# EDGAR Filing Document

**Accession Number:** 0001121257
**File Stem:** 0001741773-23-000855
**Filing Date:** 2023-3
**Character Count:** 143589
**Document Hash:** c2a76a81d7bb51783d5dc6145909b4a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001741773-23-000855.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001741773-23-000855

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL INVESTORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001121257
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10041
- **FILM NUMBER:** 23702361

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000004572 | JNL GOVERNMENT MONEY MARKET FUND (Institutional) |  |

### JNL Securities Lending Collateral Fund (Series ID: S000062466)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000202648 | JNL Securities Lending Collateral Fund (Inst) |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File number: 811-10041

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

1 Corporate Way, Lansing, Michigan 48951

(Address of principal executive offices) (Zip code)

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

(Mailing address)

Andrew Tedeschi

Jackson National Asset Management, LLC

225 West Wacker Drive, Suite 1200

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

#### Item 1. Report to Shareholders.

------

![](img_3b5655d55e854f2.jpg)

------

***JNL Investors Series Trust***

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 60.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 60.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 60.3%** |
| **U.S. Treasury Bill 32.6%** | **U.S. Treasury Bill 32.6%** | **U.S. Treasury Bill 32.6%** |
| Treasury, United States Department of |  |  |
| 2.53%, 01/05/23 (a) | 67100 | 67081 |
| 3.25%, 01/10/23 (a) | 68700 | 68645 |
| 2.69%, 01/26/23 (a) | 151200 | 150921 |
| 3.29%, 02/02/23 (a) | 100367 | 100077 |
| 3.94%, 02/14/23 (a) | 25116 | 24997 |
| 4.26%, 02/28/23 (a) | 47750 | 47427 |
| 4.38%, 03/21/23 (a) | 91825 | 90955 |
| 4.48%, 04/04/23 (a) | 62575 | 61860 |
| 4.09%, 04/13/23 (a) | 62975 | 62256 |
| 4.50%, 04/18/23 (a) | 79000 | 77957 |
| 4.61%, 06/01/23 (a) | 68350 | 67047 |
| 4.63%, 06/08/23 (a) | 33225 | 32559 |
| 4.49%, 06/15/23 (a) | 124200 | 121978 |
| 3.00%, 07/13/23 (a) | 35000 | 34445 |
|  |  | 1008205 |
| **Discount Notes 16.7%** | **Discount Notes 16.7%** | **Discount Notes 16.7%** |
| FHLBanks Office of Finance |  |  |
| 4.43%, 02/24/23 (a) (b) | 62700 | 62289 |
| 4.44%, 03/03/23 (a) (b) | 140850 | 139805 |
| 4.49%, 03/08/23 (a) (b) | 66337 | 65798 |
| 4.52%, 03/24/23 (a) (b) | 30850 | 30537 |
| 4.55%, 03/29/23 (a) (b) | 64000 | 63306 |
| 4.54%, 03/31/23 (a) (b) | 63000 | 62303 |
| 4.55%, 04/06/23 (a) (b) | 16350 | 16156 |
| 4.67%, 06/06/23 (a) (b) | 49475 | 48487 |
| 4.09%, 09/21/23 (a) (b) | 27600 | 26787 |
|  |  | 515468 |
| **U.S. Government Agency Obligations 11.0%** | **U.S. Government Agency Obligations 11.0%** | **U.S. Government Agency Obligations 11.0%** |
| Federal Farm Credit Banks Consolidated Systemwide Bonds |  |  |
| 4.34%, (SOFR + 0.04%), 07/12/23 (b) (c) | 17215 | 17215 |
| 4.35%, (SOFR + 0.05%), 09/29/23 (b) (c) | 20500 | 20500 |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.34%, (Fed Funds + 0.02%), 04/13/23 (b) (c) | 20000 | 20000 |
| Federal Home Loan Bank of New York |  |  |
| 4.88%, 12/07/23 (b) | 1700 | 1700 |
| Federal Home Loan Bank of Pittsburgh |  |  |
| 4.34%, (SOFR + 0.04%), 02/01/23 (b) (c) | 55500 | 55500 |
| 4.33%, 04/18/23 (b) | 63150 | 63141 |
| 4.38%, 04/27/23 (b) | 70000 | 69986 |
| 4.25%, 07/12/23 (b) | 45000 | 44985 |
| 4.50%, 07/20/23 (b) | 46000 | 45976 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.88%, 09/12/23 (b) | 2850 | 2821 |
|  |  | 341824 |
| Total Government And Agency Obligations (cost $1,865,497) | Total Government And Agency Obligations (cost $1,865,497) | 1865497 |
| **REPURCHASE AGREEMENTS 29.9%** | **REPURCHASE AGREEMENTS 29.9%** | **REPURCHASE AGREEMENTS 29.9%** |
| Repurchase Agreements (d) |  | 926400 |
| Total Repurchase Agreements (cost $926,400) | Total Repurchase Agreements (cost $926,400) | 926400 |
| **Total Investments 90.2% (cost $2,791,897)** | **Total Investments 90.2% (cost $2,791,897)** | **2791897** |
| **Other Assets and Liabilities, Net 9.8%** | **Other Assets and Liabilities, Net 9.8%** | **303232** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3095129** |

---

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

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

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented.

(d) For repurchase agreements held at December 31, 2022, see Repurchase Agreements in the Schedules of Investments.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** |
| **Counter-party** | **Collateral** | **Collateral Par<sup>1</sup>** | **Collateral Value ($)** | **Rate (%)** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Proceeds at Maturity ($)** | **Par<sup>1</sup>** | **Value ($)** |
| BCL | Treasury, United States Department of, 0.63%-4.00%, due 12/15/25-7/31/26 | 32444 | 30090 | 4.23 | 12/31/22 | 01/03/23 | 29514 | 29500 | 29500 |
| BNS | Treasury, United States Department of, 0.00%-3.13%, due 1/17/23-2/15/52 | 28491 | 27757 | 4.25 | 12/31/22 | 01/03/23 | 27213 | 27200 | 27200 |
| BOA | Government National Mortgage Association, 2.00%-5.50%, due 7/20/41-4/20/51 | 34025 | 32232 | 4.30 | 12/31/22 | 01/03/23 | 31615 | 31600 | 31600 |
| DUB | Federal National Mortgage Association, Inc., 2.00%-4.50%, due 5/1/36-8/1/52 | 108000 | 98634 | 4.29 | 12/31/22 | 01/03/23 | 96746 | 96700 | 96700 |
| GSC | Federal National Mortgage Association, Inc., 3.00%, due 10/1/37-2/1/50 | 42184 | 39248 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 3.50%, due 9/1/32 | 1497 | 1450 |  |  |  |  |  |  |
|  |  | 43681 | 40698 | 4.24 | 12/31/22 | 01/03/23 | 79838 | 39900 | 39900 |
| HSB | Federal National Mortgage Association, Inc., 1.50%-6.00%, due 10/1/30-12/1/52 | 166208 | 156468 | 4.30 | 12/31/22 | 01/03/23 | 153473 | 153400 | 153400 |
| HSB | Treasury, United States Department of, 0.13%-3.75%, due 4/15/25-2/15/49 | 79370 | 69054 | 4.25 | 12/31/22 | 01/03/23 | 67732 | 67700 | 67700 |
| JPM | Treasury, United States Department of, 2.25%, due 11/15/24 | 16414 | 15810 | 4.25 | 12/31/22 | 01/03/23 | 15507 | 15500 | 15500 |
| NAT | Treasury, United States Department of, 0.25%-2.75%, due 9/30/25-2/15/51 | 46941 | 40596 | 4.24 | 12/31/22 | 01/03/23 | 39819 | 39800 | 39800 |
| NSI | Treasury, United States Department of, 0.13%-4.38%, due 1/15/23-8/15/44 | 301143 | 283560 | 4.27 | 12/31/22 | 01/03/23 | 278132 | 278000 | 278000 |
| RBC | Treasury, United States Department of, 1.88%, due 2/15/32 | 15162 | 12954 | 4.25 | 12/31/22 | 01/03/23 | 12706 | 12700 | 12700 |
| SGS | Treasury, United States Department of, 0.00%, due 12/28/23 | 13354 | 12750 | 4.25 | 12/31/22 | 01/03/23 | 12506 | 12500 | 12500 |
| TDS | Government National Mortgage Association, 3.00%-5.00%, due 1/20/52-10/20/52 | 128134 | 124338 | 4.28 | 12/31/22 | 01/03/23 | 121958 | 121900 | 121900 |
|  |  |  |  |  |  |  |  |  | 926400 |

---

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Government Securities | 66.8% |
| Repurchase Agreements | 33.2 |
| **Total Investments** | **100.0%** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [3](#abbreviations_3).

