Services 7.0%** |
| Alphabet Inc. - Class A | 305 | 87805 |
| Alphabet Inc. - Class C | 252 | 72222 |
| Meta Platforms, Inc. - Class A | 31 | 17571 |
| Netflix, Inc. (a) | 280 | 26893 |
| T-Mobile US, Inc. | 206 | 43285 |
| Walt Disney Company, The | 424 | 40827 |
|  |  | 288603 |
| **Consumer Discretionary 6.6%** | **Consumer Discretionary 6.6%** | **Consumer Discretionary 6.6%** |
| Amazon.com, Inc. (a) | 99 | 20694 |
| AutoZone, Inc. (a) | 15 | 51336 |
| Booking Holdings Inc. | 12 | 48747 |
| Home Depot, Inc., The | 115 | 37816 |
| Lowe`s Companies, Inc. | 114 | 26933 |
| McDonald's Corporation | 193 | 59993 |
| Tractor Supply Company | 583 | 26410 |
|  |  | 271929 |
| **Consumer Staples 6.1%** | **Consumer Staples 6.1%** | **Consumer Staples 6.1%** |
| Colgate-Palmolive Company | 383 | 32617 |
| Dollar Tree, Inc. (a) | 285 | 31273 |
| Mondelez International, Inc. - Class A | 1261 | 72701 |
| Philip Morris International Inc. | 252 | 41666 |
| Procter & Gamble Company, The | 513 | 74077 |
|  |  | 252334 |
| **Materials 4.2%** | **Materials 4.2%** | **Materials 4.2%** |
| Ball Corporation | 486 | 28756 |
| Corteva, Inc. | 104 | 8714 |
| International Paper Company | 972 | 34709 |
| Linde Public Limited Company | 124 | 61339 |
| Martin Marietta Materials, Inc. | 34 | 20192 |
| Packaging Corporation of America | 93 | 19843 |
|  |  | 173553 |
| **Utilities 3.5%** | **Utilities 3.5%** | **Utilities 3.5%** |
| Ameren Corporation | 380 | 41795 |
| Atmos Energy Corporation | 12 | 2311 |
| Constellation Energy Group, Inc. | 95 | 26529 |
| The Southern Company | 705 | 68037 |
| XCEL Energy Inc. | 56 | 4415 |
|  |  | 143087 |
| **Real Estate 3.4%** | **Real Estate 3.4%** | **Real Estate 3.4%** |
| Equity Lifestyle Properties, Inc. | 328 | 20468 |
| Essex Property Trust, Inc. | 87 | 21142 |
| Public Storage Operating Company | 139 | 37748 |
| VICI Properties Inc. | 597 | 16302 |
| Welltower Inc. | 221 | 43654 |
|  |  | 139314 |
| Total Common Stocks (cost $3,393,473) | Total Common Stocks (cost $3,393,473) | 4056439 |
| **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, 3.53% (c) (d) | 3769 | 3769 |
| T. Rowe Price Government Reserve Fund, 3.66% (c) (d) | 40281 | 40281 |
|  |  | 44050 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 136 | 136 |
| Total Short Term Investments (cost $44,186) | Total Short Term Investments (cost $44,186) | 44186 |
| **Total Investments 99.9% (cost $3,437,659)** | **Total Investments 99.9% (cost $3,437,659)** | **4100625** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **4052** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4104677** |

---

589

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 3962 | 43554 | 43747 | 37 |  |  | 3769 | 0.1 |
| JNL Government Money Market Fund, 3.63% - Class SL | 224 | 52965 | 53053 | 39 |  |  | 136 |  |
| T. Rowe Price Government Reserve Fund, 3.66% | 1194 | 144545 | 105458 | 149 |  |  | 40281 | 1.0 |
|  | 5380 | 241064 | 202258 | 225 |  |  | 44186 | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 4056439 |  |  | 4056439 |
| &nbsp;&nbsp;Short Term Investments | 44186 |  |  | 44186 |
|  | 4100625 |  |  | 4100625 |

---

590

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 98.3%** | **COMMON STOCKS 98.3%** | **COMMON STOCKS 98.3%** |
| **China 70.9%** | **China 70.9%** | **China 70.9%** |
| Alibaba Group Holding Limited (a) | 31 | 477 |
| Alibaba Group Holding Limited - ADR | 2 | 197 |
| China Hongqiao Group Limited | 90 | 407 |
| Contemporary Amperex Technology Co., Limited - Class A | 12 | 697 |
| DiDi Global Inc. - Class A - ADR (b) | 99 | 407 |
| HUYA Inc. - Class A - ADR (b) | 68 | 225 |
| Jiangsu Zhongtian Technology Co., Ltd. - Class A | 122 | 539 |
| Kingsoft Cloud Holdings Limited (a) (b) | 320 | 288 |
| Kweichow Moutai Co., Ltd. - Class A | 2 | 483 |
| PDD Holdings Inc. - ADR (b) | 2 | 243 |
| Ping An Insurance (Group) Company of China, Ltd. - Class H | 61 | 472 |
| Shengyi Technology Co., Ltd. - Class A | 53 | 421 |
| Sieyuan Electric Co., Ltd. - Class A | 15 | 445 |
| Tencent Holdings Limited | 15 | 973 |
| Trip.com Group Limited - ADR | 3 | 149 |
| WuXi AppTec Co., Ltd. - Class A | 36 | 524 |
|  |  | 6947 |
| **Hong Kong 16.4%** | **Hong Kong 16.4%** | **Hong Kong 16.4%** |
| Futu Holdings Limited - ADR (b) | 2 | 316 |
| Melco Resorts & Entertainment Limited - ADR (b) | 29 | 163 |
| TIME Interconnect Technology Limited (a) | 179 | 358 |
| Wasion Holdings Limited | 213 | 772 |
|  |  | 1609 |
| **Taiwan 4.8%** | **Taiwan 4.8%** | **Taiwan 4.8%** |
| Foxconn Interconnect Technology Limited (a) (b) | 516 | 464 |
| **United States of America 3.7%** | **United States of America 3.7%** | **United States of America 3.7%** |
| ACM Research, Inc. - Class A (b) | 9 | 361 |
| **Netherlands 2.5%** | **Netherlands 2.5%** | **Netherlands 2.5%** |
| Prosus N.V. - ADR | 27 | 246 |
| Total Common Stocks (cost $9,656) | Total Common Stocks (cost $9,656) | 9627 |
| **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** |
| **Investment Companies 2.1%** | **Investment Companies 2.1%** | **Investment Companies 2.1%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 209 | 209 |
| Total Short Term Investments (cost $209) | Total Short Term Investments (cost $209) | 209 |
| **Total Investments 100.4% (cost $9,865)** | **Total Investments 100.4% (cost $9,865)** | **9836** |
| **Other Assets and Liabilities, Net (0.4)%** | **Other Assets and Liabilities, Net (0.4)%** | (37) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **9799** |

---

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 295 | 3208 | 3294 | 4 |  |  | 209 | 2.1 |
| JNL Government Money Market Fund, 3.63% - Class SL | 243 | 1798 | 2041 | 4 |  |  |  |  |
|  | 538 | 5006 | 5335 | 8 |  |  | 209 | 2.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 08/13/25 | 589 | 477 | 4.9 |
| Foxconn Interconnect Technology Limited | 03/25/26 | 499 | 464 | 4.7 |
| Kingsoft Cloud Holdings Limited | 11/20/25 | 256 | 288 | 2.9 |
| TIME Interconnect Technology Limited | 11/20/25 | 355 | 358 | 3.7 |
|  |  | 1699 | 1587 | 16.2 |

---

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 2307 | 7320 |  | 9627 |
| &nbsp;&nbsp;Short Term Investments | 209 |  |  | 209 |
|  | 2516 | 7320 |  | 9836 |

---

591

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 96.9%** | **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** |
| **United Kingdom 17.9%** | **United Kingdom 17.9%** | **United Kingdom 17.9%** |
| 3i Group PLC | 1186 | 38758 |
| AstraZeneca PLC | 271 | 52566 |
| BAE Systems PLC | 3329 | 97681 |
| British American Tobacco P.L.C. | 582 | 33718 |
| Experian PLC | 668 | 23157 |
| Lloyds Banking Group PLC | 24896 | 30803 |
| Rolls-Royce Holdings PLC | 6662 | 101021 |
|  |  | 377704 |
| **United States of America 17.7%** | **United States of America 17.7%** | **United States of America 17.7%** |
| AON Public Limited Company - Class A | 81 | 26116 |
| Arch Capital Group Ltd. (a) | 523 | 50183 |
| Ferguson Enterprises Inc. | 183 | 42585 |
| Linde Public Limited Company | 80 | 39661 |
| Medtronic, Inc. | 471 | 40815 |
| Philip Morris International Inc. | 473 | 78201 |
| Seagate Technology Holdings Public Limited Company | 175 | 68415 |
| Waste Connections, Inc. | 164 | 26598 |
|  |  | 372574 |
| **Germany 12.9%** | **Germany 12.9%** | **Germany 12.9%** |
| Deutsche Borse Aktiengesellschaft - Class N | 120 | 35137 |
| Rheinmetall Aktiengesellschaft | 17 | 29164 |
| SAP SE | 200 | 34184 |
| Siemens Energy AG | 1022 | 173187 |
|  |  | 271672 |
| **Taiwan 6.6%** | **Taiwan 6.6%** | **Taiwan 6.6%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 414 | 139813 |
| **Netherlands 6.6%** | **Netherlands 6.6%** | **Netherlands 6.6%** |
| Adyen N.V. (a) (b) | 30 | 29939 |
| ASM International N.V. | 42 | 32158 |
| ASML Holding N.V. - ADR | 59 | 77669 |
|  |  | 139766 |
| **Canada 6.2%** | **Canada 6.2%** | **Canada 6.2%** |
| Canadian Natural Resources Limited | 921 | 44945 |
| Canadian Pacific Kansas City Limited | 664 | 52248 |
| Shopify Inc. - Class A (a) | 271 | 32121 |
|  |  | 129314 |
| **France 4.2%** | **France 4.2%** | **France 4.2%** |
| Safran | 179 | 58524 |
| Societe Generale | 418 | 30589 |
|  |  | 89113 |
| **Switzerland 4.2%** | **Switzerland 4.2%** | **Switzerland 4.2%** |
| Novartis AG - Class N | 290 | 43970 |
| UBS Group AG | 1132 | 44101 |
|  |  | 88071 |
| **Singapore 4.1%** | **Singapore 4.1%** | **Singapore 4.1%** |
| Sea Limited - Class A - ADR (a) | 1032 | 85464 |
| **Japan 3.3%** | **Japan 3.3%** | **Japan 3.3%** |
| Mitsubishi Heavy Industries, Ltd. | 1108 | 30398 |
| Nintendo Co., Ltd. | 670 | 37967 |
|  |  | 68365 |
| **South Korea 3.0%** | **South Korea 3.0%** | **South Korea 3.0%** |
| Samsung Electronics Co., Ltd. | 223 | 26170 |
| SK Hynix Inc. | 66 | 37671 |
|  |  | 63841 |
| **China 2.3%** | **China 2.3%** | **China 2.3%** |
| Tencent Holdings Limited | 752 | 47329 |
| **Sweden 2.2%** | **Sweden 2.2%** | **Sweden 2.2%** |
| Spotify Technology S.A. (a) | 96 | 46757 |
| **Israel 2.1%** | **Israel 2.1%** | **Israel 2.1%** |
| Teva Pharmaceutical Industries Ltd. - ADR (a) | 1434 | 43182 |
| **Brazil 1.9%** | **Brazil 1.9%** | **Brazil 1.9%** |
| NU Holdings Ltd. - Class A (a) | 2815 | 40450 |
| **India 1.7%** | **India 1.7%** | **India 1.7%** |
| ICICI Bank Limited - ADR | 1361 | 35249 |
| Total Common Stocks (cost $1,646,532) | Total Common Stocks (cost $1,646,532) | 2038664 |
| **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** | **SHORT TERM INVESTMENTS 1.8%** |
| **Investment Companies 1.8%** | **Investment Companies 1.8%** | **Investment Companies 1.8%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 38819 | 38819 |
| Total Short Term Investments (cost $38,819) | Total Short Term Investments (cost $38,819) | 38819 |
| **Total Investments 98.7% (cost $1,685,351)** | **Total Investments 98.7% (cost $1,685,351)** | **2077483** |
| **Other Assets and Liabilities, Net 1.3%** | **Other Assets and Liabilities, Net 1.3%** | **27542** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2105025** |

---

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 77327 | 197685 | 236193 | 529 |  |  | 38819 | 1.8 |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 50057 | 50057 |  |  |  |  |  |
|  | 77327 | 247742 | 286250 | 529 |  |  | 38819 | 1.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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. | 06/28/22 | 35535 | 29939 | 1.4 |

---

**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 March 31, 2026.

592

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 |  | 377704 |  | 377704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 372574 |  |  | 372574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 271672 |  | 271672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 139813 |  |  | 139813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 77669 | 62097 |  | 139766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 129314 |  |  | 129314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 89113 |  | 89113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 88071 |  | 88071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 85464 |  |  | 85464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 68365 |  | 68365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 63841 |  | 63841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 47329 |  | 47329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 46757 |  |  | 46757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 43182 |  |  | 43182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 40450 |  |  | 40450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 35249 |  |  | 35249 |
| &nbsp;&nbsp;Short Term Investments | 38819 |  |  | 38819 |
|  | 1009291 | 1068192 |  | 2077483 |

---

593

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 65.9%** | **COMMON STOCKS 65.9%** | **COMMON STOCKS 65.9%** |
| **Financials 28.0%** | **Financials 28.0%** | **Financials 28.0%** |
| 1RT Acquisition Corp. (a) | 1 | 6 |
| A Paradise Acquisition Corp. (a) | 2 | 17 |
| A Paradise Acquisition Corp. - Class A (a) | 18 | 186 |
| AA Mission Acquisition Corp. II - Class A (a) | 8 | 77 |
| Abony Acquisition Corp. I (a) | 2 | 20 |
| Activate Energy Acquisition Corp. (a) | 6 | 56 |
| Activate Energy Acquisition Corp. - Class A (a) | 4 | 40 |
| AI Infrastructure Acquisition Corp. (a) | 6 | 66 |
| AI Infrastructure Acquisition Corp. - Class A (a) | 4 | 42 |
| Aldabra 4 Liquidity Opportunity Vehicle Inc. (a) | 4 | 40 |
| American Drive Acquisition Company (a) | 3 | 25 |
| Andretti Acquisition Corp. II - Class A (a) | 9 | 95 |
| Apex Treasury Corporation (a) | 2 | 25 |
| Apex Treasury Corporation - Class A (a) | 16 | 160 |
| Archimedes Tech Spac Partners II Co. (a) | 9 | 99 |
| Archimedes Tech SPAC Partners III Co. (a) | 2 | 16 |
| Armada Acquisition Corp. II - Class A (a) | 12 | 122 |
| Axiom Intelligence Acquisition Corp 1 - Class A (a) | 11 | 111 |
| Bain Capital GSS Investment Corp. (a) | 4 | 41 |
| Barclays PLC - Class A (a) | 4 | 37 |
| Berto Acquisition Corp. (a) | 11 | 117 |
| BEST SPAC I Acquisition Corp. - Class A (a) | 1 | 8 |
| Bitcoin Infrastructure Acquisition Corp. Ltd. (a) | 4 | 35 |
| Blue Acquisition Corp (a) | 2 | 21 |
| Blue Water Acquisition Corp. III - Class A (a) | 9 | 95 |
| Blue Water Acquisition Corp. IV (a) | 2 | 16 |
| Blueport Acquisition Ltd. - Class A (a) | 2 | 16 |
| Bluerock Acquisition Corp. (a) | 4 | 40 |
| Brighthouse Financial, Inc. (a) | 1 | 88 |
| BTC Development Corp. (a) | 1 | 8 |
| Cal Redwood Acquisition Corp. - Class A (a) | 16 | 165 |
| Calisa Acquisition Corp (a) |  | 3 |
| Cambridge Acquisition Corp. (a) | 3 | 32 |
| Cantaloupe, Inc. (a) | 2 | 17 |
| Cantor Equity Partners I, Inc. - Class A (a) | 2 | 22 |
| Cantor Equity Partners III, Inc. - Class A (a) | 1 | 8 |
| Cantor Equity Partners V, Inc. - Class A (a) | 7 | 73 |
| Cartesian Growth Corp III - Class A (a) | 3 | 30 |
| Centurion Acquisition Corp. - Class A (a) |  |  |
| Championsgate Acquisition Corporation (a) | 1 | 10 |
| Chenghe Acquisition III Co. (a) | 4 | 45 |
| Chenghe Acquisition III Co. - Class A (a) |  |  |
| Churchill Capital Corp XI (a) | 1 | 9 |
| CO2 Energy Transition Corp. (a) | 36 | 378 |
| Cohen Circle Acquisition Corp. II (a) | 3 | 36 |
| Colombier Acquisition Corp. III (a) | 1 | 14 |
| Columbus Circle Capital Corp II (a) | 2 | 24 |
| Copley Acquisition Corp. (a) | 4 | 40 |
| Crane Harbor Acquisition Corp. II (a) | 1 | 8 |
| Crown Reserve Acquisition Corp. I (a) | 4 | 41 |
| Crown Reserve Acquisition Corp. I - Class A (a) | 10 | 97 |
| CSLM Digital Asset Acquisition Corp III Ltd. (a) | 6 | 65 |
| CSLM Digital Asset Acquisition Corp III Ltd. - Class A (a) | 10 | 104 |
| D. Boral Arc Acquisition I Corp. - Class A (a) | 8 | 79 |
| Daedalus Special Acquisition Corp. (a) | 2 | 23 |
| DigitalBridge Group, Inc. - Class A (b) (c) | 57 | 876 |
| Drugs Made in America Acquisition II Corp. (a) | 8 | 81 |
| Drugs Made in America Acquisition II Corp. (a) | 8 | 80 |
| DT Cloud Star Acquisition Corporation (a) | 7 | 83 |
| Dune Acquisition Corporation II - Class A (a) | 6 | 63 |
| Dynamix Corporation III (a) | 1 | 8 |
| EGH Acquisition Corp. - Class A (a) | 1 | 14 |
| Emmis Acquisition Corp. - Class A (a) | 3 | 28 |
| EQV Ventures Acquisition Corp. (a) | 13 | 127 |
| Eureka Acquisition Corp - Class A (a) | 1 | 9 |
| FG Merger II Corp. (a) | 19 | 195 |
| 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 | 21 |
| Flagship Acquisition Corporation (a) | 1 | 9 |
| Future Vision II Acquisition Corp. (a) | 7 | 70 |
| FutureCrest Acquisition Corp. (a) |  | 2 |
| Galata Acquisition Corp. II - Class A (a) | 3 | 28 |
| Gesher Acquisition Corp. II - Class A (a) | 4 | 43 |
| GigCapital7 Corp. - Class A (a) | 2 | 17 |
| GigCapital8 Corp. - Class A (a) | 21 | 213 |
| GigCapital9 Corp. (a) | 5 | 48 |
| GigCapital9 Corp. - Class A (a) | 2 | 16 |
| Globa Terra Acquisition Corp - Class A (a) | 22 | 227 |
| Gores Holdings X, Inc. - Class A (a) | 8 | 87 |
| GP-Act III Acquisition Corp. - Class A (a) | 3 | 27 |
| Graf Global Corp. - Class A (a) | 4 | 43 |
| GSR IV Acquisition Corp. - Class A (a) | 10 | 105 |
| Harvard Ave Acquisition Corp. (a) | 10 | 98 |
| Haymaker Acquisition Corp. IV - Class A (a) | 12 | 142 |
| HCM III Acquisition Corp. (a) |  | 4 |
| Highview Merger Corp. - Class A (a) | 3 | 27 |
| Idea Acquisition Corp. (a) | 2 | 24 |
| Illumination Acquisition Corp. I (a) | 2 | 24 |
| Indigo Acquisition Corp. (a) | 4 | 41 |
| Infinite Eagle Acquisition Corp. (a) | 1 | 8 |
| Inflection Point Acquisition Corp. V - Class A (a) | 1 | 12 |
| Iron Horse Acquisitions Corp. II (a) | 3 | 25 |
| ITHAX Acquisition Corp III (a) | 4 | 40 |
| Janus Henderson Group PLC | 5 | 234 |
| Jena Acquisition Corporation II - Class A (a) | 15 | 152 |
| K&F Growth Acquisition Corp. II - Class A (a) | 3 | 36 |
| Kochav Defense Acquisition Corp. - Class A (a) | 5 | 49 |
| KRAKacquisition Corp. (a) | 1 | 8 |
| LaFayette Acquisition Corp. (a) | 3 | 33 |
| Lafayette Digital Acquisition Corp. I (a) | 2 | 16 |
| Lake Superior Acquisition Corp. (a) | 4 | 41 |
| Lake Superior Acquisition Corp. - Class A (a) | 3 | 32 |
| Lakeshore Acquisition III Corp. (a) | 11 | 117 |
| Launchpad Cadenza Acquisition Corp. I (a) | 6 | 57 |
| Leapfrog Acquisition Corp (a) | 2 | 20 |
| Legato Merger Corp. IV (a) | 2 | 24 |
| LightWave Acquisition Corp. - Class A (a) | 12 | 123 |
| Lionheart Holdings - Class A (a) | 6 | 70 |
| Live Oak Acquisition Corp. V - Class A (a) | 9 | 94 |
| M Evo Global Acquisition Corp. II (a) | 5 | 47 |
| M3-Brigade Acquisition VI Corp. (a) | 1 | 8 |
| McKinley Acquisition Corporation (a) | 2 | 16 |
| McKinley Acquisition Corporation - Class A (a) | 12 | 120 |
| Mercer Park Opportunities Corp - Class A (a) | 4 | 46 |
| Meshflow Acquisition Corp (a) | 6 | 55 |
| Miluna Acquisition Corp - Class A (a) | 7 | 73 |
| Mountain Lake Acquisition Corp. - Class A (a) | 11 | 117 |
| Mountain Lake Acquisition Corp. II (a) | 10 | 98 |
| Mozayyx Acquisition Corp. (a) | 3 | 32 |
| Muzero Acquisition Corp. (a) | 3 | 32 |
| New Providence Acquisition Corp. III - Class A (a) | 18 | 183 |
| Newbury Street Acquisition Corporation - Class A (a) | 13 | 141 |
| NewHold Investment Corp. III - Class A (a) | 4 | 40 |
| NMP Acquisition Corp. - Class A (a) | 8 | 82 |
| Origin Investment Corp I (a) | 4 | 41 |
| OTG Acquisition Corp. I (a) | 2 | 20 |
| Oxley Bridge Acquisition Ltd. - Class A (a) | 17 | 172 |
| Oyster Enterprises II Acquisition Corp - Class A (a) | 11 | 112 |
| Perimeter Acquisition Corp. I - Class A (a) | 2 | 25 |
| Pioneer Acquisition I Corp - Class A (a) | 18 | 181 |
| Praetorian Acquisition Corp. (a) | 2 | 24 |
| ProCap Acquisition Corp (a) | 1 | 12 |
| ProCap Acquisition Corp - Class A (a) | 4 | 41 |
| Proem Acquisition Corp. I (a) | 2 | 20 |
| Pyrophyte Acquisition Corp. II - Class A (a) | 4 | 41 |
| Quantumsphere Acquisition Corporation (a) | 2 | 16 |
| Quantumsphere Acquisition Corporation (a) | 4 | 41 |
| Quartzsea Acquisition Corporation (a) | 12 | 122 |
| Real Asset Acquisition Corp. - Class A (a) | 4 | 38 |
| Republic Digital Acquisition Company - Class A (a) | 13 | 135 |
| Ribbon Acquisition Corp. - Class A (a) | 1 | 16 |
| Roman DBDR Acquisition Corp. II (a) | 3 | 34 |
| SC II Acquisition Corp. - Class A (a) | 8 | 80 |

---

594

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Siddhi Acquisition Corp. - Class A (a) | 23 | 234 |
| Silicon Valley Acquisition Corp. (a) | 3 | 28 |
| Silver Pegasus Acquisition Corp. (a) | 2 | 21 |
| Silver Pegasus Acquisition Corp. - Class A (a) | 6 | 57 |
| SilverBox Corp IV - Class A (a) | 5 | 50 |
| SilverBox Corp V (a) | 2 | 16 |
| SIM Acquisition Corp. I - Class A (a) | 5 | 53 |
| Sizzle Acquisition Corp. - Class A (a) | 14 | 139 |
| Social Commerce Partners Corp. (a) | 2 | 20 |
| Solarius Capital Acquisition Corp. - Class A (a) | 10 | 105 |
| Soren Acquisition Corp. (a) | 3 | 32 |
| Soulpower Acquisition Corp. - Class A (a) | 9 | 91 |
| Space Asset Acquisition Corp. (a) | 1 | 10 |
| Spacsphere Acquisition Corp (a) | 8 | 81 |
| Spring Valley Acquisition Corp. III (a) | 1 | 12 |
| Starry Sea Acquisition Corp. (a) | 6 | 61 |
| Stellar V Capital Corp. - Class A (a) | 4 | 37 |
| Thayer Ventures Acquisition Corporation II - Class A (a) | 9 | 90 |
| Titan Acquisition Corp. - Class A (a) | 9 | 91 |
| Translational Development Acquisition Corp. (a) | 3 | 34 |
| UY Scuti Acquisition Corp. (a) | 2 | 18 |
| Vendome Acquisition Corporation I - Class A (a) | 8 | 85 |
| Viking Acquisition Corp. I (a) | 1 | 12 |
| Voyager Acquisition Corp. - Class A (a) (d) | 7 | 80 |
| Webster Financial Corporation (b) | 33 | 2272 |
| Wen Acquisition Corp. - Class A (a) | 11 | 111 |
| Westin Acquisition Corp. - Class A (a) | 4 | 36 |
| White Pearl Acquisition Corp (a) | 2 | 24 |
| White Pearl Acquisition Corp - Class A (a) | 4 | 39 |
| Wintergreen Acquisition Corp. (a) |  | 1 |
| Wintergreen Acquisition Corp. (a) | 4 | 41 |
| Yorkville Acquisition Corp. - Class A (a) | 9 | 89 |
| | | 13478 |
| **Industrials 11.2%** | **Industrials 11.2%** | **Industrials 11.2%** |
| Air Lease Corporation - Class A | 6 | 360 |
| Chart Industries, Inc. (a) |  | 2 |
| FedEx Corporation (c) | 3 | 997 |
| L3Harris Technologies, Inc. (c) |  | 1 |
| Norfolk Southern Corporation (b) | 9 | 2663 |
| Unifirst Corporation | 6 | 1387 |
|  |  | 5410 |
| **Communication Services 7.9%** | **Communication Services 7.9%** | **Communication Services 7.9%** |
| Electronic Arts Inc. (c) | 2 | 444 |
| Endeavor Group Holdings, Inc. - Class A (a) (d) (e) | 110 | 3017 |
| Liberty Broadband Corporation - Series A (a) | 4 | 200 |
| Warner Bros. Discovery, Inc. - Series A (a) (c) | 5 | 133 |
|  |  | 3794 |
| **Consumer Discretionary 5.0%** | **Consumer Discretionary 5.0%** | **Consumer Discretionary 5.0%** |
| Aptiv PLC (a) (c) | 20 | 1396 |
| Caesars Entertainment, Inc. (a) (c) | 38 | 1011 |
| Golden Entertainment, Inc. |  | 5 |
|  |  | 2412 |
| **Information Technology 4.2%** | **Information Technology 4.2%** | **Information Technology 4.2%** |
| Clearwater Analytics Holdings, Inc. - Class A (a) (b) | 55 | 1295 |
| OneStream, Inc. - Class A (a) | 14 | 332 |
| Qorvo, Inc. (a) | 5 | 407 |
|  |  | 2034 |
| **Health Care 3.9%** | **Health Care 3.9%** | **Health Care 3.9%** |
| Apellis Pharmaceuticals, Inc. (a) | 6 | 252 |
| Atrium Therapeutics, Inc. (a) | 1 | 13 |
| Hologic, Inc. (a) | 9 | 676 |
| Masimo Corporation (a) (c) | 2 | 402 |
| Penumbra, Inc. (a) | 2 | 511 |
|  |  | 1854 |
| **Materials 2.5%** | **Materials 2.5%** | **Materials 2.5%** |
| Barrick Mining Corporation (c) | 28 | 1126 |
| Sealed Air Corporation | 2 | 94 |
|  |  | 1220 |
| **Energy 2.5%** | **Energy 2.5%** | **Energy 2.5%** |
| Coterra Energy Inc. | 29 | 1016 |
| Valaris Limited (a) | 2 | 178 |
|  |  | 1194 |
| **Consumer Staples 0.7%** | **Consumer Staples 0.7%** | **Consumer Staples 0.7%** |
| Kenvue Inc. (b) | 5 | 94 |
| Keurig Dr Pepper Inc. (c) | 9 | 232 |
|  |  | 326 |
| Total Common Stocks (cost $31,983) | Total Common Stocks (cost $31,983) | 31722 |
| **CORPORATE BONDS AND NOTES 12.3%** | **CORPORATE BONDS AND NOTES 12.3%** | **CORPORATE BONDS AND NOTES 12.3%** |
| **Communication Services 4.6%** | **Communication Services 4.6%** | **Communication Services 4.6%** |
| DISH Network Corporation |  |  |
| 11.75%, 11/15/27 (f) | 221 | 228 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 393 | 424 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 157 | 158 |
| 6.00%, 01/15/30 (f) | 276 | 278 |
| Getty Images, Inc. |  |  |
| 14.00%, 03/01/28 (f) | 629 | 599 |
| 11.25%, 02/21/30 (f) | 600 | 540 |
|  |  | 2227 |
| **Industrials 2.5%** | **Industrials 2.5%** | **Industrials 2.5%** |
| Mauser Packaging Solutions Holding Company |  |  |
| 9.25%, 04/15/30 (f) | 1304 | 1209 |
| **Financials 2.3%** | **Financials 2.3%** | **Financials 2.3%** |
| Apollo Commercial Real Estate Finance, Inc. |  |  |
| 4.63%, 06/15/29 (f) | 486 | 484 |
| MoneyGram International, Inc. |  |  |
| 9.00%, 06/01/30 (f) | 188 | 131 |
| SBL Holdings, Inc. |  |  |
| 6.50%, (100, 11/13/26) (f) (g) | 603 | 507 |
|  |  | 1122 |
| **Real Estate 1.2%** | **Real Estate 1.2%** | **Real Estate 1.2%** |
| Kennedy-Wilson, Inc. |  |  |
| 5.00%, 03/01/31 | 580 | 579 |
| **Health Care 0.6%** | **Health Care 0.6%** | **Health Care 0.6%** |
| Exact Sciences Corporation |  |  |
| 2.00%, 03/01/30 (f) (h) | 194 | 274 |
| **Energy 0.4%** | **Energy 0.4%** | **Energy 0.4%** |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (f) | 195 | 195 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Conduent Business Services, LLC |  |  |
| 6.00%, 11/01/29 (f) | 267 | 185 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Illuminate Buyer LLC |  |  |
| 9.00%, 07/01/28 (f) | 112 | 112 |
| Total Corporate Bonds And Notes (cost $6,158) | Total Corporate Bonds And Notes (cost $6,158) | 5903 |
| **INVESTMENT COMPANIES 2.7%** | **INVESTMENT COMPANIES 2.7%** | **INVESTMENT COMPANIES 2.7%** |
| BlackRock MuniHoldings Fund Inc | 58 | 654 |
| BlackRock MuniYield Quality Fund | 15 | 161 |
| BlackRock MuniYield Quality Fund III, Inc. | 13 | 135 |
| Eaton Vance Floating-Rate Income Trust | 5 | 51 |
| Franklin Universal Trust | 34 | 273 |
| Total Investment Companies (cost $1,311) | Total Investment Companies (cost $1,311) | 1274 |
| **OTHER EQUITY INTERESTS 2.2%** | **OTHER EQUITY INTERESTS 2.2%** | **OTHER EQUITY INTERESTS 2.2%** |
| Altaba Inc. (a) (i) (j) | 839 | 1053 |
| Pershing Square Tontine Holdings, Ltd. (a) (i) (j) | 16 |  |
| Total Other Equity Interests (cost $1,123) | Total Other Equity Interests (cost $1,123) | 1053 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.0%** | **SENIOR FLOATING RATE INSTRUMENTS 2.0%** | **SENIOR FLOATING RATE INSTRUMENTS 2.0%** |
| **Communication Services 2.0%** | **Communication Services 2.0%** | **Communication Services 2.0%** |
| Syniverse Holdings, Inc. |  |  |
| 2022 Term Loan, 10.67%, (3 Month Term SOFR + 7.00%), 05/06/27 (k) | 1061 | 979 |
| Total Senior Floating Rate Instruments (cost $1,050) | Total Senior Floating Rate Instruments (cost $1,050) | 979 |
| **RIGHTS 0.8%** | **RIGHTS 0.8%** | **RIGHTS 0.8%** |
| Akouos, Inc. (a) (i) | 11 | 5 |
| Axiom Intelligence Acquisition Corp 1 (a) | 3 |  |
| BEST SPAC I Acquisition Corp. (a) | 1 |  |
| Bristol-Myers Squibb Company (a) (i) | 92 | 92 |