------

***JNL Investors Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 77.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 77.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 77.5%** |
| **U.S. Treasury Bill 47.0%** | **U.S. Treasury Bill 47.0%** | **U.S. Treasury Bill 47.0%** |
| Treasury, United States Department of |  |  |
| 2.53%, 01/05/23 (a) | 33625 | 33616 |
| 3.25%, 01/10/23 (a) | 29875 | 29851 |
| 2.69%, 01/26/23 (a) | 59975 | 59865 |
| 3.29%, 02/02/23 (a) | 42541 | 42419 |
| 4.09%, 04/13/23 (a) | 23200 | 22935 |
| 4.49%, 06/15/23 (a) | 27175 | 26689 |
| 3.00%, 07/13/23 (a) | 14500 | 14270 |
|  |  | 229645 |
| **Discount Notes 16.0%** | **Discount Notes 16.0%** | **Discount Notes 16.0%** |
| FHLBanks Office of Finance |  |  |
| 4.43%, 02/24/23 (a) (b) | 8125 | 8072 |
| 4.49%, 03/08/23 (a) (b) | 14851 | 14730 |
| 4.50%, 03/22/23 (a) (b) | 24000 | 23764 |
| 4.52%, 03/24/23 (a) (b) | 4100 | 4058 |
| 4.55%, 03/29/23 (a) (b) | 5750 | 5688 |
| 4.54%, 03/31/23 (a) (b) | 8000 | 7911 |
| 4.09%, 09/21/23 (a) (b) | 14325 | 13903 |
|  |  | 78126 |
| **U.S. Government Agency Obligations 14.5%** | **U.S. Government Agency Obligations 14.5%** | **U.S. Government Agency Obligations 14.5%** |
| Federal Farm Credit Banks Consolidated Systemwide Bonds |  |  |
| 4.34%, (SOFR + 0.04%), 07/12/23 (b) (c) | 8130 | 8130 |
| 4.35%, (SOFR + 0.05%), 09/29/23 (b) (c) | 9125 | 9125 |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.34%, (Fed Funds + 0.02%), 04/13/23 (b) (c) | 7500 | 7500 |
| Federal Home Loan Bank of Pittsburgh |  |  |
| 4.34%, (SOFR + 0.04%), 02/01/23 (b) (c) | 21000 | 21000 |
| 4.33%, 04/18/23 (b) | 8150 | 8149 |
| 4.25%, 07/12/23 (b) | 17000 | 16994 |
|  |  | 70898 |
| Total Government And Agency Obligations (cost $378,669) | Total Government And Agency Obligations (cost $378,669) | 378669 |
| **REPURCHASE AGREEMENTS 14.8%** | **REPURCHASE AGREEMENTS 14.8%** | **REPURCHASE AGREEMENTS 14.8%** |
| Repurchase Agreements (d) |  | 72300 |
| Total Repurchase Agreements (cost $72,300) | Total Repurchase Agreements (cost $72,300) | 72300 |
| **Total Investments 92.3% (cost $450,969)** | **Total Investments 92.3% (cost $450,969)** | **450969** |
| **Other Assets and Liabilities, Net 7.7%** | **Other Assets and Liabilities, Net 7.7%** | **37618** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **488587** |

---

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

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

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented.

(d) For repurchase agreements held at December 31, 2022, see Repurchase Agreements in the Schedules of Investments.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** |
| **Counter-party** | **Collateral** | **Collateral Par<sup>1</sup>** | **Collateral Value ($)** | **Rate (%)** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Proceeds at Maturity ($)** | **Par<sup>1</sup>** | **Value ($)** |
| BCL | Treasury, United States Department of, 0.38%, due 11/30/25 | 114 | 102 | 4.23 | 12/31/22 | 01/03/23 | 100 | 100 | 100 |
| BOA | Federal Farm Credit Banks Funding Corporation, 4.13%, due 12/12/25 | 9519 | 9393 |  |  |  |  |  |  |
|  | Federal Home Loan Bank, 2.28%-3.27%, due 1/24/33-2/3/42 | 7145 | 5500 |  |  |  |  |  |  |
|  |  | 16664 | 14893 | 4.30 | 12/31/22 | 01/03/23 | 14607 | 14600 | 14600 |
| GSC | Government National Mortgage Association, 3.50%, due 10/20/45 | 27908 | 26189 |  |  |  |  |  |  |
|  | Federal National Mortgage Association, Inc., 5.00%-7.50%, due 11/1/28-4/1/36 | 72 | 73 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 3.50%-7.00%, due 6/1/32-5/1/44 | 487 | 462 |  |  |  |  |  |  |
|  |  | 28467 | 26724 | 4.24 | 12/31/22 | 01/03/23 | 26212 | 26200 | 26200 |
| HSB | Federal National Mortgage Association, Inc., 2.50%-5.50%, due 7/1/43-11/1/52 | 2173 | 2142 | 4.30 | 12/31/22 | 01/03/23 | 2101 | 2100 | 2100 |
| NSI | Treasury, United States Department of, 1.75%, due 11/15/29 | 21713 | 18972 | 4.27 | 12/31/22 | 01/03/23 | 18609 | 18600 | 18600 |
| TDS | Government National Mortgage Association, 3.00%-4.50%, due 9/20/51-9/20/52 | 11955 | 10914 | 4.28 | 12/31/22 | 01/03/23 | 10705 | 10700 | 10700 |
|  |  |  |  |  |  |  |  |  | 72300 |

---

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Government Securities | 84.0% |
| Repurchase Agreements | 16.0 |
| **Total Investments** | **100.0%** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [3](#abbreviations_3).

------

***JNL Investors Series Trust***

December 31, 2022

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

#### Abbreviations :

---

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

---

#### Counterparty Abbreviations:

---

| |
|:---|
| BCL - Barclays Capital Inc. |
| BNS - Bank of Nova Scotia |
| BOA - Bank of America NA |
| DUB - Deutsche Bank AG |
| GSC - Goldman Sachs & Co. |
| HSB - HSBC Securities Inc. |
| JPM - J.P. Morgan Securities Inc. |
| NAT - Natixis S.A. |
| NSI - Nomura Securities International Inc. |
| RBC - Royal Bank of Canada |
| SGS - Societe Generale S.A. |
| TDS - TD Securities Inc. |

---

See accompanying Notes to Financial Statements.

------

#### JNL Investors Series Trust
***Statements of Assets and Liabilities** *(in thousands, except net asset value per share)*

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | JNL Government Money Market Fund | JNL Securities Lending Collateral Fund |
| **Assets** |  |  |
| Investments - unaffiliated, at value | $1865497 | $378669 |
| Repurchase agreements, at value | 926400 | 72300 |
| Cash | 310030 | 38750 |
| Receivable from: |  |  |
| Dividends and interest | 4079 | 744 |
| **Total assets**  | 3106006 | 490463 |
| **Liabilities** |  |  |
| Payable for: |  |  |
| Advisory fees | 495 | 20 |
| Dividends | 10173 | 1836 |
| Board of trustee fees | 203 | 19 |
| Chief compliance officer fees | 3 | 1 |
| Other expenses | 3 |  |
| **Total liabilities**  | 10877 | 1876 |
| **Net assets**  | $3095129 | $488587 |
| **Net assets consist of:** |  |  |
| Paid-in capital  | $3095247 | $488613 |
| Total distributable earnings (loss) | (118) | (26) |
| **Net assets**  | $3095129 | $488587 |
| Net assets - Institutional Class | $3095129 | $488587 |
| Shares outstanding - Institutional Class | 3095249 | 488610 |
| Net asset value per share - Institutional Class | $1.00 | $1.00 |
| Investments - unaffiliated, at cost | $1865497 | $378669 |
| Repurchase agreements, at cost | 926400 | 72300 |

---

See accompanying Notes to Financial Statements.

------

***Statements of Operations** *(in thousands)*

For the year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
|  | JNL Government Money Market Fund | JNL Securities Lending Collateral Fund |
| **Investment income** |  |  |
| Interest | $54479 | $18093 |
| **Total investment income** | 54479 | 18093 |
| **Expenses** |  |  |
| Advisory fees | 6589 | 553 |
| Legal fees | 18 | 7 |
| Board of trustee fees | 43 | (19) |
| Chief compliance officer fees | 15 | 5 |
| Other expenses | 33 | 14 |
| **Total expenses** | 6698 | 560 |
| Expense waiver | (572) |  |
| Recovery of previously reimbursed |  |  |
| expenses | 5853 |  |
| **Net expenses** | 11979 | 560 |
| **Net investment income (loss)** | 42500 | 17533 |
| **Realized gain (loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments - unaffiliated | 2 | (24) |
| **Net realized gain (loss)** | 2 | (24) |
| **Change in net assets from operations** | $42502 | $17509 |

---

See accompanying Notes to Financial Statements.

------

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

For the year Ended December 31, 2022

---

| | | |
|:---|:---|:---|
|  | JNL Government Money Market Fund | JNL Securities Lending Collateral Fund |
| **Operations** |  |  |
| Net investment income (loss) | $42500 | $17533 |
| Net realized gain (loss) | 2 | (24) |
| **Change in net assets from operations** | 42502 | 17509 |
| **Distributions to shareholders** |  |  |
| From distributable earnings |  |  |
| Institutional Class | (42536) | (17563) |
| **Total distributions to shareholders**  | (42536) | (17563) |
| **Share transactions<sup>1</sup>** |  |  |
| Proceeds from the sale of shares |  |  |
| Institutional Class | 40108134 | 28950127 |
| Cost of shares redeemed |  |  |
| Institutional Class | (40618272) | (30083354) |
| **Change in net assets from** |  |  |
| **share transactions** | (510138) | (1133227) |
| **Change in net assets** | (510172) | (1133281) |
| Net assets beginning of year | 3605301 | 1621868 |
| **Net assets end of year** | $3095129 | $488587 |
| **<sup>1</sup>Share transactions** |  |  |
| Shares sold |  |  |
| Institutional Class | 40108134 | 28950127 |
| Shares redeemed |  |  |
| Institutional Class | (40618272) | (30083354) |
| Change in shares |  |  |
| Institutional Class | (510138) | (1133227) |
| **Purchases and sales of long term**  |  |  |
| **investments** |  |  |
| Purchase of securities | $1069640 | $403183 |
| Proceeds from sales of securities | $799775 | $365389 |
| Proceeds from sales of U.S. government |  |  |
| securities | 598065 | 272395 |
| Total proceeds from sales | $1397840 | $637784 |

---

See accompanying Notes to Financial Statements.

------

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

For the Year Ended December 31, 2021

---

| | | |
|:---|:---|:---|
|  | JNL Government Money Market Fund | JNL Securities Lending Collateral Fund |
| **Operations** |  |  |
| Net investment income (loss) | $330 | $301 |
| Net realized gain (loss) | 36 | 30 |
| **Change in net assets from operations** | 366 | 331 |
| **Distributions to shareholders** |  |  |
| From distributable earnings |  |  |
| Institutional Class | (470) | (372) |
| **Total distributions to shareholders**  | (470) | (372) |
| **Share transactions<sup>1</sup>** |  |  |
| Proceeds from the sale of shares |  |  |
| Institutional Class | 37467689 | 32057720 |
| Cost of shares redeemed |  |  |
| Institutional Class | (36933768) | (31660933) |
| **Change in net assets from** |  |  |
| **share transactions** | 533921 | 396787 |
| **Change in net assets** | 533817 | 396746 |
| Net assets beginning of year | 3071484 | 1225122 |
| **Net assets end of year** | $3605301 | $1621868 |
| **<sup>1</sup>Share transactions** |  |  |
| Shares sold |  |  |
| Institutional Class | 37467689 | 32057720 |
| Shares redeemed |  |  |
| Institutional Class | (36933768) | (31660933) |
| Change in shares |  |  |
| Institutional Class | 533921 | 396787 |

---

See accompanying Notes to Financial Statements.

------

#### Financial Highlights

#### For a Share Outstanding
**Net Investment Income (Loss).** Net investment income(loss) is calculated using the average shares method.

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

**Ratios.** Ratios are annualized for periods less than one year.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** |  |  |  |  |  |  |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) |  | 1.00 | 1.31 | 3095129 | N/A | 0.33<br> (a) | 0.18 | 1.16<br> (b) |
| 12/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (c) |  | 1.00 | 0.01 | 3605301 | N/A | 0.05 | 0.19 | 0.01 |
| 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (c) |  | 1.00 | 0.34 | 3071484 | N/A | 0.16 | 0.19 | 0.31 |
| 12/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) |  | 1.00 | 2.08 | 2692869 | N/A | 0.19 | 0.19 | 2.05 |
| 12/31/18 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) |  | 1.00 | 1.71 | 2570473 | N/A | 0.19 | 0.19 | 1.69 |
| **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** |  |  |  |  |  |  |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) |  | 1.00 | 1.55 | 488587 | N/A | 0.04 | 0.04 | 1.27 |
| 12/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (c) |  | 1.00 | 0.03 | 1621868 | N/A | 0.04 | 0.04 | 0.02 |
| 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (c) |  | 1.00 | 0.43 | 1225122 | N/A | 0.04 | 0.04 | 0.37 |
| 12/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) |  | 1.00 | 2.21 | 1345221 | N/A | 0.04 | 0.04 | 2.19 |
| 12/31/18<br> (d) | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) |  | 1.00 | 0.82 | 2206363 | N/A | 0.04 | 0.04 | 2.12 |

---

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

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

(c) Amount represents less than $0.005.

(d) The Fund commenced operations
on August 13, 2018.

See accompanying Notes to Financial Statements.

------

#### JNL Investors Series Trust

#### Notes to Financial Statements
December 31, 2022

#### NOTE 1. ORGANIZATION
JNL Investors Series Trust ("Trust") is an open-end management investment company organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated July 28, 2000, as amended and restated September 25, 2017. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), and its shares are registered under the Securities Act of 1933, as amended ("1933 Act"). The Trust operates as a series trust, and at December 31, 2022 consisted of two (2) separate series, JNL Government Money Market Fund and JNL Securities Lending Collateral Fund (each a "Fund", and collectively, "Funds"), which are each diversified investment companies as defined in the 1940 Act. Each Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, each with its own investment objective.

Jackson National Asset Management, LLC ("JNAM", "Adviser" or "Administrator"), an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), serves as investment adviser and administrator to each of the Funds. Prudential plc and Athene Life Re Ltd. each hold a minority economic interest in Jackson. Prudential plc has no relation to Newark, New Jersey-based Prudential Financial Inc.

Wellington Management Company LLP serves as Sub-Adviser for JNL Government Money Market Fund and JNL Securities Lending Collateral Fund.

JNL Government Money Market Fund and JNL Securities Lending Collateral Fund presently offer an Institutional Class of shares. Institutional Class shares are not sold to retail investors but are available for investment by affiliated parties. Affiliated parties or Jackson owned 100% of the outstanding capital shares of JNL Government Money Market Fund and JNL Securities Lending Collateral Fund at December 31, 2022.

#### NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles ("GAAP").

**Security Valuation.** Under the Trust's valuation policy and procedures ("Valuation Policies and Procedures"), the Trust's Board of Trustees ("Board" or "Trustees") has designated to the Adviser the responsibility for carrying out certain functions relating to the valuation of portfolio securities for the purpose of determining the net asset value ("NAV") of 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). 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. All securities in the JNL Government Money Market Fund and JNL Securities Lending Collateral Fund, as permitted by compliance with applicable provisions of Rule 2a-7 under the 1940 Act, are valued at amortized cost, unless it is determined that such practice does not approximate fair value. Debt securities are generally valued by independent pricing services approved by the Board. Pricing services utilized to value debt securities 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. If pricing services are unable to provide valuations, debt securities are valued at the most recent bid quotation or an evaluated price, as applicable, obtained from each Fund's Sub-Adviser, a broker/dealer, a widely used quotation system or other approved third-party sources.

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

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

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

------

#### JNL Investors Series Trust

#### Notes to Financial Statements
December 31, 2022

**Expenses.** Expenses are recorded on an accrual basis. Expenses of the Trust that are directly attributable to a specific Fund are charged to that Fund. Expenses attributable to a specific class of shares are charged to that class. Other Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund.

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

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

**Recent Accounting Pronouncements.** In March 2020, FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new guidance provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued due to reference rate reform. The amendments in this update are elective and may be applied through December 31, 2024. Management is currently evaluating the potential impacts of reference rate reform and the adoption of this ASU on the Funds' financial statements.

Effective September 8, 2022, the Funds were required to comply with Rule 2a-5 under the Investment Company Act – Good Faith Determinations of Fair Value. The rule addresses valuation practices and the role of fund board of directors with respect to the fair value of the investments of a fund. The Rule also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a fund's board in determining fair value and the accounting and auditing of fund investments. The Funds' compliance with Rule 2a-5 did not have a material impact to the Funds' financial statements.

#### NOTE 3. FASB ASC TOPIC 820, "FAIR VALUE MEASUREMENT"
This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund's investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories:

Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange or investments in mutual funds.

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third-party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, broker quotes in active markets, securities subject to corporate actions or securities valued at amortized cost.

Level 3 includes valuations determined from significant unobservable inputs including the Adviser's own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security's underlying index or changes in comparable securities' models. Level 3 valuations include securities that are priced based on single source broker quotes; securities where prices may be unavailable due to halted trading, restricted to resale due to market events, or newly issued; or investments for which reliable quotes are otherwise not available.

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

The following table summarizes each Fund's investments in securities and other financial instruments (in thousands) as of December 31, 2022 by valuation level.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1865497 |  | 1865497 |
| &nbsp;&nbsp;Repurchase Agreements |  | 926400 |  | 926400 |
|  |  | 2791897 |  | 2791897 |

---

------

#### JNL Investors Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** | **JNL Securities Lending Collateral Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 378669 |  | 378669 |
| &nbsp;&nbsp;Repurchase Agreements |  | 72300 |  | 72300 |
|  |  | 450969 |  | 450969 |

---

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security's valuation. There were no significant transfers into or out of Level 3 for the year. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at December 31, 2022.

#### NOTE 4. SECURITIES INVESTMENTS
**U.S. Government Agencies or Government Sponsored Enterprises.** The Funds may invest in U.S. government agencies or government sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by, the U.S. government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury ("U.S. Treasury"); others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest paying securities of similar maturities.

Government-related guarantors (i.e., guarantors that are not backed by the full faith and credit of the U.S. government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers, which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. government.

FNMA and FHMLC were placed into conservatorship by the Federal Housing Finance Agency ("FHFA"). As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and each enterprise's assets. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with FNMA and FHLMC. This agreement contains various covenants that severely limit each enterprise's operations. In exchange for entering into these agreements, the U.S. Treasury received senior preferred stock in each enterprise and warrants to purchase each enterprise's common stock. The U.S. Treasury created a new secured lending facility, which is available to FNMA and FHLMC as a liquidity backstop and created a temporary program to purchase mortgage-backed securities issued by FNMA and FHLMC. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities.

**Repurchase Agreements.** Certain Funds may invest in repurchase agreements. In a repurchase agreement a Fund receives debt securities (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the securities at an agreed upon price and date. The underlying securities used as collateral for repurchase agreements may be held in safekeeping by the Fund's Custodian or designated sub-custodians under triparty repurchase agreements. Earnings on collateral and compensation to the seller are based on agreed upon rates between the seller and the Fund. Interest earned on repurchase agreements is recorded as interest income to the Fund. When a repurchase agreement is entered into, a Fund typically receives securities with a value that approximates or exceeds the repurchase price, including any accrued interest earned on the repurchase agreement. The value of such securities will be marked to market daily, and cash or additional securities will be exchanged between the parties with a frequency and in amounts prescribed in the repurchase agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of such collateral may decline.

#### NOTE 5. PRINCIPAL RISKS
**Market and Volatility Risk.** In the normal course of business, the Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to changes in the market ("market risk"). Additionally, prices of financial instruments may fluctuate over short periods or extended periods of time in response to company, market, economic or political news ("volatility risk"). Equity securities generally have more price volatility than fixed-income securities, and long term fixed-income securities normally have more price volatility than short term fixed-income securities.