---

595

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cal Redwood Acquisition Corp. (a) | 2 |  |
| Cayson Acquisition Corp. (a) | 3 |  |
| Emmis Acquisition Corp. (a) | 3 |  |
| ESH Acquisition Corp. (a) | 11 | 1 |
| GSR IV Acquisition Corp. (a) | 1 | 3 |
| Inhibrx, Inc. (a) (i) | 4 | 3 |
| Jena Acquisition Corporation II (a) | 7 | 1 |
| K&F Growth Acquisition Corp. II (a) | 4 |  |
| Lakeshore Acquisition III Corp. (a) | 7 | 1 |
| Mountain Lake Acquisition Corp. (a) | 6 | 1 |
| Oyster Enterprises II Acquisition Corp (a) | 4 | 1 |
| Pan American Silver Corp. (a) | 446 | 268 |
| Pershing Square SPARC Holdings, Ltd. (a) (i) | 4 | 1 |
| Sizzle Acquisition Corp. (a) | 4 | 1 |
| Soulpower Acquisition Corp. (a) | 5 | 1 |
| Thayer Ventures Acquisition Corporation II (a) | 5 | 1 |
| Treehouse Foods, Inc. (a) (i) | 11 | 19 |
| UY Scuti Acquisition Corp. (a) | 2 |  |
| Total Rights (cost $627) | Total Rights (cost $627) | 399 |
| **PREFERRED STOCKS 0.8%** | **PREFERRED STOCKS 0.8%** | **PREFERRED STOCKS 0.8%** |
| **Financials 0.8%** | **Financials 0.8%** | **Financials 0.8%** |
| Federal Home Loan Mortgage Corporation (a) (g) (l) | 21 | 238 |
| Federal National Mortgage Association, Inc. (a) (f) (g) | 12 | 112 |
| Federal National Mortgage Association, Inc., 8.25%, (25, 05/13/26) (a) (g) | 2 | 23 |
| Total Preferred Stocks (cost $477) | Total Preferred Stocks (cost $477) | 373 |
| **WARRANTS 0.1%** | **WARRANTS 0.1%** | **WARRANTS 0.1%** |
| AA Mission Acquisition Corp. II (a) | 4 | 1 |
| Alchemy Investments Acquisition Corp 1 (a) | 6 | 1 |
| Aldel Financial II Inc. (a) | 3 | 1 |
| Altenergy Acquisition Corp. (a) | 2 |  |
| Archimedes Tech Spac Partners II Co. (a) | 3 | 1 |
| Armada Acquisition Corp. II (a) | 1 | 1 |
| Berto Acquisition Corp. (a) | 1 |  |
| Blue Water Acquisition Corp. III (a) | 3 | 1 |
| Cartesian Growth Corp III (a) |  |  |
| Cartesian Growth Corporation II (a) | 2 |  |
| Copley Acquisition Corp. (a) | 1 |  |
| Corner Growth Acquisition Corp. (a) (i) | 4 |  |
| Dune Acquisition Corporation II (a) | 4 | 1 |
| Galata Acquisition Corp. II (a) | 1 |  |
| Gesher Acquisition Corp. II (a) | 2 |  |
| Goal Acquisitions Corp. (a) (i) | 119 |  |
| Gores Holdings X, Inc. (a) | 2 | 1 |
| Graf Global Corp. (a) | 2 |  |
| iLearningEngines, Inc. (a) (i) | 16 |  |
| Jaws Mustang Acquisition Corp. (a) | 8 |  |
| LeddarTech Holdings Inc. (a) | 37 |  |
| LightWave Acquisition Corp. (a) | 4 | 1 |
| Live Oak Acquisition Corp V (a) | 1 | 2 |
| New Providence Acquisition Corp. III (a) | 6 | 1 |
| Newbury Street Acquisition Corporation (a) | 4 | 1 |
| NewHold Investment Corp. III (a) | 2 | 1 |
| Oxley Bridge Acquisition Ltd. (a) | 2 |  |
| Perimeter Acquisition Corp. I (a) | 1 | 1 |
| Pioneer Acquisition I Corp (a) | 6 | 1 |
| Republic Digital Acquisition Company (a) | 1 |  |
| Roman DBDR Acquisition Corp. II (a) | 3 | 1 |
| Stellar V Capital Corp. (a) | 2 |  |
| Target Global Acquisition I Corp. (a) (i) | 4 |  |
| Tevogen Bio Holdings Inc. (a) | 3 |  |
| Titan Acquisition Corp. (a) | 4 | 1 |
| Voyager Acquisition Corp. (a) | 4 | 1 |
| Wen Acquisition Corp. (a) | 3 | 1 |
| Total Warrants (cost $125) | Total Warrants (cost $125) | 20 |
| **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, 3.53% (m) (n) | 3385 | 3385 |
| Total Short Term Investments (cost $3,385) | Total Short Term Investments (cost $3,385) | 3385 |
| **Total Investments 93.8% (cost $46,239)** | **Total Investments 93.8% (cost $46,239)** | **45108** |
| **Total Securities Sold Short (1.0)% (proceeds $446)** | **Total Securities Sold Short (1.0)% (proceeds $446)** | (466) |
| **Total Purchased Options 0.4% (cost $212)** | **Total Purchased Options 0.4% (cost $212)** | **187** |
| **Other Derivative Instruments (1.7)%** | **Other Derivative Instruments (1.7)%** | (805) |
| **Other Assets and Liabilities, Net 8.5%** | **Other Assets and Liabilities, Net 8.5%** | **4090** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **48114** |

---

(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) Shares subject to merger appraisal rights.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the value and the percentage of net assets of these securities was $4,854 and 10.1% of the Fund.

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

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

(k) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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) As of March 31, 2026, 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) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (1.0%)** | **SECURITIES SOLD SHORT (1.0%)** | **SECURITIES SOLD SHORT (1.0%)** |
| **COMMON STOCKS (1.0%)** | **COMMON STOCKS (1.0%)** | **COMMON STOCKS (1.0%)** |
| **Energy (0.6%)** | **Energy (0.6%)** | **Energy (0.6%)** |
| Devon Energy Corporation | (6) | (298) |
| **Industrials (0.4%)** | **Industrials (0.4%)** | **Industrials (0.4%)** |
| Cintas Corporation |  | (50) |
| Union Pacific Corporation |  | (108) |
|  |  | (158) |
| **Health Care (0.0%)** | **Health Care (0.0%)** | **Health Care (0.0%)** |
| Boston Scientific Corporation |  | (10) |
| Total Common Stocks (proceeds $446) | Total Common Stocks (proceeds $446) | (466) |
| **Total Securities Sold Short (1.0%) (proceeds $446)** | **Total Securities Sold Short (1.0%) (proceeds $446)** | (466) |

---

596

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 2227 | 17656 | 16498 | 21 |  |  | 3385 | 7.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 05/15/26 | 173 | 1211 | 74 |
| Aptiv PLC | Put | 65.00 | 05/15/26 | 28 | 182 | 6 |
| Barrick Mining Corporation | Put | 38.00 | 05/15/26 | 104 | 395 | 17 |
| Barrick Mining Corporation | Put | 36.00 | 05/15/26 | 105 | 378 | 11 |
| Barrick Mining Corporation | Put | 32.00 | 05/15/26 | 63 | 202 | 2 |
| Caesars Entertainment, Inc. | Put | 23.00 | 06/18/26 | 162 | 373 | 17 |
| Caesars Entertainment, Inc. | Put | 18.00 | 06/18/26 | 220 | 396 | 9 |
| FedEx Corporation | Put | 240.00 | 04/17/26 | 8 | 192 |  |
| FedEx Corporation | Put | 300.00 | 05/15/26 | 20 | 600 | 5 |
| Honeywell International Inc. | Put | 200.00 | 05/15/26 | 48 | 960 | 10 |
| Keurig Dr Pepper Inc. | Put | 24.00 | 04/17/26 | 440 | 1056 | 5 |
| Keurig Dr Pepper Inc. | Put | 23.00 | 06/18/26 | 88 | 202 | 3 |
| Kraft Heinz Company, The | Put | 20.00 | 04/17/26 | 74 | 148 |  |
| L3Harris Technologies, Inc. | Put | 300.00 | 04/17/26 | 7 | 210 | 1 |
| L3Harris Technologies, Inc. | Put | 310.00 | 05/15/26 | 7 | 217 | 4 |
| State Street SPDR S&P 500 ETF | Put | 615.00 | 05/15/26 | 27 | 1661 | 23 |
|  |  |  |  |  |  | 187 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Aptiv PLC | Call | 77.50 | 05/15/26 | 201 | 1558 | (28) |
| Barrick Mining Corporation | Call | 43.00 | 05/15/26 | 104 | 447 | (22) |
| Barrick Mining Corporation | Call | 40.00 | 05/15/26 | 105 | 420 | (36) |
| Barrick Mining Corporation | Call | 37.00 | 05/15/26 | 63 | 233 | (33) |
| Caesars Entertainment, Inc. | Call | 27.00 | 06/18/26 | 162 | 437 | (34) |
| Caesars Entertainment, Inc. | Call | 22.00 | 06/18/26 | 220 | 484 | (123) |
| DigitalBridge Group, Inc. | Call | 16.00 | 04/17/26 | 450 | 720 | (4) |
| DigitalBridge Group, Inc. | Call | 16.00 | 06/18/26 | 8 | 13 |  |
| Electronic Arts Inc. | Call | 210.00 | 06/18/26 | 2 | 42 |  |
| FedEx Corporation | Call | 280.00 | 04/17/26 | 8 | 224 | (62) |
| FedEx Corporation | Call | 330.00 | 05/15/26 | 20 | 660 | (71) |
| Honeywell International Inc. | Call | 230.00 | 05/15/26 | 48 | 1104 | (35) |
| Keurig Dr Pepper Inc. | Call | 27.00 | 04/17/26 | 440 | 1188 | (18) |
| Keurig Dr Pepper Inc. | Call | 26.00 | 06/18/26 | 88 | 229 | (15) |
| L3Harris Technologies, Inc. | Call | 330.00 | 04/17/26 | 7 | 231 | (14) |
| L3Harris Technologies, Inc. | Call | 340.00 | 05/15/26 | 7 | 238 | (14) |
| Masimo Corporation | Call | 180.00 | 09/18/26 | 6 | 108 |  |
| State Street SPDR S&P 500 ETF | Call | 675.00 | 05/15/26 | 18 | 1215 | (14) |
| State Street SPDR S&P 500 ETF | Put | 565.00 | 05/15/26 | 20 | 1130 | (6) |
| Warner Bros. Discovery, Inc. | Call | 29.00 | 04/17/26 | 295 | 856 |  |
| Warner Bros. Discovery, Inc. | Call | 30.00 | 04/17/26 | 50 | 150 |  |
| Warner Bros. Discovery, Inc. | Call | 28.00 | 04/17/26 | 24 | 67 |  |
| Warner Bros. Discovery, Inc. | Call | 25.00 | 04/17/26 | 70 | 175 | (16) |
| Warner Bros. Discovery, Inc. | Call | 27.00 | 04/17/26 | 18 | 49 | (1) |
|  |  |  |  |  |  | (546) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 04/22/26 | JPY | 63860 | 403 | 2 |
| USD/EUR | GSC | 09/15/26 | EUR | (246) | (286) | 1 |
| USD/EUR | JPM | 09/15/26 | EUR | (16) | (18) |  |
| USD/GBP | GSC | 04/15/26 | GBP | (557) | (737) | 9 |
| USD/GBP | GSC | 08/12/26 | GBP | (659) | (873) | 22 |
| USD/GBP | GSC | 11/18/26 | GBP | (584) | (771) | 20 |

---

597

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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/JPY | GSC | 04/22/26 | JPY | (63860) | (403) | 2 |
|  |  |  |  |  | (2685) | 56 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Beazley Ireland Holdings PLC (MT) | OBFR +0.85% (Q) | GSC | 01/26/27 †† | 824 |  | 26 |
| Chart Industries, Inc. (MT) | OBFR +0.61% (Q) | GSC | 08/11/26 †† | 1309 |  | 51 |
| Coinshares International Limited‡ (MT) | OBFR +0.85% (Q) | GSC | 10/06/26 †† | 199 |  | (105) |
| CyberArk Software Ltd. (MT) | OBFR +0.61% (M) | GSC | 02/13/27 †† | 303 |  |  |
| Electronic Arts Inc. (MT) | OBFR +0.61% (Q) | GSC | 01/30/27 †† | 450 |  | (1) |
| Honeywell International Inc. (MT) | OBFR +0.61% (Q) | GSC | 02/10/27 †† | 1140 |  | (57) |
| Just Group PLC (MT) | OBFR +0.85% (Q) | GSC | 08/01/26 †† | 716 |  | 19 |
| Keurig Dr Pepper Inc. (MT) | OBFR +0.61% (M) | GSC | 11/05/26 †† | 1180 |  | (15) |
| Kraft Heinz Company, The (MT) | OBFR +0.61% (Q) | GSC | 09/12/26 †† | 197 |  | (23) |
| L3Harris Technologies, Inc. (MT) | OBFR +0.61% (Q) | GSC | 01/21/27 †† | 481 |  | 3 |
| Schroders PLC (MT) | OBFR +1.00% (Q) | GSC | 02/17/27 †† | 756 |  | (7) |
| Sealed Air Corporation (MT) | OBFR +0.61% (Q) | GSC | 02/09/27 †† | 556 |  | 5 |
| Vivendi SE (MT) | OBFR +0.61% (Q) | GSC | 06/23/26 †† | 541 |  | (216) |
| Warner Bros. Discovery, Inc. (MT) | OBFR +0.61% (Q) | GSC | 01/22/27 †† | 3934 |  | (67) |
| Webster Financial Corporation (MT) | OBFR +0.61% (Q) | GSC | 02/12/27 †† | 141 |  | (5) |
| Cantaloupe, Inc. (MT) | OBFR +0.38% (Q) | JPM | 09/16/26 †† | 109 |  |  |
| Chart Industries, Inc. (MT) | OBFR +0.38% (Q) | JPM | 09/17/26 †† | 530 |  | 19 |
| Electronic Arts Inc. (MT) | OBFR +0.38% (Q) | JPM | 11/11/26 †† | 2053 |  | 21 |
| ProAssurance Corporation (MT) | OBFR +0.38% (Q) | JPM | 10/30/26 †† | 698 |  | 20 |
| Vivendi SE (MT) | OBFR +0.55% (Q) | JPM | 12/30/26 †† | 13 |  | (2) |
| Webster Financial Corporation (MT) | OBFR +0.38% (Q) | JPM | 02/24/27 †† | 236 |  | (11) |
|  |  |  |  |  |  | (345) |
| **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** |
| ABIOMED, Inc.‡ (MT) | OBFR +0.00% (M) | BOA | 01/03/27 †† |  |  | 2 |
| Bristol-Myers Squibb Company‡ (MT) | 1M LIBOR +0.00% (Q) | BOA | 12/27/26 †† |  |  | 38 |
| Banco Santander, S.A. (MT) | OBFR -0.45% (Q) | GSC | 02/12/27 †† | (748) |  | 36 |
| Boston Scientific Corporation (MT) | OBFR -0.35% (Q) | GSC | 03/12/27 †† | (102) |  | 11 |
| Cintas Corporation (MT) | OBFR -0.35% (Q) | GSC | 03/12/27 †† | (775) |  | 106 |
| Former Charter Communications Parent, Inc. (MT) | OBFR -0.35% (Q) | GSC | 01/29/27 †† | (229) |  | 28 |
| Kimberly-Clark Corporation (MT) | OBFR -0.35% (Q) | GSC | 03/26/27 †† | (84) |  | 6 |
| Skyworks Solutions, Inc. (MT) | OBFR -0.35% (Q) | GSC | 02/18/27 †† | (245) |  | 26 |
| Transocean Ltd. (MT) | OBFR -0.35% (M) | GSC | 03/12/27 †† | (168) |  | (15) |
| Union Pacific Corporation (MT) | OBFR -0.35% (Q) | GSC | 12/01/26 †† | (1177) |  | (95) |
| Universal Music Group N.V. (MT) | OBFR -0.27% (Q) | GSC | 08/01/26 †† | (288) |  | 86 |
| VICI Properties Inc. (MT) | OBFR -0.35% (Q) | GSC | 02/03/27 †† | (4) |  |  |
| Banco Santander, S.A. (MT) | OBFR -0.77% (Q) | JPM | 02/24/27 †† | (183) |  | 16 |
| Devon Energy Corporation (MT) | OBFR -0.35% (Q) | JPM | 03/11/27 †† | (548) |  | (61) |
| Devon Energy Corporation (MT) | OBFR -0.25% (Q) | JPM | 03/11/27 †† | (95) |  | (11) |
| Pan American Silver Corp. (MT) | OBFR -0.25% (Q) | JPM | 10/29/26 †† | (229) |  | (131) |
| Skyworks Solutions, Inc. (MT) | OBFR -0.25% (Q) | JPM | 02/26/27 †† | (56) |  | 6 |
| Union Pacific Corporation (MT) | OBFR -0.25% (Q) | JPM | 08/25/26 †† | (858) |  | (18) |
|  |  |  |  |  |  | 30 |

---

‡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 March 31, 2026.

598

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 28625 | 3097 |  | 31722 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 5903 |  | 5903 |
| &nbsp;&nbsp;Investment Companies | 1274 |  |  | 1274 |
| &nbsp;&nbsp;Other Equity Interests |  |  | 1053 | 1053 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 979 |  | 979 |
| &nbsp;&nbsp;Rights | 279 |  | 120 | 399 |
| &nbsp;&nbsp;Preferred Stocks | 373 |  |  | 373 |
| &nbsp;&nbsp;Warrants | 20 |  |  | 20 |
| &nbsp;&nbsp;Short Term Investments | 3385 |  |  | 3385 |
|  | 33956 | 9979 | 1173 | 45108 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Common Stocks | (466) |  |  | (466) |
|  | (466) |  |  | (466) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 187 |  |  | 187 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 56 |  | 56 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 485 | 40 | 525 |
|  | 187 | 541 | 40 | 768 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Written Options | (542) |  | (4) | (546) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (735) | (105) | (840) |
|  | (542) | (735) | (109) | (1386) |

---

<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.

599

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 100.1%** | **COMMON STOCKS 100.1%** | **COMMON STOCKS 100.1%** |
| **Japan 13.5%** | **Japan 13.5%** | **Japan 13.5%** |
| ASICS Corporation | 544 | 14558 |
| Chugai Pharmaceutical Co., Ltd. | 80 | 4437 |
| Fujikura Ltd. | 1040 | 28671 |
| Hitachi, Ltd. | 696 | 20425 |
| IHI Corporation | 1151 | 23697 |
| Sumitomo Electric Industries, Ltd. | 213 | 11794 |
| Sumitomo Mitsui Financial Group, Inc. | 760 | 24579 |
|  |  | 128161 |
| **United Kingdom 12.3%** | **United Kingdom 12.3%** | **United Kingdom 12.3%** |
| 3i Group PLC | 185 | 6054 |
| AstraZeneca PLC | 138 | 26798 |
| BAE Systems PLC | 661 | 19397 |
| Barclays PLC | 2815 | 14760 |
| Diploma PLC | 95 | 7602 |
| Halma Public Limited Company | 314 | 15920 |
| London Stock Exchange Group PLC | 93 | 10988 |
| SSE PLC | 455 | 15721 |
|  |  | 117240 |
| **Taiwan 10.2%** | **Taiwan 10.2%** | **Taiwan 10.2%** |
| Accton Technology Corporation | 454 | 22355 |
| Hon Hai Precision Industry Co., Ltd. | 4160 | 25377 |
| Taiwan Semiconductor Manufacturing Company Limited | 853 | 48887 |
|  |  | 96619 |
| **South Korea 9.4%** | **South Korea 9.4%** | **South Korea 9.4%** |
| Samsung Electronics Co., Ltd. | 388 | 45541 |
| SK Hynix Inc. | 78 | 44333 |
|  |  | 89874 |
| **Switzerland 7.2%** | **Switzerland 7.2%** | **Switzerland 7.2%** |
| ABB Ltd. - Class N | 218 | 17660 |
| Galderma Group AG | 84 | 16296 |
| Lonza Group AG | 18 | 11316 |
| Sandoz Group AG | 299 | 23309 |
|  |  | 68581 |
| **Italy 6.9%** | **Italy 6.9%** | **Italy 6.9%** |
| ENEL - SPA | 1960 | 21309 |
| Ferrari N.V. | 23 | 7873 |
| Prysmian S.p.A. | 194 | 22718 |
| Unicredit, Societa' Per Azioni | 187 | 13401 |
|  |  | 65301 |
| **France 5.5%** | **France 5.5%** | **France 5.5%** |
| BNP Paribas | 123 | 11802 |
| EssilorLuxottica | 56 | 12978 |
| Safran | 53 | 17413 |
| VINCI | 69 | 10433 |
|  |  | 52626 |
| **Spain 4.5%** | **Spain 4.5%** | **Spain 4.5%** |
| Banco Bilbao Vizcaya Argentaria Sociedad Anonima (a) | 879 | 19000 |
| Iberdrola, Sociedad Anonima | 1050 | 23969 |
|  |  | 42969 |
| **India 4.2%** | **India 4.2%** | **India 4.2%** |
| Bharat Electronics Limited | 3207 | 13861 |
| Bharti Airtel Limited | 933 | 17878 |
| ICICI Bank Limited | 617 | 8003 |
|  |  | 39742 |
| **Hong Kong 3.7%** | **Hong Kong 3.7%** | **Hong Kong 3.7%** |
| AIA Group Limited | 1879 | 20695 |
| Hong Kong Exchanges and Clearing Limited | 287 | 14450 |
|  |  | 35145 |
| **Belgium 3.5%** | **Belgium 3.5%** | **Belgium 3.5%** |
| Argenx SE - ADR (b) | 21 | 15673 |
| U C B | 57 | 17308 |
|  |  | 32981 |
| **Canada 3.2%** | **Canada 3.2%** | **Canada 3.2%** |
| Dollarama Inc. | 116 | 14202 |
| Lundin Gold Inc. (c) | 218 | 16637 |
|  |  | 30839 |
| **Netherlands 2.7%** | **Netherlands 2.7%** | **Netherlands 2.7%** |
| ASML Holding N.V. | 20 | 26016 |
| **China 2.6%** | **China 2.6%** | **China 2.6%** |
| Tencent Holdings Limited | 395 | 24850 |
| **Singapore 2.0%** | **Singapore 2.0%** | **Singapore 2.0%** |
| Singapore Telecommunications Limited | 5009 | 19336 |
| **Chile 1.6%** | **Chile 1.6%** | **Chile 1.6%** |
| Antofagasta PLC | 334 | 14927 |
| **Brazil 1.4%** | **Brazil 1.4%** | **Brazil 1.4%** |
| NU Holdings Ltd. - Class A (b) | 949 | 13639 |
| **Peru 1.3%** | **Peru 1.3%** | **Peru 1.3%** |
| Credicorp Ltd. | 36 | 12098 |
| **Germany 1.3%** | **Germany 1.3%** | **Germany 1.3%** |
| Rheinmetall Aktiengesellschaft | 7 | 12091 |
| **Austria 1.2%** | **Austria 1.2%** | **Austria 1.2%** |
| Erste Group Bank AG | 107 | 11619 |
| **Argentina 1.2%** | **Argentina 1.2%** | **Argentina 1.2%** |
| MercadoLibre, Inc. (b) | 7 | 11529 |
| **Sweden 0.7%** | **Sweden 0.7%** | **Sweden 0.7%** |
| Spotify Technology S.A. (b) | 14 | 6635 |
| Total Common Stocks (cost $780,790) | Total Common Stocks (cost $780,790) | 952818 |
| **SHORT TERM INVESTMENTS 0.0%** | **SHORT TERM INVESTMENTS 0.0%** | **SHORT TERM INVESTMENTS 0.0%** |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Class I, 3.53% (d) (e) | 400 | 400 |
| Total Short Term Investments (cost $400) | Total Short Term Investments (cost $400) | 400 |
| **Total Investments 100.1% (cost $781,190)** | **Total Investments 100.1% (cost $781,190)** | **953218** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (820) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **952398** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I |  | 60246 | 59846 | 3 |  |  | 400 |  |
| JNL Government Money Market Fund, 3.63% - Class SL |  | 25265 | 25265 | 33 |  |  |  |  |
|  |  | 85511 | 85111 | 36 |  |  | 400 |  |

---

600

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 (%)** |
| Lundin Gold Inc. | 12/11/25 | 18207 | 16637 | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 98286 | 854532 |  | 952818 |
| &nbsp;&nbsp;Short Term Investments | 400 |  |  | 400 |
|  | 98686 | 854532 |  | 953218 |