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

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

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

------

#### JNL Investors Series Trust

#### Notes to Financial Statements
December 31, 2022

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

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

**Epidemic Risk.** The transmission of COVID-19 and efforts to contain its spread resulted in, and may continue to result in, closing borders, enhanced health screenings, healthcare service shortages, quarantines, cancellations, disruptions to supply chains and vendor and customer activity, as well as general concern and uncertainty. The impact of infectious diseases across the world, but especially in developing or emerging market countries, may be more pronounced where less established health care systems exist or where health care systems are unprepared to handle the outbreak of a disease like COVID-19. Health crises caused by COVID-19 may exacerbate other pre-existing political, social and economic risks in certain countries. The COVID-19 pandemic and its effects may last for an extended period of time. New variants and low rates of vaccination in certain areas of the world have hampered recovery efforts and continue to create further uncertainty. Even as restrictions have been lifted in certain jurisdictions, they have been reimposed in others, and this pattern is expected to continue for the foreseeable future as certain jurisdictions experience resurgences of COVID-19. Although the long-term economic fallout of COVID-19 is difficult to predict, it has contributed to, and is likely to continue to contribute to, market volatility, inflation and systemic economic weakness. Therefore, the economic outlook, particularly for certain industries and businesses, remains inherently uncertain, and could prevent a Fund from executing advantageous investment decisions in a timely manner, adversely affect the value and liquidity of a Fund's investments, and negatively impact a Fund's ability to achieve its investment objective.

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

#### NOTE 6. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL
Under various agreements, certain investment transactions require collateral to be pledged to or from a Fund and a counterparty or segregated at the custodian and the collateral is managed pursuant to the terms of the agreement. U.S. Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by a Fund that are used as collateral are identified as such within the Schedules of Investments.

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

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

------

#### JNL Investors Series Trust

#### Notes to Financial Statements
December 31, 2022

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

#### NOTE 7. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES
**Advisory Fee.** The Trust has an investment advisory and management agreement with JNAM, whereby JNAM provides investment management services. Each Fund pays JNAM an annual fee, accrued daily and paid monthly, based on a specified percentage of the average daily net assets of each Fund. A portion of this fee is paid by JNAM to the Sub-Adviser as compensation for its services. JNL Government Money Market Fund is obligated to pay JNAM an annual rate of 0.20% for net assets up to $750 million, 0.18% for net assets between $750 million and $3 billion, 0.16% for net assets between $3 billion and $5 billion and 0.14% for net assets over $5 billion. JNL Securities Lending Collateral Fund is obligated to pay JNAM an annual rate of 0.04% for net assets up to $3 billion, 0.035% for net assets between $3 billion and $5 billion and 0.03% for net assets over $5 billion.

**Administrative Fee.** JNAM also serves as the Administrator to the Funds. JNAM provides or procures most of the necessary administrative functions and services for the operations of the JNL Government Money Market Fund and JNL Securities Lending Collateral Fund at no additional cost. In accordance with the administration agreement, JNAM, at its own expense, arranges for legal, audit, fund accounting, transfer agency, custody (except overdraft and interest expense), printing and mailing, a portion of the Chief Compliance Officer costs, and all other services necessary for the operation of each Fund. Each Fund is responsible for trading expenses including brokerage commissions, interest and taxes, other non-operating expenses, registration fees, licensing costs, directors and officers insurance, the fees and expenses of the disinterested Trustees ("Independent Trustees") and independent legal counsel to the Independent Trustees and a portion of the costs associated with the Chief Compliance Officer.

**Fee Waiver and Expense Reimbursements.** Pursuant to a contractual expense limitation agreement, JNAM agreed to waive fees and reimburse expenses of the JNL Government Money Market Fund to the extent necessary to limit operating expenses, interest, taxes and dividend and extraordinary expenses of the Fund, to an annual rate as a percentage of average daily net assets equal to or less than the Fund's investment income for the year. In addition, when the Fund receives income sufficient to pay a dividend, under the contractual expense limitation agreement JNAM may recapture previously waived fees and reimbursed expenses from the Fund for a period of three years from the end of the fiscal year in which such waiver or reimbursement took place. During the year ended December 31, 2022, JNAM recovered $5,853 (in thousands) of reimbursed expenses. There are no additional potentially recoverable expenses remaining as of December 31, 2022.

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

#### NOTE 8. INCOME TAX MATTERS
Each Fund is treated as a separate tax payer for federal income tax purposes. Each of these Funds intends to continue to qualify as a regulated investment company ("RIC") and to distribute substantially all net investment income and net capital gains, if any, to its shareholders and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to RICs. Therefore, no federal income tax provision is required. These Funds may also fully or partially satisfy their distribution requirements by using consent dividends rather than cash dividends. Consent dividends are authorized by Jackson, and the distributions are treated as if they were paid in cash for tax purposes only. Under current tax law, interest, dividends and capital gains paid by these Funds are not currently taxable to shareholders when left to accumulate within a variable annuity contract or variable life insurance policies.

The following information is presented on an income tax basis (in thousands). Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: paydown reclassifications, non-deductible offering costs and distribution adjustments. These reclassifications have no impact on net assets.

As of December 31, 2022, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) for federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Investments($)** | **Gross Unrealized Appreciation($)** | **Gross Unrealized Depreciation($)** | **Net Unrealized Appreciation (Depreciation)($)** |
| JNL Government Money Market Fund | 2791897 | 277 | (277) |  |
| JNL Securities Lending Collateral Fund | 450969 | 69 | (69) |  |

---

As of December 31, 2022, the components of distributable taxable earnings (in thousands) for U.S. federal income tax purposes were as follows:

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#### JNL Investors Series Trust

#### Notes to Financial Statements
December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed Net Ordinary Income\*($)** | **Undistributed Net Long-Term Capital Gain($)** | **Unrealized Gains (Losses)\*\*($)** | **Capital Loss Carryforward($)** |
| JNL Government Money Market Fund | 10259 |  | (10377) |  |
| JNL Securities Lending Collateral Fund | 1853 |  | (1855) | (24) |

---

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

\*\* Unrealized gains (losses) are adjusted for certain tax basis adjustments.

The tax character of distributions paid by the Funds (in thousands) during the Funds' fiscal year ended December 31, 2022 was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Net Ordinary Income\*($)** | **Long-term Capital Gain\*\*($)** | **Return of Capital($)** |
| JNL Government Money Market Fund | 32392 |  |  |
| JNL Securities Lending Collateral Fund | 15757 |  |  |

---

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

\*\* The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code section 852(b)(3), the amount necessary to reduce earnings and profits of the

Funds related to net capital gains to zero for the fiscal year ended December 31, 2022.

The tax character of distributions paid by the Funds (in thousands) during the Funds' fiscal year ended December 31, 2021 was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Net Ordinary Income\*($)** | **Long-term Capital Gain($)** | **Return of Capital($)** |
| JNL Government Money Market Fund | 481 | 10 |  |
| JNL Securities Lending Collateral Fund | 425 |  |  |

---

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

FASB ASC Topic 740 "Income Taxes" provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund's tax return to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2019, 2020, 2021 and 2022 which remain subject to examination by the Internal Revenue Service and certain other jurisdictions. Management completed an evaluation of the Funds' tax positions and based on that evaluation, determined that no provision for federal income tax was required in the Funds' financial statements during the year ended December 31, 2022.

#### NOTE 9. SUBSEQUENT EVENTS
Management has evaluated subsequent events for the Funds through the date the financial statements are issued and has concluded there were no events that require adjustments to the financial statements or disclosure in the notes to financial statements.

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#### Report of Independent Registered Public Accounting Firm
To the Shareholders of the Funds and Board of Trustees<br>JNL Investors Series Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of each of the Funds listed in the Appendix (the Funds), each a series within JNL Investors Series Trust, including the schedules of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights, for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and broker or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more JNL investment companies since 2001.

Chicago, Illinois<br>February 23, 2023

#### Appendix

#### List of Funds
<br> <u>JNL Government Money Market Fund</u> <br> <u>JNL Securities Lending Collateral Fund </u>

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#### JNL Investors Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

**Disclosure of Fund Expenses.** Shareholders incur ongoing costs, which include costs for portfolio management, administrative services and other operating expenses. Operating expenses such as these are deducted from each Fund's gross income and directly reduce the final investment return. These expenses are expressed as a percentage of the Fund's average net assets; this percentage is known as the Fund's expense ratio. The examples below use the expense ratio and are intended to help the investor understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

**Expenses Using Actual Fund Return**. This section provides information about the actual account values and actual expenses incurred by the Fund. Use the information in this section, together with the amount invested, to estimate the expenses paid over the period. Simply divide the account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses paid during this period.

**Expenses Using Hypothetical 5% Return.** This section provides information that can be used to compare each Fund's costs with those of other mutual funds. It assumes that the Fund's expense ratio for the period is unchanged and assumes an annual 5% return before expenses, which is not the Fund's actual return. This example is useful in making comparisons because the SEC requires all mutual funds to make the 5% calculation.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** |
| JNL Government Money Market Fund | JNL Government Money Market Fund | JNL Government Money Market Fund |  |  |  |  |  |
| Class A | 0.35 | 1000.00 | 1012.60 | 1.78 | 1000.00 | 1023.44 | 1.79 |
| JNL Securities Lending Collateral Fund | JNL Securities Lending Collateral Fund | JNL Securities Lending Collateral Fund |  |  |  |  |  |
| Class A | 0.04 | 1000.00 | 1013.80 | 0.20 | 1000.00 | 1025.00 | 0.20 |

---

† Expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 184/365 (to reflect the most recent 6-month period).

**Proxy Voting Policies and Procedures and Proxy Voting Record.** A description of the Policy that the Funds' Adviser (and Sub-Advisers) used to vote proxies relating to portfolio securities and additional information on how the Funds voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2022, are available without charge (1) by calling 1-800-392-2909; (2) on Jackson National Life Insurance Company's or Jackson National Life Insurance Company of New York's website at <u>www.jackson.com</u>; and (3) by visiting the SEC's website at <u>www.sec.gov</u>.