---

601

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |
| **COMMON STOCKS 65.1%** | **COMMON STOCKS 65.1%** | **COMMON STOCKS 65.1%** |
| **Information Technology 20.6%** | **Information Technology 20.6%** | **Information Technology 20.6%** |
| Advanced Micro Devices, Inc. (a) | 209 | 42460 |
| Amphenol Corporation - Class A | 359 | 45341 |
| Apple Inc. | 1281 | 325209 |
| Broadcom Inc. | 634 | 196123 |
| Cadence Design Systems, Inc. (a) | 186 | 51638 |
| Corning Incorporated | 321 | 43640 |
| Jabil Inc. | 169 | 44910 |
| Micron Technology, Inc. | 100 | 33886 |
| Microsoft Corporation | 969 | 358601 |
| NVIDIA Corporation | 2788 | 486177 |
| Palantir Technologies Inc. - Class A (a) | 219 | 32102 |
| Snowflake Inc. - Class A (a) | 198 | 29888 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 166 | 55956 |
| Texas Instruments Incorporated | 302 | 58534 |
| Via Transportation, Inc. - Class A (a) | 135 | 2029 |
|  |  | 1806494 |
| **Communication Services 8.0%** | **Communication Services 8.0%** | **Communication Services 8.0%** |
| Alphabet Inc. - Class A | 1264 | 363522 |
| Meta Platforms, Inc. - Class A | 258 | 147638 |
| Netflix, Inc. (a) | 573 | 55072 |
| T-Mobile US, Inc. | 387 | 81385 |
| Walt Disney Company, The | 576 | 55503 |
|  |  | 703120 |
| **Financials 7.2%** | **Financials 7.2%** | **Financials 7.2%** |
| American International Group, Inc. | 471 | 35408 |
| Arthur J. Gallagher & Co. | 95 | 20511 |
| Bank of New York Mellon Corporation, The | 73 | 8624 |
| BlackRock, Inc. | 96 | 92654 |
| Fifth Third Bancorp | 570 | 26474 |
| Goldman Sachs Group, Inc., The | 33 | 27775 |
| JPMorgan Chase & Co. | 54 | 15743 |
| MasterCard Incorporated - Class A | 197 | 98351 |
| Morgan Stanley | 62 | 10251 |
| Nasdaq, Inc. | 1053 | 89393 |
| UBS Group AG | 1533 | 59735 |
| Wells Fargo & Company | 1813 | 144310 |
|  |  | 629229 |
| **Consumer Discretionary 7.0%** | **Consumer Discretionary 7.0%** | **Consumer Discretionary 7.0%** |
| Amazon.com, Inc. (a) | 1296 | 269935 |
| Darden Restaurants, Inc. | 266 | 52202 |
| Home Depot, Inc., The | 214 | 70343 |
| Marriott International, Inc. - Class A | 175 | 57222 |
| O'Reilly Automotive, Inc. (a) | 249 | 23022 |
| Ross Stores, Inc. | 133 | 28715 |
| Tesla Inc. (a) | 207 | 76953 |
| TJX Companies, Inc., The | 231 | 36960 |
|  |  | 615352 |
| **Health Care 6.4%** | **Health Care 6.4%** | **Health Care 6.4%** |
| Abbott Laboratories | 541 | 55553 |
| Eli Lilly and Company | 108 | 98981 |
| GSK PLC - ADR | 763 | 42110 |
| Haleon PLC | 7493 | 37109 |
| HCA Healthcare, Inc. | 104 | 49375 |
| Merck & Co., Inc. | 891 | 107120 |
| Regeneron Pharmaceuticals, Inc. | 66 | 51082 |
| Roche Holding AG | 97 | 38144 |
| Stryker Corporation | 106 | 34744 |
| Thermo Fisher Scientific Inc. | 43 | 21039 |
| UnitedHealth Group Incorporated | 87 | 23535 |
|  |  | 558792 |
| **Industrials 5.5%** | **Industrials 5.5%** | **Industrials 5.5%** |
| Eaton Corporation Public Limited Company | 174 | 62109 |
| GE Vernova Inc. | 18 | 15879 |
| Honeywell International Inc. | 274 | 61986 |
| Hubbell Incorporated | 75 | 36605 |
| Johnson Controls International Public Limited Company | 244 | 31995 |
| Northrop Grumman Corporation | 109 | 74385 |
| PACCAR Inc | 330 | 38125 |
| Parker-Hannifin Corporation | 47 | 42431 |
| Republic Services, Inc. | 261 | 57221 |
| W.W. Grainger, Inc. | 60 | 65120 |
|  |  | 485856 |
| **Consumer Staples 2.9%** | **Consumer Staples 2.9%** | **Consumer Staples 2.9%** |
| British American Tobacco P.L.C. | 1156 | 66972 |
| Coca-Cola Company, The | 592 | 45005 |
| Kroger Co., The | 602 | 43555 |
| Philip Morris International Inc. | 179 | 29673 |
| Unilever PLC | 617 | 34468 |
| US Foods Holding Corp. (a) | 329 | 30333 |
|  |  | 250006 |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| Coterra Energy Inc. | 1728 | 60722 |
| Devon Energy Corporation | 572 | 28804 |
| Exxon Mobil Corporation | 382 | 64754 |
| Marathon Petroleum Corporation | 66 | 16018 |
| Targa Resources Corp. | 318 | 79681 |
|  |  | 249979 |
| **Real Estate 1.7%** | **Real Estate 1.7%** | **Real Estate 1.7%** |
| Simon Property Group, Inc. | 429 | 79952 |
| Welltower Inc. | 330 | 65184 |
|  |  | 145136 |
| **Utilities 1.6%** | **Utilities 1.6%** | **Utilities 1.6%** |
| Dominion Energy, Inc. | 944 | 58379 |
| Sempra | 815 | 79226 |
|  |  | 137605 |
| **Materials 1.4%** | **Materials 1.4%** | **Materials 1.4%** |
| Anglo American PLC | 915 | 38995 |
| Freeport-McMoRan Inc. | 473 | 27808 |
| Linde Public Limited Company | 82 | 40759 |
| Westlake Corporation | 109 | 12676 |
|  |  | 120238 |
| Total Common Stocks (cost $4,672,603) | Total Common Stocks (cost $4,672,603) | 5701807 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 26.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 26.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 26.0%** |
| **U.S. Treasury Note 12.4%** | **U.S. Treasury Note 12.4%** | **U.S. Treasury Note 12.4%** |
| Treasury, United States Department of |  |  |
| 3.75%, 04/30/27 - 11/30/32 | 122659 | 122137 |
| 2.63%, 05/31/27 | 2390 | 2358 |
| 3.88%, 05/31/27 - 12/31/32 | 96030 | 95801 |
| 3.63%, 08/31/27 - 09/30/31 | 141261 | 139945 |
| 3.50%, 10/31/27 - 11/30/30 | 161905 | 160454 |
| 3.38%, 11/30/27 - 02/29/28 | 81952 | 81324 |
| 4.25%, 01/15/28 - 08/15/35 | 97174 | 97741 |
| 4.00%, 02/29/28 - 11/15/35 | 101779 | 101418 |
| 3.88%, 03/31/28 (b) | 31632 | 31682 |
| 1.25%, 06/30/28 | 1670 | 1578 |
| 2.88%, 08/15/28 | 625 | 612 |
| 4.38%, 08/31/28 - 12/31/29 | 7190 | 7282 |
| 4.13%, 03/31/29 - 02/15/36 | 116758 | 116439 |
| 4.50%, 05/31/29 | 12926 | 13178 |
| 3.50%, 02/28/31 (b) | 64328 | 63075 |
| 4.63%, 04/30/31 - 02/15/35 | 23986 | 24618 |
| 4.00%, 01/31/33 (c) | 29110 | 28896 |
|  |  | 1088538 |
| **Mortgage-Backed Securities 7.9%** | **Mortgage-Backed Securities 7.9%** | **Mortgage-Backed Securities 7.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 09/01/26 - 07/01/49 | 1134 | 1095 |
| 7.00%, 11/01/30 - 06/01/31 | 5 | 5 |
| 2.50%, 12/01/31 - 04/01/52 | 48113 | 41540 |
| 4.50%, 01/01/38 - 08/01/52 | 4838 | 4766 |
| 6.00%, 12/01/39 | 198 | 208 |
| 5.50%, 06/01/40 - 09/01/53 | 42889 | 43460 |
| 2.00%, 11/01/41 - 04/01/52 | 60047 | 49251 |
| 3.00%, 11/01/46 - 12/01/46 | 8767 | 7923 |
| 5.00%, 08/01/52 - 11/01/53 | 21776 | 21632 |
| 6.50%, 11/01/53 | 9905 | 10244 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 09/01/26 - 10/01/52 | 13450 | 12775 |
| 4.50%, 01/01/27 - 11/01/52 | 16179 | 16030 |
| 3.00%, 05/01/27 - 10/01/51 | 28633 | 25747 |

---

602

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.50%, 09/01/29 | 1 | 1 |
| 4.60%, 04/01/30 | 15263 | 15460 |
| 2.50%, 05/01/30 - 03/01/52 | 44570 | 38325 |
| 4.47%, 05/01/30 | 12759 | 12871 |
| 4.22%, 08/01/30 - 09/01/30 | 26226 | 26209 |
| 4.34%, 08/01/30 | 12538 | 12590 |
| 4.24%, 09/01/30 | 14759 | 14753 |
| 4.20%, 10/01/30 | 14655 | 14630 |
| 4.83%, 10/01/30 | 14900 | 15235 |
| 7.00%, 10/01/33 | 7 | 8 |
| 5.50%, 03/01/38 - 08/01/53 | 22139 | 22568 |
| 6.50%, 10/01/38 - 10/01/39 | 33 | 35 |
| 5.00%, 07/01/40 - 04/01/55 | 9280 | 9209 |
| 2.00%, 04/01/41 - 09/01/51 | 53642 | 44677 |
| TBA, 4.00%, 04/15/41 (d) | 20177 | 19682 |
| 1.50%, 11/01/41 | 6377 | 5378 |
| 3.50%, 08/01/43 - 05/01/52 | 12446 | 11554 |
| 6.00%, 09/01/53 - 07/01/54 | 25450 | 26096 |
| TBA, 5.50%, 04/15/56 - 05/15/56 (d) | 15785 | 15840 |
| Government National Mortgage Association |  |  |
| 6.00%, 01/15/33 - 04/15/40 | 1077 | 1119 |
| 7.00%, 01/15/33 - 05/15/33 | 2 | 2 |
| 5.50%, 05/20/33 | 5 | 5 |
| 5.00%, 06/20/33 - 06/15/39 | 619 | 629 |
| 4.50%, 06/15/40 - 05/15/42 | 169 | 168 |
| 4.00%, 01/15/41 - 12/20/44 | 284 | 275 |
| 2.00%, 12/20/50 - 02/20/51 | 30548 | 25187 |
| TBA, 3.00%, 04/15/56 (d) | 7982 | 7118 |
| TBA, 5.50%, 04/15/56 (d) | 10704 | 10763 |
| Government National Mortgage Association II |  |  |
| 2.50%, 03/20/51 - 12/20/52 | 55457 | 47649 |
| 3.00%, 07/20/51 - 03/20/52 | 13451 | 12020 |
| 3.50%, 01/20/52 - 03/20/52 | 26306 | 24298 |
| 4.00%, 04/20/52 - 08/20/52 | 20098 | 18983 |
| 4.50%, 06/20/52 | 5724 | 5569 |
| | | 693582 |
| **U.S. Treasury Bond 4.5%** | **U.S. Treasury Bond 4.5%** | **U.S. Treasury Bond 4.5%** |
| Treasury, United States Department of |  |  |
| 1.75%, 08/15/41 | 2495 | 1669 |
| 3.25%, 05/15/42 | 1826 | 1507 |
| 3.38%, 08/15/42 | 18040 | 15073 |
| 4.00%, 11/15/42 - 11/15/52 | 29387 | 25823 |
| 3.88%, 02/15/43 - 05/15/43 | 23408 | 20781 |
| 4.38%, 08/15/43 | 12287 | 11599 |
| 4.75%, 11/15/43 - 02/15/56 | 86612 | 84725 |
| 4.50%, 02/15/44 - 11/15/54 | 15200 | 14297 |
| 4.63%, 05/15/44 - 11/15/55 | 87207 | 83812 |
| 2.50%, 02/15/45 - 05/15/46 | 48291 | 33307 |
| 5.00%, 05/15/45 | 8347 | 8456 |
| 2.88%, 08/15/45 - 05/15/52 | 29354 | 20894 |
| 4.88%, 08/15/45 | 6080 | 6061 |
| 4.63%, 02/15/46 (b) | 6901 | 6653 |
| 3.00%, 05/15/47 | 5470 | 4064 |
| 2.75%, 08/15/47 - 11/15/47 | 21494 | 15167 |
| 2.38%, 05/15/51 | 9921 | 6206 |
| 3.63%, 02/15/53 - 05/15/53 | 28786 | 23092 |
| 4.13%, 08/15/53 | 7940 | 6966 |
| 4.25%, 02/15/54 | 6464 | 5791 |
|  |  | 395943 |
| **Municipal 0.5%** | **Municipal 0.5%** | **Municipal 0.5%** |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 593 | 662 |
| City of Philadelphia |  |  |
| 6.55%, 10/15/28 | 5225 | 5516 |
| Dallas-Fort Worth International Airport Facility Improvement Corporation |  |  |
| 4.09%, 11/01/51 | 300 | 242 |
| Golden State Tobacco Securitization Corporation |  |  |
| 3.00%, 06/01/46 | 590 | 540 |
| Grand Parkway Transportation Corporation |  |  |
| 5.18%, 10/01/42 | 220 | 222 |
| Illinois Municipal Electric Agency |  |  |
| 6.83%, 02/01/35 | 1070 | 1127 |
| Metropolitan Transportation Authority |  |  |
| 6.81%, 11/15/40 | 1835 | 2002 |
| 5.18%, 11/15/49 | 100 | 93 |
| Municipal Electric Authority of Georgia |  |  |
| 6.64%, 04/01/57 | 4777 | 5121 |
| Oregon School Boards Association |  |  |
| 4.76%, 06/30/28 | 173 | 174 |
| State of Illinois |  |  |
| 5.10%, 06/01/33 | 23930 | 24375 |
| Texas Natural Gas Securitization Finance Corporation |  |  |
| 5.17%, 04/01/41 | 1250 | 1266 |
|  |  | 41340 |
| **Collateralized Mortgage Obligations 0.3%** | **Collateralized Mortgage Obligations 0.3%** | **Collateralized Mortgage Obligations 0.3%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2021-1M2-R01, REMIC, 5.21%, (SOFR 30-Day Average + 1.55%), 10/25/41 (e) | 625 | 627 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2019-MA-3, REMIC, 3.50%, 07/25/26 | 1174 | 1131 |
| Series JM-4165, REMIC, 3.50%, 09/15/41 | 251 | 248 |
| Series AH-4143, REMIC, 1.75%, 09/15/42 | 2126 | 2020 |
| Series DJ-4322, REMIC, 3.00%, 05/15/43 | 187 | 185 |
| Series 2021-MTU-1, REMIC, 2.50%, 09/25/60 | 9610 | 7968 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2016-2M2-C03, 9.68%, (SOFR 30-Day Average + 6.01%), 10/25/28 (e) | 121 | 122 |
| Series 2015-HP-28, REMIC, 3.50%, 06/25/44 | 433 | 427 |
| Series 2020-HC-27, REMIC, 1.50%, 10/25/49 | 3414 | 2711 |
| 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 | 8958 | 8023 |
|  |  | 23463 |
| **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 | 4351 |
| Series A2-K142, REMIC, 2.40%, 03/25/32 | 8300 | 7453 |
| Series A2-K157, REMIC, 3.99%, 05/25/33 (e) | 4775 | 4721 |
|  |  | 16525 |
| **Sovereign 0.2%** | **Sovereign 0.2%** | **Sovereign 0.2%** |
| Government of Saudi Arabia |  |  |
| 5.38%, 01/13/31 (f) | 3725 | 3798 |
| Israel, State of |  |  |
| 5.38%, 03/12/29 | 8850 | 8965 |
|  |  | 12763 |
| Total Government And Agency Obligations (cost $2,335,061) | Total Government And Agency Obligations (cost $2,335,061) | 2272154 |
| **CORPORATE BONDS AND NOTES 6.7%** | **CORPORATE BONDS AND NOTES 6.7%** | **CORPORATE BONDS AND NOTES 6.7%** |
| **Financials 1.9%** | **Financials 1.9%** | **Financials 1.9%** |
| Athene Global Funding |  |  |
| 5.38%, 01/07/30 (f) | 15711 | 15751 |
| Citizens Financial Group, Inc. |  |  |
| 6.65%, 04/25/35 | 12600 | 13500 |
| Commonwealth Bank of Australia |  |  |
| 5.07%, 09/14/28 (f) | 13220 | 13541 |
| Equitable Financial Life Global Funding |  |  |
| 3.95%, 09/15/27 (f) | 2225 | 2206 |
| Fortitude Global Funding |  |  |
| 4.63%, 10/06/28 (f) | 5565 | 5508 |
| Goldman Sachs Group, Inc., The |  |  |
| 4.15%, 01/21/29 | 11046 | 10978 |
| 4.52%, 01/21/32 | 3585 | 3535 |
| HSBC Holdings PLC |  |  |
| 4.68%, 03/10/32 | 6300 | 6220 |
| JPMorgan Chase & Co. |  |  |
| 5.14%, 01/24/31 | 5180 | 5285 |
| 5.10%, 04/22/31 | 7381 | 7530 |
| 4.91%, 07/25/33 | 13380 | 13425 |
| 5.57%, 04/22/36 | 20317 | 20900 |
| Liberty Mutual Group Inc. |  |  |
| 4.57%, 02/01/29 (f) | 4478 | 4455 |
| Liberty Mutual Insurance Company |  |  |
| 7.88%, 10/15/26 (f) | 475 | 483 |
| NLG Global Funding |  |  |
| 4.35%, 09/15/30 (f) | 5395 | 5303 |

---

603

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Protective Life Global Funding |  |  |
| 4.80%, 06/05/30 (f) | 2785 | 2791 |
| 5.43%, 01/14/32 (f) | 7640 | 7835 |
| RGA Global Funding |  |  |
| 4.35%, 08/25/28 (f) | 9075 | 9030 |
| Sammons Financial Group, Inc. |  |  |
| 4.95%, 06/12/30 (f) | 18890 | 18934 |
| | | 167210 |
| **Utilities 1.1%** | **Utilities 1.1%** | **Utilities 1.1%** |
| AEP Texas Inc. |  |  |
| 5.20%, 04/15/36 | 1650 | 1625 |
| CenterPoint Energy Houston Electric, LLC |  |  |
| 4.85%, 04/01/36 | 7678 | 7559 |
| Duke Energy Corporation |  |  |
| 4.95%, 09/15/35 | 1890 | 1845 |
| Duke Energy Florida, LLC |  |  |
| 4.20%, 12/01/30 | 1880 | 1862 |
| 4.85%, 12/01/35 | 2380 | 2337 |
| Duke Energy Indiana, LLC |  |  |
| 4.95%, 03/15/36 | 510 | 503 |
| Georgia Power Company |  |  |
| 4.75%, 09/01/40 | 1085 | 1019 |
| Metropolitan Edison Company |  |  |
| 5.20%, 04/01/28 (f) | 390 | 396 |
| Ohio Edison Company |  |  |
| 4.95%, 12/15/29 (f) | 885 | 895 |
| PG&E Company |  |  |
| 5.20%, 05/01/36 | 350 | 341 |
| 4.75%, 02/15/44 | 2565 | 2141 |
| 4.95%, 07/01/50 | 18910 | 15709 |
| 6.00%, 05/01/56 | 410 | 391 |
| Public Service Company of Colorado |  |  |
| 4.15%, 03/13/29 | 4990 | 4976 |
| Public Service Company of Oklahoma |  |  |
| 5.45%, 01/15/36 | 7605 | 7655 |
| Sempra |  |  |
| 4.13%, 04/01/52 | 6298 | 6124 |
| Southern California Edison Company |  |  |
| 4.80%, 03/15/33 | 5710 | 5616 |
| 4.65%, 10/01/43 | 5325 | 4457 |
| 4.00%, 04/01/47 | 6103 | 4539 |
| 6.20%, 09/15/55 | 320 | 318 |
| Southern Company Gas Capital Corporation |  |  |
| 5.10%, 09/15/35 | 2505 | 2481 |
| Southwestern Electric Power Company |  |  |
| 5.20%, 04/01/36 | 2460 | 2426 |
| Texas Electric Market Stabilization Funding N LLC |  |  |
| 4.27%, 08/01/34 (f) | 6069 | 5995 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (f) | 9400 | 9214 |
| Virginia Electric and Power Company |  |  |
| 4.90%, 09/15/35 | 7762 | 7594 |
|  |  | 98018 |
| **Consumer Staples 0.8%** | **Consumer Staples 0.8%** | **Consumer Staples 0.8%** |
| B.A.T Capital Corporation |  |  |
| 5.35%, 08/15/32 | 1705 | 1752 |
| 5.63%, 08/15/35 (b) | 12876 | 13251 |
| 7.08%, 08/02/43 | 790 | 870 |
| JBS USA Food Company |  |  |
| 3.00%, 05/15/32 | 1885 | 1678 |
| 5.75%, 04/01/33 | 7394 | 7630 |
| 5.63%, 03/10/37 (f) | 7180 | 7184 |
| 6.40%, 05/10/57 (f) | 3589 | 3554 |
| JBS USA Holding Lux S.a r.l. |  |  |
| 5.95%, 04/20/35 | 989 | 1026 |
| 6.25%, 03/01/56 | 2960 | 2889 |
| 6.38%, 04/15/66 | 2525 | 2476 |
| JBS USA Lux S.A. |  |  |
| 6.75%, 03/15/34 | 13790 | 15154 |
| Philip Morris International Inc. |  |  |
| 4.25%, 10/29/32 | 4820 | 4684 |
| 5.25%, 02/13/34 | 11070 | 11283 |
| Reynolds American Inc. |  |  |
| 5.85%, 08/15/45 | 435 | 421 |
|  |  | 73852 |
| **Information Technology 0.8%** | **Information Technology 0.8%** | **Information Technology 0.8%** |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/30 - 01/25/33 (f) | 9618 | 9930 |
| 6.25%, 01/25/35 (f) | 1701 | 1783 |
| 6.20%, 01/25/37 (f) | 9959 | 10327 |
| 6.40%, 01/25/38 (f) | 700 | 734 |
| 6.30%, 01/25/39 (f) | 4265 | 4445 |
| Intel Corporation |  |  |
| 4.60%, 03/25/40 | 7403 | 6529 |
| Oracle Corporation |  |  |
| 4.55%, 02/04/29 | 2930 | 2892 |
| 5.88%, 09/26/45 | 903 | 781 |
| 6.55%, 02/04/46 | 2215 | 2064 |
| 4.00%, 07/15/46 - 11/15/47 | 650 | 434 |
| 3.60%, 04/01/50 | 8100 | 4905 |
| 3.95%, 03/25/51 | 1575 | 1002 |
| 5.55%, 02/06/53 | 994 | 794 |
| 5.38%, 09/27/54 | 865 | 669 |
| 6.00%, 08/03/55 | 845 | 710 |
| 6.85%, 02/04/66 | 2780 | 2557 |
| Salesforce, Inc. |  |  |
| 4.65%, 03/15/29 | 7775 | 7787 |
| 4.90%, 09/15/31 | 7775 | 7771 |
|  |  | 66114 |
| **Energy 0.7%** | **Energy 0.7%** | **Energy 0.7%** |
| Columbia Pipelines Holding Company LLC |  |  |
| 6.04%, 08/15/28 (f) | 7084 | 7314 |
| 5.10%, 10/01/31 (f) | 3375 | 3394 |
| 5.00%, 11/17/32 (f) | 1905 | 1895 |
| Columbia Pipelines Operating Company LLC |  |  |
| 5.93%, 08/15/30 (f) | 1975 | 2070 |
| 6.50%, 08/15/43 (f) | 1694 | 1772 |
| Diamondback Energy, Inc. |  |  |
| 3.50%, 12/01/29 | 3169 | 3057 |
| 5.75%, 04/18/54 | 8375 | 7924 |
| Gray Oak Pipeline, LLC |  |  |
| 3.45%, 10/15/27 (f) | 465 | 456 |
| GreenSaif Pipelines Bidco S.a r.l. |  |  |
| 5.85%, 02/23/36 (f) | 5145 | 5164 |
| 6.10%, 08/23/42 (f) | 8390 | 8341 |
| Saudi Arabian Oil Company |  |  |
| 6.38%, 06/02/55 (f) | 5910 | 5878 |
| Whistler Pipeline LLC |  |  |
| 5.40%, 09/30/29 (f) | 7826 | 8019 |
| 5.70%, 09/30/31 (f) | 5415 | 5566 |
|  |  | 60850 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| Extra Space Storage LP |  |  |
| 5.50%, 07/01/30 | 11700 | 12013 |
| Healthpeak OP, LLC |  |  |
| 4.75%, 01/15/33 | 11485 | 11236 |
| 5.38%, 02/15/35 | 4375 | 4388 |
| Kilroy Realty, L.P. |  |  |
| 2.65%, 11/15/33 | 4197 | 3336 |
| 5.88%, 10/15/35 | 8893 | 8578 |
|  |  | 39551 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| HCA Inc. |  |  |
| 4.90%, 11/15/35 | 8373 | 8103 |
| Mars, Incorporated |  |  |
| 5.20%, 03/01/35 (f) | 8352 | 8437 |
| 5.65%, 05/01/45 (f) | 4679 | 4618 |
| 5.70%, 05/01/55 (f) | 4017 | 3924 |
| Novartis Capital Corporation |  |  |
| 4.60%, 03/18/33 | 6350 | 6320 |
| Providence St. Joseph Health |  |  |
| 5.40%, 10/01/33 | 4785 | 4882 |
| Sutter Health |  |  |
| 2.29%, 08/15/30 | 820 | 749 |

---

604

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Toledo Hospital, The |  |  |
| 5.75%, 11/15/38 | 710 | 711 |
| | | 37744 |
| **Communication Services 0.2%** | **Communication Services 0.2%** | **Communication Services 0.2%** |
| AT&T Inc. |  |  |
| 5.55%, 11/01/45 | 7285 | 6898 |
| 5.85%, 04/30/46 | 7704 | 7513 |
| T-Mobile USA, Inc. |  |  |
| 5.05%, 07/15/33 | 4820 | 4851 |
|  |  | 19262 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Glencore Funding LLC |  |  |
| 6.38%, 10/06/30 (f) | 11321 | 12011 |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Boeing Company, The |  |  |
| 5.71%, 05/01/40 (g) | 1421 | 1424 |
| LG Energy Solution Ltd. |  |  |
| 5.25%, 04/02/31 (f) | 6485 | 6467 |
|  |  | 7891 |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| Amazon.com, Inc. |  |  |
| 4.88%, 03/13/36 | 3305 | 3274 |
| 5.65%, 03/13/46 | 1515 | 1514 |
| 5.95%, 03/13/66 | 2525 | 2543 |
|  |  | 7331 |
| Total Corporate Bonds And Notes (cost $593,256) | Total Corporate Bonds And Notes (cost $593,256) | 589834 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.5%** |
| American Tower Trust #1 |  |  |
| Series 2023-A-1, 5.49%, 03/15/28 | 12460 | 12580 |
| Angel Oak Mortgage Trust 2019-6 |  |  |
| Series 2019-A1-6, REMIC, 2.62%, 11/25/59 (e) | 53 | 52 |
| BX Trust |  |  |
| Series 2025-A-ARIA, REMIC, 5.03%, 12/13/30 (e) | 2190 | 2196 |
| Castlelake Aircraft Structured Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.97%, 04/15/26 (h) | 320 | 310 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2022-A1-1A, 5.97%, 02/15/27 | 2427 | 2392 |
| Series 2021-A1-1A, REMIC, 1.53%, 03/15/61 | 874 | 705 |
| CFMT 2021-AL1 Trust |  |  |
| Series 2021-B-AL1, REMIC, 1.39%, 09/22/31 | 633 | 631 |
| Enterprise Fleet Financing 2023-3, LLC |  |  |
| Series 2023-A2-3, 6.40%, 02/22/27 | 3360 | 3390 |
| Flagstar Mortgage Trust 2018-3 |  |  |
| Series 2018-A3-3INV, REMIC, 4.00%, 05/25/38 (e) | 1076 | 998 |
| Flagstar Mortgage Trust 2021-9INV |  |  |
| Series 2021-A2-9INV, REMIC, 2.00%, 01/25/36 (e) | 2317 | 2053 |
| GS Mortgage-Backed Securities Trust 2026-DSC1 |  |  |
| Series 2026-A1-DSC1, REMIC, 4.73%, 02/25/30 (h) | 11784 | 11635 |
| Home Partners of America 2021-2 Trust |  |  |
| Series 2021-B-2, 2.30%, 12/17/26 | 6715 | 6598 |
| Horizon Aircraft Finance I Limited |  |  |
| Series 2018-A-1, 4.46%, 12/15/38 (h) | 75 | 74 |
| Horizon Aircraft Finance II Limited |  |  |
| Series 2019-A-1, 3.72%, 07/15/26 (h) | 198 | 193 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (f) (h) | 676 | 650 |
| Kubota Credit Owner Trust 2023-2 |  |  |
| Series 2023-A3-2A, 5.28%, 05/17/27 | 3556 | 3577 |
| Mach 1 Cayman Limited |  |  |
| Series 2019-A-1, 3.47%, 08/17/26 (f) (h) | 154 | 151 |
| Metlife Securitization Trust 2017-1 |  |  |
| Series 2017-A-1A, REMIC, 3.00%, 06/25/26 (e) | 366 | 352 |
| Navient Private Education Refi Loan Trust 2023-A |  |  |
| Series 2023-A-A, 5.51%, 09/15/71 | 5105 | 5232 |
| PRET 2025-RPL2 Trust |  |  |
| Series 2025-A1-RPL2, REMIC, 4.00%, 08/25/64 (h) | 9963 | 9691 |
| PRET 2025-RPL6 Trust |  |  |
| Series 2025-A1-RPL6, REMIC, 3.85%, 09/25/69 (h) | 15575 | 15021 |
| PRET 2026-RPL1 Trust |  |  |
| Series 2026-A1-RPL1, REMIC, 4.15%, 01/27/70 (h) | 8381 | 8140 |
| PRPM 2026-RCF1, LLC |  |  |
| Series 2026-A1-RCF1, 4.84%, 01/25/56 (e) (h) | 2597 | 2590 |
| RFR Trust 2025-SGRM |  |  |
| Series 2025-A-SGRM, REMIC, 5.56%, 03/13/29 (e) | 8435 | 8527 |
| SBA Towers, LLC |  |  |
| Series 2021-C-211, 1.63%, 05/15/51 | 2570 | 2520 |
| SCE Recovery Funding LLC |  |  |
| Series 2021-A-1-A, 0.86%, 11/15/31 | 1429 | 1292 |
| Series 2021-A-2-A, 1.94%, 05/15/38 | 1050 | 808 |
| Series 2021-A-3-A, 2.51%, 11/15/43 | 605 | 410 |
| Start II Ltd. |  |  |
| Series 2019-A-1, 4.09%, 03/15/44 | 401 | 401 |
| Towd Point Mortgage Trust 2017-4 |  |  |
| Series 2017-A1-4, REMIC, 2.75%, 06/25/57 (e) | 351 | 345 |
| Towd Point Mortgage Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.00%, 01/25/58 (e) | 36 | 36 |
| Verus Securitization Trust 2025-R2 |  |  |
| Series 2025-A1-R2, REMIC, 5.09%, 07/25/67 (e) (h) | 13090 | 13022 |
| Verus Securitization Trust 2026-R1 |  |  |
| Series 2026-A1-R1, REMIC, 4.83%, 10/25/67 (e) (h) | 1538 | 1521 |
| Verus Securitization Trust 2026-R2 |  |  |
| Series 2026-A1-R2, REMIC, 5.39%, 10/25/67 (e) | 6905 | 6901 |
| Wheels Fleet Lease Funding 1 LLC |  |  |
| Series 2023-A-2A, 6.46%, 01/19/27 | 2124 | 2144 |
| Series 2024-A1-2A, 4.87%, 02/18/28 | 4803 | 4828 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $133,041) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $133,041) | 131966 |
| **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** | **SHORT TERM INVESTMENTS 1.7%** |
| **Investment Companies 1.6%** | **Investment Companies 1.6%** | **Investment Companies 1.6%** |
| JNL Government Money Market Fund - Class I, 3.53% (i) (j) | 139049 | 139049 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Government Money Market Fund - Class SL, 3.63% (i) (j) | 13056 | 13056 |
| Total Short Term Investments (cost $152,105) | Total Short Term Investments (cost $152,105) | 152105 |
| **Total Investments 101.0% (cost $7,886,066)** | **Total Investments 101.0% (cost $7,886,066)** | **8847866** |
| **Total Forward Sales Commitments (0.3)% (proceeds $26,045)** | **Total Forward Sales Commitments (0.3)% (proceeds $26,045)** | **(26094)** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **72** |
| **Other Assets and Liabilities, Net (0.7)%** | **Other Assets and Liabilities, Net (0.7)%** | **(65085)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **8756759** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of March 31, 2026.