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#### Trustees and Officers of JNL Investors Series Trust ("Trust")

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| | |
|:---|:---|
| Name, Address, and (Age) | Number of Portfolios in Fund Complex Overseen by Trustee |
| Interested Trustee | Interested Trustee |
| Mark D. Nerud (56) <sup>1</sup><br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup> <br>(1/2007 to present)<br>President and Chief Executive Officer<br>(12/2006 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President and Chief Executive Officer of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 8/2014 to 12/2020, and 8/2012 to 7/2018); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to present)  | Principal Occupation(s) During Past 5 Years:<br>Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President and Chief Executive Officer of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 8/2014 to 12/2020, and 8/2012 to 7/2018); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to present)  |
| Other Directorships Held by Trustee During Past 5 Years: <br>Interested Trustee/Manager of other investment companies advised by JNAM (4/2015 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) | Other Directorships Held by Trustee During Past 5 Years: <br>Interested Trustee/Manager of other investment companies advised by JNAM (4/2015 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) |
| Independent Trustees | Independent Trustees |
| Eric O. Anyah (55)<br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup><br>(1/2018 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present) | Principal Occupation(s) During Past 5 Years:<br>Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present) |
| Other Directorships Held by Trustee During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) | Other Directorships Held by Trustee During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) |
| Michael J. Bouchard (66)<br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup><br>(8/2000 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Sheriff, Oakland County, Michigan (1/1999 to present) | Principal Occupation(s) During Past 5 Years:<br>Sheriff, Oakland County, Michigan (1/1999 to present) |
| Other Directorships Held by Trustee During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 4/2000 to 12/2020, and 8/2012 to 7/2018) | Other Directorships Held by Trustee During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 4/2000 to 12/2020, and 8/2012 to 7/2018) |
| Ellen Carnahan (67)<br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup> <br>(12/2013 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below) | Principal Occupation(s) During Past 5 Years:<br>Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below) |
| Other Directorships Held by Trustee During Past 5 Years: <br>Director and Audit Committee Member (11/2016 to present), Governance Committee Member (11/2016 to 3/2018), and Compensation Committee Chair (3/2018 to present), Paylocity Holding Corporation; Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  | Other Directorships Held by Trustee During Past 5 Years: <br>Director and Audit Committee Member (11/2016 to present), Governance Committee Member (11/2016 to 3/2018), and Compensation Committee Chair (3/2018 to present), Paylocity Holding Corporation; Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  |
| John W. Gillespie (69)<br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup> <br>(12/2013 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to present); Investor, Business Writer, and Advisor (10/2006 to present); Financial Advisor, Yosi, Inc. (healthcare services software company) (1/2017 to 6/2018) | Principal Occupation(s) During Past 5 Years:<br>Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to present); Investor, Business Writer, and Advisor (10/2006 to present); Financial Advisor, Yosi, Inc. (healthcare services software company) (1/2017 to 6/2018) |
| Other Directorships Held by Trustee During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) | Other Directorships Held by Trustee During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) |
| William R. Rybak (71) <br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup> <br>(1/2007 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Private investor (5/2000 to present); Board Member of various corporate boards (see below)  | Principal Occupation(s) During Past 5 Years:<br>Private investor (5/2000 to present); Board Member of various corporate boards (see below)  |

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| | |
|:---|:---|
| Name, Address, and (Age) | Number of Portfolios in Fund Complex Overseen by Trustee |
| Other Directorships Held by Trustee During Past 5 Years: <br>Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (10/2012 to present) and Chair Emeritus (5/2009 to present), Lewis University; Director (2002 to present), Governance Committee Chair (2004 to 7/2019), and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) | Other Directorships Held by Trustee During Past 5 Years: <br>Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (10/2012 to present) and Chair Emeritus (5/2009 to present), Lewis University; Director (2002 to present), Governance Committee Chair (2004 to 7/2019), and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) |
| Mark S. Wehrle (65)<br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup> <br>(1/2018 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Real Estate Broker, Broker's Guild (4/2011 to 12/2019); Retired Certified Public Accountant (1/2011 to present) | Principal Occupation(s) During Past 5 Years:<br>Real Estate Broker, Broker's Guild (4/2011 to 12/2019); Retired Certified Public Accountant (1/2011 to present) |
| Other Directorships Held by Trustee During Past 5 Years: <br>Trustee, Delta Dental of Colorado (1/2012 to 12/2020); Trustee/Manager of other investment companies advised by JNAM and/or an affiliate of JNAM (1/2018 to 12/2020, 1/2018 to 7/2018, and 7/2013 to 12/2020) | Other Directorships Held by Trustee During Past 5 Years: <br>Trustee, Delta Dental of Colorado (1/2012 to 12/2020); Trustee/Manager of other investment companies advised by JNAM and/or an affiliate of JNAM (1/2018 to 12/2020, 1/2018 to 7/2018, and 7/2013 to 12/2020) |
| Edward C. Wood (66)<br>1 Corporate Way<br>Lansing, MI 48951<br> Chair of the Board <sup>3</sup> <br>(1/2020 to present)<br>Trustee <sup>2</sup> <br>(12/2013 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>None  | Principal Occupation(s) During Past 5 Years:<br>None  |
| Other Directorships Held by Trustee During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) | Other Directorships Held by Trustee During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) |
| Patricia A. Woodworth (67) <br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup> <br>(1/2007 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Chief Financial Officer, National Trust for Historic Preservation (3/2019 to 8/2020); Vice President, Chief Financial Officer, and Chief Operating Officer, The J. Paul Getty Trust (philanthropic organization) (11/2007 to 8/2018) | Principal Occupation(s) During Past 5 Years:<br>Chief Financial Officer, National Trust for Historic Preservation (3/2019 to 8/2020); Vice President, Chief Financial Officer, and Chief Operating Officer, The J. Paul Getty Trust (philanthropic organization) (11/2007 to 8/2018) |
| Other Directorships Held by Trustee During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) | Other Directorships Held by Trustee During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) |
| <sup>1</sup> Mr. Nerud is an "interested person" of the Trust due to his position with JNAM, the Adviser. |  |
| <sup>2</sup> The Interested Trustee and the Independent Trustees are elected to serve for an indefinite term. |  |
| <sup>3</sup> The Board Chairperson may be reelected for a second three-year term. If the Board Chairperson has served two consecutive terms, he or she may not serve again as the Board Chairperson, unless at least one year has elapsed since the end of his or her second consecutive term as Board Chairperson. |  |

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| | |
|:---|:---|
| **Name, Address, and (Age)** | Position(s) Held with Trust<br>(Length of Time Served) |
| Officers | Officers |
| Emily J. Bennett (39) <br>1 Corporate Way<br>Lansing, MI 48951 | Vice President<br>(11/2022 to present)<br>Assistant Secretary<br>(3/2016 to present) |
| Principal Occupation(s) During Past 5 Years: <br>***Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (3/2016 to present, 3/2016 to 12/2020, 5/2012 to 12/2020, and 3/2016 to 7/2018); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to present), and Secretary (11/2017 to 2/2021 and 5/2022 to present) of an investment company advised by PPM America, Inc.*** | Principal Occupation(s) During Past 5 Years: <br>***Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (3/2016 to present, 3/2016 to 12/2020, 5/2012 to 12/2020, and 3/2016 to 7/2018); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to present), and Secretary (11/2017 to 2/2021 and 5/2022 to present) of an investment company advised by PPM America, Inc.*** |
| Garett J. Childs (43)<br>1 Corporate Way<br>Lansing, MI 48951 | Vice President<br>(2/2019 to present) |

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| | |
|:---|:---|
| **Name, Address, and (Age)** | Position(s) Held with Trust<br>(Length of Time Served) |
| Principal Occupation(s) During Past 5 Years: <br>***Chief Financial Officer of JNAM (8/2021 to present); Vice President, Finance and Risk of JNAM (2/2019 to present); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (2/2019 to present and 2/2019 to 12/2020); Chief Risk Officer of JNAM (7/2016 to 2/2019); Assistant Vice President, Corporate Finance of JNAM (12/2013 to 2/2019)*** | Principal Occupation(s) During Past 5 Years: <br>***Chief Financial Officer of JNAM (8/2021 to present); Vice President, Finance and Risk of JNAM (2/2019 to present); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (2/2019 to present and 2/2019 to 12/2020); Chief Risk Officer of JNAM (7/2016 to 2/2019); Assistant Vice President, Corporate Finance of JNAM (12/2013 to 2/2019)*** |
| Kelly L. Crosser (50)<br>1 Corporate Way<br>Lansing, MI 48951 | Assistant Secretary <br>(9/2007 to present) |
| Principal Occupation(s) During Past 5 Years:<br>Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (9/2007 to present, 9/2007 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018) | Principal Occupation(s) During Past 5 Years:<br>Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (9/2007 to present, 9/2007 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018) |
| Richard J. Gorman (57)<br>1 Corporate Way<br>Lansing, MI 48951 | Chief Compliance Officer <br>(8/2018 to present)<br>Anti-Money Laundering Officer<br>(8/2018 to present) |
| Principal Occupation(s) During Past 5 Years: <br>Senior Vice President and Chief Compliance Officer of JNAM (8/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of other investment companies advised by JNAM (8/2018 to present and 8/2018 to 12/2020), Chief Compliance Officer and Deputy General Counsel of Heitman LLC (2/2018 to 8/2018); Chief Compliance Officer of the Oakmark Funds (6/2006 to 1/2018) | Principal Occupation(s) During Past 5 Years: <br>Senior Vice President and Chief Compliance Officer of JNAM (8/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of other investment companies advised by JNAM (8/2018 to present and 8/2018 to 12/2020), Chief Compliance Officer and Deputy General Counsel of Heitman LLC (2/2018 to 8/2018); Chief Compliance Officer of the Oakmark Funds (6/2006 to 1/2018) |
| William P. Harding (48)<br>1 Corporate Way<br>Lansing, MI 48951 | Vice President<br>(11/2012 to present) |
| Principal Occupation(s) During Past 5 Years: <br>Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (11/2012 to present, 11/2012 to 12/2020, 5/2014 to 12/2020, and 11/2012 to 7/2018) | Principal Occupation(s) During Past 5 Years: <br>Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (11/2012 to present, 11/2012 to 12/2020, 5/2014 to 12/2020, and 11/2012 to 7/2018) |
| Daniel W. Koors (52)<br>1 Corporate Way<br>Lansing, MI 48951 | Vice President<br>(12/2006 to present)<br>Treasurer & Chief Financial Officer<br>(9/2016 to 6/2020) |
| Principal Occupation(s) During Past 5 Years: <br>Senior Vice President of JNAM (1/2009 to present); Chief Operating Officer of JNAM (4/2011 to present); Vice President of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (9/2016 to 6/2020, 9/2016 to 12/2020, 10/2011 to 12/2020, and 9/2016 to 7/2018); Principal Financial Officer (11/2017 to 1/2021), Treasurer (11/2017 to 1/2021), and Vice President (11/2017 to present) of an investment company advised by PPM America, Inc. | Principal Occupation(s) During Past 5 Years: <br>Senior Vice President of JNAM (1/2009 to present); Chief Operating Officer of JNAM (4/2011 to present); Vice President of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (9/2016 to 6/2020, 9/2016 to 12/2020, 10/2011 to 12/2020, and 9/2016 to 7/2018); Principal Financial Officer (11/2017 to 1/2021), Treasurer (11/2017 to 1/2021), and Vice President (11/2017 to present) of an investment company advised by PPM America, Inc. |
| Kristen K. Leeman (47)<br>1 Corporate Way<br>Lansing, MI 48951 | Assistant Secretary<br>(6/2012 to present) |
| Principal Occupation(s) During Past 5 Years: <br>***Senior Regulatory Analyst of JNAM (5/2021 to present); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (6/2012 to present, 6/2012 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018)*** | Principal Occupation(s) During Past 5 Years: <br>***Senior Regulatory Analyst of JNAM (5/2021 to present); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (6/2012 to present, 6/2012 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018)*** |
| Adam C. Lueck (40) <br>1 Corporate Way <br>Lansing, MI 48951  | Assistant Secretary<br>(3/2018 to present) |
| Principal Occupation(s) During Past 5 Years: <br>***Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Attorney of JNAM (10/2015 to 2/2018); Assistant Secretary of other investment companies advised by JNAM (3/2018 to present, 3/2018 to 12/2020, 12/2015 to 12/2020, and 1/2018 to 7/2018)*** | Principal Occupation(s) During Past 5 Years: <br>***Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Attorney of JNAM (10/2015 to 2/2018); Assistant Secretary of other investment companies advised by JNAM (3/2018 to present, 3/2018 to 12/2020, 12/2015 to 12/2020, and 1/2018 to 7/2018)*** |
| Mia K. Nelson (40)<br>1 Corporate Way<br>Lansing, MI 48951 | Vice President <br>(11/2022 to present)<br>Assistant Vice President <br>(8/2017 to 11/2022) |

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| | |
|:---|:---|
| **Name, Address, and (Age)** | Position(s) Held with Trust<br>(Length of Time Served) |
| Principal Occupation(s) During Past 5 Years:<br>Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022, 8/2017 to 12/2020, 9/2017 to 12/2020, and 8/2017 to 7/2018) | Principal Occupation(s) During Past 5 Years:<br>Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022, 8/2017 to 12/2020, 9/2017 to 12/2020, and 8/2017 to 7/2018) |
| Joseph B. O'Boyle (60) <br>1 Corporate Way <br>Lansing, MI 48951  | Vice President<br>(1/2018 to present)<br>Acting Chief Compliance Officer<br>(5/2018 to 8/2018)<br>Acting Anti-Money Laundering Officer<br>(5/2018 to 8/2018) |
| Principal Occupation(s) During Past 5 Years: <br>***Vice President of JNAM (8/2015 to present); Acting Chief Compliance Officer of JNAM (5/2018 to 8/2018); Vice President of other investment companies advised by JNAM (1/2018 to present, 1/2018 to 12/2020, and 1/2018 to 7/2018); Acting Chief Compliance Officer and Acting Anti-Money Laundering Officer of other investment companies advised by JNAM (5/2018 to 8/2018); Anti-Money Laundering Officer of another investment company advised by JNAM (12/2015 to 1/2018); Chief Compliance Officer of another investment company advised by JNAM (5/2012 to 1/2018); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to present)*** | Principal Occupation(s) During Past 5 Years: <br>***Vice President of JNAM (8/2015 to present); Acting Chief Compliance Officer of JNAM (5/2018 to 8/2018); Vice President of other investment companies advised by JNAM (1/2018 to present, 1/2018 to 12/2020, and 1/2018 to 7/2018); Acting Chief Compliance Officer and Acting Anti-Money Laundering Officer of other investment companies advised by JNAM (5/2018 to 8/2018); Anti-Money Laundering Officer of another investment company advised by JNAM (12/2015 to 1/2018); Chief Compliance Officer of another investment company advised by JNAM (5/2012 to 1/2018); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to present)*** |
| Susan S. Rhee (51)<br>1 Corporate Way<br>Lansing, MI 48951 | Vice President, Chief Legal Officer, and Secretary <br>(2/2004 to present) |
| Principal Occupation(s) During Past 5 Years:<br>Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (2/2004 to present, 2/2004 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022) | Principal Occupation(s) During Past 5 Years:<br>Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (2/2004 to present, 2/2004 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022) |
| Andrew Tedeschi (57)<br>1 Corporate Way<br>Lansing, MI 48951 | Treasurer & Chief Financial Officer<br>(6/2020 to present) |
| Principal Occupation(s) During Past 5 Years: <br>Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to present); Controller, Fund Administration, Harris Associates L.P. (12/2007 to 12/2018); and Vice President (2/2008 to 12/2018), Treasurer (10/2018 to 12/2018), and Assistant Treasurer (2/2008 to 10/2018) of the Oakmark Funds | Principal Occupation(s) During Past 5 Years: <br>Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to present); Controller, Fund Administration, Harris Associates L.P. (12/2007 to 12/2018); and Vice President (2/2008 to 12/2018), Treasurer (10/2018 to 12/2018), and Assistant Treasurer (2/2008 to 10/2018) of the Oakmark Funds |

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The interested Trustee and the Officers of the Trust or the Adviser do not receive any compensation from the Trust for their services as Trustees or Officers. The following persons, who are Independent Trustees of the Trust, received from the Trust the compensation amounts indicated for their services as such for the 12-month period ended December 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Trustee** | **Aggregate Compensation from the Trust<sup>1</sup>** | **Pension or Retirement Benefits Accrued As Part of Trust Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Trust and Fund Complex** | **Total Compensation from the Trust and Fund Complex** |
|  | Eric O. Anyah | $7676 | $0 | $0 | $385000 | <sup>2</sup> |
|  | Michael Bouchard  | $7177 | $0 | $0 | $360000 |  |
|  | Ellen Carnahan | $7676 | $0 | $0 | $385000 | <sup>3</sup> |
|  | Michelle Engler<sup>7</sup> | $7676 | $0 | $0 | $385000 |  |
|  | John Gillespie | $7676 | $0 | $0 | $385000 | <sup>4</sup> |
|  | William R. Rybak  | $7177 | $0 | $0 | $360000 |  |
|  | Mark S. Wehrle | $7775 | $0 | $0 | $390000 | <sup>5</sup> |
|  | Edward Wood | $9271 | $0 | $0 | $465000 | <sup>6</sup> |
|  | Patricia Woodworth  | $7177 | $0 | $0 | $360000 | |
| <sup>1</sup> | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $3,475,000. |  |
| <sup>2</sup> | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. |  |
| <sup>3</sup> | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. |  |
| <sup>4</sup> | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. |  |
| <sup>5</sup> | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. |  |
| <sup>6</sup> | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. |  |
| <sup>7</sup> | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. |  |

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The Statement of Additional Information includes additional information about the Trustees and may be obtained at no charge by calling 1-800-644-4565 (Jackson Service Center) or 1-800-599-5651 (Jackson NY Service Center), by writing the JNL Investors Series Trust, 1 Corporate Way, Lansing, MI 48951, or by visiting www.jackson.com.

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#### JNL INVESTORS SERIES TRUST
*(the "Trust")*

#### APPROVAL OF THE TRUST'S

#### INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
The Board of Trustees of the Trust ("Board") oversees the management of the Trust and its separate series (each, a "Fund" and collectively, the "Funds") and, as required by law, determines annually whether to approve the Funds' advisory agreement ("Advisory Agreement") with Jackson National Asset Management, LLC ("JNAM") and sub-advisory agreement ("Sub-Advisory Agreement" and, collectively with the Advisory Agreement, the "Agreements") with Wellington Management Company LLP, the Funds' investment sub-adviser (the "Sub-Adviser").

At meetings held on June 1-2, 2022 and August 30-31, 2022<sup>1</sup>, the Board, including all of the trustees who are not considered interested persons of the Funds (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considered information relating to the continuation of the Agreements. In advance of the meetings, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the Agreements. The Board received, and had the opportunity to review, this and other materials, ask questions and request further information in connection with its consideration. At the conclusion of the Board's discussions, the Board approved the Agreements through September 30, 2023.

In reviewing the Agreements and considering the information, the Board was advised by outside independent legal counsel. The Board considered the factors it deemed relevant, including: (1) the nature, quality and extent of the services provided, (2) the investment performance of each Fund, (3) cost of services for each Fund, (4) profitability data, (5) whether economies of scale may be realized and shared, in some measure, with investors as each Fund grows, and (6) other benefits that may accrue to JNAM or each Sub-Adviser through its relationship with the Trust. In its deliberations, the Board, in exercising its business judgment, did not identify any single factor that alone was responsible for the Board's decision to approve the Agreements.

Before approving the Agreements, the Independent Trustees met in executive session with their independent legal counsel to consider the materials provided by JNAM and the Sub-Adviser and the terms of the Agreements. Based on its evaluation of those materials and the information the Board received throughout the year at its regular meetings, the Board, including the interested and Independent Trustees, concluded that the Agreements are in the best interests of the shareholders of each applicable Fund. In reaching its conclusions, the Board considered numerous factors, including the following:

#### Nature, Quality and Extent of Services
The Board examined the nature, quality and extent of the services provided by JNAM and the Sub-Adviser.