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

(d) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2026, the total payable for investments purchased on a delayed delivery basis was $53,576.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2026. 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 March 31, 2026, the value and the percentage of net assets of these securities was $230,219 and 2.6% 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 March 31,

605

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026. (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 March 31, 2026.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.3%)** | **FORWARD SALES COMMITMENTS (0.3%)** | **FORWARD SALES COMMITMENTS (0.3%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.3%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.3%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.3%)** |
| **Mortgage-Backed Securities (0.3%)** | **Mortgage-Backed Securities (0.3%)** | **Mortgage-Backed Securities (0.3%)** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 4.50%, 04/15/41 (a) | (12759) | (12662) |
| Government National Mortgage Association |  |  |
| TBA, 4.00%, 05/15/56 (a) | (14356) | (13432) |
| Total Government And Agency Obligations (proceeds $26,045) | Total Government And Agency Obligations (proceeds $26,045) | (26094) |
| **Total Forward Sales Commitments (0.3%) (proceeds $26,045)** | **Total Forward Sales Commitments (0.3%) (proceeds $26,045)** | **(26094)** |

---

(a) All or a portion of the security was sold on a delayed delivery basis. As of March 31, 2026, the total proceeds for investments sold on a delayed delivery basis was $26,045.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 54218 | 604000 | 519169 | 982 |  |  | 139049 | 1.6 |
| JNL Government Money Market Fund, 3.63% - Class SL | 17349 | 131256 | 135549 | 169 |  |  | 13056 | 0.1 |
|  | 71567 | 735256 | 654718 | 1151 |  |  | 152105 | 1.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Value/**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 307 | June 2026 | 34030 | 72 | 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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 5426384 | 275423 |  | 5701807 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 2272154 |  | 2272154 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 589834 |  | 589834 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 131966 |  | 131966 |
| &nbsp;&nbsp;Short Term Investments | 152105 |  |  | 152105 |
|  | 5578489 | 3269377 |  | 8847866 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (26094) |  | (26094) |
|  |  | (26094) |  | (26094) |
| **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.

606

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Financials 19.5%** | **Financials 19.5%** | **Financials 19.5%** |
| American International Group, Inc. | 167 | 12534 |
| Ares Management Corporation - Class A | 110 | 11952 |
| Bank of America Corporation | 419 | 20429 |
| Capital One Financial Corporation | 50 | 9082 |
| Huntington Bancshares Incorporated | 1049 | 16420 |
| Intercontinental Exchange, Inc. | 66 | 10381 |
| M&T Bank Corporation | 73 | 15072 |
| Marsh & Mclennan Companies, Inc. | 80 | 13900 |
| Nasdaq, Inc. | 139 | 11790 |
| Progressive Corporation, The | 61 | 12120 |
| Raymond James Financial, Inc. | 74 | 10676 |
| Regions Financial Corporation | 455 | 11881 |
| S&P Global Inc. | 22 | 9239 |
| Visa Inc. - Class A | 30 | 9062 |
|  |  | 174538 |
| **Health Care 16.5%** | **Health Care 16.5%** | **Health Care 16.5%** |
| AstraZeneca PLC | 44 | 8620 |
| Becton, Dickinson and Company | 66 | 10397 |
| CVS Health Corporation | 126 | 9081 |
| Elevance Health, Inc. | 51 | 15012 |
| Eli Lilly and Company | 14 | 12407 |
| Gilead Sciences, Inc. | 88 | 12292 |
| Johnson & Johnson | 91 | 22359 |
| Merck & Co., Inc. | 230 | 27686 |
| Pfizer Inc. | 396 | 11132 |
| Roche Holding AG | 22 | 8798 |
| Zoetis Inc. - Class A | 78 | 9168 |
|  |  | 146952 |
| **Information Technology 13.3%** | **Information Technology 13.3%** | **Information Technology 13.3%** |
| Broadcom Inc. | 141 | 43735 |
| Cisco Systems, Inc. | 240 | 18614 |
| Microsoft Corporation | 32 | 11942 |
| NetApp, Inc. | 116 | 11889 |
| NXP Semiconductors N.V. | 60 | 11893 |
| Roper Technologies, Inc. | 24 | 8618 |
| TE Connectivity Public Limited Company | 59 | 12240 |
|  |  | 118931 |
| **Industrials 10.8%** | **Industrials 10.8%** | **Industrials 10.8%** |
| Automatic Data Processing, Inc. | 54 | 11041 |
| Eaton Corporation Public Limited Company | 28 | 10155 |
| Emerson Electric Co. | 78 | 10207 |
| Ferguson Enterprises Inc. | 52 | 12054 |
| Honeywell International Inc. | 66 | 14887 |
| Johnson Controls International Public Limited Company | 54 | 7107 |
| L3Harris Technologies, Inc. | 35 | 12215 |
| PACCAR Inc | 87 | 10068 |
| Sunbelt Rental Holdings Inc. | 139 | 8842 |
|  |  | 96576 |
| **Consumer Staples 9.6%** | **Consumer Staples 9.6%** | **Consumer Staples 9.6%** |
| Archer-Daniels-Midland Company | 156 | 11320 |
| Constellation Brands, Inc. - Class A | 64 | 9631 |
| Keurig Dr Pepper Inc. | 576 | 15174 |
| Kimberly-Clark Corporation | 108 | 10434 |
| Pernod Ricard | 91 | 6824 |
| Philip Morris International Inc. | 76 | 12521 |
| Unilever PLC - ADR | 353 | 20138 |
|  |  | 86042 |
| **Utilities 7.8%** | **Utilities 7.8%** | **Utilities 7.8%** |
| American Electric Power Company, Inc. | 101 | 13273 |
| American Water Works Company, Inc. | 81 | 11062 |
| Atmos Energy Corporation | 53 | 9840 |
| Dominion Energy, Inc. | 212 | 13085 |
| PPL Corporation | 274 | 10466 |
| Sempra | 126 | 12207 |
|  |  | 69933 |
| **Energy 7.1%** | **Energy 7.1%** | **Energy 7.1%** |
| ConocoPhillips | 92 | 12123 |
| Diamondback Energy, Inc. | 113 | 22279 |
| EQT Corporation | 144 | 9133 |
| Marathon Petroleum Corporation | 28 | 6913 |
| Targa Resources Corp. | 50 | 12655 |
|  |  | 63103 |
| **Consumer Discretionary 4.0%** | **Consumer Discretionary 4.0%** | **Consumer Discretionary 4.0%** |
| Darden Restaurants, Inc. | 35 | 6867 |
| Dick's Sporting Goods, Inc. | 63 | 12576 |
| Industria de Diseno Textil, S.A. | 173 | 9943 |
| Nike, Inc. - Class B | 117 | 6160 |
|  |  | 35546 |
| **Real Estate 3.9%** | **Real Estate 3.9%** | **Real Estate 3.9%** |
| Crown Castle Inc. | 193 | 15688 |
| Sun Communities, Inc. | 85 | 10737 |
| Weyerhaeuser Company | 358 | 8736 |
|  |  | 35161 |
| **Materials 3.9%** | **Materials 3.9%** | **Materials 3.9%** |
| Anglo American PLC | 209 | 8900 |
| Avery Dennison Corporation | 52 | 8975 |
| Nutrien Ltd. | 100 | 7514 |
| PPG Industries, Inc. | 88 | 9370 |
|  |  | 34759 |
| **Communication Services 2.9%** | **Communication Services 2.9%** | **Communication Services 2.9%** |
| T-Mobile US, Inc. | 81 | 16973 |
| Walt Disney Company, The | 90 | 8662 |
|  |  | 25635 |
| Total Common Stocks (cost $821,079) | Total Common Stocks (cost $821,079) | 887176 |
| **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, 3.53% (a) (b) | 4982 | 4982 |
| Total Short Term Investments (cost $4,982) | Total Short Term Investments (cost $4,982) | 4982 |
| **Total Investments 99.9% (cost $826,061)** | **Total Investments 99.9% (cost $826,061)** | **892158** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **1242** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **893400** |

---

(a) Investment in affiliate.

(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 2395 | 63388 | 60801 | 41 |  |  | 4982 | 0.6 |
| JNL Government Money Market Fund, 3.63% - Class SL | 3455 | 18727 | 22182 | 33 |  |  |  |  |
|  | 5850 | 82115 | 82983 | 74 |  |  | 4982 | 0.6 |

---

607

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 843869 | 43307 |  | 887176 |
| &nbsp;&nbsp;Short Term Investments | 4982 |  |  | 4982 |
|  | 848851 | 43307 |  | 892158 |

---

608

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **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 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **United States of America 62.8%** | **United States of America 62.8%** | **United States of America 62.8%** |
| Acadia Realty Trust | 265 | 5067 |
| American Healthcare REIT, Inc. | 217 | 10240 |
| Brookdale Senior Living Inc. (a) | 678 | 9276 |
| Caretrust REIT, Inc. | 261 | 9561 |
| COPT Defense Properties | 86 | 2644 |
| Digital Realty Trust, Inc. | 56 | 10137 |
| EastGroup Properties, Inc. | 30 | 5590 |
| Equinix, Inc. | 33 | 32541 |
| Essential Properties Realty Trust, Inc. | 386 | 11717 |
| Essex Property Trust, Inc. | 61 | 14881 |
| Hilton Worldwide Holdings Inc. | 26 | 7779 |
| Iron Mountain Incorporated | 63 | 6402 |
| LXP Industrial Trust | 69 | 3211 |
| Macerich Company, The | 452 | 8539 |
| Marriott International, Inc. - Class A | 12 | 3839 |
| Mid-America Apartment Communities, Inc. | 52 | 6377 |
| Netstreit Corp. | 391 | 7356 |
| OUTFRONT Media Inc. | 290 | 7675 |
| Pebblebrook Hotel Trust | 292 | 3684 |
| ProLogis Inc. | 273 | 36053 |
| Public Storage Operating Company | 52 | 14082 |
| Regency Centers Corporation | 100 | 7551 |
| Simon Property Group, Inc. | 136 | 25297 |
| Sun Communities, Inc. | 68 | 8574 |
| W.P. Carey Inc. | 231 | 15711 |
| Welltower Inc. | 243 | 48040 |
|  |  | 321824 |
| **Japan 10.5%** | **Japan 10.5%** | **Japan 10.5%** |
| Activia Properties Inc. | 6 | 4990 |
| Arealink Co., Ltd. | 482 | 3293 |
| Kajima Corporation | 178 | 6741 |
| Mitsubishi Estate Co., Ltd. | 265 | 7360 |
| Mitsui Fudosan Co., Ltd. | 986 | 10505 |
| ORIX JREIT Inc. | 4 | 2410 |
| Resorttrust, Inc. | 240 | 2649 |
| Sumitomo Realty & Development Co., Ltd. | 558 | 15873 |
|  |  | 53821 |
| **Hong Kong 6.8%** | **Hong Kong 6.8%** | **Hong Kong 6.8%** |
| Hongkong Land Holdings Limited | 2085 | 16275 |
| Jardine Matheson Holdings Limited | 107 | 7713 |
| Sun Hung Kai Properties Limited | 665 | 11067 |
|  |  | 35055 |
| **Australia 3.3%** | **Australia 3.3%** | **Australia 3.3%** |
| Charter Hall Limited | 205 | 2664 |
| Scentre Group Limited | 4048 | 9361 |
| Stockland Corporation Ltd. | 1578 | 4725 |
|  |  | 16750 |
| **Singapore 2.7%** | **Singapore 2.7%** | **Singapore 2.7%** |
| Capitaland Group Pte. Ltd. | 3465 | 6216 |
| Keppel Ltd. | 828 | 7651 |
|  |  | 13867 |
| **France 2.6%** | **France 2.6%** | **France 2.6%** |
| Accor | 73 | 3468 |
| Unibail-Rodamco-Westfield SE | 91 | 10054 |
|  |  | 13522 |
| **Spain 2.4%** | **Spain 2.4%** | **Spain 2.4%** |
| Merlin Properties, Socimi, S.A. | 321 | 5198 |
| Neinor Homes Sociedad Anonima (b) | 360 | 6902 |
|  |  | 12100 |
| **Switzerland 2.3%** | **Switzerland 2.3%** | **Switzerland 2.3%** |
| Swiss Prime Site AG - Class N | 70 | 11792 |
| **Belgium 1.7%** | **Belgium 1.7%** | **Belgium 1.7%** |
| Aedifica | 106 | 8555 |
| **United Kingdom 1.3%** | **United Kingdom 1.3%** | **United Kingdom 1.3%** |
| Hammerson PLC | 1665 | 6532 |
| **Netherlands 1.0%** | **Netherlands 1.0%** | **Netherlands 1.0%** |
| CTP N.V. | 298 | 4991 |
| **United Arab Emirates 1.0%** | **United Arab Emirates 1.0%** | **United Arab Emirates 1.0%** |
| Emaar Properties PJSC | 1537 | 4926 |
| **Sweden 0.8%** | **Sweden 0.8%** | **Sweden 0.8%** |
| Pandox Aktiebolag - Class B | 215 | 4078 |
| Total Common Stocks (cost $454,082) | Total Common Stocks (cost $454,082) | 507813 |
| **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, 3.53% (c) (d) | 1077 | 1077 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) |  |  |
| Total Short Term Investments (cost $1,077) | Total Short Term Investments (cost $1,077) | 1077 |
| **Total Investments 99.4% (cost $455,159)** | **Total Investments 99.4% (cost $455,159)** | **508890** |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **3074** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **511964** |

---

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 1099 | 23462 | 23484 | 9 |  |  | 1077 | 0.2 |
| JNL Government Money Market Fund, 3.63% - Class SL | 17432 | 20196 | 37628 | 39 |  |  |  |  |
|  | 18531 | 43658 | 61112 | 48 |  |  | 1077 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WMC Global Real Estate Fund — Restricted Securities** | **JNL/WMC Global Real Estate Fund — Restricted Securities** | **JNL/WMC Global Real Estate Fund — Restricted Securities** | **JNL/WMC Global Real Estate Fund — Restricted Securities** | **JNL/WMC Global Real Estate Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Neinor Homes Sociedad Anonima | 01/29/26 | 8701 | 6902 | 1.3 |

---

609

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

**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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 321824 |  |  | 321824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 53821 |  | 53821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 35055 |  | 35055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 16750 |  | 16750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 13867 |  | 13867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 13522 |  | 13522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 12100 |  | 12100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 11792 |  | 11792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 8555 |  | 8555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 6532 |  | 6532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 4991 |  | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 4926 |  | 4926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 4078 |  | 4078 |
| &nbsp;&nbsp;Short Term Investments | 1077 |  |  | 1077 |
|  | 322901 | 185989 |  | 508890 |