For each Fund, the Board considered the services provided by JNAM, including, but not limited to, its oversight of the Sub-Adviser pursuant to the Advisory Agreement and its recommendations on an ongoing basis as to the hiring or removal of Sub-Adviser pursuant to the Trust's "Manager of Managers" exemption, as well as the provision of recordkeeping and compliance services to the Funds. The Board also took into account that JNAM monitors the performance of the various organizations that provide services to the Funds, including the Funds' distributor and custodian. With respect to JNAM's oversight of the Sub-Adviser, the Board noted that JNAM is responsible for screening and recommending new sub-advisers when appropriate, as well as monitoring and reporting to the Board on a regular basis as to the performance and operations of the existing Sub-Adviser. The Board also considered the investment sub-advisory services provided by the Sub-Adviser. The Board noted JNAM's evaluation of the Sub-Adviser, as well as JNAM's recommendations, based on its review of the Sub-Adviser, to approve the Sub-Advisory Agreement. The Board also considered the various business-related risks JNAM faces as a result of managing the Funds, including entrepreneurial, legal and litigation risks, some of which may be significant.

The Board reviewed the qualifications, backgrounds and responsibilities of JNAM's senior management that are responsible for oversight of the Funds and the Sub-Adviser and also reviewed the qualifications, backgrounds and responsibilities of the Sub-Adviser's portfolio managers who are responsible for the day-to-day management of each Fund. The Board reviewed information pertaining to JNAM's and the Sub-Adviser's organizational structure, senior management, financial condition, investment operations, and other relevant information pertaining to both JNAM and the Sub-Adviser. The Board considered compliance reports about JNAM and the Sub-Adviser from the Trust's Chief Compliance Officer.

Based on the foregoing, the Board concluded that (i) each Fund is likely to continue to benefit from the nature, extent and quality of the services provided by JNAM under the Advisory Agreement and (ii) each Fund is likely to continue to benefit from the nature, extent and quality of the services provided by the Sub-Adviser under the Sub-Advisory Agreement.

__________________

<sup>1</sup> The meetings were held via videoconference and or a combination of voluntary in-person attendance and videoconference in reliance on exemptive orders issued by the Securities and Exchange Commission on March 13, March 25 and June 19, 2020. *See Release No. IC-33817 (March 13, 2020); Release No. IC-33824 (March 25, 2020); and Release No. IC-33897 (June 19, 2020).*

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#### Investment Performance of the Funds
The Board considered the investment performance of each Fund as described in quarterly reports prepared by JNAM. The Board noted that JNAM reviews with the Board on a quarterly basis detailed information about each Fund's performance results and investment strategies. The Board also considered the gross performance of each Fund, including, where applicable, how the Fund performed versus the average performance of a group of comparable funds ("peer group") selected by an independent data service and how the Fund performed versus its primary benchmark index ("benchmark"). The Board further considered that comparison to peer groups provides a helpful way to measure the Funds' performance, but noted that peer group universes are constantly evolving, and, as such, the universes of comparable funds in the Funds' peer groups may change from time to time. The performance reviewed by the Board was for periods ended on December 31, 2021 (unless otherwise noted). When available, the Board considered one-, three-, five- and ten-year performance.

**JNL Government Money Market Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Securities Lending Collateral Fund.** The Board considered that the Fund outperformed its benchmark for the one- and three-year periods. The Board noted, however, that the Fund had commenced operations in August 2018 and had just three calendar years of performance data as of December 31, 2021. The Board concluded that it would be in the best interests of the Fund and its shareholders to approve the Agreements.

#### Costs of Services
The Board reviewed the fees paid to JNAM and Sub-Adviser for each Fund. For each Fund, the Board reviewed fee and expense information as compared to that of comparable funds managed by other advisers, as well as fees charged by the Sub-Adviser to similar clients, if any. The Board also noted that JNAM does not manage any institutional accounts with which the Funds' fees could be compared. Using information provided by an independent data service, the Board evaluated each Fund's advisory fees compared to the average advisory fees for other funds similar in size, character and investment strategy (the "peer group"). The Board noted that comparison to peer groups provides a helpful way to evaluate the Funds' fees, but took into account that peer group universes are constantly evolving, and, as such, the universe of comparable funds in the Funds' peer group may change from time to time. While the Board also considered each Fund's sub-advisory fee and compared that to the average sub-advisory fee of the peer group, the Board noted that each Fund's sub-advisory fee is paid by JNAM (not the Fund) and, therefore, is neither a direct shareholder expense nor a direct influence on a Fund's total expense ratio.

Further detail considered by the Board regarding the advisory and sub-advisory fees of each Fund is set forth below:

**JNL Government Money Market Fund.** The Board considered that the Fund's sub-advisory fee and total expense ratio are lower than the respective peer group averages, though the Fund's advisory fee is higher than its peer group average but within two basis points. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Securities Lending Collateral Fund**. The Board considered that the Fund's sub-advisory fee and total expense ratio are lower than the respective peer group averages, though the Fund's advisory fee is higher than its peer group average but within one basis point. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

#### Economies of Scale
The Board considered whether each Fund's advisory fee reflects the potential for economies of scale for the benefit of the Funds' shareholders. Based on information provided by JNAM, the Board noted that the fee arrangement for each Fund contains breakpoints that decrease the advisory fee rate as assets increase. Additionally, the Board considered JNAM's assertion that it continually evaluates the advisory fee and breakpoint schedules for the Funds, and it considered the extent to which economies of scale are reflected for the benefit of shareholders. The Board concluded that the advisory fee structure, in some measure, allows for adequate participation by shareholders in economies of scale across the Fund complex. The Board also considered that economies of scale can be shared with the Funds in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment.

The Board also considered that the sub-advisory fee rates have been separately negotiated between JNAM and the Sub-Adviser at arm's-length. These sub-advisory fees are paid by JNAM to the Sub-Adviser. For this reason, JNAM, rather than shareholders, directly benefits from these breakpoints. The Board concluded that the sub-advisory fee schedules in some measure allow for adequate participation by shareholders in economies of scale.

***Profitability***

The Board considered information concerning the costs incurred and profits realized by JNAM and the Sub-Adviser. The Board determined that profits realized by JNAM and the Sub-Adviser were not unreasonable.

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#### Other Benefits to JNAM and the Sub-Adviser
In evaluating the benefits that may accrue to JNAM through its relationship with the Funds, the Board noted that JNAM and certain of its affiliates serve the Funds in various capacities, including as adviser, administrator, transfer agent and distributor, and receive compensation from the Funds in connection with providing services to the Funds. The Board noted that each service provided to the Funds by JNAM or one of its affiliates is provided pursuant to a written agreement, which the Board evaluates periodically as required by law. The Board also noted that the Sub-Adviser may from time to time pay for portions of meetings organized by the Funds' distributor to educate wholesalers about the Fund that the Sub-Adviser manages. The Board considered JNAM's assertion that those meetings do not yield a profit to the Funds' distributor, that Sub-Adviser is not required to participate in the meetings and that recommendations to hire or fire the Sub-Adviser is not influenced by the Sub-Adviser's willingness to participate in the meetings. In addition, the Board considered that certain affiliates of the Sub-Adviser may participate in the sale of funds or insurance contracts and are compensated by the Funds' distributor for their activities, in addition to payments for marketing and conferences. Lastly, the Board noted that certain affiliates of JNAM may receive benefits under the federal income tax laws with respect to tax deductions and credits.

In evaluating the benefits that may accrue to the Sub-Adviser through its relationship with the Fund(s), the Board noted the Sub-Adviser may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Funds' assets and may also develop additional investment advisory business with JNAM, the Funds or other clients of the Sub-Adviser as a result of its relationship with the Fund(s).

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![](img_bfb583ba1e7d4f4.jpg)

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![](img_53cf8134abaf4f4.jpg)

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#### Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or any waivers to this code of ethics during the period covered by this report. A copy of this code of ethics is filed as exhibit 13(a)(1) to this Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
The registrant has named Mark Wehrle as an Audit Committee financial expert serving on its Audit Committee. Mark Wehrle is not an "interested person" of the Trust, as that term is defined by Section 2(a)(19) of the Investment Company Act of 1940, as amended, and is considered "independent" for purposes of this Item.

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Trustees.

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

(a)-(d)

The administrator of the registrant is responsible for payment of all expenses associated with the annual audit and other required services of the independent registered accounting firm, and all expenses associated with the preparation and filing of the tax returns.

KPMG LLP ("KPMG") was appointed by the Board of Trustees as the independent registered public accounting firm of the registrant for the fiscal years ended December 31, 2021 and December 31, 2022. The following table sets forth aggregate fees billed by KPMG for the respective period for professional services rendered to the registrant.

<u>Fees for Services Rendered to the Registrant by KPMG</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal Year | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| 2021 | $28982 | $0 | $0 | $0 |
| 2022 | $31287 | $0 | $0 | $0 |

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<u>Fees for Services Rendered to Adviser Entities by KPMG</u>

The following table sets forth the amount of fees that were billed by KPMG for the respective period to any entity controlling, controlled by, or under common control with the investment adviser that provided ongoing services to the registrant ("Adviser Entities") that were directly related to the registrant's operations and financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Fiscal Year | Audit-Related Fees | Tax Fees  | All Other Fees |
| 2021 | $0 | $0 | $0 |
| 2022 | $0 | $0 | $0 |

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(e)(1) The Audit Committee is authorized to pre-approve non-audit services provided by the registrant's auditors, if they find it appropriate in light of their fiduciary duties and in the exercise of their good faith business judgment and compatible with the auditors' independence. The Chairman of the Audit Committee is authorized to approve audit and non-audit services for newly established Funds of the registrant on the same terms as the full Audit Committee previously had approved for the then existing Funds.