---

610

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Financials 24.4%** | **Financials 24.4%** | **Financials 24.4%** |
| American International Group, Inc. | 182 | 13704 |
| Ares Management Corporation - Class A | 101 | 10985 |
| Chubb Limited | 43 | 13881 |
| Huntington Bancshares Incorporated | 889 | 13908 |
| JPMorgan Chase & Co. | 109 | 31930 |
| KKR & Co. Inc. - Class A | 144 | 13305 |
| LPL Financial Holdings Inc. | 37 | 11226 |
| M&T Bank Corporation | 67 | 13746 |
| Marsh & Mclennan Companies, Inc. | 79 | 13655 |
| MetLife, Inc. | 182 | 12904 |
| Nasdaq, Inc. | 154 | 13097 |
| Progressive Corporation, The | 68 | 13477 |
| Raymond James Financial, Inc. | 85 | 12296 |
| S&P Global Inc. | 32 | 13702 |
| The PNC Financial Services Group, Inc. | 62 | 12911 |
|  |  | 214727 |
| **Health Care 16.8%** | **Health Care 16.8%** | **Health Care 16.8%** |
| AstraZeneca PLC | 45 | 8970 |
| Elevance Health, Inc. | 48 | 14060 |
| Eli Lilly and Company | 12 | 10721 |
| Gilead Sciences, Inc. | 93 | 12993 |
| Johnson & Johnson | 106 | 26011 |
| Merck & Co., Inc. | 187 | 22454 |
| Pfizer Inc. | 631 | 17727 |
| Roche Holding AG | 20 | 7836 |
| UnitedHealth Group Incorporated | 59 | 16058 |
| Zoetis Inc. - Class A | 93 | 11028 |
|  |  | 147858 |
| **Information Technology 13.9%** | **Information Technology 13.9%** | **Information Technology 13.9%** |
| Accenture Public Limited Company - Class A | 75 | 14799 |
| Amdocs Limited (a) | 198 | 12896 |
| Broadcom Inc. | 43 | 13186 |
| Cisco Systems, Inc. | 225 | 17480 |
| F5, Inc. (b) | 48 | 13832 |
| Microsoft Corporation | 32 | 12001 |
| NetApp, Inc. | 125 | 12823 |
| NVIDIA Corporation | 76 | 13199 |
| NXP Semiconductors N.V. | 60 | 11848 |
|  |  | 122064 |
| **Industrials 11.2%** | **Industrials 11.2%** | **Industrials 11.2%** |
| 3M Company | 72 | 10508 |
| Eaton Corporation Public Limited Company | 38 | 13536 |
| Emerson Electric Co. | 88 | 11560 |
| Ferguson Enterprises Inc. | 57 | 13244 |
| Johnson Controls International Public Limited Company | 103 | 13477 |
| L3Harris Technologies, Inc. | 41 | 14190 |
| Middleby Corporation, The (b) | 72 | 9581 |
| PACCAR Inc | 104 | 12039 |
|  |  | 98135 |
| **Utilities 6.3%** | **Utilities 6.3%** | **Utilities 6.3%** |
| American Electric Power Company, Inc. | 100 | 13170 |
| American Water Works Company, Inc. | 89 | 12044 |
| Atmos Energy Corporation | 71 | 13060 |
| Sempra | 174 | 16935 |
|  |  | 55209 |
| **Communication Services 6.2%** | **Communication Services 6.2%** | **Communication Services 6.2%** |
| Alphabet Inc. - Class C | 135 | 38862 |
| T-Mobile US, Inc. | 74 | 15466 |
|  |  | 54328 |
| **Consumer Staples 5.9%** | **Consumer Staples 5.9%** | **Consumer Staples 5.9%** |
| Archer-Daniels-Midland Company | 194 | 14111 |
| Keurig Dr Pepper Inc. | 482 | 12690 |
| Unilever PLC - ADR | 210 | 11988 |
| US Foods Holding Corp. (b) | 139 | 12800 |
|  |  | 51589 |
| **Energy 5.7%** | **Energy 5.7%** | **Energy 5.7%** |
| Antero Resources Corporation (b) | 279 | 11846 |
| Diamondback Energy, Inc. | 64 | 12749 |
| Marathon Petroleum Corporation | 49 | 12076 |
| Targa Resources Corp. | 53 | 13199 |
|  |  | 49870 |
| **Consumer Discretionary 5.0%** | **Consumer Discretionary 5.0%** | **Consumer Discretionary 5.0%** |
| Dick's Sporting Goods, Inc. (a) | 67 | 13277 |
| Gentex Corporation | 449 | 9819 |
| H & R Block, Inc. | 290 | 9216 |
| Industria de Diseno Textil, S.A. - ADR | 842 | 12111 |
|  |  | 44423 |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| Crown Castle Inc. | 149 | 12093 |
| Gaming and Leisure Properties, Inc. | 253 | 11227 |
|  |  | 23320 |
| **Materials 1.3%** | **Materials 1.3%** | **Materials 1.3%** |
| Freeport-McMoRan Inc. | 192 | 11258 |
| Total Common Stocks (cost $762,500) | Total Common Stocks (cost $762,500) | 872781 |
| **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| JNL Government Money Market Fund - Class I, 3.53% (c) (d) | 8915 | 8915 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Government Money Market Fund - Class SL, 3.63% (c) (d) | 2183 | 2183 |
| Total Short Term Investments (cost $11,098) | Total Short Term Investments (cost $11,098) | 11098 |
| **Total Investments 100.6% (cost $773,598)** | **Total Investments 100.6% (cost $773,598)** | **883879** |
| **Other Assets and Liabilities, Net (0.6)%** | **Other Assets and Liabilities, Net (0.6)%** | **(5211)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **878668** |

---

(a) All or a portion of the security was on loan as of March 31, 2026.

(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 March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 3.53% - Class I | 7119 | 49034 | 47238 | 81 |  |  | 8915 | 1.0 |
| JNL Government Money Market Fund, 3.63% - Class SL | 1622 | 20850 | 20289 | 21 |  |  | 2183 | 0.3 |
|  | 8741 | 69884 | 67527 | 102 |  |  | 11098 | 1.3 |

---

**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 March 31, 2026.

611

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<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 | 864945 | 7836 |  | 872781 |
| &nbsp;&nbsp;Short Term Investments | 11098 |  |  | 11098 |
|  | 876043 | 7836 |  | 883879 |

---

612

------

#### JNL Series Trust (Unaudited)

#### Schedules of Investments (in thousands)
March 31, 2026

#### 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 | KLIBOR - Kuala Lumpur Interbank Offered Rate |
| BUBOR - Budapest Interbank Offered Rate | LIBOR - London Interbank Offered Rate |
| CAPE - Cyclically Adjusted Price Earnings  | LLC/L.L.C. - Limited Liability Companies |
| CDX.EM - Credit Default Swap Index - Emerging Markets | MBS - Mortgage-Backed Security |
| CDX.EM.IG - Credit Default Swap Index - Investment Grade | 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 | MUTAN - Money-market Uncollateralized Tokyo Average Night-rate |
| CLO - Collateralized Loan Obligation  | NASDAQ - National Association of Securities Dealers Automated Quotations |
| CMBX.NA - Commercial Mortgage-backed Securities Index North America | NVDR - Non-Voting Depository Receipt  |
| COFI 11D – 11<sup>th</sup> District Cost of Funds Index | 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 | SARON – Swiss Average Rate Overnight |
| Euro Bund - debt instrument issued by the Federal Republic of Germany with a | SDR - Swedish Depositary Receipt |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 8.5 to 10.5 years | SOFR - Secured Overnight Financing Rates  |
| Euro Buxl - debt instrument issued by the Federal Republic of Germany with a | SONIA - Sterling Overnight Index Average |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 24 to 35 years | SPDR - Standard & Poor's Depositary Receipt |
| Euro OAT - debt instrument issued by the Republic of Italy with a | TBA - To be Announced (Securities purchased on a delayed delivery basis) |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 8.5 to 10.5 years | TBD - To Be Determined  |
| Euro Schatz - debt instrument issued by the Federal Republic of Germany with a | TIPS - Treasury Inflation-Protected Securities  |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 1.75 to 2.25 years | TONAR - Tokyo Overnight Average Rate |
| FLFO - First-Lien, First-Out | TOPIX - Tokyo Stock Price Index |
| FLSO – First-Lien, Second Out | TSX - Toronto Stock Exchange |
| FTSE - Financial Times Stock Exchange  | ULSD - Ultra Low Sulfur Diesel |
| GDR - Global Depositary Receipt | US - United States |
| HICP - Harmonized Index of Consumer Prices | WIBOR - Warsaw Interbank Offered Rate |
| IBOR – 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%.

613

------

#### JNL Series Trust (Unaudited)

#### Notes to Schedules of Investments (in thousands)
March 31, 2026

**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

614

------

#### JNL Series Trust (Unaudited)

#### Notes to Schedules of Investments (in thousands)
March 31, 2026

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 March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>

615

------

#### JNL Series Trust (Unaudited)

#### Notes to Schedules of Investments (in thousands)
March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Senior Floating Rate Instruments | 26852 | 1415 | 17 |  | 349 | (62) | 28367 | (170) |
| Common Stocks | 5949 |  | 879 | 26 |  | (257) | 4710 | (129) |
| Credit Default Swap Agreements | (4) |  |  |  |  |  | 2 | 6 |
| Preferred Stocks | 827 |  |  |  |  |  | 886 | 59 |
| Warrants | 171 |  |  |  |  |  | 238 | 67 |
| Corporate Bonds And Notes |  |  |  |  |  | (12) |  | 12 |
|  | 33795 | 1415 | 896 | 26 | 349 | (319) | 34203 | (167) |

---

**JNL/PIMCO Real Return Fund**<br>

---

| | | | |
|:---|:---|:---|:---|
| Non-U.S. Government Agency Asset-Backed Securities | 11478 | 11867 | 389 |
| Open Futures Contracts |  | (108) | (108) |
|  | 11478 | 11759 | 181 |

---

**JNL/Westchester Capital Event Driven Fund**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Other Equity Interests | 1070 |  |  | 1053 | (17) |
| Total Return Swap Agreements | 41 | (44) |  | (65) | (62) |
| Rights | 101 |  |  | 120 | 19 |
| Warrants | 1 |  |  |  | (1) |
| Option Contracts |  |  | (3) | (4 | (1) |
|  | 1213 | (44) | (3) | 1104 | (62) |

---

<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 March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 19405 | Merger Terms | Merger Indicated Value | 100.00 - 103.00 (102.59) |
| Senior Floating Rate Instruments | 7592 | Discounted Cash Flow Model | Discount Rate | 4.02% - 6.88% (5.16%) |
| Senior Floating Rate Instruments | 1361 | Market Approach | Bid price | 97.63 - 99.00 (98.25) |
| Senior Floating Rate Instruments | 9 | Market Approach | Broker Quote | 42.00 (N/A) |
|  | 28367 |  |  |  |
| Common Stocks | 4461 | Merger Terms | Merger Indicated Value | $3.9B (N/A) |
| Common Stocks | 138 | Market Approach | Current Trade Price | 1.50 - 2.95 (1.59) |
| Common Stocks | 111 | Market Approach | Broker Quote | 0.38 - 16.58 (15.32) |
|  | 4710 |  |  |  |
| Credit Default Swap Agreements | 2 | Market Approach | Broker Quote | 0.23 - 0.56 (0.41) |
| Preferred Stocks | 886 | Discounted Cash Flow Model | Discount Rate | 11.78% (N/A) |
| Warrants | 238 | Black Scholes Model | Volatility | 65% (N/A) |
| **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** |
| Non-U.S. Government Agency Asset-Backed Securities | 11867 | Recent Transaction | N/A‡ | 100.00 (N/A) |
| Open Futures Contracts | (108) | Market Approach | Current Settlement Price | 28.88 - 30.03 (29.42) |
| **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 | 1053 | Market Approach | Broker Quote | 1.26 - 1.28 (1.26) |
| Total Return Swap Agreements | (105) | Market Approach | Current Trade Price | 7.64 (N/A) |
| Total Return Swap Agreements | 40 | Market Approach | Broker Quote | 1.00 (N/A) |
|  | (65) |  |  |  |
| Rights | 120 | Market Approach | Broker Quote | 0.30 - 1.93 (1.10) |
| Option Contracts | (4) |  |  | (0.00) |

---

† 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 March 31, 2026. 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.

616

------

#### JNL Series Trust (Unaudited)

#### Notes to Schedules of Investments (in thousands)
March 31, 2026

**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.

617

------

## 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $548108349.59

**Total Liabilities:** $553185.78

**Net Assets:** $547555163.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000218198 | 0.89%                | 1.32%                | -2.98%               |
| Class ID C000218199 | 0.93%                | 1.41%                | -3.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1567283.89              | $3646800.81                                |
| Month 2  | $1168318.98              | $6836662.64                                |
| Month 3  | $946930.40               | $-17932821.71                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JNL Multi-Manager Mid Cap Fund                              | JNL Multi-Manager Mid Cap Fund                              | CUSIP: 46644W484<br>LEI: N/A | Long             | EC               | RF                | US        |    452609 | NS      | $9097438.99   | 1.66%             |  |  |  | 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        |    241767 | NS      | $5471181.55   | 1.00%             |  |  |  | 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        |   3950708 | NS      | $53492588.09  | 9.77%             |  |  |  | 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        |     37217 | NS      | $3671788.47   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Real Assets Fund                                    | Jackson Real Assets Fund                                    | CUSIP: 46869J200<br>LEI: N/A | Long             | EC               | RF                | US        |   1181747 | NS      | $13058299.54  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/WMC Equity Income Fund                                  | JNL/WMC Equity Income Fund                                  | CUSIP: 46648L492<br>LEI: N/A | Long             | EC               | RF                | US        |    240514 | NS      | $5577520.12   | 1.02%             |  |  |  | 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        |   1282992 | NS      | $16422296.79  | 3.00%             |  |  |  | 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        |    808230 | NS      | $10911104.42  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL Multi-Manager U.S. Select Equity Fund                   | JNL Multi-Manager U.S. Select Equity Fund                   | CUSIP: 46649U145<br>LEI: N/A | Long             | EC               | RF                | US        |   1177416 | NS      | $22488655.05  | 4.11%             |  |  |  | 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        |    462961 | NS      | $10967542.09  | 2.00%             |  |  |  | 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        |    318984 | NS      | $6861355.67   | 1.25%             |  |  |  | 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        |   1549167 | NS      | $17133781.73  | 3.13%             |  |  |  | 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        |   3616442 | NS      | $50702511.26  | 9.26%             |  |  |  | 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        |    575670 | NS      | $9440988.97   | 1.72%             |  |  |  | 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        |    604229 | NS      | $8169178.92   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Credit Opportunities Fund                           | Jackson Credit Opportunities Fund                           | CUSIP: 46816A203<br>LEI: N/A | Long             | EC               | RF                | US        |   2751573 | NS      | $29166672.02  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/Newton Equity Income Fund                               | JNL/Newton Equity Income Fund                               | CUSIP: 46649U723<br>LEI: N/A | Long             | EC               | RF                | US        |    171262 | NS      | $7184448.41   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/PPM America Investment Grade Credit Fund                | JNL/PPM America Investment Grade Credit Fund                | CUSIP: 46649B188<br>LEI: N/A | Long             | EC               | RF                | US        |    244090 | NS      | $2731370.97   | 0.50%             |  |  |  | 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        |   5213629 | NS      | $61885780.70  | 11.30%            |  |  |  | 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      | $27955719.14  | 5.11%             |  |  |  | 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        |   2062357 | NS      | $27223111.54  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| JNL/Lord Abbett Short Duration Income Fund                  | JNL/Lord Abbett Short Duration Income Fund                  | CUSIP: 46649U749<br>LEI: N/A | Long             | EC               | RF                | US        |   1624432 | NS      | $16504229.24  | 3.01%             |  |  |  | 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        |   3688021 | NS      | $56057924.75  | 10.24%            |  |  |  | No            |                  1 | On Loan: No      |
| JNL/PIMCO Income Fund                                       | JNL/PIMCO Income Fund                                       | CUSIP: 46648L187<br>LEI: N/A | Long             | EC               | RF                | US        |   3317284 | NS      | $43954010.03  | 8.03%             |  |  |  | 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        |   1038428 | NS      | $31796653.27  | 5.81%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** JNL Series Trust

**Signature:** Andrew Tedeschi

**Name of Signer:** Andrew Tedeschi

**Title:** Principal Financial Officer