(e)(2) 0%

(f) Not applicable.

(g) The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2021, was $70,000. The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2022 was $14,000.

(h) For the fiscal years ended December 31, 2021 and December 31, 2022, the Audit Committee of the registrant's Board of Trustees considered the provision of non-audit services that were rendered to the Adviser Entities that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, and concluded that such services were compatible with maintaining KPMG's independence.

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

Not applicable.

**Item 6. Investments.** 

(a) Included as a part of the report to shareholders filed under Item 1.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 10. Submission of Matters to a Vote of Security Holders.
No material changes have been made.

#### Item 11. Controls and Procedures.
(a) The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the registrant's filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized, and reported within the

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periods specified in the rules and forms of the U.S. Securities and Exchange Commission. Such information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

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

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

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Exhibits.
(a) (1) Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (as defined in Item 2(b) of Form N-CSR) is attached hereto.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable.

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

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

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| | |
|:---|:---|
| JNL Investors Series Trust | JNL Investors Series Trust |
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | March 3, 2023 |

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

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| | |
|:---|:---|
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | March 3, 2023 |
| By: | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |
| Date: | March 3, 2023 |

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#### EXHIBIT LIST

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| | |
|:---|:---|
| Exhibit 13(a)(1) | [Registrant's Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](ex99codeeth-13a1.htm) |
| Exhibit 13(a)(2) | [Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.](ex99906cert-13a2.htm) |
|  | [Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.](ex99906cert-13a2.htm) |
| Exhibit 13(b) | [Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.](ex99906cert-13b.htm) |

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## Ex-99.Code

The Boards of Trustees of the Funds, each of which is an open-end management investment company registered as such under the provisions of the 1940 Act, have adopted this Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms of the SEC thereunder.

***1. Persons to Whom this Code of Ethics Applies***

This Code of Ethics is applicable to each person who occupies the position of principal executive officer, principal financial officer, controller or principal accounting officer of a Fund ("Covered Officers").

2. Relationship to Codes of Ethics Under Rule 17j-1

Each of the Funds is subject to, and has adopted a code of ethics pursuant to, Rule 17j-1 under the 1940 Act ("17j-1 codes"), applicable to directors, officers and employees of a Fund, the Fund's investment adviser and, in the case of the JNL Series Trust and the JNL Investors Series Trust, those Funds' principal underwriter.

The 17j-1 codes impose reporting and disclosure requirements on covered persons relating to their personal investment transactions in securities, as well as substantively regulate such transactions, as the Funds' Board has determined to be reasonably necessary in order to prevent fraud, deceit or manipulative practices by such persons in connection with the purchase or sale, directly or indirectly, by the person of a security held or to be acquired by a Fund.

The requirements of this Code of Ethics are in addition to, not in substitution for, the provisions of the 17j-1 codes that are applicable to Covered Officers to whom this Code of Ethics applies.

3. Substantive Requirements

*a. Honest and ethical conduct, including ethical handling of actual or apparent conflicts of interest between personal and professional relationships.*

It shall be the responsibility of each Covered Officer to comply with the reporting, disclosure and pre-approval requirements of the 17j-1 codes of the Funds as are applicable to personal securities investments of such Covered Officer. No personal securities investment transaction by a Covered Officer that complies with the procedural, reporting, disclosure and other provisions of such 17j-1 codes as may be applicable to such transaction, shall be deemed to be a violation or constitute a waiver of any requirement of this Code of Ethics.

No Covered Officer shall derive any personal<sup>1</sup> financial or other benefit of a substantial nature as a result of his or her position as the principal executive officer, principal financial officer, controller or principal accounting officer, as the case may be, through or from a Fund, or through or from any person or entity doing business or seeking to do business with a Fund, including, without limitation, gifts or gratuities (other than customary business gifts, meals or business entertainment that are not extravagant), preferred investment opportunities, or cash payments of any amount.

The employment of a member of the immediate family of a Covered Officer by an entity doing business, or seeking to do business, with a Fund shall not be deemed a violation of this Code of Ethics if the Covered Officer shall have disclosed such employment to the Funds' Board.

___________________________

<sup>1</sup>For the purpose of this Code of Ethics, a "personal" benefit includes a benefit offered to or received by: a Covered Officer; a partnership in which the Covered Officer is a partner; a trust of which the Covered Officer is the grantor or beneficiary; a member of such Covered Officer's "immediate family," which includes the Covered Officer's spouse, a child residing in the Covered Officer's household (including a step or adoptive child), and any dependent of the Covered Officer as defined in section 152 of the Internal Revenue Code; a partnership in which any member of the Covered Officer's immediate family is a partner; or a trust for the benefit of any member of the Covered Officer's immediate family.

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Any Covered Officer who shall, in his or her capacity as principal executive officer, principal financial officer, controller or principal accounting officer, receive or be offered any personal financial or other benefit that is or may be proscribed by this Code of Ethics promptly shall report same to the Funds' Chief Legal Officer<sup>1</sup>. The Chief Legal Officer shall be, and hereby is, authorized to determine whether the receipt of such financial or other benefit is or would be proscribed by this Code of Ethics. If the Chief Legal Officer shall determine the receipt of any such personal financial or other benefit is or would be proscribed by this Code of Ethics, then the Chief Legal Officer may direct that such benefit refused or, if already received, that such benefit anonymously be donated to a charitable organization. Upon such donation, no violation of this Code of Ethics shall be deemed to have occurred by reason of the Covered Officer having received such personal financial or other benefit. The Chief Legal Officer's determination that the offer to or receipt by a Covered Officer of a benefit is not a violation of this Code of Ethics shall not be deemed a waiver of any provision of this Code of Ethics.

The Chief Legal Officer shall maintain a record of reports, if any, by Covered Officers of the receipt or offer of personal financial or other benefits, and the Chief Legal Officer's determinations and directions with respect to such reports.

*b. Full, fair, accurate, timely and understandable disclosure in reports and documents the Funds file with, or submit to, the Commission and in other public communications made by the Funds.*

Each Covered Officer is responsible for the full, fair, accurate, timely and understandable disclosure in reports and documents the Funds file with, or submit to, the SEC and in other public communications made by a Fund, insofar as such disclosure or communication relates to matters within the scope of such Covered Officer's responsibilities of office. Without limiting the generality of the foregoing, no Covered Officer willfully shall cause or permit any such disclosure or communication regarding a matter within the scope of his or her responsibility to: misstate a material fact; or omit to state a material fact necessary to make any statement made in any such disclosure or communication, in light of the circumstances in which such statement is made, not misleading.

*c. Compliance with applicable governmental laws, rules and regulations.*

A Covered Officer promptly shall report to the Chief Legal Officer of the Funds any non-compliance or apparent non-compliance by a Fund with applicable governmental laws, rules and regulations including, without limitation, federal securities laws, regarding any matter that is within the scope of office of such Covered Officer, and shall take such action, if any, as may be directed by the Chief Legal Officer with respect to the investigation or cure of such non-compliance or apparent non-compliance.

The responsibility of a Covered Officer pursuant to this Code of Ethics with respect to non-compliance or apparent non-compliance by a Fund with applicable governmental laws, rules or regulations shall be fully discharged upon such report to the Chief Legal Officer, unless such Covered Officer shall refuse or willfully fail to act as shall have been directed by the Chief Legal Officer in response to such report. The fact that a violation of applicable governmental laws, rules or regulations has, or may have, occurred shall not itself be deemed violation of this Code of Ethics. A determination by the Chief Legal Officer that a violation of applicable governmental laws, rules or regulations has, or has not, occurred shall not be deemed a waiver of any provision of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Prompt internal reporting of violations of this Code of Ethics.

It is the responsibility of each Covered Person promptly to report to the Chief Legal Officer of the Funds any

________________________

<sup>1</sup>References herein to the Chief Legal Officer of the Funds shall include a designee of the Chief Legal Officer.

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violation or apparent violation of this Code of Ethics by any Covered Person. The Chief Legal Officer shall maintain a record of the reports, if any, of violations or apparent violations of this Code of Ethics by any Covered Person.

The Chief Legal Officer shall determine, in response to any such report, whether or not a violation of this Code of Ethics has occurred and, in the event the Chief Legal Officer shall determine that a violation has occurred, shall report such violation to the Funds' Board to which such violation relates.

*e. Accountability for adherence to this Code of Ethics.*

Compliance with the requirements of this Code of Ethics is a condition of office of each Covered Officer. In the event of violation of the requirements of this Code of Ethics by a Covered Officer, the Funds' Board may take such action as it deems appropriate, including but not limited to removal from office with such Fund of the Covered Officer.

On an annual basis, each Covered Officer shall acknowledge in writing his or her receipt of a copy of this Code of Ethics, and his or her agreement that adherence to this Code of Ethics is a condition of office.

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#### ACKNOWLEDGEMENT
The undersigned, as [principal executive officer][[principal financial officer][controller][principal accounting officer] of the Funds, hereby acknowledges receipt of a copy of the Funds' Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.

The undersigned further acknowledges [his][her] understanding and agreement that adherence to the requirements of the Code of Ethics is a condition of office with the Funds.

Signature

Printed Name

Title

Date

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## Exhibit 99.906

Exhibit 13(a)(2)

CERTIFICATION

I, Mark D. Nerud, certify that:

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| Date: March 3, 2023 | /s/ Mark D. Nerud |

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------

<br> Mark D. Nerud <br> Principal Executive Officer

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Exhibit 13(a)(2)

CERTIFICATION

I, Andrew Tedeschi, certify that:

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

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| Date: March 3, 2023 | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |

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## Exhibit 99.906

Exhibit 13(b)

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

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

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

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

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| | |
|:---|:---|
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | March 3, 2023 |

---

---

| | |
|:---|:---|
| By: | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |
| Date: | March 3, 2023 |

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

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